# EDGAR Filing Document

**Accession Number:** 0002067016
**File Stem:** 0001185185-25-001148
**Filing Date:** 2025-9
**Character Count:** 1109968
**Document Hash:** 99d5058b7afe7541116bf9cfb1f9e057
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001148.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001185185-25-001148

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAMA Intelligence Ltd
- **CENTRAL INDEX KEY:** 0002067016
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290122
- **FILM NUMBER:** 251302010

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 63 MODY ROAD
- **CITY:** TSIM SHA TSUI EAST
- **PROVINCE COUNTRY:** K3
- **ZIP:** NULL
- **BUSINESS PHONE:** 852-3691-8335

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 63 MODY ROAD
- **CITY:** TSIM SHA TSUI EAST
- **PROVINCE COUNTRY:** K3
- **ZIP:** NULL

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hama International Ltd
- **DATE OF NAME CHANGE:** 20250505

**As filed with the U.S. Securities and Exchange Commission on September 9, 2025**

**Registration No. 333-[ ]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington**, **D**.**C**. **20549**

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**Form F-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

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 ****

**HAMA Intelligence Limited**

(**Exact Name of Registrant as Specified in its Charter**)

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **7380** | **Not Applicable** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

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**380 Jalan Besar, #07-10 ARC 380** 

**Singapore 209000**

**+65 9668 3527** 

(Address, including zip code, and telephone number, including

area code, of Registrant's principal executive offices)

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**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor** 

**New York, NY 10168**

**800-221-0102**

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

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***Copies to:***

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| | |
|:---|:---|
| **Lawrence S. Venick, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place, Central**<br> **Hong Kong SAR**<br> **Telephone: +852-3923-1111** | **Ying Li, Esq.**<br> **Guillaume de Sampigny, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **950 Third Avenue, 19th Floor**<br> **New York, NY 10022**<br> **Telephone: +1 212-530-2206** |

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

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

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

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

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

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

Emerging growth company ☒

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

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

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8**(**a**) **of the Securities Act of 1933 or until the registration statement shall become effective on such date as the 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 the securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED SEPTEMBER 9, 2025** |

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**HAMA Intelligence Limited**

**1,100,000 CLASS A ORDINARY SHARES**

This is an initial public offering of the Class A Ordinary Shares, no par value per share ("Shares") of HAMA Intelligence Limited ("HAMA BVI"). We are offering 1,100,000 Class A Ordinary Shares of HAMA BVI, on a firm commitment basis. No public market currently exists for our Shares. The initial public offering price is expected to be between $5.00 and $7.00 per Share. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "HAMA". At this time, Nasdaq Capital Market has not yet approved our application to list our Shares. The closing of this Offering is conditioned upon Nasdaq Capital Market's final approval of our listing application. However, there is no assurance that this Offering will close and that our Class A Ordinary Shares will be trading on the Nasdaq Capital Market. If the Nasdaq Capital Market does not approve our listing application this initial public offering will be terminated.

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer" and "Risk Factors" on pages 11 and 15, respectively.

Upon the completion of this Offering, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because our Controlling Shareholder will collectively own and hold more than 50% of our voting power, assuming that the underwriters do not exercise their over-allotment option.

Upon completion of this Offering, we will have a dual class ordinary share structure. Our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A and Class B Ordinary Shares will have the same rights, including dividend rights, except that holders of Class A Ordinary Shares will be entitled to one vote per share, while holders of Class B Ordinary Shares will be entitled to twenty votes per share, and Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares by the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances. See "Description of Shares—Ordinary Shares" for more details regarding our Class A Ordinary Shares and Class B Ordinary Shares.

Upon completion of this Offering, our issued and outstanding shares will consist of 10,693,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares, or 10,858,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares, assuming the over-allotment option is exercised in full. Upon completion of this Offering, our Controlling Shareholder will be the beneficial owners of an aggregate of 3,000,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares, respectively, which will represent an aggregate of 96.1% of the total voting power assuming that the underwriters do not exercise their over-allotment option, or an aggregate of 96.1% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under corporate governance rules of Nasdaq Stock Market and, therefore, eligible for certain exemptions from the corporate governance requirements of the Nasdaq Stock Market Rules. If we cease to be a foreign private issuer, we intend to rely on these exemptions. Furthermore, our Controlling Shareholder will have the ability to control or significantly influence the outcome of matters requiring approval by shareholders, including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. For additional information, see "Risk Factors — Risks Related to Our Class A Ordinary Shares — Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders" and "Risk Factors — Risks Related to Our Class A Ordinary Shares — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial" on pages 29 and 35 for further details.

**We are an offshore holding company incorporated in the British Virgin Islands. As a holding company with no material operations of our own, we conduct our operations through our operating companies in Hong Kong, 88M Global and Nardo Capital, respectively. Since its incorporation, HAMA SG has not had any operation . This is an offering of the Class A Ordinary Shares of HAMA Intelligence Limited, the holding company in the British Virgin Islands, instead of the shares of 88M Global, Nardo Capital and HAMA SG. References to the "Company", "we", "us", and "our" in this prospectus are to HAMA BVI, the British Virgin Islands entity that will issue the Class A Ordinary Shares being offered. References to 88M Global and Nardo Capital in this prospectus are to the Hong Kong entities operating the business and generating all of the revenue and profit stated in the consolidated financial statements of the Company . Investors in our Class A Ordinary Shares should be aware that they may never hold equity interests in the Hong Kong operating companies directly. Investors are purchasing equity solely in HAMA BVI, our British Virgin Islands holding company, which owns equity interests in the Hong Kong operating companies and Singapore Subsidiary. Because of our corporate structure, we as well as our investors are subject to unique risks due to uncertainty of the interpretation and the application of PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies, including the China Securities Regulatory Commission ("CSRC"), if we fail to comply with their rules and regulations. PRC regulatory authorities could disallow our operating structure in the future, and this would likely result in a material change in our operations in Hong Kong and/or the value of our securities, which could cause the value of such securities to significantly decline or become worthless. See "Risk Factors" beginning on page 15 of this prospectus for a discussion of risks facing the Company and the Offering as a result of this structure.**

**There are legal and operational risks associated with being based in and having the majority of our operations in Hong Kong. The PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene or influence our operations at any time. Such government actions could result in a material change in our operations and/or the value of the securities we are registering for sale; could significantly limit or completely hinder our ability to continue our operations; could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors; and may cause the value of our securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 23 for further details.** 

**The PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of 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 variable interest entity ("VIE") structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. We do not believe that we are directly subject to these regulatory actions or statements, as we do not operate in mainland China, do not have a VIE structure and our business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operations or our ability to accept foreign investments and list on a U.S. exchange. Any change in foreign investment regulations, and other policies in China or related enforcement actions by the PRC government could result in a material change in our operations and/or the value of the securities we are registering for sale and could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors or cause the value of our securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale" and "Risk Factors — Risks Related to Doing Business in Hong Kong — Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such actions 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 become worthless" on pages 22 and 23, respectively, for further details.** 

**Our Class A Ordinary Shares may be prohibited from being trading on a national securities exchange or in the over-the-counter market in the United States if the Public Company Accounting Oversight Board ("PCAOB") is unable to inspect our auditors for two consecutive years. The Holding Foreign Companies Accountable Act (the "HFCA Act") was enacted on December 18, 2020. Pursuant to the HFCA Act, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB, for three consecutive years beginning in 2021, the SEC may prohibit our Class A Ordinary Shares from being traded on a national securities exchange or in the over-the-counter market in the United States. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA Act") was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by the former President Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years. On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, AOGB CPA Limited, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, is an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB and has been subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. AOGB CPA Limited is headquartered in Hong Kong and is subject to inspection by the PCAOB on a regular basis and as of the date of this prospectus, our auditor is not subject to and not affected by the PCAOB's December 2021 determination report. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong and taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuingly pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB" on page 21 for further details.**

**We conduct all of our operations in Hong Kong through our Hong Kong Operating Subsidiaries. Our Hong Kong Operating Subsidiaries are our only operating subsidiaries located in Hong Kong. Since its incorporation, HAMA SG has not had any operation. There has been no intra-group trading relationship between our Hong Kong Operating Subsidiaries.** 

**Cash is expected to be transferred through our organization in the following manner: (i) funds are transferred to Hong Kong Operating Subsidiaries, from HAMA BVI in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by Hong Kong Operating Subsidiaries to HAMA BVI.**

**During the years ended February 28, 2025 and February 29, 2024, there had been no transfer of assets or cash among HAMA BVI and its subsidiaries. We did not declare and distribute any dividend for the years ended February 28, 2025 and February 29, 2024. On March 31, 2025, 88M Global declared an interim dividend of HK$72.0 per share (equivalent to $9.2308 per share) with respect to the 10,000 issued shares of 88M Global or HK$720,000 (equivalent to $92,308) to us and Nardo Capital declared an interim dividend of HK$0.6 per share (equivalent to $0.0769 per share) with respect to the 3,000,000 issued shares of Nardo Capital or HK$1,800,000 (equivalent to $230,769) to us. On March 31, 2025, we declared an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. In April 2025, we paid dividend of HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. Except for the above, no other distributions or transfer of assets or cash have been made to date between HAMA BVI, our subsidiaries, or to investors. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A Ordinary Shares in the foreseeable future. As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Hong Kong Operating Subsidiaries. As of the date of this prospectus, HAMA BVI, our subsidiaries or our investors have not experienced any difficulties or limitations on their respective ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. However, in the future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or on our subsidiary's ability by the PRC government to transfer cash between HAMA BVI, our subsidiaries, or investors. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless. See "Prospectus Summary – Transfers of Cash to and from Our Subsidiaries" on page 3, "Risk Factors — Risks Related to Our Business —We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong subsidiaries" on page 20, "Dividend Policy" on page 37, and "Consolidated Statements of Stockholders' Equity" in the Report of Independent Registered Public Accounting Firm for further details.**

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

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 15 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

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|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discounts<sup>(1)</sup> | $| $|
| Proceeds to us (before expenses) | $| $|

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(1) Please
see "Underwriting" for additional information regarding underwriting compensation.

**Pacific Century Securities, LLC**

The date of this prospectus is [ ], 2025.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#a_002) | 13 |
| [RISK FACTORS](#a_004) | 15 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_005) | 36 |
| [USE OF PROCEEDS](#a_006) | 37 |
| [DIVIDEND POLICY](#a_007) | 37 |
| [CAPITALIZATION](#a_008) | 38 |
| [DILUTION](#a_009) | 39 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_010) | 40 |
| [CORPORATE HISTORY AND STRUCTURE](#a_011) | 49 |
| [BUSINESS](#a_012) | 51 |
| [REGULATIONS](#a_013) | 60 |
| [MANAGEMENT](#a_014) | 62 |
| [PRINCIPAL SHAREHOLDERS](#a_015) | 69 |
| [CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS](#a_016) | 72 |
| [DESCRIPTION OF SHARES](#a_017) | 73 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_018) | 87 |
| [MATERIAL TAX CONSIDERATIONS](#a_019) | 88 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_020) | 95 |
| [UNDERWRITING](#a_021) | 96 |
| [EXPENSES RELATED TO OFFERING](#a_022) | 103 |
| [LEGAL MATTERS](#a_023) | 103 |
| [EXPERTS](#a_024) | 103 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_025) | 103 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_026) | F-1 |

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

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

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

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

**We do not recommend that you purchase our Shares unless you have prior experience with investments in capital markets, possess basic knowledge of the corporate service and business financial consulting service industry, and have received independent professional advice.**

**Market and Industry Data**

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

**Trademarks, Service Marks, and Trade Names**

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

ii

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

**Other Pertinent Information**

Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

● "$" OR "US$" or "U.S. dollars" are to the legal currency of the United States;

● "88M Global" are to 88M Global Limited, one of our Hong Kong operating subsidiaries;

● "China" or the "PRC" are to the People's Republic of China, including the special administrative regions of Hong Kong, Macau and Taiwan;

● "Class A Ordinary Shares" are to the Class A ordinary shares, no par value per share, of HAMA Intelligence Limited;

● "Class B Ordinary Shares" are to the Class B ordinary shares, no par value per share, of HAMA Intelligence Limited;

● "Controlling Shareholder" is to Mr. Wing Sum, HO, our Chairman of the board of directors, Director and Chief Financial Officer. See "Management" and "Principal Shareholders" for more information;

● "HAMA SG" or "Singapore Subsidiary" are to HAMA SGD Pte Ltd., our Singapore operating subsidiary;

● "HAMA BVI," or the "Company" are to HAMA Intelligence Limited, a British Virgin Islands company;

● "HKD," "HK$" or "HK Dollar" are to the legal currency of Hong Kong;

● "Hong Kong laws" are to all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the binding effect of law in Hong Kong;

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

● "Hong Kong Operating Subsidiaries" are to 88M Global and Nardo Capital;

● "mainland China" are to the People's Republic of China (excluding Hong Kong, Macau and Taiwan);

● "Nardo Capital" are to Nardo Capital (Hong Kong) Limited, one of our Hong Kong operating subsidiaries;

● "PRC government" or "PRC authorities", or variations of such words or similar expressions, are to the central, provincial, and local governments of all levels in mainland China, including regulatory and administrative authorities, agencies and commissions, or any court, tribunal or any other judicial or arbitral body in mainland China;

● "PRC laws" or "PRC regulations," or variations of such words or similar expressions, are to all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the binding effect of law in mainland China;

● "shares", "Shares", or "Ordinary Shares" are to the Class A Ordinary Shares and Class B Ordinary Shares of HAMA Intelligence Limited; and

● "we", "us", or the "Group" in this prospectus are to HAMA BVI and its subsidiaries, unless the context otherwise indicates.

HAMA BVI is a holding company with operations conducted in Hong Kong through its Hong Kong Operating Subsidiaries, 88M Global and Nardo Capital. Since its incorporation, HAMA SG has not had any operation. Our Hong Kong Operating Subsidiaries' reporting currency is HKD. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise noted, all translations from U.S. dollars to HKD in this prospectus as of and for the years ended February 28, 2025 and February 29, 2024 were calculated at the rate of US$1 = HKD7.8. No representation is made that the HKD amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

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**PROSPECTUS SUMMARY**

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

**Overview**

We are a professional corporate solution service provider specializing in the provision of one-stop corporate services and business financial consulting services. We principally focus on offering corporate services including accounting, internal control, tax and compliance advisory to clients ranging from small and medium-sized enterprises to listed companies. We also offer business financial consulting services which include strategic business advisory as well as investor relationship management to business owners and financial intermediaries.

For our one-stop corporate services, we recruit a pool of qualified accountants, finance and tax experts to provide corporate services to our clients who outsource its accounting and financing function to us. For our business financial consulting services, our group of experts advise our clients on business strategies such as growth strategies including identifying suitable upstream and/or downstream companies for merger and acquisitions, pricing strategies and turnaround strategies.

**Competitive Strengths**

We believe we have the following competitive strengths:

● We have an experienced management team with proven track record for execution;

● Our customer base spans a diverse array of industries and organizations; and

● We offer comprehensive solutions customized to the needs of business owners.

**Our Strategies and Future Plans**

Our business strategies and future plans are as follows:

● Expand our clientele by progressively entering the Southeast Asia market;

● Expand our in-house team of accounting and finance experts; and

● Horizontal integration by way of acquisition.

**Corporate Structure** 

We are not a Hong Kong or a mainland China operating company, but an offshore holding company incorporated in the British Virgin Islands. As a holding company with no material operations of our own, we conduct our operations through our operating companies in Hong Kong, 88M Global and Nardo Capital. This is an offering of the Class A Ordinary Shares of HAMA Intelligence Limited, the holding company in the British Virgin Islands, instead of the shares of 88M Global, Nardo Capital or HAMA SG.

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Because we are incorporated under the laws of the British Virgin Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforceability of Civil Liabilities" for more information.

The chart below illustrates our corporate structure and identifies our subsidiaries as of the date of this prospectus and after giving effect to this offering (assuming no exercise of the over-allotment option by the underwriters):

![](image_001.jpg)

*Notes:*

(1) Mr.
 Wing Sum, HO, our Controlling Shareholder, Chairman of the board of directors and Chief Financial
 Officer, holds voting and/or dispositive power over 3,000,000 Class A Ordinary Shares and
 9,407,000 Class B Ordinary Shares as of the date of this prospectus.

(2) Other
existing shareholders (8 in total) consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Alpha Ngine Investment Co Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Tsz Huen, NG, who holds voting and/or dispositive power over the 931,000 Class A Ordinary Shares held by Alpha Ngine Investment Co Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. MT Shell Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Kei Kui, CHAN, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by MT Shell Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nice Honour International Investment Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Hoi Shuen, NG, who holds voting and/or dispositive power over the 931,000 Class A Ordinary Shares held by Nice Honour International Investment Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Winning Consultants Limited, a company incorporated in Hong Kong as a limited liability company, is an investment holding company which is 100% owned by Guanghui, MAI, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by Winning Consultants Limited as of the date of this prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. World Power Holdings Limited, a company incorporated in Hong Kong as a limited liability company, is an investment holding company which is 100% owned by Pak Kuen, KWOK, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by World Power Holdings Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Chi Wai Benny, CHENG, an individual, holds voting and/or dispositive power over 760,000 Class A Ordinary Shares as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Yuen Ling, FUNG, an individual, holds voting and/or dispositive power over 760,000 Class A Ordinary Shares as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Chun Hei, KWOK, an individual, holds voting and/or dispositive power over 931,000 Class A Ordinary Shares as of the date of this prospectus.

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

**Transfers of Cash to and from Our Subsidiaries**

We conduct all of our operations in Hong Kong through our Hong Kong Operating Subsidiaries. Since its incorporation, HAMA SG has not had any operation. Hong Kong Operating Subsidiaries are our only operating subsidiaries located in Hong Kong. During the years ended February 28, 2025 and February 29, 2024, there has been no transfer of assets or cash among HAMA BVI and its subsidiaries. We did not declare and distribute any dividend for the years ended February 28, 2025 and February 29, 2024. On March 31, 2025, 88M Global declared an interim dividend of HK$72.0 per share (equivalent to $9.2308 per share) with respect to the 10,000 issued shares of 88M Global or HK$720,000 (equivalent to $92,308) to us and Nardo Capital declared an interim dividend of HK$0.6 per share (equivalent to $0.0769 per share) with respect to the 3,000,000 issued shares of Nardo Capital or HK$1,800,000 (equivalent to $230,769) to us. On March 31, 2025, we declared an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. In April 2025, we paid dividend of HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. Except for the above, no other distributions or transfer of assets or cash have been made to date between HAMA BVI, our subsidiaries, or to investors. Cash is expected to be transferred through our organization in the following manner: (i) funds are transferred to our Hong Kong Operating Subsidiaries, from HAMA BVI in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by our Hong Kong Operating Subsidiaries to HAMA BVI. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Shares in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

We are not prohibited under the laws of the British Virgin Islands to provide funding to our operating subsidiaries through loans and/or capital contributions without restriction on the amount of the funds loaned or contributed.

*British Virgin Islands.* Subject to British Virgin Islands law, the Companies Act and our Memorandum and Articles of Association, our board of directors may from time to time declare dividends in any currency to be paid to our members. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of the memorandum and articles of association of an exempted company incorporated in the British Virgin Islands, an exempted company incorporated in the British Virgin Islands may pay dividends and distributions out of its share premium account. In addition, based upon English case law that is likely to be persuasive in the British Virgin Islands, dividends may be paid out of profits.

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

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As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Hong Kong Operating Subsidiaries. As of the date of this prospectus, HAMA BVI, our subsidiaries or our investors have not experienced any difficulties or limitations on their respective ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. However, in the future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or on our subsidiary's ability by the PRC government to transfer cash between HAMA BVI, our subsidiaries, or investors. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless.

For more information, see "Dividend Policy," "Risk Factors — Risks Related to Our Business —We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong subsidiaries" on page 20, and "Consolidated Statements of Stockholders' Equity" in the Report of Independent Registered Public Accounting Firm for the years ended February 28, 2025 and February 29, 2024 contained in this prospectus, for further details.

**Permission Required from Hong Kong Authorities**

Hong Kong is a special administration region of China, having its own governmental and legal system that is independent from mainland China, and as a result, has its own distinct rules and regulation. 88M Global and Nardo Capital are our operating subsidiaries in Hong Kong. According to the legal opinion issued by our Hong Kong counsel, David Fong & Co., Solicitors, we, including 88M Global and Nardo Capital, have received all requisite permissions or approvals from the Hong Kong authorities to operate our business, including but not limited to obtaining a relevant certificate of incorporation and business license, and that we, including 88M Global and Nardo Capital are not required to obtain any permission or approval from Hong Kong authorities to offer the shares of HAMA BVI to foreign investors. No permissions or approvals have been denied by any Hong Kong authorities. Further, uncertainties still exist due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations. In the event that we, including 88M Global and Nardo Capital, (i) do not receive or fail to maintain such permissions or approvals in the future, (ii) inadvertently conclude that relevant permissions or approvals were not required, or (iii) are required to obtain such permissions or approvals in the future following applicable laws, regulations, or interpretation changes, any action taken by the Hong Kong government could significantly limit or completely hinder our operations and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

**Permission Required from Mainland China Authorities**

The PRC government has recently indicated that it may exert more control or influence over offerings of securities conducted overseas. According to the legal opinion issued by our mainland China counsel, China Commercial Law Firm, to the best of their knowledge after due inquiry and as confirmed by the Company, as of the date of this prospectus, we are not subject to cybersecurity review with the Cyberspace Administration of China ("CAC") to conduct business operations in China, given that: (i) we do not operate any network platform or provide any network service for individual users, (ii) all the customers and suppliers of our Hong Kong Operating Subsidiaries are enterprises, (iii) we do not possess a large amount of personal information in our business operations, (iv) we are not recognized as "operators of critical information infrastructure" by any authentic authority, (v) we have not been involved in any investigations initiated by the CAC, nor have we received any inquiry, notice, warning, or sanction in such respect. Nevertheless, the Measures for Cybersecurity Review (2021 version) was recently adopted and the Network Internet Data Protection Draft Regulations is in the process of being formulated and the interpretation and application of these regulations remain unclear. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, the CAC, or other PRC governmental authorities required for the conduct of our business operations and overseas listings, including this Offering.

On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles by providing substantially requirements for filings of overseas offering and listing by domestic companies. Under the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application. According to the legal opinion issued by our mainland China counsel and based on its understanding of the relevant PRC laws and regulations as of the date of this prospectus, our offering will not be identified as an indirect overseas issuance. The Trial Measures provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

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In light of the foregoing, we and China Commercial Law Firm believe that the listing of our Class A Ordinary Shares on The Nasdaq Capital Market ("Nasdaq") does not constitute an "indirect overseas offering and listing by PRC domestic companies" and that we are not required to complete the filing procedures as stipulated by the Trial Measures because the Company did not obtain any operating revenue, total profit, total assets and net assets in mainland China for the years ended February 28, 2025 and February 29, 2024, the main parts of the Company's business activities are neither carried out in mainland China, nor is its main place of business located in mainland China, and none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China, we do not meet both of the above criteria simultaneously .

Based on our management's internal assessment and on the opinion of our PRC counsel, the Company and its subsidiaries currently have no operations in mainland China, our management understands that as of the date of this registration statement, the Company is not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; and (ii) we operate in Hong Kong and is not included in the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC. We also understand that our operating subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this registration statement. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

If we or our Hong Kong Operating Subsidiaries (i) do not receive or maintain such relevant permissions or approvals, (ii) inadvertently conclude that such relevant permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this Offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Shares. We could be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of our Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Further, 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, requires an overseas special purpose vehicle formed for offering purposes through acquisitions of PRC domestic companies and controlled by PRC persons or entities with shares of the offshore special purchase vehicles to obtain the approval of the CSRC prior to the offering and trading of such special purpose vehicle's securities on an overseas stock exchange. According to the legal opinion issued by our PRC counsel and based on its understanding of the current PRC laws and regulations, we will not be required to submit an application to the CSRC for the approval of the offering and trading of our Shares because (i) our Hong Kong Operating Subsidiaries were not established through a merger or requisition of the equity or assets of a "PRC domestic company" as such term is defined under the M&A Rules, (ii) our Hong Kong Operating Subsidiaries are non-mainland China entities, and they have not been controlled by a non-PRC persons since its incorporation, and (iii) the CSRC currently has not issued any definitive rule or interpretation concerning whether an offering like ours under this document is subject to this regulation. However, uncertainties still exist as to how the M&A Rules will be interpreted or implemented, and the opinion of our mainland China counsel is subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. If CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, such CSRC approval could be rescinded. We cannot assure you that relevant PRC government authorities, including the CSRC, would reach the same conclusion as our mainland China counsel.

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**Summary of Risk Factors**

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

**Risks Related to Our Business** 

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

● Our financial performance is dependent on our ability to continually secure demand for our services. See "Risk Factors — Risks Related to Our Business — Our financial performance is dependent on our ability to continually secure demand for our services." on page 15.

● Absence of long-term service contracts with our clients may create difficulties in projecting our clients' need for our services and any resulting failure to meet demand from our clients in a timely manner may affect our business and financial performance. See "Risk Factors — Risks Related to Our Business — Absence of long-term service contracts with our clients may create difficulties in projecting our clients' need for our services and any resulting failure to meet demand from our clients in a timely manner may affect our business and financial performance." on page 15.

● We operate in an intensely competitive and rapidly changing business environment, and there is a substantial risk that our services could become obsolete or uncompetitive. There is a substantial risk that our services could become obsolete or uncompetitive. See "Risk Factors — Risks Related to Our Business — We operate in an intensely competitive and rapidly changing business environment, and there is a substantial risk that our services could become obsolete or uncompetitive." on page 15.

● Our business may face risks of clients' default on payment. See "Risk Factors — Risks Related to Our Business — Our business may face risks of clients' default on payment." on page 16.

● We are exposed to credit risks of our customers. See "Risk Factors — Risks Related to Our Business — We are exposed to credit risks of our customers." on page 16.

● Any negative publicity, allegations, complaints or claims made against us may adversely affect our reputation, business, financial position, results of operations and price of our Shares. See "Risk Factors — Risks Related to Our Business — Any negative publicity, allegations, complaints or claims made against us may adversely affect our reputation, business, financial position, results of operations and price of our Shares." on page 16.

**Risks Related to and Doing Business in Hong Kong** 

All of our business is conducted in Hong Kong , where we may face significant regulatory, liquidity, and enforcement risks and uncertainties relating to mainland China in general. See "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 20 for a more detailed discussion of the risks involved. The material Mainland China risks include but are not limited to, the following:

● The Hong Kong legal system embodies uncertainties which could limit the availability of legal protections. See "Risk Factors — Risks Related to Doing Business in Hong Kong — The Hong Kong legal system embodies uncertainties which could limit the availability of legal protections" on page 20.

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● You may experience difficulties in effecting service of process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in this prospectus based on foreign laws. See "Risk Factors — Risks Related to Doing Business in Hong Kong — You may experience difficulties in effecting service of process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in this prospectus based on foreign laws" on page 20.

● Recent joint statement by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Recent joint statement by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB" on page 21.

● Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 22.

● The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale. See "Risk Factors — Risks Related to Doing Business in Hong Kong — The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 23.

● Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such actions 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 become worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such actions 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 become worthless" on page 23.

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**Risks Related to Our Class A Ordinary Shares**

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

● There has been no public market for our Class A Ordinary Shares prior to this offering; if an active trading market does not develop you may not be able to resell our Class A Ordinary Shares at any reasonable price. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — There has been no public market for our Class A Ordinary Shares prior to this offering; if an active trading market does not develop you may not be able to resell our Class A Ordinary Shares at any reasonable price" on page 27.

● Our Class A Ordinary Shares price may never trade at or above the price in this offering. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — Our Class A Ordinary Shares price may never trade at or above the price in this offering" on page 27.

● The initial public offering price for our Class A Ordinary Shares may not reflect their actual value. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — The initial public offering price for our Class A Ordinary Shares may not reflect their actual value" on page 27.

● Our share price may be volatile, and you may lose all or part of your investment. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — Our share price may be volatile, and you may lose all or part of your investment. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares" on page 27.

● Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares" on page 28.

● Volatility in our Share price may subject us to securities litigation. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — Volatility in our Share price may subject us to securities litigation" on page 29.

**Recent Regulatory Development in China**

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 variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.

**Cybersecurity Laws**

On December 28, 2021, the CAC, the NDRC and several other administrations jointly adopted and published the Measures for Cybersecurity Review (2021 version) ("New Measures"), which came into effect on February 15, 2022. According to the New Measures, if an "operator of critical information infrastructure" or "network platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. The New Measures further elaborates the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad.

Given the nature of our business, we believe this risk is insignificant. Our Hong Kong Operating Subsidiaries may collect and store certain data (including certain personal information) from our clients for "Know Your Customers" purpose, who may be PRC individuals. We do not currently expect the New Measures to have an impact on our business, operations or this Offering as we do not believe that our Hong Kong Operating Subsidiaries are deemed to be an "operator of critical information infrastructure," "data processor," or "network platform operator" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S., because (i) as of date of this prospectus, our Hong Kong Operating Subsidiaries have collected and stored personal information of far less than one million users; and (ii) as of the date of this prospectus, our Hong Kong Operating Subsidiaries have not been involved in any investigations on cybersecurity or data security initiated by related governmental regulatory authorities, and we have not received any inquiry, notice, warning, or sanction in such respect. Therefore, we are not covered by the permission and requirements from the CSRC nor CAC, and our Hong Kong Operating Subsidiaries are not required to receive any permissions from PRC authorities to operate its current business in Hong Kong or issue shares to foreign investors.

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Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated. If the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for this Offering and any follow-on offering, we cannot assure you that we will be able to list our Class A Ordinary Shares on U.S. exchanges, or continue to offer securities to investors, which would materially affect the interest of the investors and cause significantly depreciation of our price of Class A Ordinary Shares. See "Risk Factors — We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future."

**Laws on Offshore Securities Offering**

On July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As a follow-up, on February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. Under the Trial Measures, a domestic company is prohibited from overseas offering and listing if any of the following circumstances is involved: (i) where such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules; (ii) where the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities under the State Council in accordance with laws; (iii) where the domestic company intending to make the securities offering and listing, or its controlling shareholder and the actual controller, have committed crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years; (iv) where the domestic company intending to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations, and is under investigation according to law, and no conclusion has yet been made thereof; and (v) where there are material ownership disputes over equity held by the domestic company's controlling shareholder or by other shareholders that are controlled by the controlling shareholder and/or actual controller.

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As these laws and regulations are recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. We cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us. If it is determined in the future that approval from the CSRC or other regulatory authorities or other procedures are required for this Offering, it is uncertain whether we can or how long it will take us to obtain such approval or complete such procedures and any such approval or completion could be rescinded. Any failure to obtain or delay in obtaining such approval or completing such procedures for this Offering, or a rescission of any such approval if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities for failure to seek CSRC approval or other government authorization for this Offering. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the offering from this Offering into China or take other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our shares. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of the Class A Ordinary Shares offering hereby. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring that we obtain their approvals or accomplish the required filing or other regulatory procedures for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects, financial condition, reputation, and the trading price of the shares.

**Implications of the HFCA Act**

Our auditor is required by the laws of the United States to undergo regular inspections by the PCAOB. If our securities become listed on a national securities exchange or quoted on the over-the-counter market in the United States, trading in our securities may be prohibited under the HFCA Act, and our securities may be subject to delisting if the PCAOB cannot inspect or completely investigate our auditor for three consecutive years beginning 2021. Our independent registered public accounting firm's audit documentation related to their audit reports included in this prospectus include audit documentation located in mainland China. On June 22, 2021, the U.S. Senate passed Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President Joe Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before your securities may be prohibited from trading or delisted. On December 16, 2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, respectively, and identifies the registered public accounting firms in mainland China and Hong Kong that are subject to such determinations. Our auditor, AOGB CPA Limited, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, is an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB and has been subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. AOGB CPA Limited is headquartered in Hong Kong and is subject to inspection by the PCAOB on a regular basis and as of the date of this prospectus, our auditor is not subject to and not affected by the PCAOB's December 2021 determination report. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. Our securities may be delisted or prohibited from trading if the PCAOB determines that it cannot inspect or investigate completely our auditor under the HFCA Act. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB" on page 21 for further details.

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**Corporate Information**

Our principal office is located at 380 Jalan Besar, #07-10 ARC 380, Singapore 209000, and our telephone number is +65 9668 3527. Our registered office in the British Virgin Islands is located at Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. The information contained therein or connected thereto shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168.

**Implications of Being an Emerging Growth Company and a Foreign Private Issuer**

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

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

● reduced executive compensation disclosure; and

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

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

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

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

● the last day of our fiscal year following the fifth anniversary of the closing of this Offering;

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

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

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

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

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

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

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

● Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

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

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

● the majority of our executive officers or directors are U.S. citizens or residents;

● more than 50% of our assets are located in the United States; or

● our business is administered principally in the United States.

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**THE OFFERING**

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| | |
|:---|:---|
|  | See "Use of Proceeds" for additional information. |
| Risk factors | See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| Listing | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "HAMA". At this time, Nasdaq Capital Market has not yet approved our application to list our Class A Ordinary Shares. The closing of this Offering is conditioned upon Nasdaq Capital Market's final approval of our listing application. However, there is no assurance that this Offering will be closed and our Class A Ordinary Shares will be trading on the Nasdaq Capital Market. If the Nasdaq Capital Market does not approve our listing application this initial public offering will be terminated. |

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The number of Class A Ordinary Shares to be outstanding after this Offering is based on 9,593,000 Class A Ordinary Shares outstanding as of the date of this prospectus.

Unless otherwise indicated, all information in this prospectus assumes or gives effect to:

● no exercise by the underwriters of their option to purchase up to 165,000 additional Class A Ordinary Shares from us; and

● the adoption and effectiveness of the amendments to our Articles of Association, which will occur immediately prior to the closing of this Offering.

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**RISK FACTORS**

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

**Risks Related to Our Business** 

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***Our financial performance is dependent on our ability to continually secure demand for our services.***

We do not enter into long-term agreement with any of our customers and our customers are engaged in a wide spectrum of sectors, ranging from garment trading, magazine editorial, food and beverages, engineering, health and cosmetic products, physiotherapy to valuation, money lender, SFC licensed financial institutions to Nasdaq listed company. The needs of each of our clients for services may vary significantly from time to time. It is difficult to accurately project our clients' future needs or the frequency at which services will be requested, as demand for our services varies based on the requirements of our clients. Whether our clients need to use our services depends on a number of factors which may vary from time to time, including, the availability of manpower in the market, as well as discrepancies in permanent and temporary staffing, staffing to workload volume ratios and service capacity of our clients. There is no assurance that the frequency of our clients' need for services will be in line with our projections or that any of our clients will continue to require our services at the same level in the future. Should our clients reduce their need for services or cease to require any services provided by us or if we are not able to accurately predict our clients' staffing needs, our business and financial performance may be adversely affected.

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***We had a concentration of credit risk because we derived our service income from a limited number of customers.***

For the year ended February 28, 2025, we derived our service income from 45 customers with the top four customers contributing approximately 62.1% of our total service income. For the year ended February 29, 2024, we derived our service income from six customers with the top four customers contributing approximately 99.5% of our total service income. Generally, we either require payment in full after the completion of our services or offer alternate payment plans for customers to pay a certain amount for the completion of certain services within the applicable time period. We cannot assure you that we will not see concentration of accounts receivable from a small number of customers in the future. In such case, if any of these customers defaults on its payment obligations to us, we will not be able to recover the related accounts receivable, and our business, financial condition and results of operations may be materially and adversely affected.

***We depend on a limited number of customers for a significant portion of our service income and the loss of one or more of these customers could adversely affect our business, financial condition, and results of operations.***

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Our ability to maintain close relationships with major customers is essential to the success of our business. We received a substantial portion of our service income from a limited number of customers. For the years ended February 28, 2025 and February 29, 2024, service income generated from our four largest customers accounted for approximately 62.1% and 99.5% of our total service income, respectively, and service income generated from our largest customers accounted for approximately 20.9% and 41.8% of our total service income, respectively. Due to the nature of our business, we would normally expect a large part of our business financial consulting service income and one-stop corporate service income to come from different clients every year, in particular from new clients who require a greater number of services. As our new clients increase and we continue to grow our business by increasing the scale of our current operations and expanding into new services and geographic jurisdictions, we anticipate a reduction in client concentration in the future. However, we cannot assure you that any of our customers in the future will not cease purchasing services from us in favor of services from our competitors, significantly reduce orders or seek price reductions in the future, and any such event could have a material adverse effect on our corporate service income, profitability, and results of operations.

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***Absence of long-term service contracts with our clients may create difficulties in projecting our clients' need for our services and any resulting failure to meet demand from our clients in a timely manner may affect our business and financial performance.***

We do not enter into long-term service contracts with the majority of our clients. The absence of long-term service contracts with our clients means that our Group may not be able to forecast with certainty the service level that clients will require from us in a given period. Thus, our Group may have difficulties identifying suitable personnel to meet demand in a timely manner. Failure to meet clients' needs may result in loss of clients which will adversely affect our business and financial performance.

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***We operate in an intensely competitive and rapidly changing business environment, and there is a substantial risk that our services could become obsolete or uncompetitive.***

The markets for our services are highly competitive. Our markets are characterized by pressures to provide high levels of service, incorporate new capabilities and technologies, accelerate job completion schedules and reduce prices. Furthermore, we face competition from a number of sources, including other corporate consultancy firms and professional services firms. Many of our competitors have greater financial and marketing resources than we do. New and existing competitors are aided by technology, and the market has low barriers to entry.

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Our future success will depend largely upon our ability to anticipate and keep pace with market developments and advances. Current or future competitors could develop alternative capabilities and technologies that are more effective, easier to use or more economical than our services. If our capabilities and technologies become obsolete or uncompetitive, our related sales and revenue would decrease. Due to competition, we may experience reduced margins on our services, loss of market share, and loss of customers. If we are not able to compete effectively with current or future competitors as a result of these and other factors, our business, financial condition and results of operations could be materially adversely affected.

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

Some of our clients are businesses experiencing or being exposed to potential financial distress, facing complex challenges, being involved in litigation or regulatory proceedings, or facing foreclosure of collateral or liquidation of assets. The aforementioned situations may become increasingly prevalent among our existing and potential clients in light of the current uncertain micro-economic conditions and/or potential economic slowdowns. Such clients may not have sufficient funds to continue operations or to pay for our services. We do not always receive retainers before we begin performing services. In the cases where we have received retainers, we cannot assure that the retainers will adequately cover our fees for the services we perform.

We generally offer a fixed fee arrangement on our fees. Our failure to manage the engagements efficiently or collect the fees could expose the Company to a greater risk of loss on such engagements. Providing services to clients that do not correlate to actual costs incurred may negatively impact our profitability on such engagements and adversely affect the financial results of our business. We treat the outstanding fees that we are unable to collect based on objective evidence as write-offs and will not adjust or accept renegotiation. Our fees set forth in existing service contracts are not negotiable and may not be adjusted even if fee collection is not probable. Management periodically monitors the outstanding fees, making an effort to timely collect outstanding fees and reviews the adequacy of write-offs to minimize the impact of the potential payment defaults.

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***We are exposed to credit risks of our customers.***

We are exposed to credit risks of our customers. As at February 28, 2025 and February 29, 2024, our Group had accounts receivable of $270,571 and $1,026 respectively. We do not have access to all the information necessary to form a comprehensive view on the creditworthiness of our customers. The complete financial and operational conditions of customers are not always available to us, and we may not be in any position to obtain such information. As a result, if any of our major customers experiences any financial difficulty and fail to settle the outstanding amounts due to us in accordance with the agreed credit terms, our working capital position may be adversely affected.

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

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

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***We could be harmed by improper disclosure or loss of sensitive or confidential employee or customer data, including personal data.***

We store, process and transmit a large amount of data, including personal information of our employees, and sensitive commercial information and financial information of our customers. In doing so, we rely on our own technology and systems, and those of third-party vendors we use for a variety of processes. We and our third-party vendors have established policies and procedures to help protect the security and privacy of this information. Unauthorized disclosure or loss of sensitive or confidential data may occur through a variety of methods. These include, but are not limited to, systems failure, employee negligence, fraud or misappropriation, or unauthorized access to or through our information systems, whether by our employees or third parties, including a cyberattack by computer programmers, hackers, members of organized crime and/or state-sponsored organizations, who may develop and deploy viruses, worms or other malicious software programs.

Such disclosure, loss or breach could harm our reputation and subject us to government sanctions and liability under our contracts and laws that protect sensitive or personal data and confidential information, resulting in increased costs or loss of revenues. It is possible that security controls over personal data and other practices we and our third-party vendors follow may not prevent the improper access to, disclosure of, or loss of such information. Further, data privacy is subject to frequently changing rules and regulations, which sometimes conflict among the various jurisdictions in which we provide services. Any failure or perceived failure to successfully manage the collection, use, disclosure, or security of personal information or other privacy related matters, or any failure to comply with changing regulatory requirements in this area, could result in legal liability or impairment to our reputation in the marketplace.

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In compliance with the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) we are obliged to keep all such data confidential. If any personal data provided by personnel is improperly disclosed to third parties, such personnel may take legal action against us for damages and/or compensation for the loss that may have arisen therefrom. Any relevant claims or legal action taken against us may affect our reputation and results of operations. There is no assurance that there will not be any improper disclosure of personal data or unauthorized access to our database.

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***We depend on attracting, integrating, managing, and retaining qualified internal personnel.***

Our success is substantially dependent upon our ability to attract, integrate, manage and retain personnel who possess the skills and experience necessary to fulfill our customers' needs. Our ability to hire and retain qualified personnel could be impaired by any diminution of our reputation, decrease in compensation levels relative to our competitors or modifications to our total compensation philosophy or competitor hiring programs. If we cannot attract, hire and retain qualified personnel, our business, financial condition and results of operations may suffer. Our future success also depends upon our ability to manage the performance of our personnel. Failure to successfully manage the performance of our personnel could affect our profitability by causing operating inefficiencies that could increase operating expenses and reduce operating income.

***Our employees may leave us to establish competitive businesses or join our competitors, and we may not have, or may choose not to pursue, legal recourse against such employees.***

Our employees, particularly those at a senior level, typically have close relationships with the clients they serve, based on their expertise and bonds of personal trust and confidence. Therefore, the barriers to our employees pursuing independent business opportunities or joining our competitors should be considered low. Although our clients generally contract for services with us as a company, and not with an individual professional, in the event that an employee leaves, such clients may decide that they prefer to continue working with a specific external consultant rather than with us. In the event an employee departs and acts in a way that we believe violates his or her non-competition or non-solicitation agreement, we will consider any legal remedies we may have against such person on a case-by-case basis. We may decide that preserving cooperation and a professional relationship with a former employee or client, or other concerns, outweighs the benefits of any possible legal recourse. We may also decide that the likelihood of success does not justify the costs of pursuing a legal remedy. Therefore, there may be times we may decide not to pursue legal action, even if it is available to us.

***We may incur significant costs and may lose engagements as a result of claims by our clients regarding our corporate consultancy services.***

Our corporate consultancy services involve complex analysis and the exercise of professional judgment. Therefore, we are subject to the risk of professional and other liabilities. Damages and/or expenses resulting from any successful claim against us, for indemnity or otherwise, in excess of the amount of insurance coverage will be borne directly by us and could harm our profitability and financial resources. Although during the years ended February 28, 2025,February 29, 2024 and as of the date of this prospectus, we were not and are not involved in any claims by any client or third part against us, any such claim could expose us to reputational issues that adversely affect our ability to attract new or maintain existing engagements or clients or qualified professional staff or other employees, consultants or contractors.

***Changes in the rules and regulations to which clients or potential clients are subject may impact demand for our corporate consultancy services.***

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A large majority of our clients of our corporate consultancy services are subject to rules and regulations requiring disclosure or reporting on their practice, policies and strategies. Changes in these regulations may impact clients' business practices, its reporting requirements, frequency and details of the reporting, and could reduce demand for our services. Changes in such regulations could eliminate the need for certain types of our corporate consultancy services altogether or such changes may impact the scope of our corporate consultancy services required.

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***We are dependent on our management team.***

Our success is, to a large extent, attributable to our executive officers and directors' strategies and visions as well as their involvement in key aspects of our business, including but not limited to the acquisition and maintenance of new and existing customer relationships, pricing of our services, and overall management of our operations. The business of the Group was managed by Mr. Wing Sum, HO, our Director and Chief Financial Officer, and Mr. Wai Ting, CHEUNG, our Director and Chief Executive Officer. Further, our team of executive officers have worked for our Group possess extensive industry contacts and knowledge and are familiar with our business operations and have established good relationships with our customers.

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

***The wars in Ukraine and in the Middle East could materially and adversely affect our business and results of operations.***

The wars in Ukraine and the Middle East have already affected global economic markets, including a dramatic increase in the price of oil and gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's military incursion and the conflict in the Middle East and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the global markets, our customers' businesses and potentially our business. As of the date of this prospectus, to the best knowledge of the Company, we and our Hong Kong subsidiaries (i) do not have any direct business or contracts with any Russian, Ukraine, or Middle East entity as a supplier or customer, (ii) do not have any knowledge whether any our customers or suppliers have any direct business or contracts with any Russian entity, (iii) our business lines of service, projects, or operations were not materially impacted by disruptions caused the war in Ukraine and in the Middle East for the years ended February 28, 2025 and February 29, 2024, and (iv) have not been financially affected by the wars in Ukraine and the Middle East. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions or further escalation for the war in the Middle East may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of the situation in Ukraine and in the Middle East, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest, intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could in turn have a material adverse effect on our business, financial condition, results of operations, and prospects.

We do not anticipate any new or heightened risk of potential cyberattacks by state actors or others since Russia's invasion of Ukraine and the war in the Middle East, and we have not taken any actions to mitigate such potential risks. Our board of directors will continue to monitor any potential risks that might arise due to the war in Ukraine and in the Middle East which are specific to the Company, including but not limited to risks related to cybersecurity, sanctions, and supply chain, suppliers, or service providers in affected regions as well as risks connected with ongoing or halted operations or investments in affected regions.

***Our results of operation may be materially and adversely affected by a downturn in Hong Kong, mainland China or the global economy.***

All of our operations are currently located in Hong Kong, and all of our revenue was generated in Hong Kong for the years ended February 28, 2025 and February 29, 2024. Nevertheless, our business, prospects, financial condition and results of operations may be influenced to a significant degree by the political, economic and social conditions in Hong Kong and mainland China generally and by the continued economic growth in Hong Kong and mainland China as a whole. While the mainland China economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall mainland China economy but may have a negative effect on us.

The rapid growth of the mainland China economy has decelerated gradually over the years and may continue. There exists also uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world's leading economies, including the United States and the PRC, before 2020. Unrest, terrorist threats and the potential for war in the Middle East and elsewhere may increase market volatility across the globe. Any prolonged slowdown in the global or the Chinese economy may affect potential customers' confidence in the financial market as a whole and have a negative impact on our financial condition. Further, recent global economic conditions including inflationary pressures and high interest rate, have affected our profitability in Hong Kong and mainland China. However, continued pressure from global economic conditions may affect the Hong Kong and mainland China markets in the future and in turn, may affect our operations.

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The continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs. We cannot assure that there will not be any unfavorable changes in the Hong Kong and mainland China economies that could impact the industries in which we operate, which could in turn diminish the demand for our services.

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

Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and resources to address our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements for the years ended February 28, 2025 and February 29, 2024, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting as well as other control deficiencies for the above mentioned periods. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting. There is a reasonable possibility that a material misstatement in our annual or interim financial statements may not be prevented or detected on a timely basis. The material weakness identified is related to (i) inadequate segregation of duties for certain key functions due to limited staff and resources; and (ii) a lack of independent directors and an audit committee.

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

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

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

Our current management team lacks experience in managing a U.S. publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to U.S. public companies. Prior to the completion of this Offering, we were a private company mainly operating our businesses in Hong Kong and mainland China. As a result of this Offering, our Company will become subject to significant regulatory oversight and reporting obligations under the federal securities laws and the scrutiny of securities analysts and investors, and our management currently has no experience in complying with such laws, regulations and obligations. Our management team may not successfully or efficiently manage our transition to becoming a U.S. public company. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations.

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

The Class A Ordinary Shares offered in this prospectus are those of HAMA BVI. HAMA BVI is a business company established under the BVI Act with limited liability. All of our business operations are conducted through our Hong Kong Operating Subsidiaries, and hence, our revenues are contributed by our Hong Kong Operating Subsidiaries. Although we have paid dividends to our shareholders in the past, we intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A Ordinary Shares in the foreseeable future. See "Dividend Policy".

Our ability to pay dividends to our shareholders is primarily dependent upon the earnings of our operating subsidiaries and their distribution of funds to us, primarily in the form of dividends. The ability of our Hong Kong subsidiary to make distributions to us depends upon, among others, its distributable earnings. Under Hong Kong law, dividends may only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between the Company and its subsidiaries, across borders and to U.S. investors, nor are there any restrictions or limitations on distributing earnings from our business and subsidiaries to the Company and U.S. investors. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. As of the date of this prospectus, HAMA BVI, our subsidiaries or our investors have not experienced any difficulties or limitations on their respective ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred.

The amounts of distributions that any of HAMA BVI's subsidiaries declared and made in the past are not indicative of the dividends that we may pay in the future. There is no assurance that we will be able to declare or distribute any dividend in the future. Further, in the future, funds may not be available to fund operations or for other use outside of Hong Kong, due to interventions in, or the imposition of restrictions and limitations on, our ability or on our subsidiary's ability by the PRC government to transfer cash between HAMA BVI, our subsidiaries, or investors. Any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A Ordinary Shares or cause them to be worthless.

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

***The Hong Kong legal system embodies uncertainties which could limit the availability of legal protections.***

Hong Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the "one country, two systems" principle. The Hong Kong Special Administrative Region's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function in a high degree of autonomy for its affairs, including currencies, immigration and custom, independent judiciary system and parliamentary system. However, we cannot guarantee that the implementation of the "one country, two systems" principle and the level of autonomy as currently in place will continue in the future. Any changes in the state of political environment in Hong Kong may materially and adversely affect our business and operation. We cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us.

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

HAMA BVI is incorporated under the laws of the British Virgin Islands, but all of our operations and assets are held by our Hong Kong Operating Subsidiaries in Hong Kong. In addition, all of our senior executive officers and directors reside within Hong Kong for a significant portion of the time. As a result, it may be difficult or impossible for investors to effect service of process on us inside Hong Kong. It may also be difficult for you to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors. Moreover, there is uncertainty as to whether the courts of the Hong Kong would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state.

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David Fong & Co., Solicitors, our counsel as to Hong Kong law, has advised us that there is currently no arrangement providing for the reciprocal enforcement of judgements between Hong Kong and the United States, as such judgments of United States courts will not be directly enforced in Hong Kong. However, under common law, a foreign judgment (including one from federal or state court in the United States) obtained against the Company may generally be treated by the courts of Hong Kong as a cause of action in itself and sued upon as a debt between the parties. In a common law action for enforcement of a foreign judgment, the judgment creditor has to prove that (i) the judgment is *in personal*; (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. In order to enforce the foreign judgment at common law, fresh proceedings must be initiated in Hong Kong, which involves issuing a Writ of Summons and Statement of Claim attaching the foreign judgment as proof of the debt.

***Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.***

The AHFCA Act was enacted on December 23, 2022. On December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years. The AHFCA Act states that if the SEC determines that an issuer has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years, the SEC shall prohibit the securities of the issuer from being traded on a national securities exchange or in the over-the-counter trading market in the United States (the applicable period under the HFCA Act prior to the enactment of the AHFCA Act had been two years).

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

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

On November 5, 2021, the PCAOB approved a new rule, PCAOB Rule 6100, Board Determinations Under the HFCA Act to provide a framework for its determinations under the HFCA Act that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The rule establishes the manner of the PCAOB's determinations; the factors the PCAOB will evaluate and the documents and information the PCAOB will consider when assessing whether a determination is warranted; the form, public availability, effective date, and duration of such determinations; and the process by which the Board will reaffirm, modify, or vacate any such determinations.

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

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

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

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

On December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years.

Our auditor, AOGB CPA Limited, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, is an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB and has been subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. AOGB CPA Limited is headquartered in Hong Kong and is subject to inspection by the PCAOB on a regular basis and as of the date of this prospectus, our auditor is not subject to and not affected by the PCAOB's December 2021 determination report. However, there is no assurance that future audit reports will be prepared by auditors able to be inspected by the PCAOB and therefore, in the future, you may be deprived of the benefits of such inspection. As such, trading in our securities may be prohibited under the HFCA Act if the PCAOB determines that it cannot inspect or investigate completely our auditor, and as a result our securities may be delisted. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future which would prevent the PCAOB from continuing to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong, the PCAOB Board will consider the need to issue a new determination. Our securities may be delisted or prohibited from trading if the PCAOB determines that it cannot inspect or investigate completely our auditor under the HFCA Act.

 ****

***Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale.***

There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations. The PRC legal system is based on written statutes and their legal interpretations by the Standing Committee of the National People's Congress, or NPCSC. Previous court decisions may be cited for reference but have limited precedential value. Since 1979, the PRC government has been developing a comprehensive system of commercial laws, and considerable progress has been made in introducing laws and regulations dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade. However, as these laws and regulations are relatively new, and due to the limited volume of published cases and their non-binding nature, interpretation and enforcement of these laws and regulations involve uncertainties. These laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement could be unpredictable, with little advance notice which could result in a material change in our operations and/or the value of our Shares. It is also uncertain whether having all of our directors and officers located in Hong Kong will subject us to the oversight of the Chinese authorities in the future.

Furthermore, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all and may have a retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention.

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***The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale.***

HAMA BVI is a holding company and we conduct our operations through our Hong Kong Operating Subsidiaries in Hong Kong. The PRC government may choose to exercise significant oversight and discretion, and the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in mainland China are often uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices. New laws, regulations, and other government directives in mainland China may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention; and

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

The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise unfavorably impact the ability or manner in which we conduct our business could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our products, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented and if the PRC government chooses to exercise such significant oversight and discretion over the conduct of our business and may intervene or influence or control our operations at any time. Such government actions could result in a material change in our operations and/or the value of the securities we are registering for sale; could significantly limit or completely hinder our ability to continue our operations; could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors; and may cause the value of our securities to significantly decline or be worthless.

***Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such actions 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 become worthless.***

Previous statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. On December 28, 2021, the CAC, the NDRC and several other administrations jointly adopted and published the New Measures for Cybersecurity Review (2021 version) ("New Measures"), which came into effect on February 15, 2022. According to the New Measures, if an "operator of critical information infrastructure" or "network platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Our business belongs to the electronic components/sensors industry, which does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. As a result, the likelihood of us being subject to the review of the CAC is remote.

On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. In light of the foregoing, we and China Commercial Law Firm believe that the listing of our Class A Ordinary Shares on Nasdaq does not constitute an "indirect overseas offering and listing by PRC domestic companies" and that we are not required to complete the filing procedures as stipulated by the Trial Measures because the Company did not obtain any operating revenue, total profit, total assets and net assets in mainland China, the main parts of the Company's business activities are neither carried out in mainland China, nor is its main place of business located in mainland China, and none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China, we do not meet both of the above criteria simultaneously.

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As of the date of this prospectus, our registered public offering in the U.S. is not subject to the review nor prior approval of the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations may restrict or otherwise unfavorably impact our ability or way to conduct business and may require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities.

In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC that we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations, significantly limit or completely hinder our ability to offer our Shares to investors and cause the value of such Class A Ordinary Shares to significantly decline or become worthless.

***We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future.***

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 CSRC approval for a listing involving offshore special purchase vehicles that are controlled by PRC entities or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic interests held by such PRC entities or individuals with shares of the offshore special purchase vehicles. According to the legal opinion issued by our mainland China counsel, China Commercial Law Firm, and based on its understanding of the current PRC laws and regulations, we will not be required to submit an application to the CSRC for the approval of the offering and trading of our Class A Ordinary Shares under the M&A Rules because (i) our Hong Kong Operating Subsidiaries were not established through a merger or requisition of the equity or assets of a "PRC domestic company" as such term is defined under the M&A Rules, (ii) our Hong Kong Operating Subsidiaries are non-mainland China entities, and they have not been controlled by a non-PRC persons since its incorporation, and (iii) the CSRC currently has not issued any definitive rule or interpretation concerning whether an offering like ours under this document is subject to this regulation. However, uncertainties still exist as to how the M&A Rules will be interpreted or implemented, and the opinion of our mainland China counsel is subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. We may be required to obtain approval from PRC authorities in order to continue our listing on Nasdaq or to add new listings on other overseas stock exchanges in the future but cannot provide assurance that we will be able to obtain such approval.

On July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As a follow-up, on February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

According to the legal opinion issued by our mainland China counsel, China Commercial Law Firm, the listing of our Class A Ordinary Shares on Nasdaq does not constitute an "indirect overseas offering and listing by PRC domestic companies" and that we are not required to complete the filing procedures as stipulated by the Trial Measures the Company did not obtain any operating revenue, total profit, total assets and net assets in mainland China, the main parts of the Company's business activities are neither carried out in mainland China, nor is its main place of business located in mainland China, and none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China, we do not meet both of the above criteria simultaneously. If CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, such CSRC approval could be rescinded. We cannot assure you that relevant PRC government authorities, including the CSRC, would reach the same conclusion as our mainland China counsel.

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***Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China.***

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

There have also been concerns about the relationship between the PRC and other countries, including the surrounding Asian countries, which may potentially have economic effects. In particular, there is significant uncertainty about the future relationship between the United States and the PRC with respect to trade policies, treaties, government regulations and tariffs. Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate in China.

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

***Changes in mainland China political, economic and governmental policies may have an adverse impact on our business.***

We expect that revenue received from mainland China will continue to supplement our overall operations. Accordingly, our business, financial condition and results of operations are subject to political, economic and legal developments in China to a significant degree. The Chinese economy differs from the economies of most developed countries in many aspects, including the extent of government involvement, growth rate, control of the foreign exchange, allocation of resources and capital investment. We cannot assure there will not be any unfavorable changes in the political, economic and governmental policies and measures promulgated by the PRC government that could impact the industries in which we operate, which could in turn diminish the demand for our services.

***If we are classified as a PRC resident enterprise for PRC enterprise income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.***

Under the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a "resident enterprise" and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the SAT issued a circular, known as SAT Circular 82, partially abolished on December 29, 2017, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China, and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in China; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in China; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in China; and (iv) at least 50% of voting board members or senior executives habitually reside in China.

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We believe that, as a business company established under the BVI Act with limited liability, HAMA BVI is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body." If the PRC tax authorities determine that our company is a PRC resident enterprise for enterprise income tax purposes, we would be subject to PRC enterprise income on our worldwide income at the rate of 25%. Furthermore, we would be required to withhold a 10% tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of our Class A Ordinary Shares. In addition, non-resident enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of the Class A Ordinary Shares, if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders and any gain realized on the transfer of the Class A Ordinary Shares by such shareholders may be subject to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our Class A Ordinary Shares.

***We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.***

On February 3, 2015, the SAT issued the Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer of taxable assets through offshore transfer of a foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market. SAT Bulletin 7 also brings challenges to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets, as such persons need to determine whether their transactions are subject to these rules and whether any withholding obligation applies.

On October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies the practice and procedure of the withholding of non-resident enterprise income tax.

Where a non-resident enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an indirect transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such indirect transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who pays for the transfer is obligated to withhold the applicable taxes currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.

We face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the Class A Ordinary Shares in our offshore subsidiaries and investments. Our company may be subject to filing obligations or may be taxed if our company is a transferor in such transactions and may be subject to withholding obligations if our company is a transferee in such transactions, under SAT Bulletin 7 and/or SAT Bulletin 37. For transfers of Class A Ordinary Shares of our company by investors who are non-PRC resident enterprises, our Hong Kong Operating Subsidiaries will not be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin 37. However, if our assessment on the filing under SAT Bulletin 7 and/or SAT Bulletin 37 is incorrect, we may be required to expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or to request the relevant transferors from whom we purchase taxable assets to comply with these circulars, or to establish that our company should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.

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**Risks Related to Our Class A Ordinary Shares**

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

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

***Our Class A Ordinary Shares price may never trade at or above the price in this offering.***

Stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. Broad market and industry factors may significantly affect the market price of our Class A Ordinary Shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our Class A Ordinary Shares shortly following this offering. If the market price of our Class A Ordinary Shares after this offering does not ever exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

***The initial public offering price for our Class A Ordinary Shares may not reflect their actual value.***

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

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

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

● actual or anticipated fluctuations in results of operations;

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

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

● issuance of new or updated research or reports by securities analysts;

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

● additions or departures of key management or other personnel;

● our involvement in litigation;

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

● announcement or expectation of additional debt or equity financing efforts;

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

● the trading volume of our Class A Ordinary Shares;

● market conditions in our industry;

● changes in the estimation of the future size and growth rate of our markets;

● market conditions in our industry;

● changes in the estimation of the future size and growth rate of our markets; and

● general economic, market or political conditions in the United States or elsewhere.

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

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

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

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

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***Volatility in our Share price may subject us to securities litigation.***

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

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

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

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

● reduced liquidity for our Class A Ordinary Shares;

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

● a limited amount of news about us and analyst coverage of us; and

● a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our Class A Ordinary Shares will be listed on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our securities.

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

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

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

As of the date of this prospectus, our Controlling Shareholder holds an aggregate of 3,000,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares, respectively, which will represent an aggregate of 96.7% of the total voting power. After this offering, our Controlling Shareholder will hold an aggregate of 3,000,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares, respectively, which will represent an aggregate of 96.1% of the total voting power. As a result, our Controlling Shareholder will have the ability to control or significantly influence the outcome of matters requiring approval by shareholders, including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. The interests of these shareholders may not be the same as or may even conflict with your interests. For example, our Controlling Shareholder could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Class A Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

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

Under Listing Rule 5101, Nasdaq has discretionary authority to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq.

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

***We have no immediate plans to pay dividends.***

We plan to reinvest all of our future earnings, to the extent we have earnings, in order to expand our product offering and to cover operating costs, finance operations and to otherwise become and remain competitive. We do not plan to pay any cash dividends with respect to our securities in the foreseeable future. As we are a company with a limited operating history, we may not be able to generate, at any time, sufficient surplus cash that would be available for distribution to the holders of our Class A Ordinary Shares as a dividend. Therefore, you should not expect to receive immediate cash dividends on the Class A Ordinary Shares we are offering. Consequently, investors may need to rely on sales of their Class A Ordinary Shares after price appreciation, which may never occur, as the only way to realize any future gains on their investment. In addition, the laws of the British Virgin Islands require that certain criteria must be satisfied before we are able to declare and pay dividends.

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

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

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

Currently, our Hong Kong Operating Subsidiaries' operations are conducted outside the United States, and all of our assets are located outside the United States. All of our directors and officers reside outside of the United States, and a substantial portion of their assets are located in Hong Kong outside the United States. You may incur additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in the prospectus, as judgments entered in the United States can be enforced in Hong Kong only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts.

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

We are a BVI business company with limited liability incorporated under the laws of the BVI. Our corporate affairs are governed by our memorandum and articles of association (as amended from time to time), the BVI Act and the common law of the BVI. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under the BVI law are governed by the BVI Act and the common law of the BVI. The common law of the BVI is derived in part from comparatively limited judicial precedent in the BVI as well as from the common law of England and the wider Commonwealth, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the BVI. The rights of our shareholders and the fiduciary duties of our directors under the BVI law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the BVI has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the BVI. In addition, the BVI companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of a BVI company could, however, bring a derivative action in the BVI courts, and there is a clear statutory right to commence such derivative claims under Section 184C of the BVI Act. The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The BVI courts are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions brought in the BVI, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the BVI of judgments obtained in the United States, although the courts of the BVI will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. The BVI Act offers some limited protection of minority shareholders. The principal protection under statutory law is that shareholders may apply to the BVI court for an order directing the company or its director(s) to comply with, or restraining the company or a director from engaging in conduct that contravenes, the BVI Act. Under the BVI Act, the minority shareholders have a statutory right to bring a derivative action in the name of and on behalf of the company in circumstances where a company has a cause of action against its directors. This remedy is available at the discretion of the BVI court. A shareholder may also bring an action against the company for breach of duty owed to him as a shareholder. A shareholder who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the BVI court for an order to remedy the situation.

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

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

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Certain corporate governance practices in the BVI, where our holding company was incorporated, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. We can rely on home country practice with respect to our corporate governance after we complete this Offering. If we choose to follow the BVI's practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

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

As a result of the foregoing, our public shareholders may have more difficulty in protecting their interests through actions against us, our management, our directors or our major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors or officers in the British Virgin Islands.***

There is no statutory enforcement in the BVI of judgments obtained in the U.S., however, the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary, provided that:

● the U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process;

● the judgment is final and for a liquidated sum;

● the judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;

● in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;

● recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and

● the proceedings pursuant to which judgment was obtained were not contrary to natural justice.

● to recognize or enforce against the Company, judgments of courts of the U.S. predicated upon the civil liability provisions of the securities laws of the U.S.; and

● to impose liabilities against the Company, predicated upon the certain civil liability provisions of the securities laws of the U.S. so far as the liabilities imposed by those provisions are penal in nature.

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

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

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

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

***We will incur increased costs as a result of being a public company.***

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

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

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

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

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

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

The allocation of net proceeds of the offering set forth in the "Use of Proceeds" section below represents our estimates based upon our current plans and assumptions regarding the industry and general economic conditions, and our future revenues and expenditures. We anticipate that we will use the net proceeds from this offering for (i) business development and marketing, (ii) expanding our local operations and setting up overseas branches, and (iii) general working capital needs. However, the amounts and timing of our actual expenditures will depend on numerous factors, including market conditions, cash generated by our operations, business developments and rate of growth. Management has broad discretion over the use of proceeds of this offering and we may find it necessary or advisable to use all or portions of the proceeds from this offering for other purposes. Circumstances that may give rise to a change in the use of proceeds and the alternate purposes for which the proceeds may be used are discussed in the section entitled "Use of Proceeds." You may not have an opportunity to evaluate the economic, financial or other information on which we base our decisions on how to use our proceeds. As a result, you and other shareholders may not agree with our decisions. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or preserve value. See "Use of Proceeds" for additional information.

***We may be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the current taxable year, which could result in adverse U.S. federal income tax consequences for U.S. Holders of our Class A Ordinary Shares.***

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

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***Our dual-class voting structure may render our Class A Ordinary Shares ineligible for inclusion in certain stock market indices, and thus adversely affect the trading price and liquidity of our Class A Ordinary Shares.***

Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our Class A Ordinary Shares may prevent the inclusion of our Class A Ordinary Shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A Ordinary Shares.

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

Upon completion of this Offering, we will have a dual class ordinary share structure. Our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A and Class B Ordinary Shares will have the same rights, including dividend rights, except that holders of Class A Ordinary Shares will be entitled to one vote per share, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share, and Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares by the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

Upon the completion of this Offering, Mr. Wing Sum, HO will continue to beneficially own all of our Class B Ordinary Shares. These Class B Ordinary Shares will constitute approximately 46.8% of our total issued and outstanding share capital immediately after the completion of this Offering and approximately 94.6% of the aggregate voting power of our total issued and outstanding share capital immediately after the completion of this Offering due to the disparate voting powers associated with our dual-class share structure, assuming the Underwriter does not exercise the over-allotment option. As a result of the dual-class share structure and the concentration of ownership, holders of Class B Ordinary Shares will have the ability to control or significantly influence the outcome of matters requiring approval by shareholders regarding the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. Such holders may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our Company and may reduce the price of our Class A Ordinary Shares.

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

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

● our 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;

● 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;

● overall industry and market performance; and

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

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

**Industry Data and Forecasts**

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

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**USE OF PROCEEDS**

After deducting the estimated underwriters' discount and offering expenses payable by us, we expect to receive net proceeds of approximately $4.9 million (or $5.8 million in the aggregate if the underwriters exercise their over-allotment option in full) from this offering.

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

● approximately 30% for business development and marketing;

● approximately 30% for expanding our local operations and setting up overseas branches; and

● approximately 40% for general administration and working capital.

The precise amounts and percentage of proceeds we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change the use of proceeds that we presently anticipate and describe herein.

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

**DIVIDEND POLICY**

During the years ended February 28, 2025, February 29, 2024, the were no transfer of assets or cash among HAMA BVI and its subsidiaries. We did not declare and distribute any dividend for the years ended February 28, 2025 and February 29, 2024. On March 31, 2025, 88M Global declared an interim dividend of HK$72.0 per share (equivalent to $9.2308 per share) with respect to the 10,000 issued shares of 88M Global or HK$720,000 (equivalent to $92,308) to us and Nardo Capital declared an interim dividend of HK$0.6 per share (equivalent to $0.0769 per share) with respect to the 3,000,000 issued shares of Nardo Capital or HK$1,800,000 (equivalent to $230,769) to us. On March 31, 2025, we declared an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. In April 2025, we paid dividend of HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. Except for the above, no other distributions or transfer of assets or cash have been made to date between HAMA BVI, our subsidiaries, or to investors. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A and Class B Ordinary Shares in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

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

Subject to the BVI Act and our memorandum and articles of association (as may be amended from time to time), our board of directors may, by resolution of directors, declare and authorize a distribution (which includes a dividend) to our shareholders from time to time and of an amount they think fit if they are satisfied, on reasonable grounds, that immediately after the distribution (a) the company will be able to pay its debts as they fall due; and (b) the value of our assets exceeds its liabilities.

Our holding company rely on dividends paid by our Operating Subsidiary for its cash requirements, including funds to pay any dividends and other cash distributions to its shareholders, service any debt it may incur and pay its operating expenses. Our holding company's ability to pay dividends to its shareholders will depend on, among other things, the availability of dividends from our Operating Subsidiary.

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

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

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**CAPITALIZATION**

The following tables set forth our cash and cash equivalents and capitalization as of February 28, 2025:

● on an actual basis;

● on a pro forma basis giving effect to (i) the declaration of an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company on March 31, 2025; and (ii) the share allotments of 6,593,000 Class A Ordinary Shares in the aggregate to a group of investors for a consideration of $347,000 in the aggregate on April 17, 2025; and

● on a pro forma as adjusted basis to reflect the issuance and sale of 1,100,000 Class A Ordinary shares at an assumed initial public offering price of $6.00 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and estimated offering expenses payable by us.

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

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| | | | |
|:---|:---|:---|:---|
|  | **As of February 28, 2025** | **As of February 28, 2025** | **As of February 28, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma as Adjusted** |
|  | **(in US$)** | **(in US$)** | **(in US$)** |
| Cash and cash equivalents | 1249125 | 1273048 | 6131236 |
| **Shareholders' equity:** |  |  |  |
| Class A Ordinary Shares, no par value, 95,000,000 Class A Ordinary Shares authorized, 3,000,000 Class A Ordinary Shares issued and outstanding on an actual basis; 9,593,000 Class A Ordinary Shares issued and outstanding on a pro forma basis; and 10,693,000 Ordinary Shares issued and outstanding on a pro forma as adjusted basis |  | 347000 | 5205188 |
| Class B Ordinary Shares, no par value, 38,000,000 Class B Ordinary Shares authorized, 9,407,000 Class B Ordinary Shares issued and outstanding on an actual basis; 9,407,000 Class B Ordinary Shares issued and outstanding on a pro forma basis; and 9,407,000 Ordinary Shares issued and outstanding on a pro forma as adjusted basis | 1 | 1 | 1 |
| Retained earnings | 1054418 | 1054418 | 1054418 |
| Dividend paid | - | (323077) | (323077) |
| **Total shareholders' equity** | 1054419 | 1078342 | 5936530 |
| **Indebtedness** |  |  |  |
| Amount due to a director | 184566 | 184566 | 184566 |
| **Total indebtedness** | 184566 | 184566 | 184566 |
| **Total capitalization** | 1238985 | 1262908 | 6121096 |

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**DILUTION**

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

The net tangible book value of our Ordinary Shares as of February 28, 2025 was $1,062,486, or $0.056 per share based on the total number of Ordinary Shares issued and outstanding as of February 28, 2025, after giving effect to (i) the declaration of an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company on March 31, 2025; and (ii) the share allotments of 6,593,000 Class A Ordinary Shares in the aggregate to a group of investors for a consideration of $347,000 in the aggregate on April 17, 2025. Net tangible book value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities, divided by the total number of Ordinary Shares outstanding. Tangible assets equal our total assets less intangible assets, operating lease right-of-use assets, deferred tax assets and deferred offering cost.

The dilution in net tangible book value per share to new investors, represents the difference between the amount per share paid by purchasers of shares in this offering and the pro forma net tangible book value per share immediately after completion of this offering. After giving effect to the sale of the 1,100,000 Class A Ordinary Shares being sold pursuant to the offering price of $6.00 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting underwriters' discount and commission payable by us in the amount of $462,000, non-accountable expense allowance payable by us in the amount of $66,000 and estimated offering expenses in the amount of $1,213,812, our as adjusted net tangible book value would be approximately $5,920,674 or $0.295 per share of Ordinary Shares. This represents an immediate increase in net tangible book value of $0.239 per share to existing shareholders and an immediate decrease in net tangible book value of $5.705 per share to new investors purchasing the Ordinary Shares in this offering.

The following table illustrates this per share dilution:

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| | |
|:---|:---|
|  | **As of** <br> **February 28,<br> 2025**  |
| Public offering price per Class A Ordinary Share | $6.00 |
| Pro forma net tangible book value per share as of February 28, 2025 | $0.056 |
| Increase in pro forma net tangible book value per share attributable to existing shareholders | $0.239 |
| Pro forma as adjusted net tangible book value per share after this offering | $0.295 |
| Dilution per share to new investors | $5.705 |

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Our pro forma as adjusted net tangible book value after the offering, and the decrease to new investors in the offering, will change from the amounts shown above if the underwriters' over-allotment option is exercised.

The following table sets forth, on a pro forma as adjusted basis as of February 28, 2025, the difference between the existing shareholders and by new public investors before deducting estimated underwriting discounts and estimated offering expenses payable by us, using an assumed public offering price of $6.00 per Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Cash Consideration** | **Total Cash Consideration** | **Average**<br> **Price Per** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Share** |
| Existing shareholders | 19000000 | 94.53% | $347001 | 4.99% | $0.02 |
| New investors from public offering | 1100000 | 5.47% | $6600000 | 95.01% | $6.00 |
| Total | 20100000 | 100.00% | $6947001 | 100.00% | $0.35 |

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The pro forma as adjusted information discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual initial public offering price of our Class A Ordinary Shares and other terms of this offering determined at pricing.

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

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

**Overview**

We are a professional corporate solution service provider specializing in the provision of two main streams of services, namely (i) one-stop corporate services; and (ii) business financial consulting services. We principally focus on offering corporate services including accounting, internal control, tax and compliance advisory to clients ranging from small and medium-sized enterprises to listed companies. We are also dedicated to offering business financial consulting services which include strategic business advisory as well as investor relationship management to business owners and financial intermediaries.

We provide our services to a broad range of clients including, small and medium-sized business companies, listed companies in the United States, licensed financial institutions, Certified Public Accountant firms and business owners. For our one-stop corporate services, we recruit a pool of qualified accountants, finance and tax experts to provide corporate services to our clients who outsource its accounting and financing function to us. We also perform internal control review, tax planning and advisory services for our clients. For our business financial consulting services, our group of experts advise our clients on business strategies such as growth strategies including identifying suitable upstream and/or downstream companies for merger and acquisitions, pricing strategies and turnaround strategies. Apart from providing business strategies to our clients, we also manage investor relationship and public relation for our clients where we aim to build trust with stakeholders and engage in long-term relationship with investors.

For the fiscal years ended February 28, 2025 and February 29, 2024, total revenue was $1,821,994 and $1,442,408, respectively. Our net income was $1,089,672 and $266,214 for the fiscal years ended February 28, 2025 and February 29, 2024, respectively.

**Key Factors that Affect Our Results of Operations**

Our results of operations and financial position have been and will continue to be affected by a number of factors, many of which may be beyond the control of our Group, including those factors set out in "Risk Factors" in this prospectus and those set out below.

***Ability to continually secure demand for our services***

We do not enter into long-term agreement with any of our customers and our customers are engaged in a wide spectrum of sectors, ranging from garment trading, magazine editorial, food and beverages, engineering, health and cosmetic products, physiotherapy to valuation, money lender, SFC licensed financial institutions to Nasdaq listed company. The needs of each of our clients for services may vary significantly from time to time. It is difficult to accurately project our clients' future needs or the frequency at which services will be requested, as demand for our services varies based on the requirements of our clients. Whether our clients need to use our services depends on a number of factors which may vary from time to time, including, the availability of manpower in the market, as well as discrepancies in permanent and temporary staffing, staffing to workload volume ratios and service capacity of our clients. There is no assurance that the frequency of our clients' need for services will be in line with our projections or that any of our clients will continue to require our services at the same level in the future. Should our clients reduce their need for services or cease to require any services provided by us or if we are not able to accurately predict our clients' staffing needs, our business and financial performance may be adversely affected.

***Market competition***

The markets for our services are highly competitive. Our markets are characterized by pressures to provide high levels of service, incorporate new capabilities and technologies, accelerate job completion schedules and reduce prices. Furthermore, we face competition from a number of sources, including other corporate consultancy firms and professional services firms. Many of our competitors have greater financial and marketing resources than we do. New and existing competitors are aided by technology, and the market has low barriers to entry.

Our future success will depend largely upon our ability to anticipate and keep pace with market developments and advances. Current or future competitors could develop alternative capabilities and technologies that are more effective, easier to use or more economical than our services. If our capabilities and technologies become obsolete or uncompetitive, our related sales and revenue would decrease. Due to competition, we may experience reduced margins on our services, loss of market share, and loss of customers. If we are not able to compete effectively with current or future competitors as a result of these and other factors, our business, financial condition and results of operations could be materially adversely affected.

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***Ability to attract, integrate, manage, and retain our management and qualified internal personnel***

Our success is, to a large extent, attributable to our executive director' strategies and visions as well as their involvement in key aspects of our business, including but not limited to the acquisition and maintenance of new and existing customer relationships, pricing of our services, and overall management of our operations. The business of the Group was managed by Mr. Wing Sum, HO, our Director and Chief Financial Officer, and Mr. Wai Ting, CHEUNG, our Director and Chief Executive Officer. Further, our team of executive officers have worked for our Group possess extensive industry contacts and knowledge and are familiar with our business operations and have established good relationships with our customers.

Our success is also substantially dependent upon our ability to attract, integrate, manage and retain personnel who possess the skills and experience necessary to fulfill our customers' needs. Our ability to hire and retain qualified personnel could be impaired by any diminution of our reputation, decrease in compensation levels relative to our competitors or modifications to our total compensation philosophy or competitor hiring programs. If we cannot attract, hire and retain qualified personnel, our business, financial condition and results of operations may suffer. Our future success also depends upon our ability to manage the performance of our personnel. Failure to successfully manage the performance of our personnel could affect our profitability by causing operating inefficiencies that could increase operating expenses and reduce operating income.

***Macroeconomic conditions in Hong Kong, mainland China or the global economy***

All of our operations are currently located in Hong Kong, and all of our revenue was generated in Hong Kong for the years ended February 28, 2025 and February 29, 2024. Nevertheless, our business, prospects, financial condition and results of operations may be influenced to a significant degree by the political, economic and social conditions in Hong Kong and mainland China generally and by the continued economic growth in Hong Kong and mainland China as a whole. While the mainland China economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall mainland China economy but may have a negative effect on us.

The rapid growth of the mainland China economy has decelerated gradually over the years and may continue. There exists also uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world's leading economies, including the United States and the PRC, before 2020. Unrest, terrorist threats and the potential for war in the Middle East and elsewhere may increase market volatility across the globe. Any prolonged slowdown in the global or the Chinese economy may affect potential customers' confidence in the financial market as a whole and have a negative impact on our financial condition. Further, recent global economic conditions including inflationary pressures and high interest rate, have affected our profitability in Hong Kong and mainland China. However, continued pressure from global economic conditions may affect the Hong Kong and mainland China markets in the future and in turn, may affect our operations.

The continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs. We cannot assure that there will not be any unfavorable changes in the Hong Kong and mainland China economies that could impact the industries in which we operate, which could in turn diminish the demand for our services.

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**Basis of Presentation**

Our accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the SEC.

Our consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

**Key Components of Results of Operations**

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|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **Variance** | **Variance** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** | **Amount** | **Percentage** |
|  | | | | **%** |
| **Revenue** |  |  |  |  |
| One-stop corporate services | $401982 | $7179 | $394803 | 5499.4% |
| Business financial consulting services | 1420012 | 1435229 | (15217) | (1.1)% |
| **Total revenue** | **1821994** | **1442408** | 379586 | 26.3% |
| **Operating costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Business service fees – direct cost | 360154 | 548000 | (187846) | (34.3)% |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 2807 | 2820 | (13) | (0.5)% |
| &nbsp;&nbsp;&nbsp;Travel and entertainment expenses | 25854 | 46152 | (20298) | (44.0)% |
| &nbsp;&nbsp;&nbsp;Employee and compensation benefits expenses | 173325 | 168019 | 5306 | 3.2% |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 9257 | 32641 | (23384) | (71.6)% |
| &nbsp;&nbsp;&nbsp;Marketing and promotional expenses |  | 330480 | (330480) | (100.0)% |
| &nbsp;&nbsp;&nbsp;Other operating costs and expenses | 8835 | 22373 | (13538) | (60.5)% |
| **Total operating costs and expenses** | **580232** | **1150485** | (570253) | (49.6)% |
| **Income from operations** | **1241762** | **291923** | 949839 | 325.4% |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 118 | 144 | (26) | (18.1)% |
| &nbsp;&nbsp;&nbsp;Other income | 2343 | 2325 | 18 | 0.8% |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | (1128) | - | (1128) | N/A% |
| **Total other income, net** | **1333** | **2469** | (1136) | (46.0)% |
| **Income before income tax expense** | **1243095** | **294392** | 948703 | 322.3% |
| Income tax expense | (153423) | (28178) | (125245) | 444.5% |
| **Net income and total comprehensive income** | $**1089672** | $**266214** | $823458 | 309.3% |

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***Revenue***

Our revenue is generated from providing one-stop corporate services and business financial consulting services. The following table sets forth the breakdown of our revenue by service line for the years ended February 28, 2025 and February 29, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **Variance** | **Variance** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** | **Amount** | **Percentage** |
|  | | | | **%** |
| **Revenue** | | | | |
| &nbsp;&nbsp;&nbsp;One-stop corporate services | $401982 | $7179 | $394803 | 5499.4% |
| &nbsp;&nbsp;&nbsp;Business financial consulting services | 1420012 | 1435229 | (15217) | (1.1)% |
| **Total revenue** | $1821994 | $1442408 | $379586 | 26.3% |

---

Our total revenue increased by $379,586 or 26.3%, from $1,442,408 for the year ended February 29, 2024 to $1,821,994 for the year ended February 28, 2025. Such increase was mainly due to the increase in revenue from providing one-stop corporate services by $394,803 or 5,499.4%, from $7,179 for the year ended February 29, 2024 to $401,982 for the year ended February 28, 2025, mainly as a result of the increase in number of the one-stop corporate service projects we undertook and completed during the year ended February 28, 2025.

***Operating costs and expenses***

The following table sets forth the breakdown of our operating costs and expenses for the years ended February 28, 2025 and February 29, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **Variance** | **Variance** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** | **Amount** | **Percentage** |
|  | | | | **%** |
| **Operating costs and expenses** | | | | |
| &nbsp;&nbsp;&nbsp;Business service fees – direct cost | $360154 | $548000 | $(187846) | (34.3)% |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 2807 | 2820 | (13) | (0.5)% |
| &nbsp;&nbsp;&nbsp;Travel and entertainment expenses | 25854 | 46152 | (20298) | (44.0)% |
| &nbsp;&nbsp;&nbsp;Employee and compensation benefits expenses | 173325 | 168019 | 5306 | 3.2% |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 9257 | 32641 | (23384) | (71.6)% |
| &nbsp;&nbsp;&nbsp;Marketing and promotional expenses |  | 330480 | (330480) | (100.0)% |
| &nbsp;&nbsp;&nbsp;Other operating costs and expenses | 8835 | 22373 | (13538) | (60.5)% |
| **Total operating costs and expenses** | $580232 | $1150485 | $(570253) | (49.6)% |

---

Our operating costs and expenses mainly consist of business service fees – direct cost, legal and professional fees, travel and entertainment expenses, employee and compensation benefits expenses, operating lease expenses, marketing and promotional expenses and other operating costs and expenses. Our operating costs and expenses decreased by $570,253 or 49.6%, from $1,150,485 for the year ended February 29, 2024 to $580,232 for the year ended February 28, 2025. Such decrease was mainly attributable to the decrease in our business service fees – direct cost and our marketing and promotional expenses for the year ended February 28, 2025, as compared to the year ended February 29, 2024.

*<u>Business service fees – direct cost</u>*

Our business service fees – direct cost represented the service fees we paid to the independent third parties that we engaged for the provision of business services for our projects of business financial consulting services. Our business service fees – direct cost decreased by $187,846 or 34.3%, from $548,000 for the year ended February 29, 2024 to $360,154 for the year ended February 28, 2025, which was mainly attributable to the engagement of a professional consultant for one of our projects during the year ended February 29, 2024, the project of which was completed in February 2024, and we did not continue to engage that consultant for the year ended February 28, 2025.

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*<u>Legal and professional fees</u>*

Our legal and professional fees mainly consisted of the audit fees and company secretarial fees. Our legal and professional fees remained relatively stable at $2,807 and $2,820 for the years ended February 28, 2025 and February 29, 2024, respectively.

*<u>Travel and entertainment expenses</u>*

Our travel and entertainment expenses decreased by $20,298 or 44.0% from $46,152 for the year ended February 29, 2024 to $25,854 for the year ended February 28, 2025, which was mainly attributable to the exercise of cost control on entertainment expenses by the management during the year ended February 28, 2025.

*<u>Employee and compensation benefits expenses</u>*

Our employee and compensation benefits expenses mainly consisted of salaries and other allowances and retirement benefit scheme contribution. Our employee and compensation benefits expenses remained relatively stable at $173,325 and $168,019 for the years ended February 28, 2025 and February 29, 2024, respectively.

*<u>Operating lease expenses</u>*

Our operating lease expenses decreased by $23,384 or 71.6%, from $32,641 for the year ended February 29, 2024 to $9,257 for the year ended February 28, 2025, which was mainly attributable to the termination due to expiry of one of our office lease agreements during the year ended February 29, 2024.

*<u>Marketing and promotional expenses</u>*

Our marketing and promotional expenses decreased by $330,480 or 100.0%, from $330,480 for the year ended February 29, 2024 to nil for the year ended February 28, 2025, which was mainly attributable to the service fee paid for the provision of marketing and promotional services including branding and strategy development during the year ended February 29, 2024 while we did not incur any marketing and promotional expenses during the year ended February 28, 2025.

*<u>Other operating costs and expenses</u>*

Our other operating costs and expenses mainly consisted of depreciation of plant and equipment, office expenses, utilities expenses, cleaning expenses, building management fee, etc. Our other operating costs and expenses decreased by $13,538 or 60.5%, from $22,373 for the year ended February 29, 2024 to $8,835 for the year ended February 28, 2025, which was mainly attributable to the decrease in office expenses for the year ended February 28, 2025, as compared to the year ended February 29, 2024, as a result of the exercise of cost control on other operating costs and expenses by the management during the year ended February 29, 2024.

We expect our operating costs and expenses, including, but not limited to, employee and compensation benefits expenses, to increase in the foreseeable future, as our business further grows. We expect our legal and professional fees for legal, audit, and advisory services will increase as we will incur the audit fee, legal fee and advisory fee for this Offering and subsequently as a public company upon the completion of this Offering.

***Other Income, net***

Our other income, net includes bank interest income, other income and loss on disposal of property and equipment. Our other income, net remained relatively stable at $1,333 and $2,469 for the years ended February 28, 2025 and February 29, 2024, respectively.

***Income tax expense***

Under the current laws of the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no British Virgin Islands withholding tax will be imposed.

88M Global Limited and Nardo Capital (Hong Kong) Limited are subject to income taxes within Hong Kong at the applicable tax rate on taxable income. In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to approximately $256,410 (HK$2,000,000), and 16.5% on any part of assessable profits approximately $256,410 (HK$2,000,000). For the years ended February 28, 2025 and February 29, 2024, 88M Global Limited and Nardo Capital (Hong Kong) Limited had assessable profits arising in Hong Kong and, hence, the provision of current tax of $153,423 and $28,178, respectively, was made during these periods.

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***Net Income***

As a result of the foregoing, we reported net income of $1,089,672 and $266,214 for the years ended February 28, 2025 and February 29, 2024, respectively.

**Liquidity and Capital Resources**

Our liquidity and working capital requirements mainly represent the payments for employee and compensation benefits expenses, property rentals and other operating expenses incurred for our business operations. To date, we have financed our operations primarily through cash flows from operations. We plan to support our future operations primarily from cash generated from our operations and the proceeds of this Offering.

We had net income of $1,089,672 and $266,214 for the years ended February 28, 2025 and February 29, 2024, respectively. As of February 28, 2025, we had cash and cash equivalents of $1,249,125 compared to $66,723 as of February 29, 2024. We had positive working capital of $1,036,108 as of February 28, 2025 while we had negative working capital of $38,788 as of February 29, 2024. We generated a positive cash flow from operating activities of $1,054,063 and $261,040 for the years ended February 28, 2025 and February 29, 2024, respectively. Our working capital requirements are influenced by the size of our operations and the timing for collecting accounts receivable and payment of payable.

We believe that our current cash and cash flows provided by operating activities, and the estimated net proceeds from this Offering will be sufficient to meet our working capital needs in the next 12 months from the date the audited consolidated financial statements are issued. If we experience an adverse operating environment or incur unanticipated capital expenditure requirements, or if we determine to accelerate our growth, then additional financing may be required. No assurance can be given, however, that additional financing, if required, would be available at all or on favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to our existing shareholders.

On March 31, 2025, 88M Global declared an interim dividend of HK$72.0 per share (equivalent to $9.2308 per share) with respect to the 10,000 issued shares of 88M Global or HK$720,000 (equivalent to $92,308) to us and Nardo Capital declared an interim dividend of HK$0.6 per share (equivalent to $0.0769 per share) with respect to the 3,000,000 issued shares of Nardo Capital or HK$1,800,000 (equivalent to $230,769) to us. On March 31, 2025, we declared an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. In April 2025, we paid dividend of HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. We do not plan to pay any further dividends out of our retained earnings.

The following table summarizes our cash flows for the years ended February 28, 2025 and February 29, 2024.

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| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Net cash provided by operating activities | $1054063 | $261040 |
| Net cash used in investing activity | (7436) |  |
| Net cash provided by (used in) financing activities | 135775 | (274994) |
| Net increase (decrease) in cash and cash equivalents | 1182402 | (13954) |
| **Cash and cash equivalents at the beginning of the year** | 66723 | 80677 |
| **Cash and cash equivalents at the end of the year** | 1249125 | 66723 |

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***Operating activities***

Our net cash provided by operating activities amounted to $1,054,063 for the year ended February 28, 2025, mainly derived from (i) the net income for the year of $1,089,672; (ii) the decrease in rental deposits and prepayments of $66,821 as a result of the utilisation of the prepaid services during the year ended February 28, 2025; and (iii) the increase in tax payable of $153,422 as a result of the provision of income tax expense for the year, which was partially offset by the increase in accounts receivable of $269,545 due to more billing to customers based on services provided closer to the end of the year ended February 28, 2025, as compared to that of the year ended February 29, 2024.

Our net cash provided by operating activities amounted to $261,040 for the year ended February 29, 2024, mainly derived from (i) the net income for the year of $266,214; (ii) the increase in contract liabilities of $17,094 as a result of the more billing to the customers in advance of performance obligations closer to the year ended February 29, 2024, as compared to that of the year ended February 28, 2023; and (iii) the increase in tax payable of $28,178 as a result of the provision of income tax expense for the year, which was partially offset by the increase in rental deposits and prepayments of $49,551 as a result of the prepayment of the business service offsetting the refund of the rental deposits from the landlord due to the termination due to expiry of one of our office lease agreements during the year ended February 29, 2024.

***Investing activity***

Our net cash used in investing activity was $7,436 for the year ended February 28, 2025, mainly attributable to the purchase of property and equipment for the year ended February 28, 2025.

No net cash was provided by (used in) investing activity for the year ended February 29, 2024.

***Financing activities***

Our net cash provided by financing activities was $135,775 for the year ended February 28, 2025, mainly attributable to the advance from a director for the year ended February 28, 2025.

Our net cash used in financing activities was $274,994 for the year ended February 29, 2024, mainly attributable to the repayment to a director for the year ended February 29, 2024.

**Trend Information**

We are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our revenue, net 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.

**Off-Balance Sheet Arrangements**

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

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**Commitments and Contingencies**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No.450-20, "Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The following table summarizes our contractual obligations as of February 28, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| <br>**Contractual obligations** | **Total** | **Less than<br> 1 year** | **1 – 3<br> years** | **More than <br> 3 years** |
| Future lease payments | $16564 | $11692 | $4872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  | $16564 | $11692 | $4872 | $- |

---

**Capital Expenditures**

For the years ended February 28, 2025 and February 29, 2024, we purchased $7,436 and nil of property and equipment, respectively, mainly for use in our operations.

Subsequent to February 28, 2025 and as of the date of this prospectus, other than the purchase of $102,564 of property and equipment in March 2025 which is mainly for use in our operations, we did not purchase any material property and equipment for operational use. We do not have any other material commitments to capital expenditures as of February 28, 2025 or as of the date of this prospectus.

**Inflation**

Inflation does not materially affect our business or the results of our operations.

**Seasonality**

Our one-stop corporate services and business financial consulting services are not affected by seasonal fluctuations generally, except that customarily, our demand for our tax-planning services peaks in July and October as the deadlines for tax filing to the Inland Revenue Department Hong Kong for companies with year-end in December and March are August and November respectively.

**Critical Accounting Policies and Critical Accounting Judgments and Estimates**

We prepare our consolidated financial statements in accordance with U.S. GAAP. These accounting principles require us to make judgments, estimates and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

<u>Critical accounting policies</u>

When reading our consolidated financial statements, you should consider our selection of critical accounting policies, including revenue recognition, accounts receivable, and income taxes, of which the details are set out in our consolidated financial statements.

<u>Critical accounting estimates</u>

You should also consider the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements.

***Allowance for current expected credit loss***

We have adopted the loss rate methodology to estimate historical losses on accounts receivable. The Group has adopted the aging methodology to estimate the credit losses on accounts receivable. The historical data is adjusted to account for forecasted changes in the macroeconomic environment in order to calculate the current expected credit loss. We have also adopted a current lifetime expected credit losses methodology to measure impairments of other financial assets, which results in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. No credit loss on accounts receivable was made for the years ended February 28, 2025 and February 29, 2024.

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**Recent Accounting Pronouncements**

See the discussion of the recent accounting pronouncements contained in Note 2 to the consolidated financial statements, "Summary of Significant Accounting Policies".

**Quantitative and Qualitative Disclosures about Market Risk and Credit Risk**

***Credit Risk***

Our assets that are potentially subject to a significant concentration of credit risk primarily consist of bank balances and accounts receivable, net.

We believe that there is no significant credit risk associated with cash at banks in Hong Kong, which were held by reputable financial institutions in the jurisdiction where our Hong Kong subsidiaries are located. The Deposit Protection Scheme introduced by the Hong Kong Government insured each depositor at one bank for a maximum amount of US$102,564 (HK$800,000). Otherwise, these balances are not covered by insurance. We believe that no significant credit risk exists as these financial institutions have high credit quality and we have not incurred any losses related to such deposits.

For the credit risk related to accounts receivable, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. We perform periodic credit evaluations of our customers' financial condition and generally does not require collateral. We have adopted the loss rate methodology to estimate historical losses on accounts receivable. We have adopted the aging methodology to estimate the credit losses on accounts receivable. The historical data is adjusted to account for forecasted changes in the macroeconomic environment in order to calculate the current expected credit loss. We seek to maintain strict control over our outstanding receivables. Overdue balances are reviewed regularly. We believe that no significant credit risk exists as the risk is mitigated by our assessment of our customers' creditworthiness, years of relationship and its ongoing monitoring of outstanding balances.

***Liquidity Risk***

Liquidity risk is the risk that we will encounter difficulty in meeting the obligations associated with our financial liabilities that are settled by delivering cash or another financial asset. Our approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

Typically, we ensure that we have sufficient cash on demand to meet expected operational expenses for a period of twelve months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

***Interest rate risk***

We are exposed to cash flow interest rate risk through changes in interest rates related mainly to our bank balances. The Group currently does not have any interest rate hedging policy in relation to cash flow interest rate risk and the risks due to changes in interest rates is not material. We monitor our exposures on an ongoing basis and will consider hedging the interest rate should the need arise.

***Foreign Exchange Risk***

We are not exposed to any foreign currency risk.

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**CORPORATE HISTORY AND STRUCTURE**

We are not a Hong Kong or a mainland China operating company, but an offshore holding company incorporated in the British Virgin Islands. As a holding company with no material operations of our own, we conduct our operations through our operating companies in Hong Kong, 88M Global and Nardo Capital. Since its incorporation, HAMA SG has not had any operation. This is an offering of the Class A Ordinary Shares of HAMA Intelligence Limited, the holding company in the British Virgin Islands, instead of the shares of 88M Global, Nardo Capital and HAMA SG.

Because we are incorporated under the laws of the British Virgin Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforcement of Civil Liabilities" for more information.

The chart below illustrates our corporate structure and identifies our subsidiaries as of the date of this prospectus and after giving effect to this offering (assuming no exercise of the over-allotment by the underwriters):

![](image_002.jpg)

*Notes:*

(1) Mr. Wing Sum, HO, our Controlling Shareholder,
 Chairman of the board of directors and Chief Financial Officer, holds voting and/or dispositive power over 3,000,000 Class A Ordinary
 Shares and 9,407,000 Class B Ordinary Shares as of the date of this prospectus.

(2) Other existing shareholders (8 in total) consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;a. Alpha Ngine Investment Co Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Tsz Huen, NG, who holds voting and/or dispositive power over the 931,000 Class A Ordinary Shares held by Alpha Ngine Investment Co Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;b. MT Shell Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Kei Kui, CHAN, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by MT Shell Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;c. Nice Honour International Investment Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Hoi Shuen, NG, who holds voting and/or dispositive power over the 931,000 Class A Ordinary Shares held by Nice Honour International Investment Limited as of the date of this prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;d. Winning Consultants Limited, a company incorporated in Hong Kong as a limited liability company, is an investment holding company which is 100% owned by Guanghui, MAI, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by Winning Consultants Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;e. World Power Holdings Limited, a company incorporated in Hong Kong as a limited liability company, is an investment holding company which is 100% owned by Pak Kuen, KWOK, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by World Power Holdings Limited as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;f. Chi Wai Benny, CHENG, an individual, holds voting and/or dispositive power over 760,000 Class A Ordinary Shares as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;g. Yuen Ling, FUNG, an individual, holds voting and/or dispositive power over 760,000 Class A Ordinary Shares as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;h. Chun Hei, KWOK, an individual, holds voting and/or dispositive power over 931,000 Class A Ordinary Shares as of the date of this prospectus.

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| | | |
|:---|:---|:---|
| **Name** | **Background** | **Ownership** |
| HAMA BVI | Incorporated on February 26, 2025 under the laws of British Virgin Islands as a business company established with limited liability. | See "Principal Shareholders" for details of our shareholding structures immediately prior to and after this offering. |
| 88M Global | Incorporated on July 16, 2020 as a limited liability company under the laws of the Hong Kong. | 100% owned by HAMA BVI. |
| Nardo Capital | Incorporated on May 26, 2021 as a limited liability company under the laws of the Hong Kong. | 100% owned by HAMA BVI. |
| HAMA SG | Incorporated on March 25, 2025 as a limited liability company under the laws of the Singapore. | 100% owned by HAMA BVI. |

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Our Controlling Shareholder, Mr. Wing Sum, HO, currently both directly and indirectly owns 100% of Class B Ordinary Shares, and, upon consummation of this Offering, our Controlling Shareholder will own 100% of Class B Ordinary Shares, which represent 94.6% of the total voting power of our outstanding Shares assuming the underwriters do not exercise their over-allotment option (or 94.5% of the total voting power assuming the underwriters exercise their over-allotment option). See "Risk Factors — Risks Related to Our Class A Ordinary Shares — Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders."

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**BUSINESS**

**Overview**

We are a professional corporate solution service provider specializing in the provision of two main streams of services, namely (i) one-stop corporate services; and (ii) business financial consulting services. We principally focus on offering corporate services including accounting, internal control, tax and compliance advisory to clients ranging from small and medium-sized enterprises to listed companies. We are also dedicated to offering business financial consulting services which include strategic business advisory as well as investor relationship management to business owners and financial intermediaries.

We provide our services to a broad range of clients including, small and medium-sized business companies, listed companies in the United States, licensed financial institutions, Certified Public Accountant firms and business owners. For our one-stop corporate services, we recruit a pool of qualified accountants, finance and tax experts to provide corporate services to our clients who outsource its accounting and financing function to us. We also perform internal control review, tax planning and advisory services for our clients. For our business financial consulting services, our group of experts advise our clients on business strategies such as growth strategies including identifying suitable upstream and/or downstream companies for merger and acquisitions, pricing strategies and turnaround strategies. Apart from providing business strategies to our clients, we also manage investor relationship and public relation for our clients where we aim to build trust with stakeholders and engage in long-term relationship with investors.

**Our Competitive Strengths**

***We have an experience management team with proven track record for execution***

Our management team has extensive industry knowledge, which is led by Mr. Wing Sum, HO, our Chairman of the Board of Directors and Chief Finance Officer, who has more than 20 years of experience in the fields of accounting, tax and compliance matter of both private and listed companies in Hong Kong and the Unites States; and Mr. Wai Ting, Cheung, Director and Chief Executive Officer, who has more than 20 years of experience in the fields of business financial consulting, asset management and investor relationship management. They both play a pivotal role in overseeing the overall business, strategic development and major decision making within our Group. Our management team is further bolstered by individuals with extensive expertise in the financial and investment market industry. We firmly believe that under the leadership of our executive director and with the expertise from our staff, we are well-positioned to maintain competitiveness and capture market opportunities.

***Our customer base spans a diverse array of industries and organizations***

We cater to a diverse clientele including Certified Public Accountant firms, licensed corporations, small and medium-sized businesses and U.S. listed companies. Due to the nature of our corporate services business, our Group serves clients from a wide range of industries, ranging from garment trading, magazine editorial, food and beverages, engineering, health and cosmetic products, physiotherapy to valuation, money lender, SFC licensed financial institutions to Nasdaq listed company, which enable us to have solid cross-industry insights for advising our clients on business strategies in the business financial consulting arm. We offer our clients practical strategies and anticipate their evolving requirements, ensuring they remain at the forefront of their respective industry.

***We offer comprehensive solutions customized to the needs of business owners***

Since our establishment in 2020, we offer comprehensive solutions customized to the needs of business owners. Typically, our clients first require us to provide corporate services including accounting, tax and compliance services during which we have the opportunity to understand our clients' business thoroughly. Upon the in-depth understanding of our clients' business, we will offer our business consulting services where we will be able to liaise and bridge various opportunities to our clients as we have a strong network in various industries as well as formulating long term business strategies for them. We strive to offer our clients practical solutions which enable the expansion of business in an efficient manner.

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**Our Strategies and Future Plans**

Our business strategies and future plans for our expansion are as follows:

***Expand our clientele by progressively entering the Southeast Asia market***

We are committed to expanding our client base by progressively penetrating into the Southeast Asia market. Leveraging our established track record of success to forge new relationships among both existing and prospective clients in Hong Kong, we have recently set our footprint and built client relationships in Southeast Asia. In order to deepen our understanding of the domestic Southeast Asia market, we have set up a branch office in Singapore to better address the needs of our Singapore and Southeast Asia clients with close proximity. Our brand office in Singapore is a stepping stone to tap into other Southeast Asian regions which we believe progressively, with our stronger regional presence, we will be a trusted partner of business enterprises across regions. While business owners outsource certain accounting and financial functions to us, they can focus on industry development such as product research and development, which will further expedite the business growth of our client.

***Expand our in-house team of accounting and finance experts***

We intend to expand our team of qualified accountants and finance experts to meet the increasing needs of our clients. Being able to recruit talents to our team is a crux to our success as our business focuses on the delivery of services which are tailored to our clients. While our team member should possess solid accounting and financial knowledge, they should also have excellent communication skills as maintaining client relationship is essential to our business. We anticipate that there are growth potentials in both our corporate services arm as well as business financial consulting arm, given the evolving market is prone to businesses streamlining their internal structures and we aim to capitalize on these growing opportunities.

**Our Industry**

**Overview of the business environment in Hong Kong** 

Hong Kong continues to be a vibrant and dynamic business hub, as evidenced by recent data and reports. The business environment in Hong Kong remains robust, with a significant increase in the number of companies registered in the region. According to the Census and Statistics Department of Hong Kong, the number of local companies registered in Hong Kong reached a record high in 2024, reflecting the city's attractiveness as a global business and financial center.<sup>1</sup>

***Growth in Company Registrations****:*

● The number of local companies in Hong Kong has seen a steady increase, with a notable rise in new registrations. This growth is driven by Hong Kong's favorable business environment, which includes a simple and efficient company registration process, low taxation, and a well-established legal system.

● The Hong Kong Trade Development Council ("HKTDC") has also highlighted that Hong Kong's strategic location, world-class infrastructure, and connectivity to mainland China and the rest of the world continue to attract businesses from various sectors.

<sup>1</sup> *See The Government of the Hong Kong Special Administrative Region (2025). Companies Registry releases statistics for 2024.*

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***Economic Resilience****:*

● Despite global economic challenges, Hong Kong's economy has shown resilience. The government's efforts to diversify the economy and promote innovation and technology have contributed to this stability. The HKTDC report emphasizes that Hong Kong's role as a gateway to mainland China and its integration into the Greater Bay Area ("GBA") initiative have further enhanced its economic prospects.

***Sectoral Growth****:*

● The increase in company registrations spans across various sectors, including finance, technology, logistics, and professional services. The financial sector, in particular, remains a cornerstone of Hong Kong's economy, with the city being one of the world's leading financial centers.

● The technology sector is also growing rapidly, supported by government initiatives and investments in innovation and technology parks.

***Government Support and Initiatives****:*

● The Hong Kong government has been proactive in supporting businesses through various initiatives and policies. These include funding schemes, tax incentives, and support for startups and small and medium-sized enterprises ("SMEs"). The government's commitment to maintaining a business-friendly environment is evident in its continuous efforts to streamline regulations and enhance the ease of doing business.

***Challenges and Opportunities****:*

● While Hong Kong's business environment is highly favorable, businesses do face challenges such as global economic uncertainties and competition from other regional hubs. However, the opportunities presented by Hong Kong's integration into the GBA and its strategic position in the Belt and Road Initiative ("BRI") provide significant growth potential for companies operating in the region.

**Corporate service and business financial consulting industry in Hong Kong**

The thriving business environment in Hong Kong has a significant and positive impact on the corporate service industry, which plays a critical role in supporting businesses operating in the region. As the number of companies in Hong Kong continues to grow, the demand for corporate services is expected to rise, creating both opportunities and challenges for the industry

***Increased Demand for corporate services and business financial consulting services***

● Company Incorporation and Registration:

With the rising number of companies setting up in Hong Kong, there is a growing demand for services related to company incorporation, registration, and compliance. Corporate service providers are essential in helping businesses navigate the legal and regulatory requirements for establishing a presence in Hong Kong.

Furthermore, business financial consultants will see increased demand for services related to market entry strategies, feasibility studies, and investment planning. This is particularly relevant for foreign companies looking to tap into Hong Kong's market or use it as a gateway to mainland China and the Greater Bay Area.

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● Ongoing Compliance and Regulatory Support:

Hong Kong's business environment is known for its robust regulatory framework. As more companies enter the market, corporate service providers and business financial consultants will see increased demand for services such as annual filings, tax compliance, and adherence to anti-money laundering ("AML") regulations and financial reporting standards.

***Opportunities from Cross-Border Business***

● Gateway to Mainland China and the Greater Bay Area:

Hong Kong's strategic position as a gateway to mainland China and its integration into the GBA initiative create opportunities for corporate service providers and business financial consultants to offer cross-border services. This includes assisting companies with market entry strategies, regulatory compliance in mainland China, provide insights into the implications of policies, and structuring cross-border investments.

● Belt and Road Initiative

As Hong Kong plays a key role in the Belt and Road initiative, corporate service providers and business financial consultants can support businesses looking to expand into Belt and Road initiative markets by providing advisory services, legal support, and risk management solutions.

***Talent Development and Workforce Needs***

● Skilled Workforce

The growth of the corporate service industry as well as business financial consulting industry will require a skilled workforce with expertise in areas such as corporate law, accounting, and regulatory compliance. Corporate service providers will need to invest in training and development to meet this demand.

● Attracting Talent

As the industry expands, attracting and retaining talent will become increasingly important. Corporate service providers and business financial consultants may need to offer competitive packages and career development opportunities to secure top talent.

***Challenges and Competitive Pressures***

● Increased Competition

The growing demand for corporate services and consulting services is likely to attract new players to the market, increasing competition. To remain competitive, providers will need to differentiate themselves through quality, innovation, and specialized expertise.

● Regulatory Complexity

While Hong Kong's regulatory environment is business-friendly, it is also evolving. Corporate service providers and consultants must stay updated on changes in regulations, such as AML requirements and data privacy laws, to ensure compliance and avoid penalties.

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**Overview of the business environment, corporate service and business financial consulting industry market in Singapore**

Singapore is globally recognized as one of the most business-friendly economies, characterized by political stability, a transparent regulatory framework, and a strategic location that serves as a gateway to Asia. It was ranked as the most competitive economy in the International Institute for Management Development's World Competitiveness Yearbook 2024<sup>2</sup>. According to the IMF, Singapore's GDP per capita exceeded US$92,000 in 2024, one of the highest of any Asian economy<sup>3</sup>. The corporate service and business financial consulting industry in Singapore plays a critical role in supporting both local and international businesses. With increasing business formations and foreign investments, demand for corporate and financial consulting services remains strong. Singapore's strict compliance requirements (e.g., ACRA filings, MAS regulations) drive the need for professional corporate service providers. The corporate service and business financial consulting industry market in Singapore is fragmented, with a mix of global consultancies, mid-sized firms, and boutique providers offering specialized services.

**Our Business Model** 

**<u>One-stop Corporate Services</u>**

A brief description of our one-stop corporate services provided by our team is set out as follows:

***Accounting Services***

Business owners of small and medium-sized enterprises which are undergoing rapid growth and expansion very often would engage us to outsource its accounting function as their internal accounting staff might not have the capacity to meet the increased amount of work. It may also not be affordable or practical for these growing companies to retain competent full-time executives to perform day-to-day compliance, financial reporting and financial management functions. Accordingly, when business owners engage us, we would conduct in-depth assessment as to the deficiency of the company's current structure and offer outsource support, which includes:

- bookkeeping of daily transactions and preparing management accounts;

- budgeting and forecasting;

- monitoring and assessing client's financing needs;

- reviewing financial position and performance; and

- financial reporting and corporate governance.

***Tax planning services***

When we perform our accounting service to our clients, we become fully familiarized with the financials of our clients. As a result, we are in the position to proactively offer our tax planning service to assist our clients to streamline costs and expenses in an efficient yet compliant manner.

***Internal control review***

Usually once a company has grown to a certain size, business owners become more focused on compliance and internal checks and balances. Consequently, our clients often require us to perform internal control review on their companies to identify deficiencies and suggest remedial actions and policies adoption to avoid future corporate emergency or financial turmoil.

<sup>2</sup> *See International Institute for Management Development (2024). World Competitiveness Ranking.*

<sup>3</sup> *See international Monetary Fund (2025). GDP per capita, current prices.*

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**<u>Business financial consulting services</u>**

***Business development advisory***

Our business development advisory service is a comprehensive service which aims to help companies seize new opportunities and achieve sustainable growth by improving their business operations, market presence and revenue stream. Before advising, we conduct thorough market research to understand industry trends, customer needs and competitive landscapes which helps businesses identify new opportunities and potential areas for expansion. Once we have mapped out the areas and opportunities which our customers would like to go further into, we will introduce potential business partners to our customers, from upstream to downstream, and assist our clients to develop business synergies, through collaborations, equity investment or mergers and acquisitions. If our customers require advice on their financial position and analysis on different capital raising options, we will review their financials carefully and introduce financial institution, private equity and/or investors and work along with our customers to execute further plans.

***Investor relationship management***

We manage investor relationship for our client by way of formulating strategic approaches to nurture relationships between the company, investors and other financial stakeholders. We assist parties to build trust and maintain transparency with each other to foster long-term engagement with investors. We provide timely updates to the investors on companies' financial and also organize and participate in investor meetings, conference and roadshows to ensure smooth and direct engagement between stakeholders. We also provide trainings to our client and its employees to enhance their interpersonal skills to build better relationships with its clients and stakeholders.

The table below sets out our revenue by service categories for the years ended February 28, 2025 and February 29, 2024.

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,**<br>2025** | **February 29,**<br>2024** |
| One-stop corporate services | $401982 | $7179 |
| Business financial consulting services | 1420012 | 1435229 |
| **Total revenue** | $**1821994** | $**1442408** |

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**Credit Management**

***Credit terms to clients***

We assess the credit risk of new clients prior to accepting orders through a comprehensive process, which includes online searches, credit checks with industry peers and site visits. For existing clients, we conduct an annual credit assessment to review their credit limits and terms, taking into account factors such as their repayment history, historical transaction amounts and future economic conditions.

Our credit terms to clients are generally within 120 days.

**Service Contracts and Standard Terms**

We typically do not engage in long-term service contracts with the majority of our clients, including both individual clients and institutional clients. Instead, while our service scope is customized to our client needs, our written service contract includes terms such as the total fee to be charged, the payment terms, the term of engagement, client's obligation, confidentiality clauses and provisions prohibiting us to assign our obligations and duties to any party without prior written consent. Depending on the service nature, the term of the engagement ranges from one month to one year, while our payment terms are typically in one or two instalments, upon engagement and completion of service. Despite the fact that our top four clients represented an aggregate of approximately 62.1% and 99.5% the years ended February 28, 2025 and February 29, 2024, respectively, of the Group's service income, the management team assessed the Company's relationship with these clients and concluded that (1) the agreements with these clients were entered into in the ordinary course of the Company's business and the forms of agreements constituting the entire relationship with these clients are ordinary course agreements for the Company; and (2) the Company's business, operations, and profitability are not substantially dependent on any of the agreements with these clients, given that (i) the Company has not signed any long-term contract with these clients, and all of the contracts with these clients terminate within one year from the date of signing, (ii) the nature of the Company's business is project-based, therefore it would not rely on any single client for recurring revenue in the long run, and (iii) the loss of any one large client will not materially and adversely affect the Company's profitability or operation in the long term because of the Company's ability to attract new customers and to secure new projects from its existing clients.

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**Pricing Strategy**

Our directors are responsible for determining the price for our services. For our one-stop corporate services, we adopt a fixed pricing approach. For our business financial consulting services, we generally adopt a fixed pricing approach and charge a commission for business referral. We take into account the following factors in determining the fees we charge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) type,
 nature and detailed work scope of the service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) value,
 complexity and scale of the engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) future
 business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reputation
 of the customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) level
 of acceptance of the current market rates for similar service.

**Our Clients**

The table below sets out our revenue by customer types for the fiscal years ended February 28, 2025 and February 29, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **February 28, 2025** | **February 28, 2025** | **February 29, 2024** | **February 29, 2024** |
|  | | **%** | | **%** |
| Hong Kong licensed corporations | $597923 | 32.8 | $602868 | 41.8 |
| Hong Kong SMEs companies | 416020 | 22.8 | 600224 | 41.6 |
| Listed Companies | 463718 | 25.5 |  |  |
| Others | 344333 | 18.9 | 239316 | 16.6 |
| **Total** | $1821994 | 100.0 | $1442408 | 100.0 |

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For the fiscal years ended February 28, 2025 and February 29, 2024, we received a substantial portion of our service income from a limited number of customers. For the years ended February 28, 2025 and February 29, 2024, our four largest customers accounted for approximately 62.1% and 99.5% of our total revenue, respectively, and our largest customer accounting for approximately 20.9% and 41.8% of our total revenue, respectively. For a discussion of related risks, see "Risk Factors — Risks Related to Our Business— We had a concentration of credit risk because we derived our service income from a limited number of customers" and "Risk Factors — Risks Related to Our Business — We depend on a limited number of customers for a significant portion of our service income and the loss of one or more of these customers could adversely affect our business, financial condition, and results of operations" for more details. We believe our relationship with our clients, including our four largest clients in the fiscal years ended February 28, 2025 and February 29, 2024, is stable. However, due to the nature of our business, we would normally expect a large part of our business financial consulting service income and one-stop corporate service income to come from different clients every year, in particular from new clients who require a greater number of services. As our new clients increase and we continue to grow our business by increasing the scale of our current operations and expanding into new services and geographic jurisdictions, we anticipate a reduction in client concentration in the future.

**Sales and Marketing**

We market our corporate services and business financial consulting services to prospective clients primarily through cross selling to our existing clients initiated by our business development personnel, who is responsible for information collection, marketing and sales activities and customer services. The team also actively supports existing clients and engage with prospective clients to assess and understand their requirements so that we can better cater to their needs.

**Seasonality**

Our one-stop corporate services and business financial consulting services are not affected by seasonal fluctuations generally, except that customarily, our demand for our tax-planning services peaks in July and October as the deadlines for tax filing to the Inland Revenue Department Hong Kong for companies with year-end in December and March are August and November respectively.

**Competition**

The corporate service industry and business financial consulting industry are highly fragmented with a multitude of competitors offering accounting, tax planning and internal control review services in Hong Kong and Singapore. Barriers to entry are relatively low, leading to a diverse landscape of market participants operating at varying scales based on financial resources and cash flow capacities. Our competitors include sole-proprietorship operations and local or regional firms.

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We differentiate ourselves by cultivating trust with our clients and maintaining solid long-term relationships with them, as we deliver our services with expertise yet with practical and personal touches. While we provide investor relationship management service to our clients, the loyal relationships we maintain with our client also serves as a good reference of the quality of service we deliver.

**Licenses, Permits and Registrations**

As of the date of this prospectus, 88M Global and Nardo Capital have obtained their respective up-to-date business registration certificates. Save for the business registration certificate, 88M Global and Nardo Capital are not required to obtain any licenses and approvals for carrying out their business for the two fiscal years ended February 28, 2025 and February 29, 2024, and as of the date of this prospectus.

**Intellectual Property**

Our success and future revenue growth depend, in part, on our ability to protect our intellectual property. We rely primarily on trademarks and trade secret laws, as well as stringent confidentiality procedures, to protect our proprietary technologies and processes. We rely on a combination of trademark law and confidentiality and non-disclosure agreements to protect our intellectual property rights. We also consistently monitor for any instances of infringement or misappropriation of our intellectual property rights.

As of the date of this prospectus, we own the domain name, *www.nardocapital.com*, which is set to expire on July 1, 2029 and *www.hamaintl.com* which is set to expire on March 13, 2026. We have the right to renew the domain upon expiration and plan to do so as part of our regular business operations.

As of the date of this prospectus, we have registered the following trademarks:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Trademark No. | Description | Class | Owner | Issuing Authority | Date of Registration | Status |
| 306900859 | ![](image_003.jpg) | 35 | HAMA Intelligence Limited | Hong Kong – Trade Marks Registry, Intellectual Property Department | June 27, 2025 | Application Published |
| 306889583 | ![](image_004.jpg) | 35 | Nardo Capital (Hong Kong) Limited | Hong Kong – Trade Marks Registry, Intellectual Property Department | August 15, 2025 | Application Published |

---

**Employees**

As of February 28, 2025 and February 29, 2024, we had a total of 10 and 6 employees, respectively, all based in Hong Kong. The following table sets forth the number of employees of our Group as of February 28, 2025 by functions:

---

| | |
|:---|:---|
|  | **As at<br> February 28,<br> 2025** |
| Management | 2 |
| Accounting and finance experts | 2 |
| Business development | 1 |
| Operation and administration | 5 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

 

We consider that we have maintained a good relationship with our employees and have not experienced any significant disputes with our employees or any disruption to our operations due to any labor disputes. In addition, we have not experienced any difficulties in the recruitment and retention of experienced core staff or skilled personnel.

Our remuneration package includes salary and discretionary bonuses. In general, we determine employees' salaries based on their qualifications, position and seniority. In order to attract and retain valuable employees, we review the performance of our employees annually which will be taken into account in annual salary review and promotion appraisal. We provide a defined contribution to the Mandatory Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible employees in Hong Kong.

 

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**Insurance**

We consider our insurance policies to be adequate and in line with the industry standard. As of the date of this prospectus, we have maintained employees' compensation and office insurance for our employees that include work injury under the regulatory requirements in Hong Kong. Our Directors believe that the insurance policies coverage subscribed by us is sufficient to provide protection to our operations and employees.

**Facilities**

We do not own any real property. As of the date of this prospectus, our principal executive office is located in Hong Kong and 88M Global has entered into two lease agreements with an independent third party, the details of which are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Address** | **Gross Floor Area** | **Use of the<br> Property** | **Current Rent** | **Lease Term** |
| Flat/Rm. 41 B/F<br> HOUSTON CENTRE<br> 63 Mody Road<br> Tsim Sha Tsui East<br> Kowloon | approximately 160 square feet | Office | HK$3,800 (approximately US$488) | August 1, 2024 – July 31, 2026 |
| Flat/Rm. 52 B/F<br> HOUSTON CENTRE<br> 63 Mody Road<br> Tsim Sha Tsui East<br> Kowloon | approximately 160 square feet | Office | HK$3,800 (approximately US$488) | August 1, 2024 – July 31, 2026 |

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We believe that our office units are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available on commercially reasonable terms to accommodate any expansion of our operations.

**Legal Proceedings**

From time to time, we are involved in litigation or other legal proceedings incidental to our business. We are not currently a party to any litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating results, cash flows or financial condition.

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**REGULATIONS**

*This section sets forth a summary of the most significant rules and regulations that affect our business in material jurisdictions.*

**Regulations Related to our Business Operation in Hong Kong**

***Regulations on business registration***

Under the Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong), every person carrying on any business is required to make an application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch.

88M Global and Nardo Capital have obtained valid business registration certificates and have not been refused by the Inland Revenue Department for their applications for renewal of their respective business registration certificates.

***Regulations on personal data privacy***

Under the Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) ("PDPO"), data users (i.e. persons who, either alone or jointly with other persons, controls the collection, holding, processing or use of personal data) should collect, handle and use personal data in compliance with the six data protection principles (the "Data Protection Principles") contained in Schedule 1 to the PDPO.

The six Data Protection Principles are:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Principle
3 — use of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Principle
4 — security of personal data;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Principle
6 — access to personal data.

According to section 37 of the PDPO, an individual may make a complaint to the Privacy Commissioner for Personal Data (the "Commissioner") if a data user has breached the PDPO. Pursuant to section 38 of the PDPO, if the Commissioner receives a complaint or has reasonable grounds to believe there may be a breach of the PDPO, the Commissioner may conduct an investigation and publish a report setting out the investigation results and recommendations if it is in the public interest to do so. If it is found that the data user is contravening or has contravened the PDPO, the Commissioner may request the data user to take remedial or preventive steps by issuing an enforcement notice pursuant to section 50 of the PDPO.

According to section 26 of the PDPO, data users are also required to erase personal data when such data is no longer required for the purpose which it was used.

According to section 18 of the PDPO, an individual can make a request to a data user to be informed whether the data user holds personal data of the individual, and if so, to be supplied by the data user with a copy of such data. Subsequent to the supply of such data, the individual could request that the data user make the necessary correction to the data pursuant to section 22 of the PDPO.

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

As at the date of this prospectus, 88M Global and Nardo Capital have not been subject to any fine, penalty or prosecution in relation to the PDPO.

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***Regulations on employment and labor protection***

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

The Employment Ordinance contains provisions in relation to protection of employees' wages and regulation of the general conditions of employment and employment agencies. Under the Employment Ordinance, employees are entitled to, among others, maternity and paternity protection, rest days, statutory or alternative holidays and paid annual leave, sickness allowance, severance payment, long service payment, end of year payment, notice of termination of employment contract or payment in lieu of notice.

As at the date of this prospectus, 88M Global and Nardo Capital have not been subject to any fine, penalty or prosecution in relation to the Employment Ordinance.

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

The Employees' Compensation Ordinance provides for the payment of compensation to employees injured in the course of employment. According to section 40 of the Employees' Compensation Ordinance, it is compulsory for employers to obtain an insurance policy to cover his liabilities under the laws for injuries at work in respect of all his employees, irrespective of the length of employment contract or working hours. The insured amount depends on the number of employees of the company. It is a criminal offence if an employer fails to do so and the employer will be liable, on conviction upon indictment, to a fine of HK$100,000 and imprisonment for 2 years, and on summary conviction, to a fine of HK$100,000 and imprisonment for 1 year. An insured employer is required to display, in a conspicuous place on each of his premises where any employee is employed, a prescribed notice of insurance.

As at the date of this prospectus, 88M Global and Nardo Capital have not been subject to any fine, penalty or prosecution in relation to the Employees' Compensation Ordinance.

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

 

The Mandatory Provident Fund Schemes Ordinance ("MPFSO") is enacted for the establishment a system of privately managed, employment-related mandatory provident fund schemes. Under section 7A of the MPFSO, employers are required to, from the employers' own funds, contribute 5% of the employee's relevant income to the Mandatory Provident Fund Scheme for employees aged between 18 to 64. It is a criminal offence for employers to fail to comply with the legal requirements stipulated in the MPFSO.

As at the date of this prospectus, 88M Global and Nardo Capital have not been subject to any fine, penalty or prosecution in relation to the MPFSO.

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

The prescribed minimum hourly wage rate (currently set at HK$42.1 per hour) for every employee is govern by the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) (the "MWO"). Section 15 of the MWO provides that any provision of employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee under the MWO is void.

As at the date of this prospectus, 88M Global and Nardo Capital have not been subject to any fine, penalty or prosecution in relation to the MWO.

***Regulations on Hong Kong Taxation***

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

 

Under the Inland Revenue Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a notice in writing to the Commissioner of Inland Revenue not later than 3 months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a notice in writing to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

*Capital gains and profit tax*

 

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

As at the date of this prospectus, 88M Global and Nardo Capital have not been subject to any fine, penalty or prosecution in relation to the Inland Revenue Ordinance.

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**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information concerning our directors and executive officers, including their ages as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Wai Ting, CHEUNG | 42 | Director and Chief Executive Officer |
| Wing Sum, HO | 41 | Director, Chief Financial Officer, and Chairman of the Board of Directors |
| Chun Ting Kavern, CHAN | 36 | Chief Operating Officer |
| Ho Wai Alan, CHUNG\* | 46 | Independent Director Nominee |
| Wai Ming, YIU\* | 43 | Independent Director Nominee |
| Wai Hong, LIN\* | 35 | Independent Director Nominee |

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\* Each of Mr. Lin, Mr. Chung and Mr. Yiu has accepted our appointment to be our independent director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

**Mr. Wai Ting, CHEUNG** has been serving as our Director since May 2025 and Chief Executive Officer since June 2025, and he is responsible for the overall strategic direction and development of our Group. Mr. Cheung is a licensed person registered with the Securities and Futures Commission and has been serving as a director and responsible officer of Seeds International Asset Management Limited, a company which engages in asset management and investment consulting and licensed to carry out Type 4 and Type 9 regulated activities under the Securities and Futures Ordinance (the "SFO") since February 2022. From January 2015 to January 2022, Mr. Cheung served as a director of Sun Hung Kai Financial Group Limited (now known as China Everbright Securities International Company Limited), a company which principally provides investment advisory services. Mr. Cheung obtained a Bachelor of Business Administration degree from the City University of Hong Kong in 2006, with a major in Finance and minor in Business Economics.

**Mr. Wing Sum, HO** has been serving as our Director since February 2025 and our Chief Financial Officer since June 2025. He will serve as the Chairman of the Board of Directors effective immediately upon effectiveness of the registration statement of which this prospectus forms a part, and he is responsible for the financial reporting, corporate services and compliance of our Group. Mr. Ho founded our Group and has been acting as our Director since 2020. Since December 2020, Mr. Ho has been serving as an independent non-executive director of Dimmi Life Holdings Limited (HKEx: 01667), a public company which engages in the construction industry. Since June 2020, Mr. Ho has been serving as a director of Anchor Business Advisory, a company which principally provides business advisory services. Since October 2018, Mr. Ho has been serving as a director of Plutus AF limited, a company which is dormant. Since February 2012, Mr. Ho has been serving as a director of OnPoint Business Solutions Limited, a company which primarily provides business solution. Mr. Ho obtained a Bachelor of Accounting degree from Edinburgh Napier University, Scotland in 2008.

**Mr. Chun Ting Kavern, CHAN**, is our Chief Operating Officer and he is responsible for the daily operation functions and the execution of strategies of our Group. Mr. Chan has over 9 years of experience in corporate finance in Hong Kong and has a deep understanding of Hong Kong's financial markets and regulatory environment. He is a licensed person registered with the Securities and Futures Commission to carry out Type 6 regulated activities under the Securities and Futures Ordinance (the "SFO") since July 2016, where he executed a broad range of capital markets and corporate finance transactions, including initial public offerings (IPOs), mergers & acquisitions (M&A), and other strategic deals during his employment in Ample Capital Limited and Alpha Financial Group Limited. Mr. Chan obtained a Master's degree in Mathematics and Statistics from University of Oxford in November 2012 in the United Kingdom.

**Mr. Ho Wai Alan, CHUNG** has accepted our appointment to serve as an independent director of the Company, which will be effective immediately upon effectiveness of the registration statement of which this prospectus forms a part. Since January 2021, Mr. Chung has been serving as the executive director of CIS Securities Asset Management Limited, a CIS Group company which principally engages in asset management and investment banking. Mr. Chung is a licensed person registered with the Securities and Futures Commission and a responsible officer of CIS Securities Asset Management Limited to carry out Type 1, Type 2, Type 4 and Type 9 regulated activities licenses under the Securities and Futures Ordinance since December 2018, December 2018, December 2018 and September 2018, respectively. Since July 2023, Mr. Chung has been serving as a non-executive director of Japan Kyosei Group Company Limited (HKEx: 00627), a CIS Group company, which primarily engages in real estate development. Since 2018, Mr. Chung has been serving as a director of numerous CIS Group companies which are principally engaged in the business of investment holding and asset management. Currently, Mr. Chung is a director of CIS Asia Dynamic Income Pte. Ltd. (since August 2024), CIS China Innovation Ofc (since December 2024), CIS Family Wealth Management Limited (since July 2024), CIS Finance Limited (since November 2022), CIS Fund Ofc (since August 2021), CIS Group Limited (since January 2021), CIS Immigration Consultancy Limited (since December 2024), CIS International Servies Limited (since December 2024), CIS Investments Limited (a Samoa incorporated company) (since January 2021), CIS Investments Limited (a Hong Kong incorporated company) (since February 2022), China Dynamic (Hong Kong) Limited (since March 2023), Front Vantage Limited (since January 2021), Jet Power Limited (since May 2022), Kwong Da Enterprises Limited (since November 2020), Sky Advance Limited (since September 2023), Star Hope Investments Limited (since May 2023), Top Rich Incorporated Limited (since November 2020), and CIS Investment Services (Shenzhen) Co., Ltd. (since May 2020). From July 2023 to December 2023, Mr. Chung served as a director of Good Equity Limited, a CIS group company. From October 2019 to December 2021, Mr. Chung served as a director of Via Capital Technology SPC, a CIS group company. From October 2018 to June 2021, Mr. Chung served as director of Via Asset Management Limited, a CIS group company. From October 2018 to June 2021, Mr. Chung served as director of CIS Globa Opportunities Fund SPC, a CIS group company. Mr. Chung obtained a Bachelor of Arts degree in Economics and Statistics from the University of Western Ontario, Canada in 2000.

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**Mr. Wai Ming, YIU** has accepted our appointment to serve as an independent director of the Company, which will be effective immediately upon effectiveness of the registration statement of which this prospectus forms a part. Since September 2024, Mr. Yiu has been serving as an independent non-executive director of PTL Limited (Nasdaq: PTLE), a public company which primarily engages in vessel refueling services. Since August 2022, Mr. Yiu has been serving as a senior executive of Liu & Co., a Hong Kong law firm. Since August 2019, Mr. Yiu has been serving as a senior executive of H. T Ngan & Co., a Hong Kong law firm. Since August 2018, Mr. Yiu has been serving as a principal consultant of ANCHOR Business Solution, a company which principally provides business solutions. Since December 2013, Mr. Yiu has been serving as managing director of Riches Enterprise Limited, a company which principally provides business solutions. From 2011 to 2018, Mr. Yiu served as the general manager of Jinlifeng Group Hong Kong Limited, managing its sales and marketing effort. From 2006 to 2011, Mr. Yiu served as the Business Account Manager of Hang Seng Bank Limited. Mr. Yiu obtained a Bachelor of Business degree from the Edith Cowan University, Western Australia in 2005.

**Mr. Wai Hong, LIN** has accepted our appointment to serve as an independent director of the Company, which will be effective immediately upon effectiveness of the registration statement of which this prospectus forms a part. Since September 2024, Mr. Lin has been serving as an independent non-executive director and chairman of the audit committee of PTL Limited (Nasdaq: PTLE), a public company which primarily engages in vessel refueling services. Mr. Lin has over 14 years of experience in accounting, audit, capital market and corporate finance. Mr. Lin currently serves as the manager of Alpha Financial Group Limited from 2020, and served as the associate of Ample Capital Limited from 2018 to 2019, where he executed a wide variety of capital markets and corporate finance transactions, including initial public offering, merger and acquisitions, and the preparation of financial statement in US GAAP. From 2015 to 2018, Mr. Lin served as the senior associate in the audit function of PricewaterhouseCoopers Limited ("PwC"), where he performed annual audit and interim review on the listed companies, and involved in various initial public offering projects. From 2012 to 2015, Mr. Lin served as the senior associate of East Asia Sentinel Limited, where he performed the similar functions as in PwC. Mr. Lin has been the member of Hong Kong Institute of Certified Public Accountants since 2015 and a licensed representative of Type 6 regulated activities under the SFO since 2018. Mr. Lin received his Bachelor of Business Administration degree in Finance & Information System from The Hong Kong University of Science and Technology in 2011.

**Family Relationships**

There are no family relationships among our directors and executive officers.

**Chinese Communist Party Affiliations**

None of the members of our board or the boards of our consolidated foreign operating entities are officials of the Chinese Communist Party ("CCP"). None of the members of our board or the boards of our consolidated foreign operating entities are or were members of, or affiliated with, the CCP.

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**Corporate Governance Practices**

***Foreign Private Issuer***

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

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

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

● Exemption from the requirement that our board of directors be composed of independent directors.

● Exemption from the requirement that our audit committee have a minimum of three members.

● Exemption from the requirement that we hold annual shareholders' meetings.

● Exemption from the requirement that our board of directors have a remuneration committee composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

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

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

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**Code of Business Conduct and Ethics, Insider Trading Policy and Executive Compensation Recovery Policy**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt: (i) a Code of Business Conduct and Ethics; (ii) an Insider Trading Policy that applies to our Directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions; and (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "Policies"). We intend to disclose any amendments to the Policies, and any waivers of the Policies for our Directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

***Board of Directors***

Our board of directors will consist of five directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director who is, directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company shall declare the nature of his or her interest at a meeting of our directors. A director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein and if he or she does so his or her vote shall be counted and he or she may be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of our Company to issue debentures, debenture stock, bonds, and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party. None of our non-executive directors have a service contract with us that provides for benefits upon termination of service.

We recognize the importance and benefit of having a board of directors composed of highly talented and experienced individuals having regard to the need to foster and promote diversity among board members with respect to attributes such as gender, ethnicity and other factors. In support of this goal, we will consider criteria that promote diversity, including with regard to gender, ethnicity, and other dimensions; and consider the level of representation of women on our board of directors along with other markers of diversity.

***Committees of the Board of Directors***

A company of which more than 50% of the voting power held by a single entity is considered a "controlled company" under the Nasdaq rules. A controlled company is not required to comply with the Nasdaq corporate governance rules requiring a board of directors to have a majority of independent directors to have independent audit, compensation, and nominating and corporate governance committees. Following the completion of this offering, we will be a "controlled company" as defined under the Nasdaq rules.

We will establish three committees under the board of directors immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part: an audit committee, a compensation committee, and a nominating and corporate governance committee. We expect to adopt a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee.* Our audit committee will consist of Mr. Lin, Mr. Chung and Mr. Yiu. Mr. Lin will be the chairperson of our audit committee. We have determined that each of our audit committee members satisfies the "independence" requirements of Rule 5605(c)(2) of the Nasdaq rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Lin qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Nasdaq rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

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

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

● discussing the annual audited financial statements with management and the independent auditors;

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

● reviewing and approving all proposed related-party transactions;

● meeting separately and periodically with management and the independent auditors; and

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

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*Compensation Committee.* Our compensation committee will consist of Mr. Lin, Mr. Chung and Mr. Yiu. Mr. Yiu will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the Nasdaq rules. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

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

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

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

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of Mr. Lin, Mr. Chung and Mr. Yiu. Mr. Chung will be the chairperson of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the Nasdaq rules. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

● reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

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

**Duties of Directors**

Under British Virgin Islands law, our directors owe fiduciary duties to our company. These include, among others (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, our directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has.

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

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of Shares in our company, including the registration of such Shares in our Share register.

***Terms of Directors and Officers***

Our directors may be elected by a resolution of our board of directors or by a resolution of members of our shareholders. Unless fixed by the resolution of members or resolution of directors appointing them, our directors are not subject to a term of office and hold office until such time as they are removed from office by resolution of members of our shareholders or by resolution of directors. A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of office. A director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act.

Our officers are selected by and serve at the discretion of our board of directors.

**Employment Agreements with Executive Officers**

We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specific time period. We may terminate employment for cause for certain acts of executive officers, such as commission of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. We may also terminate an executive officer's employment without cause upon providing three-months advance written notice. An executive officer may resign anytime with a three-month advance written notice.

Each executive officer has agreed to hold, during his or her employment and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our customers or prospective customers, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.

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

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

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**Board diversity**

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our Board, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our board.

Our directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing a majority of the members of our board. We also achieved gender diversity by having two female directors out of the total of five directors (including independent directors). Our board is well balanced and diversified in alignment with the business development and strategy of the Company.

**Compensation of Directors and Executive Officers**

For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For the years ended February 28, 2025 and February 29, 2024, we paid an aggregate compensation of $19,231 and nil respectively, to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

**Equity Incentive Plans**

As of the date of this prospectus, we have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of February 28, 2025 and February 29, 2024, we had no outstanding equity awards.

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**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Shares as of the date of this prospectus by our officers, Directors, Director nominees and 5% or greater beneficial owners of our Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Shares. The following table assumes that none of our officers, Directors, Director nominees or 5% or greater beneficial owners of our Shares will purchase shares in this Offering. In addition, the following table assumes that the Underwriter's over-allotment option has not been exercised.

Holders of our Class A Ordinary Shares are entitled to one (1) vote per share and holders of our Class B Ordinary Shares are entitled to twenty (20) votes per share. Our Class B Ordinary Shares are convertible at any time by the holder into Class A Ordinary Shares on a one-for-one basis, while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon a transfer of any Class B Ordinary Shares by a holder thereof to any person other than certain permitted transferees or a change in the beneficial owner of such Class B Ordinary Shares, such Class B Ordinary Shares will be automatically and immediately converted into Class A Ordinary Shares on a one-for-one basis. Holders of our Shares are entitled to vote on all matters submitted to a vote of our Shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. As of the date of this prospectus, the percentage of Shares beneficially owned prior to this Offering is based on 19,000,000 Ordinary Shares, consisting of 9,593,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares outstanding as described in "Corporate History and Structure" section. None of the shareholders are located in the United States. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after this Offering is based on the number of Shares outstanding prior to this Offering plus the Class A Ordinary Shares that we are selling in this Offering, assuming the Underwriter does not exercise the over-allotment option, and the total and outstanding Class B Ordinary Shares. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Ordinary Shares<br> Beneficially Owned Prior to <br> This Offering<sup>(2)</sup>** | **Class A Ordinary Shares<br> Beneficially Owned Prior to <br> This Offering<sup>(2)</sup>** | **Class B Ordinary Shares<br> Beneficially Owned Prior to <br> This Offering<sup>(2)</sup>** | **Class B Ordinary Shares<br> Beneficially Owned Prior to <br> This Offering<sup>(2)</sup>** | **% of <br> Total <br> Voting <br> Power <br> Before <br> This** | **Class A Ordinary Shares <br> Beneficially Owned After <br> This Offering<sup>(3)</sup>** | **Class A Ordinary Shares <br> Beneficially Owned After <br> This Offering<sup>(3)</sup>** | **Class B Ordinary Shares <br> Beneficially Owned After <br> This Offering<sup>(3)</sup>** | **Class B Ordinary Shares <br> Beneficially Owned After <br> This Offering<sup>(3)</sup>** | **% of <br> Total <br> Voting <br> Power <br> After <br> This** |
| <br>**Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** | **Offering<sup>(2)</sup>** | **Number** | **%** | **Number** | **%** | **Offering<sup>(3)</sup>** |
| **Directors and Executive Officers:** | | | | | | | | | | |
| Wing Sum, HO | 3000000 | 31.3% | 9407000 | 100.0% | 96.7% | 3000000 | 28.1% | 9407000 | 100.0% | 96.1% |
| Wai Ting, CHEUNG |  | –% |  |  | –% |  | –% |  | –% | –% |
| Chun Ting Kavern, CHAN |  | –% |  |  | –% |  | –% |  | –% | –% |
| Wai Hong, LIN<sup>(5)</sup> |  | –% |  |  | –% |  | –% |  | –% | –% |
| Ho Wai Alan, CHUNG <sup>(5)</sup> |  | –% |  |  | –% |  | –% |  | –% | –% |
| Wai Ming, YIU<sup>(5)</sup> |  | –% |  |  | –% |  | –% |  | –% | –% |
| **All directors and executive officers as a group** | 3000000 | 31.3% | 9407000 | 100.0% | 96.7% | 3000000 | 28.1% | 9407000 | 100.0% | 96.1% |
| **5% shareholders:** |  |  |  |  |  |  |  |  |  |  |
| Wing Sum, HO<sup>(4)</sup> | 3000000 | 31.3% | 9407000 | 100.0% | 96.7% | 3000000 | 28.1% | 9407000 | 100.0% | 96.1% |
| Alpha Ngine Investment Co Limited <sup>(6)</sup> | 931000 | 9.7% |  | –% | 0.5% | 931000 | 8.7% |  | –% | 0.5% |
| MT Shell Limited <sup>(7)</sup> | 760000 | 7.9% |  | –% | 0.4% | 760000 | 7.1% |  | –% | 0.4% |
| Nice Honour International Investment Limited <sup>(8)</sup> | 931000 | 9.7% |  | –% | 0.5% | 931000 | 8.7% |  | –% | 0.5% |
| Winning Consultants Limited <sup>(9)</sup> | 760000 | 7.9% |  | –% | 0.4% | 760000 | 7.1% |  | –% | 0.4% |
| World Power Holdings Limited <sup>(10)</sup> | 760000 | 7.9% |  | –% | 0.4% | 760000 | 7.1% |  | –% | 0.4% |
| Chi Wai Benny, CHENG <sup>(11)</sup> | 760000 | 7.9% |  | –% | 0.4% | 760000 | 7.1% |  | –% | 0.4% |
| Yuen Ling, FUNG <sup>(12)</sup> | 760000 | 7.9% |  | –% | 0.4% | 760000 | 7.1% |  | –% | 0.4% |
| Chun Hei, KWOK <sup>(13)</sup> | 931000 | 9.7% |  | –% | 0.5% | 931000 | 8.7% |  | –% | 0.5% |

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As of the date of this prospectus, none of our outstanding Shares are held by record holders in the United States.

\* Less than 1%.

(1) Unless
otherwise noted, the business address of each of the following entities or individuals is 380 Jalan Besar, #07-10 ARC 380 Singapore 209000.

(2) Applicable
 percentage of ownership is based on 19,000,000 Ordinary Shares, consisting of 9,593,000 Class
 A Ordinary Shares and 9,407,000 Class B Ordinary Shares outstanding immediately before this
 Offering.

(3) Applicable
percentage of ownership is based on 20,100,000 Ordinary Shares, consisting of 10,693,000 Class A Ordinary Shares and 9,407,000 Class
B Ordinary Shares outstanding immediately after this Offering, assuming the Underwriter does not exercise the over-allotment option.

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(4) Wing Sum, HO, our Controlling Shareholder, Chairman
 of the board of directors and Chief Financial Officer, holds voting and/or dispositive power over 3,000,000 Class A Ordinary Shares
 and 9,407,000 Class B Ordinary Shares as of the date of this prospectus.

(5) Appointment will be effective immediately upon effectiveness of the registration statement of which this prospectus form a part.

(6) Alpha Ngine Investment Co Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Tsz Huen, NG, who holds voting and/or dispositive power over the 931,000 Class A Ordinary Shares held by Alpha Ngine Investment Co Limited as of the date of this prospectus.

(7) MT Shell Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Kei Kui, CHAN, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by MT Shell Limited as of the date of this prospectus.

(8) Nice Honour International Investment Limited, a company incorporated in the British Virgin Islands as a limited liability company, is an investment holding company which is 100% owned by Hoi Shuen, NG, who holds voting and/or dispositive power over the 931,000 Class A Ordinary Shares held by Nice Honour International Investment Limited as of the date of this prospectus.

(9) Winning Consultants Limited, a company incorporated in Hong Kong as a limited liability company, is an investment holding company which is 100% owned by Guanghui, MAI, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by Winning Consultants Limited as of the date of this prospectus.

(10) World Power Holdings Limited, a company incorporated in Hong Kong as a limited liability company, is an investment holding company which is 100% owned by Pak Kuen, KWOK, who holds voting and/or dispositive power over the 760,000 Class A Ordinary Shares held by World Power Holdings Limited as of the date of this prospectus.

(11) Chi Wai Benny, CHENG, an individual, holds voting and/or dispositive power over 760,000 Class A Ordinary Shares as of the date of this prospectus.

(12) Yuen Ling, FUNG, an individual, holds voting and/or dispositive power over 760,000 Class A Ordinary Shares as of the date of this prospectus.

(13) Chun Hei, KWOK, an individual, holds voting and/or dispositive power over 931,000 Class A Ordinary Shares as of the date of this prospectus.

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**CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS**

**Transactions with Certain Related Parties**

Set forth below are our related party transactions that occurred since the beginning of the years ended February 28, 2025, February 29, 2024, and February 28, 2023 and as of the date of this prospectus. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F.

Under Part I, Item 7B of Form 20-F, the Company is required to disclose any transaction occurring since the beginning of the Company's preceding two financial years, with respect to transactions or loans between the Company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related party transactions on an ongoing basis and all such transactions be approved by the audit committee. In determining whether to approve a related party transaction, the audit committee shall consider, among other factors, the following factors to the extent relevant to the related party transaction:

● whether the terms of the related party transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a related party;

● whether there are business reasons for the Company to enter into the related party transaction;

● whether the related party transaction would impair the independence of an outside director;

● whether the related party transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or the related party, the direct or indirect nature of the director's, executive officer's or the related party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the audit committee deems relevant; and

● any pre-existing contractual obligations.

**Material Transactions with Related Parties**

The following is a list of related parties which the Company has balances/transactions with:

Mr. Wing Sum, HO, the Controlling Shareholder, director and Chief Financial Officer of the Company.

<u>Related party balances</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **the date of this prospectus** | **February 28,<br> 2025** | **February 29,<br> 2024** | **February 28,<br> 2023** |
| Amount due to a director | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $184566 | $48792 | $323786 |

---

The amount due to a director represents the advances to the Group made by a director, Mr. Wing Sum, HO, for operational purpose. The original amount of fund received from Mr. Wing Sum HO was $323,786 in February 2023. The amount due to a director was unsecured, non-interest bearing and repayable on demand. As of the date of this prospectus, the amount due to a director has been fully repaid.

<u>Related party transactions</u>

Remuneration to directors for the years ended February 28, 2025 and February 29, 2024 were:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2025** | **February 29,<br> 2024** | **February 28,<br> 2023** |
| Directors' fee | $19231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

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**DESCRIPTION OF SHARES**

We are a British Virgin Islands business company and our affairs are governed by our memorandum and articles of association (as amended and restated from time to time), and the BVI Business Companies Act (as amended) (the "BVI Act") which is referred to as the BVI Act below and the common law of the British Virgin Islands. In connection with the incorporation, on the same date of its incorporation, HAMA International Limited issued a total of 1 share of its ordinary shares to its sole shareholder, Mr. Wing Sum, HO at the consideration of US$1. Pursuant to a written resolution passed on May 2, 2025, the name of HAMA International Limited was changed to HAMA Intelligence Limited.

On April 17, 2025, the Company effectuated a share split of its each issued and unissued ordinary shares with a par value of US$1.00 at a ratio of 653,000 for one (the "1<sup>st</sup> Share Split"), so that the maximum number of authorized ordinary shares was increased from 100,000 shares with a par value of US$1.00 per share to 65,300,000,000 shares with a par value of US$1/<sub>653,000</sub> per share, with 653,000 ordinary shares issued and outstanding issued to Mr. Wing Sum, HO post-1<sup>st</sup> Share Split.

Immediately after the 1<sup>st</sup> Share Split on April 17, 2025, the Company effectuated a change in the maximum number of authorized ordinary shares from 65,300,000,000 shares with a par value of US$1/<sub>653,000</sub> per share to 7,000,000 ordinary shares with no par value and the redesignation and reclassification of the maximum number of authorized ordinary shares from 7,000,000 ordinary shares with no par value into (i) 5,000,000 class A ordinary shares with no par value (the "Class A Ordinary Shares"); and (ii) 2,000,000 class B ordinary shares with no par value (the "Class B Ordinary Shares") (the "Share Restructuring"). As a result, 653,000 ordinary shares issued and outstanding were re-designated and reclassified as 653,000 Class B Ordinary Shares issued to Mr. Wing Sum, HO post-Share Restructuring. In respect of matters requiring the votes of shareholders, holders of Class A Ordinary Shares will be entitled to one vote per Class A Ordinary Share, while holders of Class B Ordinary Shares will be entitled to twenty votes per Class B Ordinary Share. Immediately after the Share Restructuring on April 17, 2025, the Company also allotted 347,000 Class A Ordinary Shares in aggregate to a group of investors for a consideration of US$1.00 per Class A Ordinary Share.

On May 13, 2025, the Company effectuated a further share split of its each issued and unissued ordinary shares at a ratio of 19 for one (the "2nd Share Split", together with 1st Share Split, the "Share Split"), so that the maximum number of authorized Class A Ordinary Shares was increased from 5,000,000 Class A Ordinary Shares to 95,000,000 Class A Ordinary Shares and the maximum number of authorized Class B Ordinary Shares was increased from 2,000,000 Class B Ordinary Shares to 38,000,000 Class B Ordinary Shares. Immediately after completion of the 2nd Share Split, there are an aggregate of (i) 6,593,000 Class A Ordinary Shares in issue and outstanding, among which, Alpha Ngine Investment Co Limited, Nice Honour International Investment Limited and Chun Hei, KWOK each holding 931,000 Class A Ordinary Shares and MT Shell Limited, Winning Consultants Limited, World Power Holdings Limited, Chi Wai Benny, CHENG and Yuen Ling, FUNG each holding 760,000 Class A Ordinary Shares. and (ii) 12,407,000 Class B Ordinary Shares in issue and outstanding and held by Mr. Wing Sum, HO. On July 16, 2025, Mr. Wing Sum, HO converted his 3,000,000 Class B Ordinary Shares into 3,000,000 Class A Ordinary Shares with nil consideration.

From a British Virgin Islands legal perspective, the Share Split and the Share Restructuring do not have any retroactive effect on our shares prior to the effective date. However, references to our Ordinary Shares in this prospectus are presented on a post-Share Split basis and a post-Share Restructuring basis, or as having been retroactively adjusted and restated to give effect to the Share Split and the Share Restructuring, as if the Share Split and the Share Restructuring had occurred by the relevant earlier date.

All references to Class A and Class B Ordinary Shares, share data, per share data, and related information have been retroactively adjusted, where applicable, in this prospectus to reflect the Share Split and Share Redesignation, as if these events had occurred at the beginning of the earliest period presented.

As of the date of this prospectus, HAMA Intelligence Limited is authorized to issue a maximum of 133,000,000 ordinary shares of no par value divided into (i) 95,000,000 Class A Ordinary Shares and (ii) 38,000,000 Class B Ordinary Shares with no par value. All of our shares to be issued in the offering will be issued as fully paid. As of the date of this prospectus, there are 9,593,000 Class A Ordinary Shares and 9,407,000 Class B Ordinary Shares issued and outstanding.

We will issue 1,100,000 Class A Ordinary Shares in this Offering (or 1,265,000 Class A Ordinary Shares if the Underwriter exercises its option to purchase additional Class A Ordinary Shares in full), assuming an initial offering price of US$6.00, the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus.

The following are summaries of material provisions of our second amended and restated memorandum and articles of association and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

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**Our Current Memorandum of Association**

The following discussion describes our second amended and restated memorandum and articles of association (the "Amended Memorandum and Articles") that (subject to any limitations, restrictions or modifications in our Amended Memorandum and Articles; and subject to any rights or restrictions attaching to any shares) was filed with the Registrar of Corporate Affairs in the British Virgin Islands and effective on May 20, 2025:

*Objects and Purposes, Register, and Shareholders.* Subject to the BVI Act and BVI law, our objects and purposes are unlimited. Our register of members will be maintained by our transfer agent, Transhare Corporation upon closing of this offering. Under the BVI Act, a BVI company may treat the registered holder of a share as the only person entitled to (a) exercise any voting rights attaching to the share, (b) receive notices, (c) receive a distribution in respect of the share and (d) exercise other rights and powers attaching to the share. Consequently, as a matter of BVI Law, where a shareholder's shares are registered in the name of a nominee such as Cede & Co, the nominee is entitled to receive notices, receive distributions and exercise rights in respect of any such shares registered in its name. The beneficial owners of the shares registered in a nominee's name will therefore be reliant on their contractual arrangements with the nominee in order to receive notices and dividends and ensure the nominee exercises voting and other rights in respect of the shares in accordance with their directions.

*Directors' Powers.* Under the BVI Act, subject to any modifications or limitations in a company's memorandum and articles of association, a company's business and affairs are managed by, or under the direction or supervision of, its directors; and directors generally have all powers necessary to manage a company. A director must disclose any interest he has in any proposal, arrangement or contract not entered into in the ordinary course of business and on usual terms and conditions. An interested director may (subject to the Amended Memorandum and Articles) vote on a transaction in which he has an interest. In accordance with, and subject to, our Amended Memorandum and Articles, the directors may by resolution of directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party. Our Amended Memorandum and Articles permit the directors, by way of resolution of directors, to fix the emoluments of directors with respect to services to be rendered in any capacity to the Company. All decisions about the compensation of directors will be recommended by the compensation committee and approved by way of resolution of directors of the Company.

*Ordinary Shares.* Our Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Except for conversion rights and voting rights, the Class A Ordinary Shares and Class B Ordinary Shares shall carry equal rights and rank *pari passu* with one another, including but not limited to the rights to dividends and other distributions. Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. Our shareholders who are non-residents of the BVI may freely hold and vote their shares.

*Rights, Preferences and Restrictions of Ordinary Shares.* Our directors may (subject to our Amended Memorandum and Articles and BVI law) authorize dividends at such time and in such amount as they determine. In the event of a liquidation or dissolution of the Company, each Ordinary Share (subject to our Amended Memorandum and Articles) is entitled to an equal share in all surplus assets remaining available for distribution to them after payment and discharge of all claims, debts, liabilities and obligations of the Company and after provision is made for each class of shares (if any) having preference over the Ordinary Shares. Holders of our Ordinary Shares have no pre-emptive rights. Subject to the provisions of the BVI Act, we may, (subject to our Amended Memorandum and Articles) with the consent of the shareholder whose shares are to be purchased, repurchase our Ordinary Shares in certain circumstances provided that the Company will, immediately after the repurchase, satisfy the solvency test. The Company will satisfy the solvency test, if (i) the value of the Company's assets exceeds its liabilities; and (ii) the Company is able to pay its debts as they fall due.

In accordance with the BVI Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
Company may purchase, redeem or otherwise acquire its own shares in accordance with either (a) Sections 60, 61 and 62 of the BVI Act
(save to the extent that those Sections are negated, modified or inconsistent with provisions for the purchase, redemption or acquisition
of its own shares specified in the Company's Amended Memorandum and Articles); or (b) such other provisions for the purchase, redemption
or acquisition of its own shares as may be specified in the Company's Amended Memorandum and Articles. The Company's Amended
Memorandum and Articles provide that such Sections 60, 61 and 62 do not apply to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
a company may purchase, redeem or otherwise acquire its own shares otherwise than in accordance with Sections 60, 61 and 62 of the BVI
Act, it may not purchase, redeem or otherwise acquire the shares without the consent of the member whose shares are to be purchased,
redeemed or otherwise acquired, unless the Company is permitted by the Amended Memorandum and Articles to purchase, redeem or otherwise
acquire the shares without that consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless
the shares are held as treasury shares in accordance with Section 64 of the BVI Act, any shares acquired by the Company are deemed to
be cancelled immediately on purchase, redemption or other acquisition.

*Voting Rights.* Subject to any rights or restrictions as to voting attached to any shares, each holder of Class A Ordinary Shares who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) has one vote for each Class A Ordinary Share which such shareholder holds and each holder of Class B ordinary shares who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) has 20 votes for each Class B Ordinary Share which such shareholder holds. Our Class A Ordinary Shares and Class B Ordinary Shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

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*Conversion of Class B Ordinary Shares*. Class B Ordinary Shares may be converted at the request of the holder thereof into an equal number of Class A Ordinary Shares at any time. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

*Variation of the Rights of Shareholders.* Pursuant to our Amended Memorandum and Articles, the rights conferred upon the holders of the shares of any class of the Company may (subject to our Amended Memorandum and Articles) only be varied, whether or not the Company being wound up (dissolved), with the consent in writing of or by resolution passed at a meeting by the holders of more than 50% of the issued shares of that class.

*Shareholder Meetings.* In accordance with, and subject to, our Amended Memorandum and Articles, (a) the board of directors of the Company may convene meetings of the shareholders at such times as the director considers necessary or desirable (and the director convening a meeting of shareholders may fix as the record date for determining those shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice); and (b) upon the written request of shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the meeting is requested, the directors shall convene a meeting of shareholders. Under BVI Law, the memorandum and articles of association may be amended to decrease but not increase the required percentage to call a meeting above 30%. In accordance with, and subject to, our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than 7 days' notice of a meeting of shareholders to those shareholders whose names on the date the notice is given appear as shareholders in the register of members of the Company and are entitled to vote at the meeting; and the other directors; (b) a meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute waiver in relation to all of the shares that that shareholder holds; (c) a meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than one-third of the votes of the shares or, where there exists more than one class of shares, not less than one-third of each class or series of shares entitled to vote on resolutions of shareholders to be considered at the meeting; and (d) if within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the request of the shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one-third of the votes of the shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

*Dividends.* Subject to the BVI Act and our Amended Memorandum and Articles, the directors of the Company may, by resolution of the directors, authorize a distribution by way of dividend at a time and amount they think fit if they are satisfied, based on reasonable grounds, that, immediately after distribution of the dividend, the Company will meet the statutory solvency test. In accordance with, and subject to, our Amended Memorandum and Articles, no dividend shall bear interest as against the Company (except as otherwise provided in our Amended Memorandum and Articles).

*Appointment and Removal of Directors*. In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any Ordinary Shares), (a) the first directors of the Company shall be appointed by the first registered agent within thirty days of the date of the incorporation of the Company; and thereafter, the directors shall be elected by resolution of shareholders or by resolution of directors for such term as the shareholders or directors determine; (b) each director holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him, or until his disqualification, earlier death, resignation or removal; (c) a director may be removed from office with or without cause, (i) by a resolution of shareholders passed at a meeting of shareholders called for the purposes of removing the director or for purposes including the removal of the director or by a written resolution passed by a least 75% of the Shareholders of the Company entitled to vote; or (ii) by a resolution of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director ; (d) a director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice and a director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act; (e) the directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors and where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a director ceased to hold office; (f) a vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of office; and (g) a director is not required to hold shares in the Company as a qualification to office.

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*Meetings of Directors.* In accordance with, and subject to, our Amended Memorandum and Articles, (a) any one director of the Company may call a meeting of the directors by sending a written notice to each other director; (b) the directors of the Company or any committee thereof may meet at such times and in such manner as the directors may determine to be necessary or desirable; (c) a director shall be given not less than 3 days' notice of meetings of directors, but a meeting of directors held without 3 days' notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute waiver by that director and the inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting; (d) a meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half of the total number of directors, unless there are only 2 directors in which case the quorum is two; (e) a director may by a written instrument appoint an alternate who need not be a director and the alternate shall be entitled to attend meetings in the absence of the director who appointed him and to vote or consent in place of the director until the appointment lapses or is terminated; (f) a resolution of directors is passed if either (i) the resolution is approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or (ii) the resolution is consented to in writing by all directors or by all members of a committee of directors of the Company, as the case may be, unless (in either case) the BVI Act or our Amended Memorandum and Articles require a different majority.

*Indemnification of Directors.* In accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein), the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or (b) is or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise.

In accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein), (a) the indemnity referred to above only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful; (b) the decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the articles of association, unless a question of law is involved; and (c) the termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

In accordance with, and subject to, our Amended Memorandum and Articles, the Company may purchase and maintain insurance in relation to any person who is or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in our articles of association.

*Directors and Conflicts of Interest.* As noted above, pursuant to the BVI Act and the Company's Amended Memorandum and Articles, a director of the Company who has an interest in a transaction entered into or to be entered into by the Company and who has declared such interest to the other directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 on a matter relating to the transaction;

(b) attend
 a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting
 for the purposes of a quorum; and

(c) sign
a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction,

and, subject to compliance with the BVI Act and our Amended Memorandum and Articles shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

In accordance with, and subject to, our Amended Memorandum and Articles, (a) a director of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company; and (b) for the purposes noted foregoing, a disclosure to all other directors to the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

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*Issuance of Additional Shares.* Our Amended Memorandum and Articles authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine.

However, under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Transfer of Shares*. Under the BVI Act and our Amended Memorandum and Articles, shares that are listed on a recognized exchange may be transferred without the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares listed on the recognized exchange.

*Disclosure of the Securities and Exchange Commission's Position on Indemnification for Securities Act Liabilities.* Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Summary of Certain Significant Provisions of BVI Law**

The BVI Act differs from laws applicable to US corporations and their shareholders. Set forth below is a summary of certain significant provisions of the BVI Act applicable to us (save to the extent that such provisions have been, to the extent permitted under the BVI Act, negated or modified in our memorandum and articles of association in accordance with the BVI Act).

*Mergers and Similar Arrangements.* Under the BVI Act two or more BVI companies or a BVI company and non-BVI company, each a "constituent company," may merge or consolidate. The BVI Act provides for slightly different procedures depending on the nature of the parties to the merger or consolidation.

A merger involves the merging of two or more companies into one of the constituent companies (to the merger) with one constituent company continuing in existence to become the surviving company post-merger. A consolidation involves two or more companies consolidating into a new company.

A merger or consolidation is effective on the date that the articles of merger or consolidation (as described below) are registered by the Registrar of Corporate Affairs in the BVI, or on such later date, not exceeding 30 days from the date of registration as is stated in the articles of merger or consolidation but if the surviving company or the consolidated company is a company incorporated under the laws of a jurisdiction outside the BVI, the merger or consolidation is effective as provided by the laws of that other jurisdiction.

As soon as a merger or consolidation becomes effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 surviving company or consolidated company (so far as is consistent with its memorandum and articles, as amended by the articles of
 merger or consolidation) has all rights, privileges, immunities, powers, objects and purposes of each of the constituent companies;

b. the
 memorandum and articles of the surviving company or consolidated company are automatically amended to the extent, if any, that changes
 to its memorandum and articles are contained in the articles of merger or consolidation;

c. assets
 of every description, including choses in action and the business of each of the constituent companies, immediately vest in the surviving
 company or consolidated company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the
 surviving company or consolidated company is liable for all claims, debts, liabilities and obligations of each of the constituent
 companies;

Where a merger or consolidation occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. no
 conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against a
 constituent company or against any member, director, officer or agent thereof, is released or impaired by the merger or consolidation;
 and

b. no
 proceedings, whether civil or criminal, pending at the time of a merger by or against a constituent company, or against any member,
 director or officer, or agent thereof, are abated or discontinued by the merger or consolidation; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or consolidated company or against
 the member, director, officer or agent thereof, as the case may be; or

(ii) the
 surviving company or consolidated company may be substituted in the proceedings for a constituent company,

but if the surviving company or the consolidated company is incorporated under the laws of a jurisdiction outside the BVI, the effect of the merger or consolidation is the same as noted foregoing except insofar as the laws of the other jurisdiction otherwise provide.

The Registrar of Corporate Affairs in the BVI shall strike off the Register of Companies each constituent company that is not the surviving company in the case of a merger and all constituent companies in the case of a consolidation (save that this shall not apply to a foreign company).

The BVI Act provides that any member of the Company is entitled to payment of the fair value of his shares upon dissenting from a merger or consolidation, unless the Company is the surviving company of the merger or the consolidated company of the consolidation and the member continues to hold the same or similar shares. The following is a summary of the position in respect of dissenter's rights in the event of a merger under the BVI Act.

A dissenter is in most circumstances required to give to the Company written objection to the merger or consolidation, which must include a statement that the dissenter proposes to demand payment for his shares if the merger or consolidation takes place. This written objection must be given before the meeting of members at which the merger or consolidation is submitted to a vote, or at the meeting but before the vote. However, no objection is required from a member to whom the Company did not give notice of the meeting of members or where the proposed merger or consolidation is authorized by written consent of the members without a meeting.

Within 20 days immediately following the written consent, or the meeting at which the merger or consolidation was approved, the Company shall give written notice of the consent or resolution to each member who gave written objection or from whom written objection was not required, except those members who voted for, or consented in writing to, the proposed merger or consolidation.

A member to whom the Company was required to give notice who elects to dissent shall, within 20 days immediately following the date on which the copy of the plan of merger or consolidation or an outline of the merger or consolidation is given to him, give to the Company a written notice of his decision to elect to dissent, stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 name and address;

(b) the
 number and classes of shares in respect of which he dissents (which must be all shares that he holds in the Company); and

(c) a
 demand for payment of the fair value of his shares.

Upon the giving of a notice of election to dissent, the dissenter ceases to have any of the rights of a member except the right to be paid the fair value of his shares, and the right to institute proceedings to obtain relief on the ground that the action is illegal.

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The Company shall make a written offer to each dissenter to purchase his shares at a specified price that the Company determines to be their fair value. Such offer must be given within 7 days immediately following the date of the expiration of the period within which members may give their notices of election to dissent, or within 7 days immediately following the date on which the merger is put into effect, whichever is later.

If the Company and the dissenter fail, within 30 days immediately following the date on which the offer is made, to agree on the price to be paid for the shares owned by the dissenter, then within 20 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company and the dissenter shall each designate an appraiser;

(b) the
 two designated appraisers together shall designate an appraiser;

(c) the
 three appraisers shall fix the fair value of the shares owned by the dissenter as of the close of business on the day prior to the
 date of the meeting or the date on which the resolution was passed, excluding any appreciation or depreciation directly or indirectly
 induced by the action or its proposal, and that value is binding on the Company and the dissenter for all purposes; and

(d) the
 Company shall pay to the dissenter the amount in money upon the surrender by him of the certificates representing his shares, and
 such shares shall be cancelled.

*Continuation into a Jurisdiction Outside the BVI.* In accordance with, and subject to, our Amended Memorandum and Articles, the Company may by resolution of shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the BVI in the manner provided under those laws. The Company does not cease to be a BVI company unless the foreign law permits continuation and the BVI company has complied with the requirements of that foreign law. Where a company that wishes to continue as a company incorporated under the laws of a jurisdiction outside the BVI has a charge registered in respect of the property of the company under section 163 of the BVI Act which has not been released or satisfied, it shall, before continuing and provided that the charge does not contain a covenant prohibiting continuation of the company outside the BVI, provide a written declaration addressed to the Registrar specifying that: (a) a notice of satisfaction or release in respect of the charge has been filed and registered under section 165 of the BVI Act; (b) where paragraph (a) has not been complied with, the chargee to whom the registered charge relates has been notified in writing of the intention to continue the company as a company incorporated under the laws of a jurisdiction outside the BVI and the chargee has given his or her consent or has not objected to the continuation; or (c) where paragraph (a) has not been satisfied and the chargee, after notification under paragraph (b), has not given his or her consent or objected to the continuation, the chargee's interest secured by the registered charge shall not be diminished or in any way compromised by the continuation and the charge shall operate as a liability of the continued company incorporated under the laws of a jurisdiction outside of the BVI. Where a company is continued under the laws of a jurisdiction outside the BVI, (a) the company continues to be liable for all of its claims, debts, liabilities and obligations that existed prior to its continuation, (b) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against the company or against any shareholder, director, officer or agent thereof, is released or impaired by its continuation as a company under the laws of the jurisdiction outside the BVI, (c) no proceedings, whether civil or criminal, pending by or against the company, or against any shareholder, director, officer or agent thereof, are abated or discontinued by its continuation as a company under the laws of the jurisdiction outside the BVI, but the proceedings may be enforced, prosecuted, settled or compromised by or against the Company or against the shareholder, director, officer or agent thereof, as the case may be; and (d) service of process may continue to be effected on the registered agent of the company in the BVI in respect of any claim, debt, liability or obligation of the Company during its existence as a company under the BVI Act.

*Members' Suits.* Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members.

If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. A derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned.

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The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.

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

In certain circumstances, a member has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the courts of the British Virgin Islands may, on application of a member or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to Section 184I(1) of the BVI Act, a member of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the British Virgin Islands for an order which, inter alia, can require the company or any other person to pay compensation to the members.

Any member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint a liquidator for the company if it is of the opinion that it is just and equitable to do so.

*Inspection of Books and Records.* A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject to the Amended Memorandum and Articles, the directors may, if they are satisfied that it would be contrary to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

A company is required to keep at the office of its registered agent: its memorandum and articles of association; the register of members or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all notices and other documents filed by the company in the previous ten years.

*Squeeze-out Provisions.* Members of a company holding 90% of the votes of the issued and outstanding shares entitled to vote and members of a company holding 90% of the votes of the issued and outstanding shares of each class of shares entitled to vote as a class, may give a written instruction to the company directing it to redeem the shares held by the remaining members.

*Dissolution; Winding Up.* Under BVI law, the liquidation of a company may be a voluntary solvent liquidation or an insolvent liquidation under the BVI Insolvency Act. Where a company has been struck off the Register of Companies under the BVI Act continuously for a period of 7 years it is dissolved with effect from the last day of that period.

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**Voluntary Liquidation**

If the liquidation is a solvent liquidation, the provisions of the BVI Act govern the liquidation. A company may only be liquidated under the BVI Act as a solvent liquidation if it has no liabilities or it is able to pay its debts as they fall due, and the value of its assets exceeds its liabilities. Subject to the memorandum and articles of association of a company, a liquidator may be appointed by a resolution of directors or resolution of members, but if the directors have commenced liquidation by a resolution of directors the members must approve the liquidation plan by a resolution of members save in limited circumstances.

A liquidator is appointed for the purpose of collecting in and realizing the assets of a company and distributing proceeds to creditors.

**Insolvent Liquidation under the BVI Insolvency Act**

The BVI Insolvency Act governs an insolvent liquidation. Pursuant to the BVI Insolvency Act, a company is insolvent if it fails to comply with the requirements of a statutory demand that has not been set aside pursuant to the BVI Insolvency Act, execution or other process issued on a judgment, decree or order of court in favor of a creditor of the company is returned wholly or partly unsatisfied or either the value of the company's liabilities exceeds its assets or the company is unable to pay its debts as they fall due. The liquidator must be either the Official Receiver in BVI or a BVI licensed insolvency practitioner. An individual resident outside the BVI may be appointed to act as liquidator jointly with a BVI licensed insolvency practitioner or the Official Receiver. The members of the company may appoint an insolvency practitioner as liquidator of the company or the court may appoint an Official Receiver or an eligible insolvency practitioner. The application to the court can be made by one or more of the following: (a) the company, (b) a creditor, (c) a member, or (d) the supervisor of a creditors' arrangement in respect of the company, the Financial Services Commission and the Attorney General in the BVI.

The court may appoint a liquidator if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the company is insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the court is of the opinion that it is just and equitable
that a liquidator should be appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the court is of the opinion that it is in the public interest
for a liquidator to be appointed.

An application under (a) above by a member may only be made with leave of the court, which shall not be granted unless the court is satisfied that there is *prima facie* case that the company is insolvent. An application under (c) above may only be made by the Financial Services Commission or the Attorney General and they may only make an application under (c) above if the company concerned is, or at any time has been, a regulated person (i.e. a person that holds a prescribed financial services license) or the company is carrying on, or at any time has carried on, unlicensed financial services business.

**Order of Preferential Payments upon Liquidation**

Upon the insolvent liquidation of a company, the assets of a company shall be applied in accordance with the following priorities: (a) in paying, in priority to all other claims, the costs and expenses properly incurred in the liquidation in accordance with the prescribed priority; (b) after payment of the costs and expenses of the liquidation, in paying the preferential claims admitted by the liquidator (wages and salary, amounts to the BVI Social Security Board, pension contributions, government taxes), preferential claims rank equally between themselves and, if the assets of the company are insufficient to meet the claims in full, they shall be paid ratably; (c) after the payment of preferential claims, in paying all other claims admitted by the liquidator, including those of non-secured creditors, the claims of non-secured creditors of the company shall rank equally among themselves and if the assets of the company are insufficient to meet the claims in full, such non-secured creditors shall be paid ratably; (d) after paying all admitted claims, paying any interest payable under the BVI Insolvency Act; and finally (e) any surplus assets remaining after payment of the costs, expenses and claims above shall be distributed to the members in accordance with their rights and interests in the company. Part VIII of the BVI Insolvency Act provides for various applications which may be made by a liquidator to set aside transactions which have unfairly diminished the assets which are available to creditors.

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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. Under the BVI Act and our articles of association, our company may be dissolved, liquidated or wound up by a resolution of our shareholders.

*Rights of Non-resident or Foreign Members.* There are no limitations imposed by our Amended Memorandum and Articles on the rights of non-resident or foreign members to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles governing the ownership threshold above which member ownership must be disclosed.

*Anti-money laundering.* In order to comply with legislation or regulations aimed at the prevention of money laundering the Company is required to adopt and maintain anti-money laundering procedures and may require members to provide evidence to verify their identity. Where permitted, and subject to certain conditions, the Company also may delegate the maintenance of our anti-money-laundering procedures (including the acquisition of due diligence information) to a suitable person.

If any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required to report his belief or suspicion to the Financial Investigation of the British Virgin Islands, pursuant to the Proceeds of Criminal Conduct Act 1997 (as amended). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Differences in Corporate Law**

Our corporate affairs are governed by our memorandum and articles of association and the provisions of applicable BVI law, including the BVI Act and BVI common law. The BVI Act differs from laws applicable to US corporations and their shareholders. The following table provides a comparison between certain statutory provisions of the BVI Act (together with the provisions of our memorandum and articles) and the Delaware General Corporation Law relating to shareholders' rights.

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Meetings** | **Shareholder Meetings** | | |
| **BVI** | **BVI** | **Delaware** | **Delaware** |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (a) any director of the company may convene meetings of the shareholders at such times and in such manner as the director considers necessary or desirable; and (b) upon the written request of shareholders entitled to exercise thirty percent (30%) or more of the voting rights in respect of the matter for which the meeting is requested the directors shall convene a meeting of shareholders. | ● | May be held at such time or place as designated in the charter or the by-laws, or if not so designated, as determined by the board of directors. |
| ● | May be held inside or outside the BVI. | ● | May be held inside or outside Delaware. |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than 7 days' notice of a meeting of shareholders to those shareholders whose names on the date the notice is given appear as shareholders in the register of members of the company and are entitled to vote at the meeting; and the other directors; and (b) the director convening a meeting of shareholders may fix as the record date for determining those shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice. | ● | Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any. |

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| | | | |
|:---|:---|:---|:---|
| **Shareholder's Voting Rights** | **Shareholder's Voting Rights** | | |
| **BVI** | **BVI** | **Delaware** | **Delaware** |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any shares), (a) a shareholder may be represented at a meeting of shareholders by a proxy who may speak and vote on behalf of the shareholder; and (b) the instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented. | ● | Any person authorized to vote may authorize another person or persons to act for him by proxy. |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any shares), (a) a meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than one-third of the votes of the shares or class or series of shares entitled to vote on resolutions of shareholders to be considered at the meeting; and (b) if within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one-third of the votes of the shares or each class or series of shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. | ● | The charter or bylaws may specify the number to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares shall constitute a quorum. |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any shares), (a) at any meeting of the shareholders, the chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll be taken and the chairman shall cause a poll to be taken forthwith. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting. In accordance with the BVI Act, a shareholder resolution is passed if approved by a majority of in excess of 50% or, if a higher majority is required by the memorandum and articles, that higher majority, of the votes of those shareholders entitled to vote and voting on the resolution; unless (in either case) the BVI Act or our memorandum and articles require a different majority. | ● | Except as provided in the charter documents, changes in the rights of shareholders as set forth in the charter documents require approval of a majority of its shareholders.<br>|

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● In
 accordance with, and subject to, our Amended Memorandum and Articles, (a) the rights attached to shares as specified in the memorandum
 may only, whether or not the Company is in liquidation, be varied with the consent in writing of or by a resolution passed
 at a meeting by the holders of more than 50% of the issued shares of that class, except where some other majority is required under
 our memorandum and articles or the BVI Act. ● The
 certificate of incorporation or bylaws may provide for cumulative voting.

● In
 accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, Clause 8 of the
 memorandum and any rights or restrictions attaching to any shares), the Company may amend its memorandum or articles by a resolution
 of shareholders or by a resolution of directors, save that no amendment may be made by a resolution of directors: (i) to restrict
 the rights or powers of the shareholders to amend the memorandum or articles; (ii) to change the percentage of shareholders required
 to pass a Resolution of Shareholders to amend the memorandum or articles; (iii) in circumstances where the memorandum or articles
 cannot be amended by the shareholders or (iv) to Clauses 7, 8, 9 or 12 of the memorandum.

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| | | | |
|:---|:---|:---|:---|
| **Directors** | **Directors** |  |  |
| **BVI** | **BVI** | **Delaware** | **Delaware** |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles, the minimum number of directors shall be one. | ● | Board must consist of at least one member. |
| ● | In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions attaching to any Ordinary Shares), (a) the first directors of the Company shall be appointed by the first registered agent within thirty days of the date of the incorporation of the Company; and thereafter, the directors shall be elected by resolution of shareholders or by resolution of directors for such term as the shareholders or directors determine; (b) each director holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him, or until his earlier death, resignation or removal; (c) a director may be removed from office with or without cause, (i) by a resolution of shareholders passed at a meeting of shareholders called for the purposes of removing the director or for purposes including the removal of the director or by a written resolution passed by a least 75% of the Shareholders of the Company entitled to vote; or (ii) by a resolution of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director; (d) a director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice and a director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act; and (e) a director is not required to hold Ordinary Shares as a qualification to office. | ● | Number of board members shall be fixed by the bylaws, unless the charter fixes the number of directors, in which case a change in the number shall be made only by amendment of the charter. |
| ● | Directors do not have to be independent. | ● | Directors do not have to be independent. |

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| | | | |
|:---|:---|:---|:---|
| **Shareholder's Derivative Actions** | **Shareholder's Derivative Actions** |  |  |
| **BVI** | **BVI** | **Delaware** | **Delaware** |
| ● | Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members. In general, members are bound by the decision of the majority or special majorities as set out in the articles of association or in the BVI Act. As for voting, the usual rule is that with respect to normal commercial matters members may act from self-interest when exercising the right to vote attached to their shares. | ● | In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder's stock thereafter devolved upon such shareholder by operation of law. |
| ● | If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. A derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned. | ● | Complaint shall set forth with particularity the efforts of the plaintiff to obtain the action by the board or the reasons for not making such effort. |
| ● | The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances. | ● | Such action shall not be dismissed or compromised without the approval of the Delaware Court of Chancery. |
| ● | The traditional English basis for members' remedies have also been incorporated into the BVI Act: where a member of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the BVI High Court for an order on such conduct. |  |  |
| ● | Any member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint a liquidator for the company if it is of the opinion that it is just and equitable to do so. |  |  |

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| | |
|:---|:---|
| ● | The Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: |
|  | (a) a merger; |
|  | (b) a consolidation; |
|  | (c) any sale, transfer, lease, exchange or other disposition of more than 50% in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter; (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest within one year after the date of disposition; or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; |
|  | (d) a redemption of 10%, or fewer, of the issued shares of the company required by the holders of 90%, or more, of the shares of the company pursuant to the terms of the BVI Act; and |
|  | (e) an arrangement, if permitted by the BVI High Court. |
| ● | Generally, any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their individual rights as members as established by the company's memorandum and articles of association. |
| ● | The BVI Act provides that if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Act or the memorandum or articles of association of the company, the BVI High Court may, on the application of a member or a director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles of association. |

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**Memorandum and Articles of Association – CCP**

As of the date of this prospectus, the Group's and its consolidated foreign operating entities' respective memorandum and articles of association do not contain any wording from any charter of the CCP.

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**SHARES ELIGIBLE FOR FUTURE SALE**

Upon the completion of this Offering, we will have 10,693,000 Class A Ordinary Shares (or 10,858,000 Class A Ordinary Shares if the Underwriter exercises its over-allotment option in full) and 9,407,000 Class B Ordinary Shares outstanding. All of the Class A Ordinary Shares sold in this Offering will be freely transferable by persons other than our "affiliates", as that term is defined in Rule 144 promulgated under the Securities Act, without restriction or further registration under the Securities Act.

Prior to this Offering, there has been no public market for our Class A Ordinary Shares, and while we plan to apply to list our Class A Ordinary Shares on Nasdaq, we cannot assure you that a regular trading market for our Class A Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of Class A Ordinary Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Class A Ordinary Shares. Further, since a large number of our Class A Ordinary Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Class A Ordinary Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

**Lock-up Agreements**

The Company, on behalf of itself and any successor entity, will agree in the Underwriting Agreement that, without the prior written consent of Pacific Century Securities, LLC, it will not, for a period of six months from the effective date of the registration statement of which this prospectus forms a part (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; (ii) file or caused to be filed any registration statement with the SEC 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, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

In addition, each of our directors, officers and five percent or more shareholders has agreed to enter into customary lock-up agreements in favor of Pacific Century Securities, LLC that provide that for a period six months from the effective date of the registration statement of which this prospectus forms a part, they shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares of the Company, subject to customary exceptions.

**Rule 144**

All of our Class A Ordinary Shares issued outstanding prior to this Offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective prospectus under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale and who has beneficially owned our restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell an unlimited number of the restricted securities without registration under the Securities Act, subject to the availability of current public information about us, and will be entitled to sell restricted securities beneficially owned for at least one year without restriction.

Persons who are our affiliates (including persons beneficially owning 10% or more of our issued and outstanding shares) and have beneficially owned our restricted securities for at least six months may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1% of the number of Shares then outstanding; or

● the greater of 1% or the average weekly trading volume of our Shares on the Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us.

**Rule 701**

Beginning 90 days after we became a reporting company, persons other than affiliates who purchased ordinary shares under a written compensatory plan or other written agreement executed prior to the completion of this offering may be entitled to sell such shares in the United States in reliance on Rule 701 under the Securities Act, or Rule 701. Rule 701 permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144.

Rule 701 further provides that non-affiliates may sell these shares in reliance on Rule 144 subject only to its manner-of-sale requirements. However, the Rule 701 shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires, if any.

**Regulation S**

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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**MATERIAL TAX CONSIDERATIONS**

*The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

**British Virgin Islands Taxation**

The Company and all distributions, interest and other amounts paid by the company in respect of the Ordinary Shares of the Company to persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax is payable with respect to any shares, debt obligations or other securities of a BVI company.

All instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI provided that they do not relate to real estate in the BVI.

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

**Hong Kong Enterprise Taxation**

88M Global and Nardo Capital are incorporated in Hong Kong and was subject to 16.5% Hong Kong profits tax on their taxable income assessable profits generated from operations arising in or derived from Hong Kong for the year of assessment of 2023/2024 and 2024/2025. Hong Kong profits tax rates for corporations are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000. Under Hong Kong tax laws, 88M Global and Nardo Capital are not taxed on their foreign-sourced income. In addition, payments of dividends from 88M Global and Nardo Capital to us are not subject to any withholding tax in Hong Kong.

**Singapore Taxation**

**Income Tax**

***Individual income tax***

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An individual is considered a tax resident in Singapore for a particular year of assessment ("YA") if, during the preceding calendar year, he was physically present in Singapore or was employed in Singapore (other than as a director of a company) for 183 days or more, except for temporary absences.

Individual taxpayers (both tax resident and non-tax resident of Singapore) are liable to pay Singapore individual income tax on income accruing in or derived from Singapore, with specific exemptions. Foreign-sourced income received or deemed received in Singapore by an individual taxpayer is generally exempt from income tax in Singapore, irrespective of an individual's tax residency status in Singapore, except when such income is acquired through a partnership in Singapore by the individual.

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Between calendar year 2016 to calendar year 2022 (i.e. YA 2017 to YA 2023), a Singapore tax resident individual is subject to tax at the progressive rates, ranging from 0% to 22%, after deducting qualifying personal reliefs where applicable. With effect from calendar year 2023 (i.e. YA 2024), a Singapore tax resident individual is subject to tax at the progressive rates, ranging from 0% to 24%. Non-Singapore tax resident individuals generally face a flat tax rate of 15% on employment income or the progressive resident tax rates, whichever results in a higher tax amount. All other income derived or accruing in Singapore (such as director's fee, consultation fees, rental income and all other income) will be subject to a flat tax rate of 22% (up to calendar year 2022 or YA 2023), and 24% (from calendar year 2023 or YA 2024 onwards).

***Corporate income tax***

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A company is considered a Singapore tax resident if the control and management of the company's business is exercised in Singapore. A Singapore tax resident corporate taxpayer is liable to pay Singapore income tax on income accruing in or derived from Singapore and income derived from outside Singapore (i.e. foreign-sourced income) which is received or deemed received in Singapore, unless otherwise exempted.

Tax exemption will be granted to a Singapore tax resident corporate taxpayer on its foreign-sourced dividends, foreign branch profits and foreign-sourced service income ("specified foreign income") received or deemed to be received in Singapore, subject to satisfaction of the qualifying conditions.

A non-Singapore tax resident corporate taxpayer conducting trade or business in Singapore, is subject to Singapore income tax on income accruing in or derived from Singapore, and foreign-sourced income received or deemed received in Singapore.

The prevailing corporate tax rate in Singapore is 17% and taxpayers are entitled to claim partial tax exemption on the first S$200,000 of a company's normal chargeable income as follows:

● 75% on the first S$10,000 of normal chargeable income; and

● 50% on the next S$190,000 of normal chargeable income.

Additionally, new start-up companies will, subject to certain conditions, be eligible for partial tax exemption on the first S$200,000 of normal chargeable income in their first three consecutive years of assessment as follows:

● 75% exemption on the first S$100,000 of normal chargeable income; and

● 50% exemption on the next S$100,000 of normal chargeable income.

**Capital Gains Tax**

Singapore currently does not impose tax on capital gains. Any gains derived from the disposal of our Class A Ordinary Shares which are considered to be capital in nature will not be subject to tax in Singapore. However, gains arising from the disposal of investments may be considered income in nature and if they arise from or are otherwise connected with the activities of a trade or business carried on in Singapore, they may consequently be subject to Singapore income tax. There are no specific laws or regulations governing whether a gain should be characterised as income or capital in nature. The characterization of gains arising from the disposal of our Class A Ordinary Shares will depend primarily on the facts and circumstances of each Shareholder. Given that the facts and circumstances of each Shareholder will differ, it is recommended that Shareholders seek advice from their own tax advisers regarding the Singapore tax implications relevant to their individual circumstances.

Singapore offers certainty on the non-taxability of gains derived by a corporate taxpayer from the disposal of ordinary shares (with certain exceptions) between 1 June 2012 and 31 December 2027 (both dates inclusive) where the divesting company has held at least 20% of the ordinary shares in the investee company for a continuous period of at least 24 months immediately preceding the disposal.

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All Shareholders and investors are advised to consult their own tax advisers concerning the Singapore income tax implications associated with their subscription for, purchase, holding and disposal of our Shares.

Moreover, Shareholders who have adopted, or are required to adopt, the Singapore Financial Reporting Standards (International) ("SFRS (I)") 9 (Financial Instruments) may be required to recognize gains or losses in accordance with the provisions of SFRS (I) 9 irrespective of whether there is any disposal of our Class A Ordinary Shares. If such is the case, any gain or loss on the Class A Ordinary Shares, if held on revenue account, may be subject to taxation or deductible for Singapore income tax purposes notwithstanding such gain or loss being unrealized. Gains or losses (whether realized or unrealized) arising from our Class A Ordinary Shares held on capital account will not be subject to tax or deductible. Shareholders potentially subjected to such tax treatment should seek advice from their own accounting and tax advisers regarding the Singapore income tax implications that may arise from the adoption of SFRS (I) 9 in relation to their subscription for, purchase, holding and disposal of our Class A Ordinary Shares.

**Goods and Services Tax ("GST")**

The sale of our Class A Ordinary Shares by a GST-registered investor belonging in Singapore to another person belonging in Singapore is an exempt supply and is therefore not subject to GST. Any input GST (e.g. GST on brokerage) incurred by the GST-registered investor in making such an exempt supply is generally not recoverable from the Comptroller of GST and constitutes an additional cost to the investor, unless certain conditions specified under the GST legislation or certain GST concessions are met by the investor. Where our Class A Ordinary Shares are sold by a GST-registered investor to a person belonging outside Singapore, and the supply directly benefits:

● a person who belongs in a country other than Singapore and who is outside Singapore at the time of the sale; or

● a GST-registered person who belongs in Singapore,

the sale of the Class A Ordinary Shares qualifies for zero-rating (i.e. subject to GST at 0%). As a general rule, any input GST incurred by a GST-registered investor in the making of this zero-rated supply in the course of or furtherance of his business activities, may be recovered from the Comptroller of GST as input tax credit, subject to the normal input tax recovery rules.

Investors are advised to seek their own tax advice regarding the recoverability of GST incurred on expenses related to the purchase and disposition of our Class A Ordinary Shares. Services consisting of arranging, broking, underwriting or advising on the issue, allotment or transfer of ownership of our Class A Ordinary Shares provided by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor's purchase, sale or holding of our Shares should be subject to GST at the standard rate, presently at 9%. Such services should qualify for zero-rating if these services are contractually supplied to an investor belonging outside Singapore and the supply directly benefits:

● a person who belongs in a country other than Singapore and who is outside Singapore at the time the services are performed; or

● a GST-registered person who belongs in Singapore.

**Dividend Distributions**

Singapore operates under the one-tier corporate taxation system ("One-Tier System"). Under the One-Tier System, the tax paid by a Singapore tax resident company constitutes a final tax. All dividends disbursed by a Singapore tax resident company are exempted from tax in Singapore for Shareholders regardless of their tax residency and whether the Shareholder is a company or an individual. Presently, Singapore does not impose withholding tax on dividends.

All foreign Shareholders/investors are advised to consult their own tax advisers regarding the tax laws of their respective countries of residence pertaining to the dividends received by them and the applicability of any double taxation agreement between their country of residence and Singapore.

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**Certain United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Ordinary Shares. This summary applies only to U.S. Holders that hold our Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ordinary shares through such entities.

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**PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL, NON-U.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES.**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Shares.

***Taxation of Dividends and Other Distributions on Our Ordinary Shares***

Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions (including the amount of any PRC tax withheld) paid on our Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Ordinary Shares will meet the conditions required for the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our Ordinary Shares, would be eligible for the reduced rates of taxation described in this paragraph. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares. Dividends received on our Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

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

Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such ordinary shares. Any capital gain or loss will be long term if the ordinary shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gain from the disposition of the ordinary shares is subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

***Passive Foreign Investment Company Rules***

A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we will be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the ordinary shares), and (ii) any gain realized on the sale or other disposition of ordinary shares. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the ordinary shares;

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

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

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If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ordinary shares held at the end of the taxable year over the adjusted tax basis of such ordinary shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ordinary shares over the fair market value of such ordinary shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the ordinary shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Ordinary Shares.

***Information Reporting and Backup Withholding***

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**THE PRECEDING DISCUSSION OF U.S. FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the BVI as a BVI company with limited liability. We are incorporated in the BVI because of certain benefits associated with being a BVI business company, such as (i) political and economic stability; (ii) an effective and sophisticated judicial system with a dedicated commercial court; (iii) tax neutral treatment, with no tax levied against companies incorporated in the BVI by the local tax authorities; and (iv) the absence of foreign exchange control or currency restrictions and (v) the availability of professional and support services.

However, certain disadvantages accompany incorporation in the BVI: (a) the BVI has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and (b) BVI companies do not have standing to sue before the federal courts of the United States.

We believe the disadvantages of incorporating in the BVI are outweighed by the benefits to us and our investors of such incorporation.

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

Substantially all of our assets are located outside the United States. All our directors and officers reside outside of the United States. As a result, it may be difficult or impossible for investors to effect service of process within the United States upon us or such persons or to enforce judgments obtained in United States courts against them or against us, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

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

**Hong Kong**

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Nationality** | **Residence** |
| Wai Ting, CHEUNG | Director and Chief Executive Officer | Chinese | Hong Kong |
| Wing Sum, HO | Director, Chief Financial Officer, and Chairman of the Board of Directors | Chinese | Hong Kong |
| Chun Ting Kavern, CHAN | Chief Operating Officer | Chinese | Hong Kong |
| Ho Wai Alan, CHUNG | Independent Director | Chinese | Hong Kong |
| Wai Ming, YIU | Independent Director | Chinese | Hong Kong |
| Wai Hong, LIN | Independent Director | Chinese | Hong Kong |

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All of our directors and officers reside outside the United States in Hong Kong. We have been advised by David Fong & Co., Solicitors, our Hong Kong counsel, that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

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

**British Virgin Islands**

We have been advised by Ogier, our counsel as to the laws of the BVI that the BVI do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be enforceable in the BVI. We have also been advised that a final and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e., not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common law doctrine of obligation.

Ogier has further advised us that there is uncertainty as to whether the BVI would:

● 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

● entertain original actions brought in the BVI against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

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**UNDERWRITING**

In connection with this offering, we will enter into an underwriting agreement with Pacific Century Securities, LLC, as the representative of the underwriters, or the representative, in this offering. The representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this offering. The underwriters have agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite its name below, at the offering price less the underwriting discounts set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name of Underwriters** | **Number of<br> Class A Ordinary<br> Shares** |
| Pacific Century Securities, LLC | [ ] |
| **Total** | 1100000 |

---

The underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriters are not obligated to purchase the Class A Ordinary Shares covered by the underwriter's over-allotment option to purchase Class A Ordinary Shares as described below. The underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as, and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel, or modify offers to the public and to reject orders in whole or in part.

**Over-Allotment Option**

We have granted to the underwriters a 45-day option to purchase up to an aggregate of 165,000 additional Class A Ordinary Shares (equal to 15% of the number of Class A Ordinary Shares sold in the offering) at the public offering price per Class A Ordinary Share less underwriting discounts. The underwriters may exercise this option for 45 days from the closing of this offering solely to cover sales of Class A Ordinary Shares by the underwriters in excess of the total number of Class A Ordinary Shares set forth in the table above. If any of the additional Class A Ordinary Shares are purchased, the underwriters will offer the additional Class A Ordinary Shares at the public offering price of each Class A Ordinary Share.

**Underwriting Discount**

Class A Ordinary Shares sold by the underwriters to the public will initially be offered at the initial offering price set forth on the cover of this prospectus. The underwriters may offer the Class A Ordinary Shares through one or more of their affiliates or selling agents. If all the Class A Ordinary Shares are not sold at the public offering price, Pacific Century Securities, LLC may change the offering price and the other selling terms. Upon execution of the underwriting agreement, the underwriters will be obligated to purchase the Class A Ordinary Shares at the price and upon the terms stated therein.

The underwriting discount is equal to the public offering price per Class A Ordinary Share, less the amount paid by the underwriters to us per share. The underwriting discount was determined through an arms' length negotiation between us and the underwriters. We have agreed to sell the Class A Ordinary Shares to the underwriters at the offering price set forth on the cover page of this prospectus less a 7.0% underwriting discount.

The following table shows the per Class A Ordinary Share and total underwriting discounts to be paid to the underwriters. Such amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option to purchase additional Class A Ordinary Shares.

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| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  |<br>**Per Class A Ordinary<br> Share** | **Total Without<br> Exercise of<br> Over-Allotment<br> Option** | **Total With<br> Exercise of<br> Over-Allotment<br> Option** |
| Initial public offering price<sup>(1)</sup> | $6.00 | $6600000 | $7590000 |
| Underwriting discount (7.0%)<sup>(2)</sup> | $0.42 | $462000 | $531300 |
| Proceeds, before expenses, to us | $5.58 | $6138000 | $7058700 |

---

____________

(1) Initial public offering price per Class A Ordinary Share is $6.00.

(2) Does not include amounts representing reimbursement of certain
out-of-pocket expenses, as described below.

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We have agreed to pay Pacific Century Securities, LLC, a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds raised in this offering.

We have also agreed to pay Pacific Century Securities, LLC's out-of-pocket accountable expenses, including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals, all subject to a maximum amount of $250,000. As of the date of this prospectus, the Company has paid $100,000 to the underwriters as an advance against out-of-pocket accountable expenses. Any portion of such advance shall be returned to us to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts and the non-accountable expense allowance referred to above, will be approximately $1,213,812, including a maximum aggregate reimbursement of $250,000 of the underwriter's accountable expenses.

**Right of First Refusal**

We have granted Pacific Century Securities, LLC a right of first refusal, for a period of twelve (12) months from the closing of this offering, to provide investment banking services to the Company on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents (the "Right of First Refusal"), which is exercisable in the representative's sole discretion. For purposes of this Right of First Refusal, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering; and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company. In accordance with FINRA's Rule 5110(g)(6)(A) this Right of First Refusal shall not have a duration of more than three years from the commencement of sales of this offering. In addition, in accordance with FINRA Rule 5110(g)(5)(B), the Company has a right of "termination for cause," which shall include the representative's material failure to provide the underwriting services contemplated in the underwriting agreement and the Company's exercise of its right of "termination for cause" will eliminate any obligations of the Company with respect to the Right of First Refusal.

**Tail**

We have also agreed that if the Company completes an offering with an investor introduced to the Company by the representative, and not known to the Company before such introduction, regarding an offering prior to the termination or expiration of the engagement letter between us and the representative, during the twelve (12) month period following the termination of the engagement letter between the Company and the representative, the representative shall be entitled to compensation commensurate with the compensation to be received by the representative in this offering. In accordance with FINRA Rule 5110, the Company has a right of "termination for cause," which shall include the representative's material failure to provide the underwriting services contemplated in the underwriting agreement and the Company's exercise of its right of "termination for cause" will eliminate any obligations of the Company with respect to any of its obligations under this paragraph.

**Lock-up Agreements**

The Company, on behalf of itself and any successor entity, will agree in the Underwriting Agreement that, without the prior written consent of Pacific Century Securities, LLC, it will not, for a period of six months from the effective date of the registration statement of which this prospectus forms a part (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; (ii) file or caused to be filed any registration statement with the SEC 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, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

In addition, each of our directors, officers and five percent or more shareholders has agreed to enter into customary lock-up agreements in favor of Pacific Century Securities, LLC that provide that for a period six months from the effective date of the registration statement of which this prospectus forms a part, they shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares of the Company, subject to customary exceptions.

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**Indemnification**

We have agreed to indemnify the several underwriters against certain liabilities, including certain liabilities under the Securities Act. If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to make in respect of those liabilities.

**Other Relationships**

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

**Stock Exchange**

We have applied to list our Class A Ordinary Shares approved for listing/quotation on the Nasdaq Capital Market under the symbol "HAMA". However, there can be no assurance that we will be successful in listing our Class A Ordinary Shares on the Nasdaq Capital Market. We will not consummate and close this offering without a listing approval letter from Nasdaq Capital Market.

**Price Stabilization, Short Positions**

In connection with this offering, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price of our securities during and after this offering, including:

● stabilizing transactions;

● short sales;

● imposition of penalty bids; and

● syndicate covering transactions.

The underwriters may close out any covered short position by either exercising their option, in whole or in part, or by purchasing our securities in the open market. In making this determination, the underwriters will consider, among other things, the price of our securities available for purchase in the open market as compared to the price at which they may purchase our securities through the over-allotment option.

Naked short sales are short sales made in excess of the over-allotment option. The underwriters must close out any naked short position by purchasing our securities in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our securities in the open market that could adversely affect investors who purchased in this offering.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because Pacific Century Securities, LLC has repurchased shares sold by or for the account of that underwriter in stabilizing or short covering transactions.

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**Determination of Offering Price**

The principal factors to be considered in determining the public offering price include:

● the information set forth in this prospectus and otherwise available to Pacific Century Securities, LLC;

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

● our past and present financial performance;

● our prospects for future earnings and the present state of our company;

● the general condition of the securities market at the time of this offering;

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

● other factors deemed relevant by the underwriters and us.

The assumed public offering price set forth on the cover page of this preliminary prospectus is subject to change as a result of market conditions and other factors. Neither we nor the underwriters can assure investors that an active trading market will develop for our Class A Ordinary Shares or that the Class A Ordinary Shares will trade in the public market at or above the public offering price.

**Affiliations**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and their affiliates may from time to time in the future engage with us and perform services for us or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of us. The underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of these securities or instruments and may at any time hold, or recommend to customers that they acquire, long and/or short positions in these securities and instruments.

**Electronic Distribution**

A prospectus in electronic format may be made available on the Internet sites or through other online services maintained by one or more of the underwriters participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms online and, depending upon the particular underwriter, prospective investors may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of our securities for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by an 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 any underwriter in its capacity as underwriter and should not be relied upon by investors.

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**Selling Restrictions**

 ****

***Canada***

Our securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of our securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering**.**

 ****

***European Economic Area***

In relation to each Member State of the European Economic Area which has implemented the Prospectus Regulation, or each, a Relevant Member State, an offer to the public of our securities may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of our securities may be made at any time under the following exemptions under the Prospectus Regulation, if they have been implemented in that Relevant Member State:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any legal entity which is a qualified investor as defined
in the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fewer than 150 natural or legal persons (other than qualified
investors as defined in the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other circumstances falling within Article 1(4) of
the Prospectus Regulation, provided that no such offer of securities shall result in a requirement for the publication by us or any underwriter
of a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to our securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase any securities, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

 ****

***United Kingdom***

Each underwriter has represented and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has only communicated or caused to be communicated and will
only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21
of the Financial Services and Markets Act 2000 ("FSMA") received by it in connection with the issue or sale of our securities
in circumstances in which Section 21(1) of the FSMA does not apply to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has complied and will comply with all applicable provisions
of the FSMA with respect to anything done by it in relation to the securities in, from or otherwise involving the United Kingdom.

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***Hong Kong***

Our securities may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

 ****

***Japan***

No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "FIEL") has been made or will be made with respect to the solicitation of the application for the acquisition of our securities.

Accordingly, the securities have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.

 

*For Qualified Institutional Investors ("QII")*

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the Class A Ordinary Shares constitutes either a "QII only private placement" or a "QII only secondary distribution" (each as described in Paragraph 1, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the Class A Ordinary Shares. The securities may only be transferred to QIIs.

 

*For Non-QII Investors*

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the securities constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the securities. The securities may only be transferred en bloc without subdivision to a single investor.

 ****

***Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 by a relevant person which is a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired our securities under Section 275 except: (a) to an institutional investor under Section 274 of the SFA or to a relevant person, (b) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA; (c) where no consideration is or will be given for the transfer; (d) where such transfer is by operation of law; or (e) as specified in Section 276(7) of the SFA.

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Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, or (5) as specified in Section 276(7) of the SFA.

 ****

***Australia***

This document:

● does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the "Corporations Act");

● has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and

● may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors available under section 708 of the Corporations Act ("Exempt Investors").

The securities may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the securities may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any securities may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the securities, you represent and warrant to us that you are an Exempt Investor.

As any offer of the securities under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the securities you undertake to us that you will not, for a period of 12 months from the date of issue of the securities, offer, transfer, assign or otherwise alienate those securities to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

 ****

***New Zealand***

The Class A Ordinary Shares offered hereby have not been offered or sold, and will not be offered or sold, directly or indirectly in New Zealand and no offering materials or advertisements have been or will be distributed in relation to any offer of shares in New Zealand, in each case other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to persons whose principal business is the investment of money
or who, in the course of and for the purposes of their business, habitually invest money; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to persons who in all the circumstances can properly be regarded
as having been selected otherwise than as members of the public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to persons who are each required to pay a minimum subscription
price of at least NZ$500,000 for the shares before the allotment of those shares (disregarding any amounts payable, or paid, out of money
lent by the issuer or any associated person of the issuer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in other circumstances where there is no contravention of the Securities
Act 1978 of New Zealand (or any statutory modification or re-enactment of, or statutory substitution for, the Securities
Act 1978 of New Zealand).

 ****

***BVI***

We are not licensed to conduct investment business in the BVI by the BVI Financial Services Commission and this prospectus does not constitute an offer to members of the public of our Class A Ordinary Shares, whether by way of sale or subscription, in the BVI. Our Class A Ordinary Shares have not been offered or sold, will not be offered or sold and no invitation to subscribe for our Class A Ordinary Shares will be made, directly or indirectly, to members of the public in the BVI.

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**EXPENSES RELATED TO OFFERING**

The following table sets forth the costs and expenses other than underwriting discounts, payable by us in connection with the offer and sale of Shares in this offering. All amounts listed below are estimates except the SEC registration fee, Nasdaq listing fee and the Financial Industry Regulatory Authority ("FINRA") filing fee.

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| | |
|:---|:---|
| **Itemized expense** | **Amount** |
| SEC registration fee | $2000 |
| FINRA filing fee | 2000 |
| Nasdaq listing fee | 55000 |
| Printing expenses | 16200 |
| Legal fees, advisory fees and expenses | 430612 |
| Accounting fees and expenses | 5000 |
| Miscellaneous | 703000 |
| Total | $1213812 |

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**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws. The representatives of the underwriters, Pacific Century Securities, LLC is being represented by Hunter Taubman Fischer & Li LLC in connection with this offering. The legal matters concerning this offering relating to British Virgin Islands law will be passed upon for us by Ogier. Certain legal matters as to Hong Kong law will be passed upon for us by David Fong & Co., Solicitors. Certain legal matters as to PRC law will be passed upon for us by China Commercial Law Firm. Loeb & Loeb LLP and Ogier may rely upon China Commercial Law Firm with respect to matters governed by PRC law.

**EXPERTS**

The consolidated financial statements as of and for the years ended February 28, 2025 and February 29, 2024, included in this prospectus have been so included in reliance on the report of AOGB CPA Limited, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of AOGB CPA Limited is located at Suite 2501-03, Tesbury Centre, 28 Queen's Road East, Admiralty, Hong Kong, Hong Kong.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this offering of our Shares. This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but they are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC at its website at: *http://www.sec.gov*.

We are not currently subject to the informational requirements of the Exchange Act. Upon completion of this offering, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and will fulfill the obligations of those requirements by filing reports with the SEC. As a foreign private issuer, we will be exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within 120 days after the end of our fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements that will be audited and reported on, with an opinion expressed, by an independent registered public accounting firm. We also intend to file with the SEC reports on Form 6-K containing unaudited financial information for the first three quarters of each fiscal year.

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**HAMA INTELLIGENCE LIMITED**

**INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Table of content**

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|:---|:---|
|  | **Page** |
| [Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 7020)](#f_001) | F-2 |
| [Consolidated Balance Sheets as of February 28, 2025 and February 29, 2024](#f_002) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Income for the Years Ended February 28, 2025 and February 29, 2024](#f_003) | F-4 |
| [Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Years Ended February 28, 2025 and February 29, 2024](#f_004) | F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended February 28, 2025 and February 29, 2024](#f_005) | F-6 |
| [Notes to the Consolidated Financial Statements](#f_006) | F-7 |

---

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

![](fin_001.jpg)

**Report of Independent Registered Public Accounting Firm**

To: The Board of Directors and Shareholders of <br> HAMA Intelligence Limited

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of HAMA Intelligence Limited and its subsidiaries (collectively "the Group") as of February 28, 2025 and February 29, 2024, and the related consolidated statements of operations and comprehensive income, stockholders' equity (deficit) and cash flows for each of the years ended February 28, 2025 and February 29, 2024, 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 Group as of February 28, 2025 and February 29, 2024, and the results of its operations and its cash flows for each of the years in the periods ended February 28, 2025 and February 29, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group 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 Group 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 Group'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 consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Other Matter**

As discussed in Note 1 and Note 12 to the consolidated financial statements, the controlling shareholder converted his Class B Ordinary Shares into Class A Ordinary Shares on July 16, 2025, which has been retroactively reflected in the accompanying consolidated financial statements. Our opinion is not modified in respect of this matter.

/s/ AOGB CPA Limited

Hong Kong, Hong Kong

July 7, 2025

We have served as the Group's auditor since 2025.

AOGB CPA Limited, Suite 2501-03, Tesbury Centre, 28 Queen's Road East, Admiralty, Hong Kong

Tel: 2152-2238, Website: www.aogb.com

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in U.S. dollars, except for number of shares)**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| **ASSETS** | | |
| **Current assets** | | |
| Cash and cash equivalents | $1249125 | $66723 |
| Accounts receivable, net | 270571 | 1026 |
| Rental deposits and prepayments | - | 68872 |
| &nbsp;&nbsp;&nbsp;**Total current assets** | **1519696** | **136621** |
| **Non-current assets** |  |  |
| Property and equipment, net | 5205 | 1128 |
| Operating lease right-of-use assets | 15856 | 2406 |
| Long-term rental deposits | 2051 | - |
| &nbsp;&nbsp;&nbsp;**Total non-current assets** | **23112** | **3534** |
| **TOTAL ASSETS** | $**1542808** | $**140155** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| **Current liabilities** |  |  |
| Accounts payable | $24359 | $24359 |
| Accrued expenses and other payables | 30726 | 20392 |
| Contract liabilities | 51282 | 51282 |
| Tax payable | 181600 | 28178 |
| Amount due to a director | 184566 | 48792 |
| Operating lease liabilities – current | 11055 | 2406 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | **483588** | **175409** |
| **Non-current liability** |  |  |
| Operating lease liabilities – non-current | 4801 | - |
| &nbsp;&nbsp;&nbsp;**Total non-current liability** | **4801** | **-** |
| **TOTAL LIABILITIES** | $**488389** | $**175409** |
| **Commitments and contingencies (Note 10)** |  |  |
| **Stockholders' equity (deficit)** |  |  |
| Class A Ordinary Shares, no par value per share; 95,000,000 Class A Ordinary Shares authorized, 3,000,000 and 3,000,000 Class A Ordinary Shares issued and outstanding as of February 28, 2025 and February 29, 2024, respectively\* |  |  |
| Class B Ordinary Shares, no par value per share; 38,000,000 Class B Ordinary Shares authorized, 9,407,000 and 9,407,000 Class B Ordinary Shares issued and outstanding as of February 28, 2025 and February 29, 2024, respectively\* | 1 | 1 |
| Subscription receivables |  | (1) |
| Retained earnings (accumulated deficit) | 1054418 | (35254) |
| &nbsp;&nbsp;&nbsp;**Total stockholders' equity (deficit)** | **1054419** | **(35254)** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**1542808** | $**140155** |

---

\* Retrospectively restated for effect of reorganization and share split (Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in U.S. dollars, except for number of shares)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2025** | **February 29, <br> 2024** |
| **Revenue** | | |
| One-stop corporate services | $401982 | $7179 |
| Business financial consulting services | 1420012 | 1435229 |
| **Total revenue** | 1821994 | 1442408 |
| **Operating costs and expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Business service fees – direct cost | 360154 | 548000 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 2807 | 2820 |
| &nbsp;&nbsp;&nbsp;Travel and entertainment expenses | 25854 | 46152 |
| &nbsp;&nbsp;&nbsp;Employee and compensation benefits expenses | 173325 | 168019 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 9257 | 32641 |
| &nbsp;&nbsp;&nbsp;Marketing and promotional expenses |  | 330480 |
| &nbsp;&nbsp;&nbsp;Other operating costs and expenses | 8835 | 22373 |
| **Total operating costs and expenses** | 580232 | 1150485 |
| **Income from operations** | 1241762 | 291923 |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 118 | 144 |
| &nbsp;&nbsp;&nbsp;Other income | 2343 | 2325 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | (1128) | - |
| **Total other income, net** | 1333 | 2469 |
| **Income before income tax expense** | 1243095 | 294392 |
| Income tax expense | (153423) | (28178) |
| **Net income and total comprehensive income** | $**1089672** | $**266214** |
| **Basic and diluted earnings per ordinary share (in US$)\*** |  |  |
| Class A Ordinary Shares | $0.09 | $0.02 |
| Class B Ordinary Shares | $0.09 | $0.02 |
| **Basic and diluted weighted average number of ordinary shares outstanding** |  |  |
| Class A Ordinary Shares | 3000000 | 3000000 |
| Class B Ordinary Shares | 9407000 | 9407000 |

---

\* Retrospectively restated for effect of reorganization and share split (Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Amounts in U.S. dollars, except for number of shares)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares\*** | **Class A Ordinary Shares\*** | **Class B Ordinary Shares\*** | **Class B Ordinary Shares\*** | | | |
|  | **No. of shares** | **Amount** | **No. of shares** | **Amount** | **Subscription**<br>**receivables** | **(Accumulated<br> deficit) retained**<br>**earnings** | **Total <br> stockholders'**<br>**(deficit) equity** |
| **Balance, March 1, 2023** | **3000000** | $**—** | **9407000** | $**1** | $**(1)** | $**(301468)** | $**(301468)** |
| Net income |  |  |  |  |  | 266214 | 266214 |
| **Balance, February 29, 2024** | **3000000** | $— | **9407000** | $**1** | $**(1)** | $**(35254)** | $**(35254)** |
| Net income |  |  |  |  |  | 1089672 | 1089672 |
| Cash receipt for share issuance |  |  |  |  | 1 |  | 1 |
| **Balance, February 28, 2025** | **3000000** | $**—** | **9407000** | $**1** | $— | $**1054418** | $**1054419** |

---

\* Retrospectively restated for effect of reorganization and share split (Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in U.S. dollars, except for number of shares)**

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| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2025** | **February 29,<br> 2024** |
| **Cash flows from operating activities** | | |
| Net income | $1089672 | $266214 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation on property and equipment | 2231 | 3385 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 9257 | 32641 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 1128 |  |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Rental deposits and prepayments | 66821 | (49551) |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (269545) | (1026) |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 8205 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 10334 | (9024) |
| &nbsp;&nbsp;&nbsp;Contract liabilities |  | 17094 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (9257) | (35076) |
| &nbsp;&nbsp;&nbsp;Tax payable | 153422 | 28178 |
| **Net cash provided by operating activities** | 1054063 | 261040 |
| **Cash flows from investing activity** |  |  |
| Purchase of property and equipment | (7436) | - |
| **Net cash used in investing activity** | (7436) | - |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from share issuance | 1 |  |
| &nbsp;&nbsp;&nbsp;Advance from a director | 135774 |  |
| &nbsp;&nbsp;&nbsp;Repayment to a director | - | (274994) |
| **Net cash provided by (used in) financing activities** | 135775 | (274994) |
| Net change in cash and cash equivalents | 1182402 | (13954) |
| Cash and cash equivalents at the beginning of the year | 66723 | 80677 |
| Cash and cash equivalents at the end of the year | $1249125 | $66723 |
| **Supplemental cash flow information:** |  |  |
| Cash received for interest income | $118 | $144 |
| Cash paid for income tax expense | $- | $- |
| **Supplemental schedule of non-cash operating activities:** |  |  |
| Operating lease right-of-use assets, obtained in exchange for operating lease obligations | $11006 | $- |
| Re-measurement of operating lease right-of-use assets and operating lease liabilities due to lease modification | $11006 | $- |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

 ****

***Organization***

HAMA Intelligence Limited (formerly known as "HAMA International Limited") (the "Company") is a limited liability company established under the laws of the British Virgin Islands on February 26, 2025. The registered office of the Company is located at Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. The principal office is located at 380 Jalan Besar, #07-10 ARC 380, Singapore 209000. It is a holding company with no business operation of its own.

The Company owns 100% equity interest of (i) 88M Global Limited, a limited liability company established in Hong Kong on July 16, 2020; (ii) Nardo Capital (Hong Kong) Limited, a limited liability company established in Hong Kong on May 26, 2021; and (iii) HAMA SGD Pte. Ltd., a limited liability company established in Singapore on March 25, 2025.

The Company and its subsidiaries (collectively, the "Group") are a professional corporate solution service provider specializing in the provision of two main streams of services, namely (i) one-stop corporate services; and (ii) business financial consulting services. The Group principally focuses on offering corporate services including accounting, internal control, tax and compliance advisory to clients ranging from small and medium-sized enterprises to listed companies. The Group is also dedicated to offering business financial consulting services which include strategic business advisory as well as investor relationship management to business owners and financial intermediaries.

 ****

***Reorganization***

A reorganization of the legal structure of the Company (the "Reorganization") was completed on May 13, 2025. Prior to the Reorganization, 88M Global Limited and Nardo Capital (Hong Kong) Limited, the operating subsidiaries of the Company, were wholly owned and controlled by Mr. Wing Sum, HO.

Pursuant to the Reorganization to rationalize the structure of the Company and its subsidiaries in preparation for the listing of the shares, the Company becomes the holding company of 88M Global Limited and Nardo Capital (Hong Kong) Limited. To prepare for this offering, the Company underwent the reorganization with the following steps:

Step 1 Incorporation of HAMA International Limited

HAMA International Limited was incorporated under the laws of the British Virgin Islands on February 26, 2025 as a limited liability company with the intention to become the issuer of this offering. The authorized share capital of HAMA International Limited was US$100,000 divided into 100,000 shares each with a par value of US$1.00. Upon incorporation, HAMA International Limited has one share in issue and held by Mr. Wing Sum, HO.

Pursuant to a written resolution passed on May 2, 2025, the name of HAMA International Limited was changed to HAMA Intelligence Limited.

Step 2 Incorporation of HAMA SGD Pte. Ltd.

On March 25, 2025, HAMA SGD Pte. Ltd. was incorporated in Singapore as a wholly owned subsidiary of the Company.

Step 3 Share split and share restructuring

On April 17, 2025, the Company effectuated a share split of its each issued and unissued ordinary shares with a par value of US$1.00 at a ratio of 653,000 for one (the "1<sup>st</sup> Share Split"), so that the maximum number of authorized ordinary shares was increased from 100,000 shares with a par value of US$1.00 per share to 65,300,000,000 shares with a par value of US$1/<sub>653,000</sub> per share, with 653,000 ordinary shares issued and outstanding issued to Mr. Wing Sum, HO post-1<sup>st</sup> Share Split.

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES** (cont.)

***Reorganization (cont.)***

Immediately after the 1<sup>st</sup> Share Split on April 17, 2025, the Company effectuated a change in the maximum number of authorized ordinary shares from 65,300,000,000 shares with a par value of US$1/<sub>653,000</sub> per share to 7,000,000 ordinary shares with no par value and the redesignation and reclassification of the maximum number of authorized ordinary shares from 7,000,000 ordinary shares with no par value into (i) 5,000,000 class A ordinary shares with no par value (the "Class A Ordinary Shares"); and (ii) 2,000,000 class B ordinary shares with no par value (the "Class B Ordinary Shares") (the "Share Restructuring"). As a result, 653,000 ordinary shares issued and outstanding were re-designated and reclassified as 653,000 Class B Ordinary Shares issued to Mr. Wing Sum, HO post-Share Restructuring. In respect of matters requiring the votes of shareholders, holders of Class A Ordinary Shares will be entitled to one vote per Class A Ordinary Share, while holders of Class B Ordinary Shares will be entitled to twenty votes per Class B Ordinary Share.

Step 4 Transfer of Shares by Mr. Wing Sum, HO

On April 22, 2025, Mr. Wing Sum, HO transferred all of its ordinary shares in 88M Global Limited and Nardo Capital (Hong Kong) Limited to the Company. Consequently, the Company became the holding company of 88M Global Limited and Nardo Capital (Hong Kong) Limited on the same date.

Following the Reorganization, the Company owned 100% of 88M Global Limited and Nardo Capital (Hong Kong) Limited and the Company was owned 100% by Mr. Wing Sum, HO, which was the same controlling shareholder of 88M Global Limited and Nardo Capital (Hong Kong) Limited prior to the Reorganization.

The Company and its subsidiaries resulting from Reorganization have always been under the common control of the same controlling shareholder before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

Immediately after the Share Restructuring on April 17, 2025, the Company also allotted 347,000 Class A Ordinary Shares in aggregate to a group of investors for a consideration of US$1.00 per Class A Ordinary Share.

On May 13, 2025, the Company effectuated a further share split of its each issued and unissued ordinary shares at a ratio of 19 for one (the "2<sup>nd</sup> Share Split", together with 1<sup>st</sup> Share Split, the "Share Split"), so that the maximum number of authorized Class A Ordinary Shares was increased from 5,000,000 Class A Ordinary Shares to 95,000,000 Class A Ordinary Shares and the maximum number of authorized Class B Ordinary Shares was increased from 2,000,000 Class B Ordinary Shares to 38,000,000 Class B Ordinary Shares, with 6,593,000 Class A Ordinary Shares and 12,407,000 Class B Ordinary Shares issued and outstanding post-2<sup>nd</sup> Share Split.

On July 16, 2025, Mr. Wing Sum, HO converted his 3,000,000 Class B Ordinary Shares into 3,000,000 Class A Ordinary Shares with nil consideration.

From a British Virgin Islands legal perspective, the Share Split and the Share Restructuring do not have any retroactive effect on our shares prior to the effective date. However, references to our Ordinary Shares in this prospectus are presented on a post-Share Split basis and a post-Share Restructuring basis, or as having been retroactively adjusted and restated to give effect to the Share Split and the Share Restructuring, as if the Share Split and the Share Restructuring had occurred by the relevant earlier date.

The accompanying consolidated financial statements reflect the activities of HAMA Intelligence Limited and the following subsidiaries:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Date of<br> incorporation** | **Jurisdiction of<br> formation** | **Percentage of<br> direct/indirect<br> economic<br> ownership** | **Principal activities** |
| 88M Global Limited | July 16, 2020 | Hong Kong | 100% | Provision of professional corporate solution service |
| Nardo Capital (Hong Kong) Limited | May 26, 2021 | Hong Kong | 100% | Provision of professional corporate solution service |
| HAMA SGD Pte. Ltd. | March 25, 2025 | Singapore | 100% | Inactive |

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

 ****

***Basis of Presentation and Consolidation***

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

The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

 ****

***Use of estimates and assumptions***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Group and on various other assumptions that the Group believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the incremental borrowing rates used in calculation of the operating lease right-of-use assets and operating lease liabilities, allowance for current expected credit loss and uncertain tax position. Actual results could differ from those estimates, and as such, differences could be material to the consolidated financial statements.

***Functional Currency and Foreign Currency Translation and transaction***

The functional currency of the Company is United States Dollars ("US$" or "$") and the functional currencies of its subsidiaries in Hong Kong and Singapore are Hong Kong Dollars ("HK$") and Singapore Dollars ("S$"), respectively. The Group's consolidated financial statements are reported using the US$. Foreign currency transaction gains and losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign currency transaction gains and losses are recognized for changes between the transaction exchange rates and month-end exchange rates. Foreign currency transaction gains and losses are included in other income, net, in the accompanying consolidated statements of operations and comprehensive income in the period incurred.

The exchanges rates used for translation from Hong Kong dollars to US$ was 7.80, a pegged rate determined by the linked exchange rate system in Hong Kong. This pegged rate was used to translate the Group's balance sheets, income statement items and cash flow items for both years ended February 28, 2025 and February 29, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2025** | **February 28,<br> 2025** | **February 29,<br> 2024** | **February 29,<br> 2024** |
| Balance sheet items, except for equity accounts | US$ | 1 = HK$7.80 | US$ | 1 = HK$7.80 |
| Items in statements of operations and cash flows | US$ | 1 = HK$7.80 | US$ | 1 = HK$7.80 |

---

 ****

***Fair Value of Financial Instruments***

The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

---

| | |
|:---|:---|
| Level 1 — | Quoted prices in active markets for identical assets and liabilities. |
| Level 2 — | Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
| Level 3 — | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |

---

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

***Fair Value of Financial Instruments (cont.)***

The Group considers the carrying amount of its financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, net, rental deposits, accounts payable, other payables and amount due to a director approximate the fair value of the respective assets and liabilities as of February 28, 2025 and February 29, 2024 due to their short-term nature.

The Group had no transfers between levels during any of the periods presented. The Group did not have any instruments that were measured at fair value on a recurring or non-recurring basis as of February 28, 2025 and February 29, 2024.

 ****

***Property and equipment, net***

Property and equipment are stated at cost net of accumulated depreciation and impairment losses. Depreciation is provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service and after the reduction for the estimated residual values of property and equipment. Estimated useful lives are as follows:

---

| | | |
|:---|:---|:---|
| **Classification** | **Estimated useful life** | **Estimated residual value** |
| Motor vehicle | 3 years | 10% |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive income. Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized.

 ****

***Cash and cash equivalents***

Cash and cash equivalents includes cash at bank accounts maintained with commercial banks that can be added or withdrawn without limitation. The Group 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 approximately $102,564 (HK$800,000). Cash balances in bank accounts in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs.

 ****

***Accounts receivable, net***

Accounts receivable, net are recognized and carried at original invoiced amount less an allowance for current expected credit loss ("CECL"). The Group evaluates its accounts receivable for CECL on a regular basis. The Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard replaces the "incurred loss methodology" credit impairment model with a new forward-looking methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In applying this standard, the Group has adopted the loss rate methodology to estimate historical losses on accounts receivable. The Group has adopted the aging methodology to estimate the credit losses on accounts receivable. The historical data is adjusted to account for forecasted changes in the macroeconomic environment in order to calculate the CECL.

For the years ended February 28, 2025 and February 29, 2024, the Company has not recorded any provision for CECL for accounts receivable.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

***Allowance for CECL***

Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit losses methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures.

 ****

***Related parties***

The Company adopted ASC Topic 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

 ****

***Impairment of long-lived assets***

Long-lived assets, representing property and equipment with finite lives and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Group assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Group will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of February 28, 2025 and February 29, 2024, no impairment of long-lived assets was recognized.

***Rental deposits and prepayments***

Rental deposits and prepayments primarily include rental deposits and prepayment for business service fee.

***Long-term rental deposits***

Long-term rental deposits represent security payments made to lessors for the Group's lease agreements entered. The Group made such security payments upon the commencement of the original lease agreements. The security deposits will be refunded to the Group upon the termination or expiration of the lease agreements as well as the delivery of the vacant leased properties to the lessors by the Group.

***Lease***

The Group assesses whether a contract qualifies as a lease at inception. The Group only held operating leases as of and during the years ended February 28, 2025 and February 29, 2024. The Group's material long-term operating lease agreements are for the office premises. The lease term begins on the date that the Group takes possession under the lease.

Operating lease right-of-use assets and operating lease liabilities are recognized at the lease commencement date for material leases with a term of greater than 12 months. Operating lease liabilities represent the present value of future minimum lease payments. Since the Group's leases do not provide an implicit rate, operating lease liabilities are calculated using estimated incremental borrowing rate based on a collateralized borrowing over the term of each individual lease. Minimum lease payments include only fixed lease components of the agreement, as well as variable rate payments that depend on an index, initially measured using the index at the lease commencement date.

Operating lease right-of-use assets represent the Group's right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepaid or accrued lease payments, initial direct costs and lease incentives. Lease incentives are recognized when earned and reduce the Group's operating lease asset related to the lease. They are amortized through the operating lease assets as reductions of rent expense over the lease term.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

 ****

***Accounts payable***

Accounts payable primarily represent the service fee payables to vendors for performing business service for the Group.

 ****

***Accrued expenses and other payables***

Accrued expenses and other payables primarily include accrued payroll and employee benefits expenses and accrued expenses for the operation in the ordinary course of business.

 ****

***Contract liabilities***

Contract liabilities primarily include advance received from customers related to unsatisfied performance obligations, which will be recognized as revenues upon the satisfaction of performance obligations through transfer of related promised services to customers. The Group's contract liabilities outstanding as of March 1, 2024 and 2023 amounting to $51,282 and $34,188 have been recognized as revenue during the years ended February 28, 2025 and February 29, 2024, respectively.

 **

***Revenue recognition***

 **

The Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.

The five-step model defined by ASC 606 requires the Group to (1) identify its contracts with customers, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts, and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services.

The Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Group is a professional corporate solution service provider specializing in the provision of two main streams of services, namely (i) one-stop corporate services; and (ii) business financial consulting services. The service offerings mainly comprise the following:

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Group's principal revenue stream includes:

1. One-stop
 corporate services

The Group provides one-stop corporate services mainly including accounting, internal control, tax and accounting and compliance advisory to customers.

The Group enters a distinct contract with its clients for the provision of one-stop corporate services. The scope of work under one-stop corporate services is distinct and is identified as a single performance obligation. Revenue from the provision of one-stop corporate services to clients is recognized at a point in time when the service/goods is completed or delivered (i.e. the delivery and the acceptance of the performed work by the client).

2. Business
 financial consulting services

The Group provides business financial consulting services mainly including strategic business advisory, investor relationship management, public relation services, compliance advisory and training services, business due diligence and marketing research advisory services.

Generally, other than marketing research advisory services and compliance advisory and training services, the Group enters a distinct contract with its client for the provision of business financial consulting services. The scope of work under business financial consulting services is distinct and is identified as a single performance obligation. Revenue from the provision of business financial consulting services to clients is recognized at a point in time when the service/goods is completed or delivered (i.e. the delivery and the acceptance of the performed work by the client).

For the marketing research advisory services, the Group generally provides advice to its clients on business marketing strategies and on-going assistance in developing a marketing program for the clients over a pre-determined period of time in return for the advisory service fee. The Group enters a distinct contract with its clients for the provision of marketing research advisory services. The Group concludes that each quarterly advisory service fee is distinct and meets the criteria for recognizing revenue over time. In addition, the Group concludes that the services provided each quarter are substantially similar and result in the transfer of substantially similar services to the clients each quarter. That is, the benefit consumed by the clients is substantially similar for each quarter, even though the exact volume of services may vary. Therefore, the Group concludes that the quarterly marketing research advisory services satisfies the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. There is no variable consideration, significant financing components or noncash consideration in the contracts. Accordingly, based on the output methods, the Group recognizes revenue from marketing research advisory services on a quarterly basis when it satisfies its performance obligations throughout the contract terms. There is no contract asset that the Group has right to consideration in exchange for its marketing research advisory service that the Group has transferred to its clients. Such right is not conditional on something other than the passage of time.

For the compliance advisory and training services, the Group generally provides advice and training service to its clients on financial reporting, compliance, governance matters and sales and presentation skills over a pre-determined period of time in return for the compliance advisory and training service fee. The Group enters a distinct contract with its clients for the provision of compliance advisory and training services. The transaction price is typically fixed, distinctive and not contingent upon the occurrence or non-occurrence of any other event for individual tasks. The Group recognized the compliance advisory and training service income upon the delivery of compliance advisory and training services. Therefore, the Group concludes that only one performance obligation is identified for the compliance advisory and training services. Compliance advisory and training services are performed for the sole benefit of the customers and the services the Group performs does not have alternative benefits for the Group. Compliance advisory and training service income is recognized as the Group's obligations are satisfied over time consistent with the services are performed and customers simultaneously receive and consume the benefits the Group provides.

For some one-stop corporate services and business financial consulting services, the Group is entitled to receive upfront payment upon signing the contract and such upfront payment is non-refundable. As there is one single performance obligation and the entire transaction prices of such one-stop corporate services and business financial consulting services are allocated to a single performance obligation, the fees received upon singing the contract and upon completion of service are recognized at a point in time when the service/goods is completed or delivered. For projects which are terminated or lapsed at expiry of contracts, the revenue from the upfront fee is recognized at the time of termination or lapse of contracts.

***Operating costs and expenses***

Operating costs and expenses include business service fees, legal and professional fees, travel and entertainment expenses, employee and compensation benefits expenses, operating lease expenses, marketing and promotional expenses and other office expenses. During the years ended February 28, 2025 and February 29, 2024, the Group recorded marketing and promotional expenses of nil and $330,480, respectively, for marketing and promotional services including branding and strategy development to promote brand image and awareness.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

 ****

***Employee benefit plan***

Payments to the Mandatory Provident Fund Scheme ("MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance are recognized as an expense when employees have rendered service entitling them to the contributions. An employer is required to make regular mandatory contributions of at least 5% of the employee's monthly income and $192 (HK$1,500) of the employee's monthly income over $3,846 (HK$30,000).

***Other income, net***

Other income, net includes bank interest income mainly generated from savings and received from banks on a monthly basis, sundry income and loss on disposal of property and equipment.

 ****

***Income taxes***

The Group accounts for income taxes pursuant to ASC Topic 740, Income Taxes ("ASC 740"). Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and the expected future tax benefit to be derived from tax losses and tax benefit carry-forwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, is dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Group's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income taxes.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

***Commitments and contingencies***

In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

 ****

***Earnings per share***

The Group computes earnings per share ("EPS") in accordance with ASC Topic 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period using the two class method. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended February 28, 2025 and February 29, 2024, there were no dilutive shares and hence no dilutive EPS.

***Recently adopted accounting pronouncements***

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. The Group adopted this ASU from March 1, 2024, which did not have a material impact on the Group's consolidated financial statements.

 ****

***Recent accounting pronouncements not yet adopted***

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group's management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU no. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40). The amendments in this update enhance disclosures about a public business entity's expense and provide more detailed information about the types of expenses included in certain notes in the consolidated financial statements. ASU no. 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption permitted. The amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the consolidated financial statements. The Group's management is currently evaluating any new disclosures that may be required upon adoption of ASU 2024-03.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated balance sheets, statements of operations and comprehensive income and statements of cash flows.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**3. SEGMENT INFORMATION AND REVENUE**

ASC Topic 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Group's internal organizational structure as well as information about geographical areas, business segments and major customers in the consolidated financial statements for details on the Group's business segments. The Group uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's CODM for making operating decisions and assessing performance as the source for determining the Group's reportable segments. The Group's CODM are the Executive Directors, who reviews the operation results by the revenue of different products or services when making decisions about allocating resources and assessing the performance of the segment. Based on the management's assessment, the Group has determined that it has only one operating segment. All assets of the Group are located in Hong Kong and all revenue is generated in Hong Kong.

The following table disaggregates the revenue for the years ended February 28, 2025 and February 29, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| **Revenue by service line** | | |
| One-stop corporate services | $401982 | $7179 |
| Business financial consulting services | 1420012 | 1435229 |
|  | **1821994** | **1442408** |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2025** | **February 29,<br> 2024** |
| **Revenue by recognition method** | | |
| Revenue recognized at a point in time | $1211738 | $1203092 |
| Revenue recognized over time | 610256 | 239316 |
|  | **1821994** | **1442408** |

---

All revenue were recognized in Hong Kong for the years ended February 28, 2025 and February 29, 2024.

**4. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Accounts receivable | $270571 | $1026 |
| Less: Allowance for CECL | - | - |
| Accounts receivable, net | $270571 | $1026 |

---

For the years ended February 28, 2025 and February 29, 2024, the Company has not recorded any provision for CECL for accounts receivable as all accounts receivable are not yet past due. The Group has not experienced any significant bad debt or write-offs of accounts receivable in the past.

The Group generally conducts its business with creditworthy third parties. The Group determines, on a continuing basis, the probable losses and an allowance for CECL, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

The credit terms to clients are generally within 120 days. As of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based on the invoice date is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Within 30 days | $268776 | $1026 |
| 31-90 days | 1795 | - |
| Balance at end of the year | $270571 | $1026 |

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**5. PROPERTY AND EQUIPMENT, NET**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| At cost: |  |  |
| Motor vehicle | $7436 | $11282 |
| Less: accumulated depreciation | (2231) | (10154) |
| Net book value | 5205 | 1128 |

---

Depreciation expenses recognized for the years ended February 28, 2025 and February 29, 2024 were $2,231 and $3,385, respectively and included in "Other operating costs and expenses" and loss on disposal of property and equipment for the years ended February 28, 2025 and February 29, 2024 were $1,128 and nil, respectively and included in "Other income, net" on the consolidated statements of operations and comprehensive income. No impairment losses were recognized for the years ended February 28, 2025 and February 29, 2024.

**6. OPERATING LEASES**

The Company entered into two operating leases for use of office in Hong Kong with lease term of 2 years (February 29, 2024: 2 years). During the years ended February 28, 2025 and February 29, 2024, operating lease expense amounted to $9,257 and $32,641, respectively, and the cash outflows for operating lease liabilities was amounted to $9,257 and $35,076, respectively.

The Company's operating lease right-of-use assets and operating lease liabilities recognized in the consolidated balance sheets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Operating lease right-of-use assets | $15856 | $2406 |

---

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Operating lease liabilities: |  |  |
| Current operating lease obligation | $11055 | $2406 |
| Non-current operating lease obligation | 4801 | - |
| Total | $15856 | $2406 |

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**6. OPERATING LEASES** (cont.)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Operating leases: |  |  |
| Weighted average remaining lease term (years) | 1.42 | 0.42 |
| Weighted average discount rate | 5.875% | 5.000% |

---

The maturity analysis of the Group's operating lease obligations as of February 28, 2025 was as follows:

---

| | |
|:---|:---|
|  | **Operating leases** |
| Year ending February 28, 2026 | $11692 |
| Year ending February 28, 2027 | 4872 |
| Future minimum operating lease payment | 16564 |
| Less: imputed interest | (708) |
| Operating lease liabilities recognized in the consolidated balance sheet | $15856 |

---

The maturity analysis of the Group's operating lease obligations as of February 29, 2024 was as follows:

---

| | |
|:---|:---|
|  | **Operating leases** |
| Year ending February 28, 2025 | $2436 |
| Future minimum operating lease payment | 2436 |
| Less: imputed interest | (30) |
| Operating lease liabilities recognized in the consolidated balance sheet | $2406 |

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**7. ACCRUED EXPENSES AND OTHER PAYABLES**

Accrued expenses and other payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Accrued payroll and employee benefits expenses | $18622 | $9135 |
| Accrued audit fees and accounting fees | 11078 | 10231 |
| Sub-total | 29700 | 19366 |
| Other payables | 1026 | 1026 |
| Total | $30726 | $20392 |

---

**8. RELATED PARTY TRANSACTIONS AND BALANCES** 

<u>Nature of relationships with related party</u>

**<u>Name and relationship with the Group</u>**

Mr. Wing Sum, HO, a sole shareholder and director of the Company

<u>Related party balances</u>

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Amount due to a director | $184566 | $48792 |

---

The amount due to a director was unsecured, non-interest bearing and repayable on demand.

<u>Related party transactions</u>

Remuneration to directors for the years ended February 28, 2025 and February 29, 2024 were:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Directors' fee | $19231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**9. INCOME TAXES**

British Virgin Islands

Under the current laws of the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to approximately $256,410 (HK$2,000,000), and 16.5% on any part of assessable profits approximately $256,410 (HK$2,000,000).

Singapore

A company incorporated in Singapore is subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first $7,463 (S$10,000) taxable income and 50% of the next $141,791 (S$190,000) taxable income exempted from income tax.

Income tax expense consisted of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Hong Kong: |  |  |
| Current tax | $153423 | $28178 |
| Deferred tax |  |  |
| Total | $153423 | $28178 |

---

The following tables provide the reconciliation of the differences between the statutory and effective tax rates following for the years ended February 28, 2025 and February 29, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **February 28,<br> 2025** | **February 29,<br> 2024** |
| Income before income taxes | $1243095 | $294392 |
| Tax at Hong Kong statutory tax rate of 16.5% | 205112 | 48575 |
| Tax effect on non-assessable income | (980) | (534) |
| Tax effect on non-deductible expenses | 555 | 558 |
| Tax reduction allowed by Hong Kong government | (385) | (385) |
| Change in valuation allowance | (29725) | (20036) |
| Effect of two-tier tax rate | (21154) | - |
| Income tax expense | $153423 | $28178 |

---

The Group's effective tax rate was 12.3% and 9.6% for the years ended February 28, 2025 and February 29, 2024.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**9. INCOME TAXES** (cont.)

The Company measures deferred tax assets and liabilities based on the difference between the consolidated financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Group's deferred tax asset and liability are as follows as of February 28, 2025 and February 29, 2024:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **February 28,**<br> **2025** | **February 29,**<br> **2024** |
| Deferred tax assets: |  |  |
| Net operating loss carry-forward | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $29725 |
| Less: valuation allowance |  | (29725) |
| Total | $— | $— |

---

As of February 28, 2025 and February 29, 2024, the Group had net operating loss carry-forward of nil and $180,150 (HK$1,405,167), respectively, from 88M Global Limited, which was operating at losses prior to the year ended February 28, 2023. These losses can offset future taxable income and can be carried forward indefinitely. As of February 29, 2024, management considers evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. The Group believed that it was more likely than not that 88M Global Limited will be unable to fully utilize its deferred tax assets related to the net operating loss carry-forward in Hong Kong. As a result, the valuation allowance of $29,725 was recorded against the gross deferred tax asset balance as of February 29, 2024. No valuation allowance was provided as of February 28, 2025. For the year ended February 28, 2025, net operating loss carry-forward of $180,150 (HK$1,405,167) has been utilized to offset taxable income for the year with corresponding income tax benefit of $29,725 (HK$231,853) derived. For the year ended February 29, 2024, net operating loss carry-forward of $121,429 (HK$947,150) has been utilized to offset taxable income for the year with corresponding income tax benefit of $20,036 (HK$156,280) derived.

<u>Uncertain tax positions</u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of February 28, 2025 and February 29, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the years ended February 28, 2025 and February 29, 2024. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from February 28, 2025.

**10. COMMITMENTS AND CONTINGENCIES**

<u>Limitation and contingencies</u>

From time to time, the Group may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. Management is currently not aware of any such legal proceedings or claims that could have, individually or in the aggregate, a material adverse effect on the Group's business, financial condition, or operating results.

Other than those disclosed in Note 6, the Group had no other material commitments, contingent liabilities, or guarantees as of February 28, 2025 and February 29, 2024 and for the years ended February 28, 2025 and February 29, 2024, respectively.

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**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**11. RISKS AND UNCERTAINTIES**

**Credit risk**

The Group's assets that are potentially subject to a significant concentration of credit risk primarily consist of bank balances and accounts receivable.

The Group believes that there is no significant credit risk associated with cash in Hong Kong, which were held by reputable financial institutions in the jurisdiction where the Group's Hong Kong subsidiaries are located. The Deposit Protection Scheme introduced by the Hong Kong Government insured each depositor at one bank for a maximum amount of US$102,564 (HK$800,000). Otherwise, these balances are not covered by insurance. The Group believes that no significant credit risk exists as these financial institutions have high credit quality and the Group has not incurred any losses related to such deposits.

For the credit risk related to accounts receivable, the Group adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The Group performs periodic credit evaluations of its customers' financial condition and generally does not require collateral. The Group has adopted the loss rate methodology to estimate historical losses on accounts receivable. The Group has adopted the aging methodology to estimate the credit losses on accounts receivable. The historical data is adjusted to account for forecasted changes in the macroeconomic environment in order to calculate the CECL. The Group seeks to maintain strict control over its outstanding receivables. Overdue balances are reviewed regularly by the Directors. The Group believes that no significant credit risk exists as the risk is mitigated by the Group's assessment of its customers' creditworthiness, years of relationship and its ongoing monitoring of outstanding balances.

**Interest rate risk**

The Group is exposed to cash flow interest rate risk through changes in interest rates related mainly to the Company's bank balances. The Group currently does not have any interest rate hedging policy in relation to cash flow interest rate risk and the risks due to changes in interest rates is not material. The directors monitor the Group's exposures on an ongoing basis and will consider hedging the interest rate should the need arise.

**Foreign currency risk**

The Group is not exposed to foreign currency risk.

**Liquidity risk**

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

Typically, the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of twelve months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

**Market and geographic risk**

The Group's major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's economy may influence the Group's business, financial condition, and results of operations.

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**11. RISKS AND UNCERTAINTIES** (cont.)

**Concentrations of risk**

For the years ended February 28, 2025 and February 29, 2024, all of the Group's assets were located in Hong Kong and all of the Company's revenue were derived from its subsidiaries located in Hong Kong. The Group has a concentration of its revenue and accounts receivable with specific customers.

The Group's exposure to credit risk associated with its activities is measured on an individual counterparty basis, as well as by groups of counterparties that share similar attributes.

Details of the customers accounting for 10% or more of total revenue are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **February 28, 2025** | **February 28, 2025** | **February 29, 2024** | **February 29, 2024** |
|  | | **%** | | **%** |
| Customer A | $381115 | 20.9 | $602867 | 41.8 |
| Customer B | 308846 | 17.0 | 239316 | 16.6 |
| Customer C | 240000 | 13.2 |  |  |
| Customer D | 200000 | 11.0 |  |  |
| Customer E | \* | \* | 336635 | 23.3 |
| Customer F | - | - | 256410 | 17.8 |
|  | $1129961 | 62.1 | $1435228 | 99.5 |

---

\* Less than 10% of total revenue

Details of the accounts receivable accounting for 10% or more of total accounts receivable are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **February 28, 2025** | **February 28, 2025** | **February 29, 2024** | **February 29, 2024** |
|  | | **%** | | **%** |
| Customer C | $240000 | 88.7 | $- |  |
| Customer G | - | - | 1026 | 100.0 |
|  | $240000 | 88.7 | $1026 | 100.0 |

---

Details of the accounts payable accounting for 10% or more of total accounts payable are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **February 28, 2025** | **February 28, 2025** | **February 29, 2024** | **February 29, 2024** |
|  | | **%** | | **%** |
| Vendor A | $24359 | 100.0 | $24359 | 100.0 |
|  | $24359 | 100.0 | $24359 | 100.0 |

---

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

**HAMA INTELLIGENCE LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**12. STOCKHOLDERS' EQUITY (DEFICIT)**

Ordinary shares

The Company was incorporated as a British Virgin Islands business company with limited liability on February 26, 2025 under the laws of the British Virgin Islands. In connection with the incorporation, on the same date of its incorporation, the Company issued a total of 1 ordinary share with a par value of US$1.00 to its sole shareholder, Mr. Wing Sum, HO, at the consideration of US$1.00.

On April 17, 2025, the Company effectuated a share split of its each issued and unissued ordinary shares with a par value of US$1.00 at a ratio of 653,000 for one (the "1<sup>st</sup> Share Split"), so that the maximum number of authorized ordinary shares was increased from 100,000 shares with a par value of US$1.00 per share to 65,300,000,000 shares with a par value of US$1/<sub>653,000</sub> per share, with 653,000 ordinary shares issued and outstanding issued to Mr. Wing Sum, HO post-1<sup>st</sup> Share Split.

Immediately after the 1<sup>st</sup> Share Split on April 17, 2025, the Company effectuated a change in the maximum number of authorized ordinary shares from 65,300,000,000 shares with a par value of US$1/<sub>653,000</sub> per share to 7,000,000 ordinary shares with no par value and the redesignation and reclassification of the maximum number of authorized ordinary shares from 7,000,000 ordinary shares with no par value into (i) 5,000,000 class A ordinary shares with no par value (the "Class A Ordinary Shares"); and (ii) 2,000,000 class B ordinary shares with no par value (the "Class B Ordinary Shares") (the "Share Restructuring"). As a result, 653,000 ordinary shares issued and outstanding were re-designated and reclassified as 653,000 Class B Ordinary Shares issued to Mr. Wing Sum, HO post-Share Restructuring. In respect of matters requiring the votes of shareholders, holders of Class A Ordinary Shares will be entitled to one vote per Class A Ordinary Share, while holders of Class B Ordinary Shares will be entitled to twenty votes per Class B Ordinary Share.

Immediately after the Share Restructuring, the Company allotted 347,000 Class A Ordinary Shares in aggregate to a group of investors for a consideration of US$1.00 per share.

On May 13, 2025, the Company effectuated a further share split of its each issued and unissued ordinary shares at a ratio of 19 for one (the "2<sup>nd</sup> Share Split", together with 1<sup>st</sup> Share Split, the "Share Split"), so that the maximum number of authorized Class A Ordinary Shares was increased from 5,000,000 Class A Ordinary Shares to 95,000,000 Class A Ordinary Shares and the maximum number of authorized Class B Ordinary Shares was increased from 2,000,000 Class B Ordinary Shares to 38,000,000 Class B Ordinary Shares, with 6,593,000 Class A Ordinary Shares and 12,407,000 Class B Ordinary Shares issued and outstanding post-2<sup>nd</sup> Share Split.

On July 16, 2025, Mr. Wing Sum, HO converted his 3,000,000 Class B Ordinary Shares into 3,000,000 Class A Ordinary Shares with nil consideration.

From a British Virgin Islands legal perspective, the Share Split and the Share Restructuring do not have any retroactive effect on the Company's shares prior to the effective date. However, references to the Company's Ordinary Shares in this prospectus are presented on a post-Share Split basis and a post-Share Restructuring basis, or as having been retroactively adjusted and restated to give effect to the Share Split and the Share Restructuring, as if the Share Split and the Share Restructuring had occurred by the relevant earlier date.

**13. SUBSEQUENT EVENT**

The Group evaluated all events and transactions that occurred after February 28, 2025 up through July 7, 2025, which is the date these consolidated financial statements were available to be issued. Other than the events disclosed below, there was no other subsequent event occurred that would require recognition or disclosure in the Group's consolidated financial statements.

On March 25, 2025, HAMA SGD Pte. Ltd., a Singapore company, was incorporated in Singapore and one ordinary share of par value one Singapore dollar was allotted and issued to the Company.

On March 31, 2025, the Company declared an interim dividend of HK$0.2031 per share (equivalent to $0.026 per share) with respect to the 12,407,000 issued shares of the Company or HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company. In April 2025, the Company paid dividend of HK$2,520,000 (equivalent to $323,077) to the shareholders of the Company.

On April 17, 2025, immediately after the Share Restructuring, the Company allotted 347,000 Class A Ordinary Shares in the aggregate to a group of investors at a consideration of US$1.00 per share.

On May 13, 2025, the Company effectuated a further share split of its each issued and unissued ordinary shares at a ratio of 19 for one (the "2<sup>nd</sup> Share Split", together with 1<sup>st</sup> Share Split, the "Share Split"), so that the maximum number of authorized Class A Ordinary Shares was increased from 5,000,000 Class A Ordinary Shares to 95,000,000 Class A Ordinary Shares and the maximum number of authorized Class B Ordinary Shares was increased from 2,000,000 Class B Ordinary Shares to 38,000,000 Class B Ordinary Shares, with 6,593,000 Class A Ordinary Shares and 12,407,000 Class B Ordinary Shares issued and outstanding post-2<sup>nd</sup> Share Split.

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

**1,100,000 CLASS A ORDINARY SHARES**

**HAMA Intelligence Limited**

PRELIMINARY PROSPECTUS

[ ], 2025

**Pacific Century Securities, LLC**

Until [ ], 2025 (25 days after the date of this prospectus), all dealers that buy, sell or trade our securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers).**

Section 132 of the BVI Companies Act provides that subject to the memorandum or articles of association of a company, the company may indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the company, or (b) is or was, at the request of the company, serving as a director of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise, provided that the said person had acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. Any indemnity given in breach of the foregoing proviso is void and of no effect.

Under our Second Amended and Restated Memorandum and Articles of Association, we shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

● is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

● is or was, at our request, serving as a director of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

The underwriting agreement in connection with this Offering also provides for indemnification of us and our officers, directors or persons controlling us for certain liabilities.

We intend to maintain insurance in relation to any of our directors or officers against any liability asserted against the directors or officers and incurred by the directors or officers in that capacity.

**Item 7. Recent Sales of Unregistered Securities.**

Set forth below is information regarding ordinary shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts or commissions, or any public offering.

On February 20, 2025, 1 Class B Ordinary Share was allotted and issued to Wing Sum, HO at a consideration of US$1.00. On April 17, 2025, the said 1 share was cancelled and subdivided into 653,000 Class B Ordinary Shares and re-issued to Wing Sum, HO. On May 13, 2025, the said 653,000 Class B Ordinary Shares were cancelled and subdivided into 12,407,000 Class B Ordinary Shares and re-issued to Ho Wing Sum. On July 16, 2025, Wing Sum, HO converted his 3,000,000 Class B Ordinary Shares into 3,000,000 Class A Ordinary Shares.

On April 17, 2025, 40,000 Class A Ordinary Shares were allotted and issued to Chi Wai Benny, CHENG at a consideration of US$40,000. On May 13, 2025, the said 40,000 Class A Ordinary Shares were cancelled and subdivided into 760,000 Class A Ordinary Shares and re-issued to Chi Wai Benny, CHENG.

On April 17, 2025, 40,000 Class A Ordinary Shares each were allotted and issued to MT Shell Limited, Yuen Ling, FUNG, World Power Holdings Limited and Winning Consultants Limited at a respective consideration of US$40,000. On May 13, 2025, the said 40,000 Class A Ordinary Shares each were cancelled and subdivided into 760,000 Class A Ordinary Shares each and re-issued to MT Shell Limited, Yuen Ling, FUNG, World Power Holdings Limited and Winning Consultants Limited.

On April 17, 2025, 49,000 Class A Ordinary Shares each were allotted and issued to Nice Honour International Investment Limited, Alpha Ngine Investment Co Limited and Chun Hei, KWOK at a respective consideration of US$49,000. On May 13, 2025, the said 49,000 Class A Ordinary Shares each were cancelled and subdivided into 931,000 Class A Ordinary Shares each and re-issued to Nice Honour International Investment Limited, Alpha Ngine Investment Co Limited and Chun Hei, KWOK.

All of the foregoing issuances were made outside of the U.S. pursuant to Regulation S or to U.S. entities pursuant to Section 4(a)(2) of the Securities Act.

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

**Item 8. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibits of the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates
 in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

(b) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons
 of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
 SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
 that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
 by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
 by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless
 in the opinion of its counsel that the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
 the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
 by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (i) to
 include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; (ii) to reflect in the prospectus any facts or
 events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
 individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement (notwithstanding
 the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not
 exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected
 in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
 represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
 table in the effective registration statement); and (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.

(2) 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.

(3) To
 file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F
 at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required
 by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means
 of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure
 that all other information in the prospectus is at least as current as the date of those financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For
 the purposes of determining liability under the Securities Act of 1933 to any purchaser in the initial distributions 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: (i) Any preliminary prospectus or prospectus of the undersigned
 registrant relating to the offering required to be filed pursuant to Rule 424; (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; (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 (iv) Any other communication that is an offer in the offering
 made by the undersigned registrant to the purchaser.

(5) That,
 for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
 part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
 to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
 it was declared effective.

(6) That,
 for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
 shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
 at that time shall be deemed to be the initial bona fide offering thereof.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | [Form of Underwriting Agreement](hamaex1-1.htm) |
| 3.1\* | [Second Amended and Restated Memorandum and Articles of Association of the Company, as currently in effect](hamaex3-1.htm) |
| 4.1\* | [Specimen certificate evidencing Ordinary Shares](hamaex4-1.htm) |
| 5.1\* | [Opinion of Ogier regarding the validity of the Shares being registered](hamaex5-1.htm) |
| 10.1\* | [Employment agreement dated June 1, 2025 entered between the Company and Wai Ting, CHEUNG as chief executive officer of the Company](hamaex10-1.htm) |
| 10.2\* | [Employment agreement dated June 1, 2025 entered between the Company and Wing Sum, HO as chief financial officer of the Company](hamaex10-2.htm) |
| 10.3\* | [Form of Executive Officer Employment Agreement, by and between the Company and its Executive Officer.](hamaex10-3.htm) |
| 10.4\* | [Form of Independent Director Agreement by and between the Company and its Independent Director](hamaex10-4.htm) |
| 10.5\* | [Lease agreement entered between 88M Global and an independent third party dated October 10, 2024 in relation to Flat/Rm. 41, B/F, HOUSTON CENTRE, 63 Mody Road Tsim Sha Tsui East, Kowloon](hamaex10-5.htm) |
| 10.6\* | [Lease agreement entered between 88M Global and an independent third party dated October 10, 2024 in relation to Flat/Rm. 52, B/F, HOUSTON CENTRE, 63 Mody Road Tsim Sha Tsui East, Kowloon](hamaex10-6.htm) |
| 14.1\* | [Code of Business Conduct and Ethics](hamaex14-1.htm) |
| 21.1\* | [List of subsidiaries of the Company](hamaex21-1.htm) |
| 23.1\* | [Consent of AOGB CPA Limited](hamaex23-1.htm) |
| 23.2\* | [Consent of Ogier (included in Exhibit 5.1)](hamaex5-1.htm) |
| 23.3\* | [Consent of David Fong & Co., Solicitors (included in Exhibit 99.4)](hamaex99-4.htm) |
| 23.4\* | [Consent of China Commercial Law Firm (included in Exhibit 99.5)](hamaex99-5.htm) |
| 24.1 | [Power of Attorney](#POA_001) |
| 99.1\* | [Audit Committee Charter](hamaex99-1.htm) |
| 99.2\* | [Nominating Committee Charter](hamaex99-2.htm) |
| 99.3\* | [Compensation Committee Charter](hamaex99-3.htm) |
| 99.4\* | [Opinion of David Fong & Co., Solicitors, as to certain Hong Kong Legal Matters](hamaex99-4.htm) |
| 99.5\* | [Opinion of China Commercial Law Firm, as to certain PRC Legal Matters](hamaex99-5.htm) |
| 99.6\* | [Clawback Policy](hamaex99-6.htm) |
| 99.7\* | [Insider Trading Policy](hamaex99-7.htm) |
| 99.8\* | [Consent of Wai Hong, LIN](hamaex99-8.htm) |
| 99.9\* | [Consent of Ho Wai Alan, CHUNG](hamaex99-9.htm) |
| 99.10\* | [Consent of Wai Ming, YIU](hamaex99-10.htm) |
| 107\* | [Filing Fee Table](hamaex-fee.htm) |

---

\* Filed herein

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

**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 September 9, 2025.

---

| | | |
|:---|:---|:---|
| **HAMA Intelligence Limited** | **HAMA Intelligence Limited** | **HAMA Intelligence Limited** |
| By: | */s/ Wai Ting, CHEUNG* | */s/ Wai Ting, CHEUNG* |
|  | Name: | Wai Ting, CHEUNG |
|  | Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Mr. Wai Ting, CHEUNG, as attorney-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement, and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
| */s/ Wai Ting, CHEUNG* | Chairperson of the Board of Directors,<br> Director, Chief Executive Officer | September 9, 2025 |
| Name: Wai Ting, CHEUNG | (Principal Executive Officer) |  |
| */s/ Wing Sum, HO* | Chief Financial Officer | September 9, 2025 |
| Name: Wing Sum, HO | (Principal Accounting and Financial Officer) |  |

---

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

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in New York, NY on September 9, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc**. | **Cogency Global Inc**. |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

---

## Exhibit 1.1

**Exhibit 1.1** 

**HAMA Intelligence Limited**

**UNDERWRITING AGREEMENT**

[●], 2025

**Pacific Century Securities, LLC**

60-20 Woodside Avenue, Suite 211

Queens, NY, 11377

*As Representative of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **HAMA Intelligence Limited**, a British Virgin Islands business company formed under the BVI Business Companies Act (as amended) (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with the several underwriters named on <u>Schedule A</u> hereto (collectively the "**Underwriters**," and each, an "**Underwriter**"), for which **Pacific Century Securities, LLC,** acting as the representative (in such capacity, the "**Representative**"), to issue and sell an aggregate of [●] Class A ordinary shares (the "**Firm Shares**") of the Company, no par value (the "**Class A Ordinary Shares**"). The Company has also granted to the Representative an option to purchase up to [●]<sup>1</sup> additional Class A Ordinary Shares, on the terms and for the purposes set forth in <u>Section 2(c)</u> hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**." The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "**Offering**."

The Company confirms its agreement with the Underwriters as follows:

SECTION 1. *Representations and Warranties of the Company.*

The Company represents and warrants to the Underwriters as follows with the understanding that the same may be relied upon by the Underwriters in the Offering, as of the date hereof and as of the Closing Date (as defined below) and each Option Closing Date (as defined below), if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Filing of the Registration Statement*. The Company has prepared and filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1 (File No. 333-[●]), which contains a form of prospectus to be used in connection with the Offering. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (collectively, the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of final prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the preliminary prospectus included in the Registration Statement (each, a "**preliminary prospectus**"), the Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**"). The preliminary prospectus that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the "**Pricing Prospectus**." Any reference to the "most recent preliminary prospectus" shall be deemed to refer to the latest preliminary prospectus included in the registration statement. Any reference herein to any preliminary prospectus, the Prospectus, or any supplement or amendment to either thereof shall be deemed to refer to and include any documents incorporated by reference therein as of the date of such reference.

<sup>1</sup> 15% of the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Time**" means [5:00] pm, Eastern Time, on the date of this Agreement or such other time as agreed to in writing by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on [●], 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission.

Each preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical in content to the copy thereof delivered to the Underwriters for use in connection with the Offering, other than with respect to any artwork and graphics that were not filed. The Registration Statement and any post-effective amendment to the Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 4(3) of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times until the Underwriters have completed the Offering, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment to the Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished on behalf of any of the Underwriters consists of (i) the names of the Underwriters contained on the cover page of the Registration Statement, the Pricing Prospectus and Prospectus and (ii) the sub-sections titled "Electronic Distribution" and "Price Stabilization, Short Positions" in each case under the caption "Underwriting" in the Registration Statement, the Pricing Prospectus, the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Package*. The term "**Disclosure Package**" shall mean (i) the Pricing Prospectus, as amended or supplemented, (ii) each issuer free writing prospectus, as defined in Rule 433 under the Securities Act (each, an "**Issuer Free Writing Prospectus**"), if any, identified on <u>Schedule B</u> hereto, (iii) the pricing terms set forth on <u>Schedule C</u> to this Agreement, and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Company Not Ineligible Issuer*. (i) At the time of filing the Registration Statement and (ii) as of the date of the execution and delivery of this Agreement, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Issuer Free Writing Prospectuses*. No Issuer Free Writing Prospectus includes any information that conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Offering Materials Furnished to the Underwriters*. The Company has delivered to the Underwriters copies of the Registration Statement and of each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriters have reasonably requested in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Distribution of Offering Material by the Company*. The Company has not distributed or authorized the distribution of, and will not distribute, prior to the completion of the Offering, any offering material in connection with the Offering other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters, and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Underwriting Agreement*. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Authorization of the Offered Securities*. The Offered Securities to be sold by the Company through the Underwriters have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be validly issued, fully paid and non-assessable, free and clear of all liens imposed by the Company. The Company has sufficient authorized and unissued Class A Ordinary Shares for the issuance of the maximum number of Offered Securities issuable pursuant to the Offering as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *No Applicable Registration or Other Similar Rights*. Except as otherwise disclosed in the Registration Statement, there are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Material Adverse Change.* Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects or operations, whether or not arising from transactions in the ordinary course of business, of the Company (any such change, a "**Material Adverse Change**", and any resulting effect, a "**Material Adverse Effect**"); and (ii) the Company has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Independent Accountant*. AOGB CPA Limited (the "**Accountant**"), which has expressed its opinion with respect to the audited financial statements (which term as used in this Agreement includes the related notes thereto) of the Company filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Preparation of the Financial Statements*. The financial statements of the Company, included in the Registration Statement, the Disclosure Package, and the Prospectus, present fairly the information provided as of and at the dates and for the periods indicated. Such financial statements comply as to form with the applicable accounting requirements of the Securities Act and the Securities Act Regulations and have been prepared in conformity with generally accepted accounting principles of the United States of America ("**U.S. GAAP**") applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus. Each item of historical financial data relating to the operations, assets or liabilities of the Company set forth in summary form in each of the preliminary prospectuses and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Incorporation and Good Standing*. The Company has been duly incorporated and is validly existing and in good standing as a company under the laws of the jurisdiction of its incorporation and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package, and the Prospectus and to enter into and perform its obligations under this Agreement. As of the Closing Date, the Company does not own or control, directly or indirectly, any corporation, association or other entity that is not otherwise disclosed in the Registration Statement, the Disclosure Package, or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Capitalization and Other Share Matters*. The authorized, issued and outstanding shares of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package and Prospectus, as the case may be). The Class A Ordinary Shares conform, and, when issued and delivered as provided in this Agreement, the Offered Securities will conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Class A Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Class A Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The Depository Trust Company (the "**DTC**") has authorized the Class A Ordinary Shares for delivery through its full fast transfer facilities. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and the Prospectus. The description of the Company's stock option and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights. No further approval from Nasdaq or authorization of any regulatory authority or governmental body, shareholder, the Company's board of directors or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's Class A Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Non-Contravention of Existing Instruments, No Further Authorizations or Approvals Required*. The Company is not in violation of its memorandum and articles of association, as amended, or in default (or, with the giving of notice or lapse of time, would be in default) ("**Default**") under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement or to which any of the property or assets of the Company are subject (each, an "**Existing Instrument**")), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum and articles of association of the Company, as amended, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material Adverse Effect. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus, except for the registration or qualification of the Offered Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Subsidiaries*. Each of the Company's direct and indirect subsidiaries (each a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified on <u>Schedule E</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing under the laws of the jurisdiction of its formation, and in good standing under the laws of the jurisdiction of its incorporation, has full power and authority (corporate or otherwise) and all consents, approvals, authorizations, permits, licenses, orders, registrations, clearances and qualifications of or with any governmental or regulatory agency, authority, body, entity or court, domestic or foreign having jurisdiction over the Subsidiaries to own its property and to conduct its business as described in the Registration Statement, the Disclosure Package, the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change on the Company and its Subsidiaries, taken as a whole. All of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned directly or indirectly by the Company, are fully paid in accordance with its memorandum and articles of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims. None of the outstanding share capital or equity interest in any Subsidiary issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive, charter, or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *No Material Actions or Proceedings*. There are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, (i) threatened against the Company or any Subsidiaries, or (ii) have as the subject thereof any of the executive officers, directors, or key employees of the Company or any of its Subsidiaries or any of the properties owned or leased by the Company or any Subsidiaries, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company or any Subsidiary, and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. No material labor dispute with the employees of the Company or any Subsidiary exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer of the Company, to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all applicable laws and regulations, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiaries, or to the knowledge of the Company, any director or officer of the Company, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is no pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Intellectual Property Rights*. Each of the Company and the Subsidiaries owns, possesses or has obtained valid and legally enforceable licenses for, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade names, copyrights, domain names, licenses, approvals and trade secrets (collectively, "**Intellectual Property Rights**") reasonably necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiaries has received any written notice of infringement or conflict with asserted Intellectual Property Rights of others. The Company and its Subsidiaries are not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and the Prospectus and are not described in all material respects. None of the technology employed by the Company or its Subsidiaries has been obtained or is being used by the Company or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries, to the Company's knowledge, in violation of the rights of any persons. Neither the Company nor its Subsidiaries is subject to any judgment, order, writ, injunction or decree of any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has it entered into nor is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs its use of any Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *All Necessary Permits, etc*. Each of the Company and the Subsidiaries possess such valid and current certificates, authorizations or permits issued by the applicable regulatory agencies or bodies necessary to conduct their respective business, and has made all declarations and filings with, the appropriate national, regional, local or other governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or assets or the conduct of their respective businesses as described in the Registration Statement, the Disclosure Package and the Prospectus, except where any lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such licenses and, to the knowledge of the Company, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of business that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Title to Properties*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, the Company and the Subsidiaries have good and marketable title to all the properties and assets reflected as owned by it in the financial statements referred to in <u>Section 1(n)</u> above (or elsewhere in the Registration Statement, Disclosure Package and the Prospectus), in each case free and clear of any security interest, mortgage, lien, encumbrance, equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company. The real property, improvements, equipment, and personal property held under lease by the Company and the Subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company and the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Tax Law Compliance*. (i) The Company and the Subsidiaries have each filed all necessary income tax returns required to be filed as of the date of this Agreement or have timely and properly filed requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them in all material respects. (ii) No tax deficiency has been determined adversely to the Company or any of its Subsidiaries that has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have) a Material Adverse Effect. (iii) The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in <u>Section 1(n)</u> above in respect of all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined. (iv) All local and national governmental tax credit, exemptions, waivers, financial subsidies, and other local and national tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as disclosed in the Registration Statement, the Disclosure Package and the Prospectus and the Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of the applicable jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Company Not an "Investment Company."* The Company is not, and after giving effect to payment for the Offered Securities and the application of the proceeds as contemplated under the caption "Use of Proceeds" in each of the Disclosure Package and the Prospectus will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "**Investment Company Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *Insurance.* Each of the Company and the Subsidiaries is insured against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which they are engaged as the Company reasonably believes are adequate and customary for companies engaged in similar businesses. The Company has no reason to believe that it will not be able (i) to renew its or their existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its or their business as now conducted at a cost that would not have a Material Adverse Effect, except in each case as described in each of the Registration Statement, the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *No Price Stabilization or Manipulation*. The Company has not taken and will not take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Related Party Transactions*. There are no business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Disclosure Controls and Procedures*. The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. The Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Company's Accounting System*. The Company has established and maintains a system of accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *Money Laundering Law Compliance*. The operations of the Company and any Subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and any Subsidiaries conduct business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company and any Subsidiaries with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *No Accounting Issues*. The Company has not received any notice, oral or written, from its board of directors or audit committee stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Company's board of directors or audit committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years; or (iii) any Internal Control (as defined below) event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *OFAC*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Company and its Subsidiaries nor, to the knowledge of the Company, any director, officer or employee of the Company and its Subsidiary, or any other person authorized to act on behalf of the Company or its Subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), His Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Russia, Cuba, Iran, Libya, North Korea, Sudan and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will not, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Foreign Corrupt Practices Act.* Neither the Company and its Subsidiaries, nor, to the knowledge of the Company, any director, officer or employee or affiliate of the Company and its Subsidiaries, any Subsidiary or any other person acting on behalf of the Company, has, directly or indirectly, taken any action that (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**") or otherwise subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if done in the past, might reasonably be expected to have a Material Adverse Effect or (iii) if continued in the future, might reasonably be expected to materially and adversely affect the assets, business, or operations of the Company. The foregoing includes, without limitation, giving or agreeing to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company is in full compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated in connection therewith, and all applicable rules of Nasdaq, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications required under the Sarbanes-Oxley Act. The Company maintains a system of internal controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls (collectively, "**Internal Controls**") to comply with applicable laws and regulations, including, without limitation, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission, and the rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Exchange Act Filing*. A registration statement in respect of the Class A Ordinary Shares has been filed on Form 8-A (the "**Form 8-A Registration Statement**") pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act. The Form 8-A Registration Statement is effective, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Class A Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *Earning Statements*. The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the EDGAR system) to its security holders as soon as practicable, but in any event not later than 16 months after the end of the Company's current fiscal year, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Periodic Reporting Obligations*. During the Prospectus Delivery Period (defined below), the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *Forward-looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contained in any amendments and supplements thereof, has been made, or will be made, without a reasonable basis, as reasonably determined by the Company in good faith at the time such statement is made or will be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the British Virgin Islands ("**BVI**"), Hong Kong or Singapore, or to any BVI, Hong Kong or Singapore taxing authority in connection with the issuance, sale and allotment of the Offered Securities, and the allotment of the Offered Securities to or for the account of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Foreign Private Issuer Status*. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *D&O Questionnaires*. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Exhibit A</u> provided to the Representative is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *Solvency*. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The Registration Statement and the Prospectus set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "Indebtedness" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Except as set forth in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *Regulation M Compliance*. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Offered Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Offered Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriters in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *EGC Status and Testing the Waters Communications*. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing the Waters Communication (as defined below)) through the date hereof, the Company has been and is an "emerging growth company", as defined in Section 2(a) of the Securities Act ("**Emerging Growth Company**"). "**Testing the Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company (i) has not alone engaged in any Testing the Waters Communications other than Testing the Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representative to engage in Testing the Waters Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in undertaking Testing the Waters Communications. The Company has not distributed any Written Testing the Waters Communications (as defined below) other than those listed on <u>Schedule F</u> hereto. "**Written Testing the Waters Communication**" means any Testing the Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. As of the time of each sale of the Offered Securities in connection with the Offering when the Prospectus is not yet available to prospective purchasers, no individual Written Testing the Waters Communications, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of the Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *No Finder's Fee.* There are no contracts, agreements, or understandings between the Company or its Subsidiaries and any other person that would give rise to a valid claim against the Company or its Subsidiaries or any Underwriter for a brokerage commission, finder's fee or other like payment in connection with this Offering, or any other arrangements, agreements, understandings, payments, or issuance with respect to the Company, or its Subsidiaries, or any of their respective officers, directors, shareholders, partners, employees or related parties that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *No FINRA Affiliations*. To the Company's knowledge and except as disclosed to the Representative in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of ten percent (10%) or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day immediately prior to the date that the Registration Statement was initially filed to the Commission, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative and its counsel if it becomes aware that any such person described in (i) to (iii) under this <u>Section 1(xx)</u> is or becomes an affiliate or associated person of a FINRA member participating in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *Operating and Other Data.* All operating and other data pertaining to the Disclosure Package and the Prospectus are true and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) *Third-party Data.* Any statistical, industry-related and market-related data included in the Disclosure Package and the Prospectus is based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agrees with the sources from which it is derived, and the Company has obtained the written consent for the use of such data from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) *Compliance with Environmental Laws*. The Company and its Subsidiaries are (A) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("**Environmental Laws**"), (B) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) *Compliance with Law, Constitutive Documents and Contracts*. Neither the Company nor any of the Subsidiaries is (a) in breach or violation of any provision of applicable law (including, but not limited to, any applicable law concerning information collection and user privacy protection) or (b) in breach or violation of its respective constitutive documents, or (c) in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) any agreement or other instrument that is binding upon the Company or any of the Subsidiaries, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any of the Subsidiaries, except in the cases of (a) and (c) above, where any such breach, violation or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) *No Unlawful Influence.* The Company has not offered, or caused the Underwriters to offer, Shares to any person or entity with the intention of unlawfully influencing: (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer's or supplier's level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) *Integration*. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) *Representation of Officers*. Any certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to <u>Section 6</u> hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

SECTION 2. *Firm Shares; Additional Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purchase of Firm Shares*. Based on the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters the Firm Shares at a purchase price (net of discounts<sup>2</sup>) of $[●] per share. The Underwriters agree to subscribe for and purchase from the Company the Firm Shares in such amounts as set forth opposite their respective names on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of and Payment for Firm Shares*. Issue and delivery of, and payment for, the Firm Shares shall be made at 10:00 A.M., Eastern Time, on the second (2<sup>nd</sup>) business day following the Applicable Time, or at such time as shall be agreed upon by the Representative and the Company, at a place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of issue and delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and issue of the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon issue to the Underwriters of the Firm Shares (and either delivery of share certificate in respect of the Firm Shares or if uncertificated through the full fast transfer facilities of the DTC for the account of the Underwriters). The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) Business Days prior to the Closing Date. The Company shall not be obligated to issue and sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Shares*. The Company hereby grants to the Underwriters an option (the "**Over-allotment Option**"), exercisable for 45 days from the Closing Date, to purchase up to an additional [●]<sup>3</sup> Class A Ordinary Shares, in each case solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is, at the Representative's sole discretion, for Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to <u>Section 2(c)</u> hereof may be exercised by the Representative on or within 45 days from the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in <u>Section 2(a)</u>. The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Delivery and Payment of Additional Shares.* Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Additional Shares (or through the facilities of DTC) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" shall refer to the time and date of delivery of the Firm Shares and Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Underwriter's Discount.* In consideration of the services to be provided for hereunder, the Underwriters shall receive a discount equal to seven percent (7%) of the gross proceeds.

<sup>2</sup> 7%

<sup>3</sup> 15%

SECTION 3. *Covenants of the Company.*

The Company also covenants and agrees with each of the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Underwriter's Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of counsel for the Representative, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report filed under the Exchange Act, the Company shall furnish to the Underwriters for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Securities Act Compliance*. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use its best efforts to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder and will confirm that any filings made by the Company under such Rule 424(b) were received in a timely manner by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exchange Act Compliance*. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Amendments and Supplements to the Registration Statement, Prospectus and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to <u>Section 3(a)</u> and <u>Section 3(f)</u> hereof), file with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Permitted Free Writing Prospectuses*. The Company represents that it has not made, and agrees that, unless it obtains the prior written consent of the Underwriters, it will not make, any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "**free writing prospectus**" (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act; provided that the prior written consent of the Underwriters hereto shall be deemed to have been given in respect of each free writing prospectus listed on <u>Schedule B</u> hereto. Any such free writing prospectus consented to by the Underwriters is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriters, without charge, during the Prospectus Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus and the Disclosure Package and any amendments and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Use of Proceeds*. The Company shall apply the net proceeds from the issue and sale of the Offered Securities sold by it substantially in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Transfer Agent*. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Internal Controls*. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the Offering, will be overseen by the audit committee of the Company's board of directors in accordance with the rules of the Nasdaq Stock Market ("**Nasdaq**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Exchange Listing*. The Class A Ordinary Shares have been duly authorized for listing on the Nasdaq Capital Market, subject to official notice of issuance. The Company is in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof or the Closing Date or the Option Closing Date, if any; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Company's board of directors who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating and corporate governance committee of the Company's board of directors, meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company's board of directors has at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) that, based on discussions with Nasdaq, the Company meets all requirements for listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Absence of Further Requirements.* No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement or in connection with the Offering, and the issuance and sale of the Offered Securities, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect, including (i) under applicable blue sky laws in any jurisdiction in which the Offered Securities are offered and sold and (ii) under the rules and regulations of the FINRA*.* No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the Offering, issuance and sale of the Offered Securities under the laws and regulations of such jurisdiction except such as have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Future Reports to the Underwriters.* For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative pursuant to the addresses and contacts provided in <u>Section 13</u> of this Agreement: (i) as soon as practicable after the end of each fiscal year, copies of the annual report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, annual report on Form 20-F, interim financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Existing Lock-Up Agreements*. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its shareholders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's Class A Ordinary Shares. The Company will direct the transfer agent to place stop transfer restrictions upon the Class A Ordinary Shares of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Company Lock-Up*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and any successors of the Company will not, without the prior written consent of the Representative, from the date of execution of this Agreement and continuing for a period of six (6) months after the Closing (the "**Lock-Up Period**"), (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, or (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.. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions contained in <u>Section 3(o)(i)</u> hereof shall not apply to: (i) the Offered Securities to be sold hereunder, (ii) the issuance by the Company of Class A Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Disclosure Package or the Prospectus, (iii) the issuance by the Company, or the filing by the Company of a Registration Statement related thereto, of stock options or shares of the Company under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the Lock-Up Period and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Right of First Refusal*. The Company and the Representative agree that for a period of twelve (12) months after the Closing, the Company grants the Representative the right of first refusal (provided the Offering is completed) to provide investment banking services to the Company on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents (such right, the "**Right of First Refusal**"), which right is exercisable in the Representative's sole discretion. For these purposes, investment banking services shall include, without limitation, (i) acting as lead manager for any underwritten public offering; and (ii) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company. The Right of First Refusal shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by the Company for Cause, which shall mean a material breach by the Representative of this Agreement. Each of the transactions described in the foregoing sentence is a "Subject Transaction" and the rights granted to the Representative in this <u>Section 3(p)</u> are individually and collectively the "Right of First Refusal". The Representative shall notify the Company of its intention to exercise the Right of First Refusal within fifteen (15) business days following notice in writing by the Company. Any decision by the Representative to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the Representative and shall be subject to general market conditions. If the Representative fails to respond or declines to exercise the Right of First Refusal, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms declined by the Representative. The services provided by the Representative is solely for the benefit of the Company and are not intended to confer any rights upon any persons or entities not a party hereto (including without limitation, securityholders, employees or creditors of the Company) as against the Representative or its directors, officers, agents, and employees. Any failure to respond by the Representative or Representative's decline to exercise the Right of First Refusal for a Subject Transaction shall not adversely affect the Representative's Right of First Refusal with respect to any other Subject Transaction during the twelve (12) months period agreed to above. If the Representative does not elect to exercise the Right of First Refusal and the material terms of the Subject Transaction are subsequently materially modified as to scope and nature, then the Company shall resubmit the proposed modified terms of the Subject Transaction in writing to the Representative, and the Representative shall have five (5) business days after receipt of such written notice to advise the Company of its election to participate in the proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Tail Financings*. The Company agrees that if the Company completes an offering with an investor introduced to the Company by the Representative, and not known to the Company before such introduction, regarding an offering prior to the termination or expiration of the engagement letter between the Company and the Representative, during the twelve (12) month period following the termination of the engagement letter between the Company and the Representative, the Representative shall be entitled to compensation commensurate with the compensation to be received by the representative in the Offering. In accordance with FINRA Rule 5110, the Company has a right of "termination for cause," which shall include the representative's material failure to provide the underwriting services contemplated in this Agreement and the Company's exercise of its right of "termination for cause" will eliminate any obligations of the Company with respect to any of its obligations under this <u>Section 3(q)</u>.

SECTION 4. *Payment of Fees and Expenses.*

The Company covenants and agrees with Representative that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Offered Securities under the Securities Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any preliminary prospectus, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing this Agreement, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Offered Securities; (iii) all expenses in connection with the qualification of the Offered Securities for offering and sale under state securities laws, including the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey if any; (iv) all fees and expenses in connection with listing the Offered Securities on Nasdaq; (v) the filing fees incident to, and the reasonable fees and disbursements of counsel for the Underwriters in connection with (subject to the $250,000 maximum of reimbursable out-of-pocket expenses set forth below), any required review by FINRA of the terms of the sale of the Offered Securities; (vi) the cost of preparing share certificates, if applicable; (vii) the cost and charges of any transfer agent or registrar; (viii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the Offered Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants if any incurred; and (ix) all other costs and expenses incident to the performance of the Company's obligations hereunder which are not otherwise specifically provided for in this Section.

The Company will pay the Representative a non-accountable expense allowance of one percent (1%) of the gross proceeds from the Offering upon the Closing of the Offering.

The Company will also reimburse the Representative up to a maximum of $250,000 for out-of-pocket accountable expenses, including, but not limited to: (i) all reasonable travel and lodging expenses incurred by the Representative and its counsel in connection with visits to, and examinations of, the Company; (ii) background check on the Company's principal shareholders, directors and officers; (iii) the reasonable cost for road show meetings; (iv) all due diligence expenses; (v) legal counsel fees; (vi) all expenses incidental to the issuance and delivery of the Offered Securities (including all printing and engraving costs, if any); (vii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities; (viii) all necessary issue, transfer and other stamp taxes in connection with the Offering; and (ix) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus, each preliminary prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement. The Company has paid an advance of $[100,000] to the Representative for its anticipated out-of-pocket expenses; any advance will be returned to the Company to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

SECTION 5. *Taxes; Deductions and Withholding from Payments.*

All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes, duties, or other amounts.

SECTION 6. *Conditions of the Obligations of the Underwriters.*

The obligations of the Underwriters to subscribe for and purchase the Offered Securities as provided herein on the Closing Date and each Option Closing Date shall be subject to (1) the accuracy of the representations and warranties on the part of the Company set forth in <u>Section 1</u> hereof as of the date hereof and as of the Closing Date and each Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; (3) no objections from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement; and (4) each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accountant's Comfort Letter*. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily included in accountants' "comfort letters" to Representative, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effectiveness of Registration Statement; Compliance with Registration Requirements; No Stop Order*. During the period from and after the execution of this Agreement to and including the Closing Date and each Option Closing Date, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Material Adverse Change*. For the period from and after the date of this Agreement to and including the Closing Date and each Option Closing Date, if any, in the reasonable judgment of the Representative there shall not have occurred any Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *CFO Certificate*. On the date hereof and on the Closing and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Officers' Certificate.* On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, each Issuer Free Writing Prospectus, if any, and this Agreement, to the effect that, to the knowledge of such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date or Option Closing Date, if applicable, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date and/or the Option Closing Date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company's knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Offered Securities or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) To the best of the knowledge of each of the Chief Executive Officer and the Chief Financial Officer of the Company, after reasonable investigation, as of the date thereof, there have been no events that have occurred that would have a Material Adverse Effect, and no labor dispute is imminent which would result in a Material Adverse Effect, nor any legal or governmental proceeding is pending, threatened against, or involving the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) When the Registration Statement became effective, at the Applicable Time and at all times subsequent thereto, the Registration Statement contained all material information required to be included therein by the Securities Act and the Exchange Act and the applicable Regulations thereunder, as the case may be, and in all material respects conformed to the requirements of the Securities Act and the Exchange Act and the applicable Regulations thereunder, as the case may be, and the Chief Executive Officer and the Chief Financial Officer of the Company has carefully examined the Registration Statement, the Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the date thereto did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Disclosure Package, as of the Applicable Time and as of the date thereto, any Permitted Free Writing Prospectus as of its date and as of the date of thereto, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the date thereto, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change, or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Class A Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Class A Ordinary Shares); (e) any dividend or distribution of any kind declared, paid or made on Class A Ordinary Shares; or (f) any loss or damage (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Secretary's Certificate*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received a certificate of the Company signed by the Chief Executive Officer of the Company, dated such Closing Date, certifying: (i) that the Company's memorandum and articles of association attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that each of the Subsidiaries' articles of association, memorandum of association or charter documents attached to such certificate is true and complete, has not been modified and is in full force and effect; (iii) that the resolutions of the Company's board of directors relating to the Offering attached to such certificate are in full force and effect and have not been modified; and (iv) the good standing of the Company and each of the Subsidiaries. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Bring-down Comfort Letter*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this <u>Section 6</u>, except that the specified date referred to therein for the carrying out of procedures shall be no more than two Business Days prior to the Closing Date and/or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Lock-Up Agreements*. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors, and certain security holders of five percent (5%) or more of the Company's Class A Ordinary Shares or Class B ordinary shares prior to the Offering listed on <u>Schedule D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Exchange Listing*. The Offered Securities to be delivered on the Closing Date and/or the Option Closing Date shall have been approved for listing on the Nasdaq Capital Market, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Company Counsel Opinions*. On the Closing Date and/or the Option Closing Date, as applicable, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the favorable opinion of Loeb & Loeb LLP, U.S. counsel to the Company, addressed to the Representative, including a negative assurance letter, dated as of such date, in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the favorable opinion of Ogier, BVI legal counsel to the Company in form and substance reasonably satisfactory to the Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the favorable opinion of David Fong & Co., Solicitors, Hong Kong legal counsel to the Company in form and substance reasonably satisfactory to the Representative.

The Underwriters shall rely on the opinions of Ogier, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation, validity of the Offered Securities and due authorization, execution, and delivery of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *FINRA.* FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Additional Documents*. On or before the Closing Date and/or the Option Closing Date, as applicable, the Representative and counsel for the Representative shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Offered Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.

If any condition specified in this <u>Section 6</u> is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by written notice to the Company at any time on or prior to the Closing Date and/or the Option Closing Date, as applicable, which termination shall be without liability on the part of any party to any other party, except that <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Representative) and <u>Section 8</u> shall at all times be effective and shall survive such termination.

SECTION 7. *Effectiveness of this Agreement.*

This Agreement shall not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act.

SECTION 8. *Indemnification.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriter, its respective affiliates and each of its respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the "**Underwriter Indemnified Parties**," and each a "**Underwriter Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided*, *however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this <u>Section 8(a)</u> are not exclusive and will be in addition to any liability, which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification by the Underwriters*. The Underwriters shall indemnify and hold harmless the Company and the Company's affiliates and each of their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out of (i) any untrue statement of a material fact contained in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission was made in reliance upon and in conformity with the Underwriter Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this <u>Section 8(b)</u>, in no event shall any indemnity by the Underwriters under this <u>Section 8(b)</u> exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this <u>Section 8(b)</u> are not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Company Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Procedure*. Promptly after receipt by an indemnified party under this <u>Section 8</u> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 8</u>, notify such indemnifying party in writing of the commencement of that action; *provided*, *however*, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this <u>Section 8</u> except to the extent it has been materially adversely prejudiced by such failure; and, *provided*, *further*, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <u>Section 8</u>. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under <u>Section 8(a)</u> or <u>Section 8(b)</u>, as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided*, *however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such separate counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <u>Section 8(a)</u>, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for reasonable legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided*, *however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this <u>Section 8</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 8</u> is a Company Indemnified Party. Subject to this <u>Section 8(c)</u>, the amount payable by an indemnifying party under <u>Section 8</u> shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this <u>Section 8</u> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than ninety (90) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least sixty (60) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Contribution*. If the indemnification provided for in this <u>Section 8</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 8(a)</u> or <u>Section 8(b)</u>, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this <u>Section 8(d)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this <u>Section 8(d)</u> but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations as determined in a final judgment by a court of competent jurisdiction. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to the Offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <u>Section 8(d)</u> be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this <u>Section 8(d)</u> shall be deemed to include, for purposes of this <u>Section 8(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this <u>Section 8(d)</u>, the Underwriters shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person, guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 9. *Termination of this Agreement.*

Prior to the Closing Date and/or the Option Closing Date, as applicable, whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act, this Agreement may be terminated by the Underwriters by written notice given to the Company if at any time (i) trading or quotation in the Company's Ordinary Shares shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking moratorium shall have been declared by any U.S. federal authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions that, in the reasonable judgment of the Underwriters, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of the Offered Securities; or (iv) regulatory approval (including but not limited to Nasdaq approval) for the Offering is denied, conditioned or modified and as a result it makes it impracticable for the Underwriters to proceed with the offering, sale and/or delivery of the Offered Securities or to enforce contracts for the sale of the Offered Securities. Except as otherwise stated in this section, the Agreement may not be terminated by the Company prior to the Closing Date, other than for Cause. Any termination pursuant to this <u>Section 9</u> shall be without liability on the part of (a) the Company to any of the Underwriters, except that the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for only those reasonable, accountable and properly documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110, less any amounts previously paid by the Company; *provided*, *however*, that all such expenses shall not exceed $250,000 in the aggregate, (b) the Underwriters to the Company, or (c) of any party hereto to any other party, except that the provisions of <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and <u>Section 8</u> shall at all times be effective and shall survive such termination. Upon termination or expiration of this Agreement, unless the Company terminates this Agreement for "Cause" as defined below or the Representative's material failure to provide the underwriting services contemplated by this Agreement, if the Company subsequently completes any public or private financing with any investors introduced to the Company by the Representative and not-known to the Company before such introduction at any time during the twelve (12) months after such termination, then the Representative shall be entitled to receive the compensation as set forth in this Agreement. "Cause," for the purpose of this Agreement, shall mean an uncured material breach of the Agreement by the Representative or a material failure by the Representative to provide the underwriting services contemplated hereunder. In the event that the Company believes that the Representative has engaged in conduct constituting Cause, it must first notify Representative in writing of the facts and circumstances supporting such an assertion(s) and allow Representative twenty (20) days to cure such alleged conduct.

SECTION 10. *No Advisory or Fiduciary Responsibility.*

The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the Offering. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Offered Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of the Offering that are not limited to the difference between the price to the public and the purchase price paid to the Company by the Underwriters for the Offered Securities, and the Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial interests.

SECTION 11. *Underwriter Default.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter or Underwriters shall default in its or their obligation to purchase the Firm Shares, and if the Firm Shares with respect to which such default relates (the "**Default Securities**") do not (after giving effect to arrangements, if any, made by the Representative pursuant to subsection (b) below) exceed in the aggregate ten percent (10%) of the number of Firm Shares, each non-defaulting Underwriter, acting severally and not jointly, agrees to subscribe for and purchase from the Company that number of Default Securities that bears the same proportion to the total number of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on <u>Schedule A</u> hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriters; subject, however, to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the aggregate number of Default Securities exceeds ten percent (10%) of the number of Firm Shares, the Representative may in its discretion arrange for itself or for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to subscribe for and purchase the Default Securities on the terms contained herein. In the event that within five (5) calendar days after such a default the Representative does not arrange for the purchase of the Default Securities as provided in this <u>Section 11</u>, this Agreement shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in <u>Sections 4</u>, <u>8</u>, <u>9</u>, <u>11</u> and <u>12</u>) or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of their liability, if any, to the other Underwriters and the Company for damages related to its or their default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Default Securities are to be subscribed for and purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriters' counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this <u>Section 11</u> with like effect as if it had originally been a party to this Agreement with respect to such Default Securities.

SECTION 12. *Representations and Indemnities to Survive Delivery; Third Party Beneficiaries.*

The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Offered Securities sold hereunder and any termination of this Agreement.

SECTION 13. *Notices.*

All communications hereunder shall be in writing and shall be mailed, hand delivered, emailed or telecopied and confirmed to the parties hereto as follows:

**If to the Underwriter(s):**

Pacific Century Securities, LLC

60-20 Woodside Ave, Suite 211

Queens, NY, 11377

Attn: Francis Ong

Email: francis@pcsecurities.us

*With a copy (which shall not constitute notice) to:*

Hunter Taubman Fischer & Li LLC

950 Third Avenue, 19th Floor

New York, NY 10022

Attn: Ying Li, Esq.; Guillaume de Sampigny, Esq.

Email: yli@htflawyers.com; gdesampigny@htflawyers.com

**If to the Company:**

HAMA Intelligence Limited

380 Jalan Besar, #07-10 ARC 380

Singapore 209000

Attn: Wing Sum, Ho, Director

Email: angus.ho@hamaintl.com

*With a copy (which shall not constitute notice) to:*

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place, Central

Hong Kong SAR

Attn: Lawrence S. Venick, Esq.

Email: lvenick@loeb.com

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 14. *Successors.*

This Agreement will inure to the benefit of and be binding upon the parties hereto and to the benefit of the employees, officers and directors and controlling persons referred to in <u>Section 8</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "successors" shall not include any purchaser of the Offered Securities as such merely by reason of such purchase.

SECTION 15. *Partial Unenforceability.*

The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph, or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

SECTION 16. *Governing Law; Submission to Jurisdiction; Trial by Jury.*

This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to the choice of law or conflict of laws principles thereof.

Any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York (each, a "**New York Court**"), and each party hereto irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereto hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon any party hereto may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 13</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon any party hereto in any action, proceeding or claim. The Company and the Underwriters agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor as determined in a final judgment by a court of competent jurisdiction. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 17. *Enforceability of Judgment.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that any final judgment against the Company for a fixed or readily calculable sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement or any transaction contemplated herein and therein would be recognized and enforced, without re-examination or review of the merits of the underlying dispute by the courts of the BVI, Hong Kong or Singapore or the cause of action in respect of which the original judgment was given or re-litigation of the matters adjudicated upon, by an action commenced on the foreign judgment debt in the courts of the BVI, Hong Kong or Singapore, provided that subject to the judicial discretion under common law for the BVI, Hong Kong or Singapore, (a) a separate legal action was brought at common law in the BVI, Hong Kong or Singapore, to enforce such judgment; (b) such judgment was a final judgment conclusive upon the merits of the claim; (c) such judgement was for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges; (d) such judgement was not obtained by fraud; (e) the proceedings in which such judgment was obtained were not opposed to natural justice; (f) the enforcement or recognition of such judgment would not be contrary to the public policy of the BVI, Hong Kong or Singapore; (g) the court of the United States was jurisdictionally competent; and (h) such judgment was not in conflict with a prior BVI, Hong Kong or Singapore judgment. The Company is not aware of any reason why the enforcement in the BVI, Hong Kong or Singapore of such a New York Court judgment would be, as of the date hereof, contrary to natural justice of the public policy of the BVI, Hong Kong or Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that although there is no statutory enforcement in the BVI of judgments obtained in the federal or state courts of the United States (and the BVI are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the BVI courts will at common law enforce final and conclusive in personam judgments of state and/or federal courts of the United States of America (the "**Foreign Court**") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, or in respect of a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). BVI courts may also at common law enforce final and conclusive in personam judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a BVI company. The Grand Court will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. BVI courts are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by BVI courts to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by BVI courts. A BVI court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. A BVI court may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

SECTION 18. *General Provisions.*

This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering, except for those specific provisions of the engagement letter between the Company and the Representative, dated as of May 22, 2025, that are not related to the Offering, each of which provisions shall remain in full force and effect for the term of the engagement letter. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of <u>Section 8</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 8</u> hereto fairly allocate the risks in the light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

The respective indemnities, contribution agreements, representations, warranties and other statements of the Company and the Underwriters set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **HAMA INTELLIGENCE LIMITED** | **HAMA INTELLIGENCE LIMITED** |
| By: |  |
| Name: | Wing Sum, Ho |
| Title: | Director |

---

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

For itself and on behalf of the several Underwriters listed

on <u>Schedule A</u> hereto

---

| |
|:---|
| **PACIFIC CENTURY SECURITIES, LLC** |
| By: |
| Name: |
| Title: |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Firm Shares** |
| Pacific Century Securities, LLC | [●] |
| **Total** | [●] |

---

**SCHEDULE B**

**Issuer Free Writing Prospectus(es)**

[●]

**SCHEDULE C**

**Pricing Information**

---

| |
|:---|
| Number of Firm Shares: [●] |
| Number of Additional Shares: [●] |
| Public Offering Price per one Share: $[●] |
| Underwriting Discount per one Share: 7% per one Share (or $[●] per share) |
| Non-accountable expense allowance per one Share: 1% per share (or $[●] per share) |
| Proceeds to Company per one Share (before expenses): $[●] |

---

**SCHEDULE D**

**Lock-Up Parties**

---

| | | | |
|:---|:---|:---|:---|
| **Locked-up Parties** | **Ordinary Shares**<br> **Beneficially Owned** | **Ordinary Shares**<br> **Locked-up**  | **Lock Up**<br> **Period** |
| Wai Ting, CHEUNG Director and Chief Executive Officer | _ | _ | 6 months |
| Wing Sum, HO Director, Chief Financial Officer, and Chairman of the Board of Directors | 3,000,000 Class A Ordinary Shares<br> 9,047,000 Class B Ordinary Shares | 3,000,000 Class A Ordinary Shares<br> 9,047,000 Class B Ordinary Shares | 6 months |
| Chun Ting Kavern, CHAN Chief Operating Officer | _ | _ | 6 months |
| Ho Wai Alan, CHUNG Independent Director | _ | _ | 6 months |
| Wai Ming, YIU Independent Director | _ | _ | 6 months |
| Wai Hong, LIN Independent Director | _ | _ | 6 months |
| Alpha Ngine Investment Co Limited | 931,000 Class A Ordinary Shares | _ | 6 months |
| MT Shell Limited | 760,000 Class A Ordinary Shares | _ | 6 months |
| Nice Honour International Investment Limited | 931,000 Class A Ordinary Shares | _ | 6 months |
| Winning Consultants Limited | 760,000 Class A Ordinary Shares | _ | 6 months |
| World Power Holdings Limited | 760,000 Class A Ordinary Shares | _ | 6 months |
| Chi Wai Benny, CHENG | 760,000 Class A Ordinary Shares | _ | 6 months |
| Yuen Ling, FUNG | 760,000 Class A Ordinary Shares | _ | 6 months |
| Chun Hei, KWOK | 931,000 Class A Ordinary Shares | _ | 6 months |

---

**SCHEDULE E**

**Subsidiaries**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation** |
| 88M Global Limited | Hong Kong |
| Nardo Capital (Hong Kong) Limited | Hong Kong |
| HAMA SGD Pte Ltd. | Singapore |

---

**SCHEDULE F**

**Written Testing the Waters Communications**

[●]

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●], 2025

**Pacific Century Securities, LLC**

60-20 Woodside Avenue, Suite 211

Queens, NY, 11377

Ladies and Gentlemen:

The undersigned understands that Pacific Century Securities, LLC, the representative (the "<u>Representative</u>") of the underwriters (the "<u>Underwriters</u>"), propose to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") with HAMA Intelligence Limited, a British Virgin Islands business company (the "<u>Company</u>"), in connection to the initial public offering (the "<u>Offering</u>") of the Company's Class A ordinary shares, no par value (the "<u>Shares</u>").

To induce the Underwriters to continue its efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the effective date of the registration statement associated with the Offering (the "<u>Lock-Up Period</u>"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for the Shares (collectively, the "<u>Lock-Up Securities</u>"); or (2) 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. The foregoing sentence shall not apply to (a) transactions relating to the Shares or other securities acquired in open market transactions after the completion of the Offering, or (b) transfers of the Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); *provided* that in the case of any transfer or distribution pursuant to clause (b), each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this lock-up agreement; (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; *provided* that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement, (iii) no filing under Section 13 of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or other filing or public announcement shall be required or shall be voluntarily made, (f) the receipt by the undersigned from the Company of Class A ordinary shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's Class A ordinary shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "<u>Plan Shares</u>") or the transfer of Class A ordinary shares or any securities convertible into Class A ordinary shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, *provided* that no filing under Section 13 of the Exchange Act or other public announcement shall be required or shall be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90th day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Class A ordinary shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, *provided*, *further*, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, *provided* that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act will be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan; and (h) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further, that any filing under Section 13 of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "<u>Permitted Transfers</u>"). In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

No provision in this lock-up agreement shall be deemed to restrict or prohibit (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to any equity incentive plan, and the filing of a registration statement on Form S-8; *provided*, *however*, that any sales by parties to this lock-up agreement shall be subject to this lock-up agreement, (ii) the issuance of Class A ordinary shares in connection with the exercise of outstanding warrants of the Company; *provided* that this lock-up agreement shall apply to any of the undersigned's shares issued upon such exercise, or (iii) the issuance of securities in connection with an acquisition or a strategic relationship which may include the sale or equity securities; *provided*, that none of such shares shall be saleable in the public market until the expiration of the 6-month period described above.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any securities that the undersigned may purchase in the Offering; and (ii) the Representative agrees that, at least three (3) Business Days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) Business Days after the release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this lock- up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representative, successors and assigns.

The undersigned understands that, if (i) the Underwriting Agreement is not executed by [●], 2025, or (ii) the Company notifies the Representative in writing that it does not intend to proceed with the Offering, or (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. The undersigned acknowledges that no assurances are given by the Company or the Underwriters that any Offering will be consummated. This lock-up agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

[*Signature Page Follows*]

---

| |
|:---|
| Very truly yours, |
| (Signature) |
| Address: |
| Email: |
| Date: |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| |
|:---|
| **BVI COMPANY NUMBER: 2170639**<br>**TERRITORY OF THE BRITISH VIRGIN ISLANDS**<br>**THE BVI BUSINESS COMPANIES ACT, 2004**<br>**Second AMENDED AND RESTATED**<br>**MEMORANDUM AND ARTICLES OF ASSOCIATION**<br>**OF**<br>**HAMA Intelligence Limited**<br>|
| <br>Incorporated this 26th day of February, 2025<br>(As adopted by Resolution of Directors dated the 13th of May, 2025)<br>(Filed on the 20th of May, 2025) |

---

**Territory of the British Virgin Islands**

**The BVI Business Companies Act 2004**

**Second Amended and Restated Memorandum of Association**

**of**

**HAMA Intelligence Limited**

**A company limited by shares**

(As adopted by Resolution of Directors dated the 13th of May, 2025)

(filed on the 20th of May, 2025)

---

| | |
|:---|:---|
| 1 | Name |

---

The name of the Company is HAMA Intelligence Limited.

---

| | |
|:---|:---|
| 2 | Status |

---

The Company shall be a company limited by shares.

3 Registered office and registered agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The first registered office of the Company is at Corporate Registrations Limited of Sea Meadow House,
(P.O. Box 116), Road Town, Tortola, British Virgin Islands, the office of the first registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The first registered agent of the Company is Corporate Registrations Limited of Sea Meadow House, (P.O.
Box 116), Road Town, Tortola, British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Company may change its registered office or registered agent by a Resolution of Directors or a Resolution
of Members. The change shall take effect upon the Registrar registering a notice of change filed under section 92 of the Act.

4 Capacity and power

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company has, subject to the Act and any other British Virgin Islands legislation for the time being
in force, irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph 4.1(a), full rights, powers and privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 There are, subject to Clause 4.1, no limitations on the business that the Company may carry on.

5 Number and classes of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company is authorised to issue a maximum of 133,000,000 shares of no par value divided into (i) 95,000,000
Class A Ordinary Shares of no par value and (ii) 38,000,000 Class B Ordinary Shares of no par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Company may at the discretion of the Board of Directors, but shall not otherwise be obliged to, issue
fractional Shares or round up or down fractional holdings of Shares to its nearest whole number and a fractional Share (if authorised
by the Board of Directors) may have the corresponding fractional rights, obligations and liabilities of a whole share of the same class
or series of shares.

6 Designations powers preferences of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Each Class A Ordinary Share in the Company confers upon the Member (unless waived by such Member):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one vote at a meeting of the Members of the Company or on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any distribution by way of dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Each Class B Ordinary Share in the Company confers upon the Member (unless waived by such Member):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to twenty votes at a meeting of the Members of the Company or on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any distribution by way of dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Each Class B Ordinary Share shall be convertible, at the option of the holder thereof, at any time after
the date of issuance of such Share, at the office of the Company or any transfer agent for such Shares, into one fully paid and non-assessable
Class A Ordinary Share. The Directors shall at all times reserve and keep available out of the Company's authorised but unissued
Class A Ordinary Shares, solely for the purpose of effecting the conversion of the Class B Ordinary Shares, such number of its Class A
Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Ordinary Shares; and if at
any time the number of authorised but unissued Class A Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding
Class B Ordinary Shares, in addition to such other remedies as shall be available to the holders of such Class B Ordinary Shares, the
Directors will take such action as may be necessary to increase its authorised but unissued Class A Ordinary Shares to such number of
Shares as shall be sufficient for such purposes. For the avoidance of doubt, Class A Ordinary Shares shall under no circumstances be converted
into Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Directors may at their discretion by Resolution of Directors redeem, purchase or otherwise acquire
all or any of the Shares in the Company subject to Regulation 3 and Regulation 6 of the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Directors have the authority and the power by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to authorise and create additional classes of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fix the designations, powers, preferences, rights, qualifications, limitations and restrictions, if
any, appertaining to any and all classes of shares that may be authorised to be issued under this Memorandum.

7 Variation of rights

The rights attached to Shares as specified in Clause 6 may only, whether or not the Company is being wound up, be varied with the consent in writing of or by a resolution passed at a meeting by the holders of more than 50 per cent (50%) of the issued Shares of that class.

8 Rights not varied by the issue of Shares pari passu

The rights conferred upon the holders of the Shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking pari passu therewith.

9 Registered Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Company shall issue registered shares only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Company is not authorised to issue bearer shares, convert registered shares to bearer shares or exchange
registered shares for bearer shares.

10 Transfer of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 A share may be transferred in accordance with Regulation 4 of the Articles.

11 Amendment of Memorandum and Articles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Company may amend its Memorandum or Articles by a Resolution of Members or by a Resolution of Directors,
save that no amendment may be made by a Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Members to amend the Memorandum or Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Members required to pass a Resolution of Members to amend the Memorandum or
Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where the Memorandum or Articles cannot be amended by the Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to Clauses 7 or 8 or this Clause 11.

12 Definitions and interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the
subject or context:

**Act** means the BVI Business Companies Act, 2004 and includes the regulations made under the Act;

**Articles** means the attached Articles of Association of the Company;

**Board of Directors** means the board of directors of the Company;

**Business Days** means a day other than a Saturday or Sunday or any other day on which commercial banks in New York are required or are authorised to be closed for business;

**Chairman of the Board** and **Chairman** has the meaning specified in Regulation 13;

**Class A Ordinary Shares** mean an Ordinary Share designated by the Directors of the Company as a Class A Ordinary Share;

**Class B Ordinary Shares** mean an Ordinary Share designated by the Directors of the Company as a Class B Ordinary Share;

**Designated Stock Exchange** means the Capital Market of the Nasdaq Stock Market LLC. provided, however, that until the Shares of any class are listed on the Designated Stock Exchange, the rules of the Designated Stock Exchange shall be inapplicable to the Company and this Memorandum or the Articles;

**Director** means any director of the Company, from time to time;

**Distribution** in relation to a distribution by the Company means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of a Member in relation to Shares held by a Member, and whether by means of a purchase of an asset, the redemption or other acquisition of Shares, a distribution of indebtedness or otherwise, and includes a dividend;

**Eligible Person** means individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

**Enterprise** means the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which an Indemnitee is or was serving at the request of the Company as a Director, Officer, trustee, general partner, managing member, fiduciary, employee or agent;

**Exchange Act** means the United States Securities Exchange Act of 1934, as amended and the rules and regulations thereunder;

**Expenses** shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all legal fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses, in each case reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding, including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses shall also include any or all of the foregoing expenses incurred in connection with all judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred (whether by an Indemnitee, or on his behalf) in connection with such Proceeding or any claim, issue or matter therein, or any appeal resulting from any Proceeding, including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, but shall not include amounts paid in settlement by an Indemnitee or the amount of judgments or fines against an Indemnitee;

**Indemnitee** means any person detailed in sub regulations (a) and (b) of Regulation 15;

**IPO** means the initial public offering of securities or other rights to receive or subscribe for securities of the Company;

**Listing** means the listing of the Company on the Nasdaq Capital Market;

**Member** means an Eligible Person whose name is entered in the share register of the Company as the holder of one or more Shares or fractional Shares;

**Memorandum** means this Memorandum of Association of the Company;

**Officer** means any officer of the Company, from time to time;

**Ordinary Shares** mean a share that the Company is authorised to issue and issued as a Class A Ordinary Share or as a Class B Ordinary Share. In the Articles, the term Ordinary Share shall embrace all classes of Ordinary Shares except where reference is made to a specific class;

**Proceeding** means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the name of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative nature, in which an Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that such Indemnitee is or was a Director or Officer of the Company, by reason of any action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a Director, Officer, employee or adviser of the Company, or by reason of the fact that he is or was serving at the request of the Company as a Director, Officer, trustee, general partner, managing member, fiduciary, employee, adviser or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under these Articles;

**relevant system** means a relevant system for the holding and transfer of shares in uncertificated form;

**Resolution of Directors** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee
of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where
a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by all directors or by all members of a committee of directors of
the Company, as the case may be;

**Resolution of Members** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of the Members of the Company by the
affirmative vote of a majority of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by a majority of the votes of Shares entitled to vote thereon;

**Seal** means any seal which has been duly adopted as the common seal of the Company;

**SEC** means the United States Securities and Exchange Commission;

**Securities** means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire shares or debt obligations;

**Securities Act** means the United States Securities Act of 1933, as amended;

**Share** means a share issued or to be issued by the Company and **Shares** shall be construed accordingly;

**Treasury Share** means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled; and

**written** or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and **in writing** shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 In the Memorandum and the Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a **Regulation** is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a **Clause** is a reference to a clause of the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting by Member is a reference to the casting of the votes attached to the Shares held by the Member
voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular includes the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning
in the Memorandum and Articles unless otherwise defined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and
Articles.

We, Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands, in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 26th day of February, 2025.

Incorporator

………………………………

Alicia Davis and Marsha Fahie

Authorized Signatories

Corporate Registrations Limited

Sea Meadow House

P. O. Box 116

Road Town, Tortola

British Virgin Islands

**Territory of the British Virgin Islands**

**The BVI Business Companies Act 2004**

**Second Amended and Restated Articles of Association**

**of**

**HAMA Intelligence Limited**

**A company limited by shares**

(As adopted by Resolution of Directors dated the 13th of May, 2025)

(filed on the 20th of May, 2025)

1 Registered Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Every Member is entitled to a certificate signed by a director of the Company or under the Seal specifying
the number of Shares held by him and the signature of the director and the Seal may be facsimiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Any Member receiving a certificate shall indemnify and hold the Company and its directors and officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any
person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn
out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 If several Eligible Persons are registered as joint holders of any Shares, any one of such Eligible Persons
may give an effectual receipt for any Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Nothing in these Articles shall require title to any Shares or other Securities to be evidenced by a certificate
if the Act and the rules of the Designated Stock Exchange permit otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Subject to the Act and the rules of the Designated Stock Exchange, the Board of Directors without further
consultation with the holders of any Shares or Securities may resolve that any class or series of Shares or other Securities in issue
or to be issued from time to time may be issued, registered or converted to uncertificated form and the practices instituted by the operator
of the relevant system. No provision of these Articles will apply to any uncertificated shares or Securities to the extent that they are
inconsistent with the holding of such shares or securities in uncertificated form or the transfer of title to any such shares or securities
by means of a relevant system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Conversion of Shares held in certificated form into Shares held in uncertificated form, and vice versa,
may be made in such manner as the Board of Directors, in its absolute discretion, may think fit (subject always to the requirements of
the relevant system concerned). The Company or any duly authorised transfer agent shall enter on the register of members how many Shares
are held by each member in uncertificated form and certificated form and shall maintain the register of members in each case as is required
by the relevant system concerned. Notwithstanding any provision of these Articles, a class or series of Shares shall not be treated as
two classes by virtue only of that class or series comprising both certificated shares and uncertificated shares or as a result of any
provision of these Articles which applies only in respect of certificated shares or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Nothing contained in Regulation 1.5 and 1.6 is meant to prohibit the Shares from being able to trade electronically.
For the avoidance of doubt, Shares shall only be traded and transferred electronically upon consummation of the IPO.

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| 2 | Shares |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of these Articles and, where applicable, the rules of the Designated Stock Exchange,
the unissued Shares of the Company shall be at the disposal of the Directors and Shares and other Securities may be issued and option
to acquire Shares or other Securities may be granted at such times, to such Eligible Persons, for such consideration and on such terms
as the directors may by Resolution of Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Section 46 of the Act does not apply to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 A Share may be issued for consideration in any form, including money, a promissory note, real property,
personal property (including goodwill and know-how) or a contract for future services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been
passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, in their opinion, the present cash value of the non-money consideration for the issue is not less
than the amount to be credited for the issue of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Subject to Regulation 2.6, the Company shall keep a register (the **share register**) containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Member was entered in the share register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any Eligible Person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Where the Company or any of its Shares is listed on a Designated Stock Exchange, the company may keep
a share register containing the information referred to in Regulation 2.5 or such other information as these Articles permit or as may
be approved by a Resolution of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The share register may be in any such form as the directors may approve, but if it is in magnetic, electronic
or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise determine,
the magnetic, electronic or other data storage form shall be the original share register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 A Share is deemed to be issued when the name of the Member is entered in the share register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Subject to the provisions of the Act, Shares may be issued on the terms that they are redeemable, or at
the option of the Company be liable to be redeemed on such terms and in such manner as the Directors before or at the time of the issue
of such Shares may determine. The Directors may issue options, warrants or convertible securities or securities of a similar nature conferring
the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or Securities on such terms as the Directors
may from time to time determine. Notwithstanding the foregoing, the Directors may also issue options, warrants, other rights to acquire
shares or convertible securities in connection with the Company's IPO.

3 Forfeiture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation
and for this purpose Shares issued for a promissory note or a contract for future services are deemed to be not fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 A written notice of call specifying the date for payment to be made shall be served on the Member who
defaults in making payment in respect of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The written notice of call referred to in Regulation 3.2 shall name a further date not earlier than the
expiration of fourteen (14) days from the date of service of the notice on or before which the payment required by the notice is to be
made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them,
in respect of which payment is not made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Where a written notice of call has been issued pursuant to Regulation 3.2 and the requirements of the
notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the
notice relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 The Company is under no obligation to refund any moneys to the Member whose Shares have been cancelled
pursuant to Regulation 3.4 and that Member shall be discharged from any further obligation to the Company.

4 Transfer of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Subject to the Memorandum shares may be transferred by a written instrument of transfer signed by the
transferor and containing the name and address of the transferee, which shall be sent to the Company for registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 A member shall be entitled to transfer uncertificated shares by means of a relevant system and the operator
of the relevant system shall act as agent of the Members for the purposes of the transfer of such uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The transfer of a Share is effective when the name of the transferee is entered on the share register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been
signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's name should be entered in the share register notwithstanding the absence of the
instrument of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Subject to the Memorandum, the personal representative of a deceased Member may transfer a Share even
though the personal representative is not a Member at the time of the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Except in relation to a transfer made pursuant to Regulation 4.2, the Directors may decline to register
a transfer of an Ordinary Share which (i) is not fully paid up or on which the Company has a lien; or (ii) in the case of a transfer to
joint holders, the number of joint holders to whom the share is to be transferred exceeds four (4). If the Directors refuse to register
a transfer they shall, within one (1) month after the date on which the instrument of transfer was lodged, send to each of the transferor
and the transferee notice of such refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 A member wishing to transfer a Share is liable to pay to the Company a fee of such maximum sum as the
Designated Stock Exchange may determine to be payable, or such lesser sum as the Director may from time to time require, is paid to the
Company in respect of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 The registration of transfers may, on fourteen (14) days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as the Directors
may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed
for more than thirty (30) days in any year.

5 Distributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The directors of the Company may, by Resolution of Directors, authorise a distribution at a time and of
an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's
assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Dividends may be paid in money, shares, or other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Company may, by Resolution of Directors, from time to time pay to the Members such interim dividends
as appear to the directors to be justified by the profits of the Company, provided always that they are satisfied, on reasonable grounds,
that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to
pay its debts as and when they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Notice in writing of any dividend that may have been declared shall be given to each Member in accordance
with Regulation 21 and all dividends unclaimed for three years after such notice has been given to a Member may be forfeited by Resolution
of Directors for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 No dividend shall bear interest as against the Company.

6 Redemption of Shares and Treasury Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may
not purchase, redeem or otherwise acquire its own Shares without the consent of the Member whose Shares are to be purchased, redeemed
or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem
or otherwise acquire the Shares without such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The purchase redemption or other acquisition by the Company of its own Shares is deemed not to be a distribution
where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company purchases, redeems or otherwise acquires the Shares pursuant to a right of a Member to have
his Shares redeemed or to have his shares exchanged for money or other property of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company purchases, redeems or otherwise acquires the Shares by virtue of the provisions of section
179 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Sections 60, 61 and 62 of the Act shall not apply to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled
or held as Treasury Shares except to the extent that such Shares are in excess of 50 percent of the issued Shares in which case they shall
be cancelled but they shall be available for reissue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the
Company while it holds the Share as a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Treasury Shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent
with the Memorandum and Articles) as the Company may by Resolution of Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Where Shares are held by another body corporate of which the Company holds, directly or indirectly, shares
having more than 50 per cent (50%) of the votes in the election of directors of the other body corporate, all rights and obligations attaching
to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate.

7 Mortgages and charges of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 A Member may by an instrument in writing mortgage or charge his Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 There shall be entered in the share register at the written request of the Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in subparagraphs 7.2(a) and 7.2(b) are entered in the share
register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Where particulars of a mortgage or charge are entered in the share register, such particulars may be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage
or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Whilst particulars of a mortgage or charge over Shares are entered in the share register pursuant to this
Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no replacement certificate shall be issued in respect of such Shares,

without the written consent of the named mortgagee or chargee.

8 Meetings and consents of Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Company may, but shall not (unless required by the rules of the Designated Stock Exchange) be obligated
to, in each year hold a meeting of Members as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Upon the written request of the Members entitled to exercise 30 per cent (30%) or more of the voting rights
in respect of the matter for which the meeting is requested the Directors shall convene a meeting of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Director convening a meeting of Members (including an annual general meeting) shall give not less
than seven (7) days' written notice of such meeting to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Members whose names on the date the notice is given appear as Members in the share register of the
Company and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The director convening a meeting of Members may fix as the record date for determining those Members that
are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being
a date not earlier than the date of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 A meeting of Members held in contravention of the requirement to give notice is valid if Members holding
at least 90 per cent (90%) of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting
and, for this purpose, the presence of a Member at the meeting shall constitute waiver in relation to all the Shares which that Member
holds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Member or
another director, or the fact that a Member or another director has not received notice, does not invalidate the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 A Member may be represented at a meeting of Members by a proxy who may speak and vote on behalf of the
Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 The instrument appointing a proxy shall be in substantially the following form or such other form as the
chairman of the meeting shall accept as properly evidencing the wishes of the Member appointing the proxy. Any proxy given by the Depositary
Trust Company (DTC), its nominee or any DTC participant in the customary form and in the ordinary course with respect of the Company with
equity securities registered pursuant to Section 12(b) of the Exchange Act shall be deemed valid.

&nbsp;&nbsp; **HAMA Intelligence Limited**<br>I/We being a Member of the above Company **hereby appoint** ……………………………………………………………………………..…… of ……………………………………...……….…………..………… or failing him …..………………………………………………….…………………….. of ………………………………………………………..…..…… to be my/our proxy to vote for me/us at the meeting of Members to be held on the …… day of …………..…………, 20[ ] and at any adjournment thereof.<br>(Any restrictions on voting to be inserted here.)<br>Signed this …… day of …………..…………, 20[ ].<br>……………………………<br> Member<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting
of Members and may speak as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one and in the
event of disagreement between any of the joint owners of Shares then the vote of the joint owner whose name appears first (or earliest)
in the share register in respect of the relevant Shares shall be recorded as the vote attributable to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 A Member shall be deemed to be present at a meeting of Members if he participates by telephone or other
electronic means and all Members participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 A meeting of Members is duly constituted if, at the commencement of the meeting, there are present in
person or by proxy not less than one-third of the votes of the Shares entitled to vote on Resolutions of Members to be considered at the
meeting. If the Company has two or more classes of shares, a meeting may be quorate for some purposes and not for others. A quorum may
comprise a single Member or proxy and then such person may pass a Resolution of Members and a certificate signed by such person accompanied
where such person holds a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Members. No business may be transacted
at any meeting of Members unless a quorum is present at the commencement of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened
upon the requisition of Members, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction
in which the meeting was to have been held at the same time and place, and if at the adjourned meeting there are present within one hour
from the time appointed for the meeting in person or by proxy not less than one-third of the votes of the Shares or each class or series
of Shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting
shall be dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 At every meeting of Members, the Chairman of the Board shall preside as chairman of the meeting. If there
is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Members present shall choose one of their
number to be the chairman. If the Members are unable to choose a chairman for any reason, then the person representing the greatest number
of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual Member or
representative of a Member present shall take the chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 The person appointed as chairman of the meeting pursuant to Regulation 8.14 may adjourn any meeting from
time to time, and from place to place. For the avoidance of doubt, a meeting may remain open indefinitely for as long a period as may
be determined by the chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 At any meeting of the Members the chairman is responsible for deciding in such manner as he considers
appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and
recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall
cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Member present in person
or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand
that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced
to the meeting and recorded in the minutes of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 Subject to the specific provisions contained in this Regulation for the appointment of representatives
of Members other than individuals the right of any individual to speak for or represent a Member shall be determined by the law of the
jurisdiction where, and by the documents by which, the Member is constituted or derives its existence. In case of doubt, the directors
may in good faith seek legal advice and unless and until a court of competent jurisdiction shall otherwise rule, the directors may rely
and act upon such advice without incurring any liability to any Member or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 Any Member other than an individual may by resolution of its directors or other governing body authorise
such individual as it thinks fit to act as its representative at any meeting of Members or of any class of Members, and the individual
so authorised shall be entitled to exercise the same rights on behalf of the Member which he represents as that Member could exercise
if it were an individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 The chairman of any meeting at which a vote is cast by proxy or on behalf of any Member other than an
individual may at the meeting but not thereafter call for a notarially certified copy of such proxy or authority which shall be produced
within seven (7) days of being so requested or the votes cast by such proxy or on behalf of such Member shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 Directors of the Company may attend and speak at any meeting of Members and at any separate meeting of
the holders of any class or series of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21 An action that may be taken by the Members at a meeting may also be taken by a Resolution of Members consented
to in writing, without the need for any prior notice. If any Resolution of Members is adopted otherwise than by the unanimous written
consent of all Members, a copy of such resolution shall forthwith be sent to all Members not consenting to such resolution. The consent
may be in the form of counterparts, each counterpart being signed by one or more Members. If the consent is in one or more counterparts,
and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Eligible Persons holding
a sufficient number of votes of Shares to constitute a Resolution of Members have consented to the resolution by signed counterparts.

9 Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The first directors of the Company shall be appointed by the first registered agent within thirty (30)
days of the incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Members or by Resolution of
Directors for such term as the Members or directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 No person shall be appointed as a director of the Company unless he has consented in writing to act as
a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The minimum number of directors shall be one and there shall be no maximum number of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Each director holds office for the term, if any, fixed by the Resolution of Members or Resolution of Directors
appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director
serves indefinitely until his earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 A director may be removed from office with or without cause by,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Resolution of Members passed at a meeting of Members called for the purposes of removing the director
or for purposes including the removal of the director or by a written resolution passed by a least seventy five per cent (75%) of the
Members of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Resolution of Directors passed at a meeting of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 A director may resign his office by giving written notice of his resignation to the Company and the resignation
has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be
specified in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director
under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition
to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that
remained when the person who has ceased to be a director ceased to hold office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior
to the expiration of his term of office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 The Company shall keep a register of directors containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a director of the
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a director ceased to be a director of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other information as may be prescribed by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors
determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 The directors may, or if the Shares are listed or quoted on a Designated Stock Exchange, and if required
by the Designated Stock Exchange, any committee thereof, may, by a Resolution of Directors, fix the emoluments of directors with respect
to services to be rendered in any capacity to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 A director is not required to hold a Share as a qualification to office.

10 Powers of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The business and affairs of the Company shall be managed by, or under the direction or supervision of,
the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when
exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the holding company
even though it may not be in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company
acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his
duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Any director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The continuing directors may act notwithstanding any vacancy in their body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Section 175 of the Act shall not apply to the Company.

11 Proceedings of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Any one director of the Company may call a meeting of the directors by sending a written notice to each
other directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the notice calling the meeting provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 A director is deemed to be present at a meeting of directors if he participates by telephone or other
electronic means and all directors participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 A director shall be given not less than three (3) days' notice of meetings of directors, but a meeting
of directors held without three days' notice having been given to all directors shall be valid if all the directors entitled to vote at
the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute
waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received
the notice, does not invalidate the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there
are present in person or by alternate not less than one-half of the total number of directors, unless there are only two directors in
which case the quorum is two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 A director may by a written instrument appoint an alternate who need not be a director and the alternate
shall be entitled to attend meetings in the absence of the director who appointed him and to vote or consent in place of the director
until the appointment lapses or is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 If the Company has only one director the provisions herein contained for meetings of directors do not
apply and such sole director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum
or the Articles required to be exercised by the Members. In lieu of minutes of a meeting the sole director shall record in writing and
sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence
of such resolution for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 At meetings of directors at which the Chairman of the Board is present, he shall preside as chairman of
the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors present shall choose one
of their number to be chairman of the meeting. If the directors are unable to choose a chairman for any reason, then the oldest individual
Director present (and for this purpose an alternate director shall be deemed to be the same age as the director that he represents) shall
take the chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 An action that may be taken by the directors or a committee of directors at a meeting may also be taken
by a Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or by all members of
the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being
signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution
shall take effect on the date upon which the last director has consented to the resolution by signed counterparts.

12 Committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The directors may, by Resolution of Directors, designate one or more committees, each consisting of one
or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The directors have no power to delegate to a committee of directors any of the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to appoint directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve a plan of merger, consolidation or arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make a declaration of solvency or to approve a liquidation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Regulations 12.2(b) and 12.2(c) do not prevent a committee of directors, where authorised by the Resolution
of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating powers
exercisable by the committee to the sub-committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 The meetings and proceedings of each committee of directors consisting of two or more directors shall
be governed mutatis mutandis by the provisions of the Articles regulating the proceedings of directors so far as the same are not superseded
by any provisions in the Resolution of Directors establishing the committee.

13 Officers and agents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered
necessary or expedient. Such officers may consist of a Chairman of the Board of Directors, a Chief Executive Officer, one or more vice-presidents,
secretaries and treasurers and such other officers as may from time to time be considered necessary or expedient. Any number of offices
may be held by the same person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The officers shall perform such duties as are prescribed at the time of their appointment subject to any
modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of
duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Members, the Chief Executive
Officer to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the Chief
Executive Officer but otherwise to perform such duties as may be delegated to them by the Chief Executive Officer, the secretaries to
maintain the share register, minute books and records (other than financial records) of the Company and to ensure compliance with all
procedural requirements imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 The emoluments of all officers shall be fixed by Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 The officers of the Company shall hold office until their death, resignation or removal. Any officer elected
or appointed by the Directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in
any office of the Company may be filled by Resolution of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 The directors may, by a Resolution of Directors, appoint any person, including a person who is a director,
to be an agent of the Company. An agent of the Company shall have such powers and authority of the directors, including the power and
authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent
has any power or authority with respect to the matters specified in Regulation 12.1. The Resolution of Directors appointing an agent may
authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the
Company. The Directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him.

14 Conflict of interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 For the purposes of Regulation 14.1, a disclosure to all other Directors to the effect that a director
is a member, Director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that
entity or individual, is a sufficient disclosure of interest in relation to that transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 A Director of the Company who is interested in a transaction entered into or to be entered into by the
Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of Directors at which a matter relating to the transaction arises and be included among
the Directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity as a Director, that relates
to the transaction,

and, subject to compliance with the Act and these Articles shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

15 Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Subject to the limitations hereinafter provided the Company shall indemnify, hold harmless and exonerate
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
connection with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a Director of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a Director of, or in any other capacity is or was
acting for, another company or a partnership, joint venture, trust or other Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The indemnity in Regulation 15.1 only applies if the person acted honestly and in good faith with a view
to the best interests of the Company and, in the case of criminal proceedings, the Indemnitee had no reasonable cause to believe that
his conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 The decision of the directors as to whether an Indemnitee acted honestly and in good faith and with a
view to the best interests of the Company and as to whether such Indemnitee had no reasonable cause to believe that his conduct was unlawful
is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a
nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the
best interests of the Company or that such Indemnitee had reasonable cause to believe that his conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The Company may purchase and maintain insurance, purchase or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond in relation to any Indemnitee or
who at the request of the Company is or was serving as a Director, officer or liquidator of, or in any other capacity is or was acting
for, another Enterprise, against any liability asserted against the person and incurred by him in that capacity, whether or not the Company
has or would have had the power to indemnify him against the liability as provided in these Articles.

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| | |
|:---|:---|
| 16 | Records |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Company shall keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the share register, or a copy of the share register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs
in the previous 10 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 If the Company maintains only a copy of the share register or a copy of the register of directors at the
office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within fifteen (15) days of any change in either register, notify the registered agent in writing of the
change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the place or places at which
the original share register or the original register of directors is kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings and Resolutions of Members and classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Directors and committees of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an impression of the Seal, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Where any original records referred to in this Regulation are maintained other than at the office of the
registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent
with the physical address of the new location of the records of the Company within fourteen (14) days of the change of location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 The records kept by the Company under this Regulation shall be in written form or either wholly or partly
as electronic records complying with the requirements of the Electronic Transactions Act.

17 Registers of charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Company shall maintain at the office of its registered agent a register of charges in which there

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of creation of the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the trustee for the security or, if there is no such trustee, the name and address
of the chargee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the charge is a security to bearer, the name and address of the holder of the charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) details of any prohibition or restriction contained in the instrument creating the charge on the power
of the Company to create any future charge ranking in priority to or equally with the charge.

18 Continuation

The Company may by Resolution of Members or by a Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

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| | |
|:---|:---|
| 19 | Seal |

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The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The Directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The Directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

20 Accounts and audit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 The Company shall keep records that are sufficient to show and explain the Company's transactions and
that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The Company may by Resolution of Members call for the Directors to prepare periodically and make available
a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively
a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities
of the Company as at the end of a financial period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 The Company may by Resolution of Members call for the accounts to be examined by auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 If the Shares are listed or quoted on the Designated Stock Exchange, and if required by the Designated
Stock Exchange, the Directors shall establish and maintain an audit committee as a committee of the Board of Directors, the composition
and responsibilities of which shall comply with the rules and regulations of the SEC and the Designated Stock Exchange subject to any
available exemptions therefrom and the operation of the Act. The audit committee shall meet at least once every financial quarter, or
more frequently as circumstances dictate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 If the Shares are listed or quoted on a Designated Stock Exchange that requires the Company to have an
audit committee, the Directors shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written
charter on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 If the Shares are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate
review of all related party transactions on an ongoing basis and, if required, shall utilise the audit committee for the review and approval
of potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7 (a) The auditors may be appointed by Resolution of Directors or by Resolutions of Members and such auditors
shall hold office on such terms as determined by such Resolutions of Directors or Resolutions of Members (as the case maybe). Such auditor
may be a Member but no Director or officer or employee of the Company shall during, his continuance in office, be eligible to act as auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any meeting of Members convened and held at any time in accordance with these Articles, the Members may, by Resolution of Members, remove the auditor before the expiration of his term of office. If they do so, the Members shall, by Resolution of Members, at that meeting appoint another auditor in his stead for the remainder of his term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.8 The remuneration of the auditors shall be fixed by Resolution of Directors in such manner as the Directors
may determine or in a manner required by the rules and regulations of the Designated Stock Exchange and the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.9 The auditors shall examine each profit and loss account and balance sheet required to be laid before a
meeting of the Members or otherwise given to Members and shall state in a written report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet give a true and fair view respectively
of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information and explanations required by the auditors have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.10 The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Members
at which the accounts are laid before the Company or shall be otherwise given to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 Every auditor of the Company shall have a right of access at all times to the books of account and vouchers
of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he
thinks necessary for the performance of the duties of the auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.12 The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Members
at which the Company's profit and loss account and balance sheet are to be presented.

---

| | |
|:---|:---|
| 21 | Notices |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Any notice, information or written statement to be given by the Company to Members may be given by personal
service by mail, facsimile or other similar means of electronic communication, addressed to each Member at the address shown in the share
register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Any summons, notice, order, document, process, information or written statement to be served on the Company
may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it
with, or by sending it by registered mail to, the registered agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Service of any summons, notice, order, document, process, information or written statement to be served
on the Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered
to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered
to the registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for service
and was correctly addressed and the postage was prepaid.

22 Voluntary winding up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 The Company may by a Resolution of Members or by a Resolution of Directors appoint a voluntary liquidator.

We, Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands, in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 26th day of February, 2025.

Incorporator

………………………………

Alicia Davis and Marsha Fahie

Authorized Signatories

Corporate Registrations Limited

Sea Meadow House

P. O. Box 116

Road Town, Tortola

British Virgin Islands

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

· ·'· �• : i ·' .·.• vEr . · ' · A . ' · . · . """· �' . . • INCORPORATED UNDER THE LAWS OF THE BRITISH VIRGIN ISLANDS CERTIFICATE NUMBER NOPARVALUE CLl \ SS A ORDINARY SHARES SHARES CUSIPNO. ,,.,, · - · t THIS CERTIFIES THAT SPECIMEN \* \* Is THE OwNER OF FULLY PAID AND NON - ASSESSABLE SHARES OF THE CLASS A ORDINARY SHARES NO PAR VALUE EACH OF HAMA INTELLIGENCE LIMITED TRANSFERABLE ON THE BOOKS OF THE CORPORATION IN PERSON OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE IS NOT VALID UNTIL COUNTERSIGNED BY THE TRANSFER AGENT AND REGISTERED BY THE REGISTRAR. WITNESS THE FACSIMILE SEAL OF THE CORPORATION AND THE FACSIMILE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS. DATED : COUNTERSIGNED AND REGISTERED: TRANSHARE CORPORATION Transfer Agent By Authorized Signature HO WING SUM Director CHEUNG WAI TING Director Bayside Center 1 , 17755 N. US Highway 19, Suite 140 , Clearwater , FL 33764 303.662.1112

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **HAMA Intelligence Limited** | **D** **+852 3656 6054**<br> **E** **nathan.powell@ogier.com**<br>Reference: NMP/JTC/512992.00001 |

---

9 September 2025

Dear Sirs

**HAMA Intelligence Limited (the Company)**

We have acted as British Virgin Islands legal counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Act**). The Registration Statement relates to the offering (the **Offering**) of 1,110,000 Class A Ordinary Shares (as defined in below) (the **Public Offering Shares**); together with an underwriter's over-allotment option for a period of 45 days after the closing of the Offering for the representative of the underwriter(s) to purchase additional Class A Ordinary Shares in the amount representing fifteen percent (15%) of the Public Offering Shares sold in the Offering (the **Over-allotment Shares**).

The Public Offering Shares and the Over-allotment Shares are collectively referred to herein as the **IPO Shares**.

We are furnishing this opinion as Exhibit 5.1 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | &nbsp;&nbsp;**Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | &nbsp;&nbsp;Cecilia Li<br> Rachel Huang\*\*<br> Yuki Yan\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| &nbsp;&nbsp;\* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page **2** of **8**

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the constitutional documents and public records of the Company obtained from the Registry of Corporate
Affairs in the British Virgin Islands (the **Registrar**) on 5 September 2025 (the **Company Registry Records**), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the certificate of incorporation of the Company dated 26 February 2025;

&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) a copy of the certificate of change of name of the Company dated 2 May 2025;

&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) a copy of the memorandum and articles of association of the Company registered with the Registrar on 26
February 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the amended and restated memorandum and articles of association of the Company as adopted by
resolutions of members dated 8 April 2025, filed with the Registrar on 17 April 2025 and amended and restated on 2 May 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a copy of the second amended and restated memorandum and articles of association of the Company as adopted
by resolutions of directors dated 13 May 2025 and filed with the Registrar on 20 May 2025 (item(iii)to item(v), collectively, the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the public information revealed from a search of the electronic records of the Civil Division and the
Commercial Division of the Registry of the High Court and of the Court of Appeal (Virgin Islands) Register, each from 1 January 2000,
as maintained on the Judicial Enforcement Management System (the **High Court Database**) by the Registry of the High Court of the
Virgin Islands on 5 September 2025 (the **Court Records**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company Registry Records and the Court Records each as updated by update search on 8 September 2025 (the
Company Registry Records and the Court Records together, and as updated, the **Public Records**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of certificate of incumbency dated 9 September 2025 (the **Certificate of Incumbency**) issued by
the registered agent of the Company (the **Registered Agent**) in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the register of directors of the Company provided to us on 30 May 2025 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of the register of members of the Company provided to us on 30 May 2025 (the **ROM**, and together
with the ROD, the **Registers**);

Page **3** of **8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of the written resolutions of the directors of the Company dated 31 July 2025 and 8 September 2025 approving
the Company's filing of the Registration Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the draft form of underwriting agreement appended as an exhibit to the Registration Statement (the **Underwriting Agreement**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals
and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Certificate of Incumbency and the Register is accurate and
complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of the Registration Statement are true and correct copies and the Registration Statement conform
in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us
in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company has complied with, or will comply with, its obligation to file (unless the Company is within
one of the statutory exceptions to the obligation to file) a financial return pursuant to Section 98A of the BCA (each an **Annual Return**)
with the Registered Agent in respect of each year for which such a return is due within the timeframe prescribed by the BCA, and the Registered
Agent has not made any notifications to the Registrar of Corporate Affairs of any failure by the Company to file its Annual Return as
required and within the time frame prescribed pursuant to Section 98A(4) of the BCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Board Resolutions remain in full force and effect and each director of the Company has acted in good
faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of
him in approving the Offering, and no director has a financial interest in or other relationship to a party of the transactions contemplated
by the Documents which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Underwriting Agreement has been, or will be, authorised and duly executed in the form as exhibited
in the Registration Statement and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant laws
and, in respect of the Company, in the manner authorised in the Board Resolutions;

Page **4** of **8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon execution, the Underwriting Agreement will be legal, valid, binding and enforceable against all relevant
parties in accordance with its terms under the laws of its governing law and all other relevant laws. If an obligation is to be performed
in a jurisdiction outside the British Virgin Islands, its performance will not be contrary to an official directive, impossible or illegal
under the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no invitation has been or will be made by or on behalf of the Company to the public in the British Virgin
Islands to subscribe for any Ordinary Shares and none of the Ordinary Shares have been offered or issued to residents of the British Virgin
Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Company is, and after the allotment (where applicable) and issuance of any IPO Shares will be, able
to pay its liabilities as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the information and each of the documents disclosed by the Public Records was and is accurate, up-to-date
and remains unchanged as at the date hereof and there is no information or document which has been delivered for registration, or which
is required by the laws of the British Virgin Islands to be delivered for registration, which was not included and available for inspection
in the Public Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there are no agreements, documents or arrangements (other than the documents expressly referred to in
this opinion as having been examined by us) that materially affect or modify the Underwriting Agreement or the transactions contemplated
by the Underwriting Agreement or restrict the powers and authority of the Company in any way from entering into and performing its obligations
under duly authorised, executed and delivered Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which would
have any implication in relation to the opinions expressed herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Company is not a land owning company for the purposes of Section 242 of the BVI Business Companies
Act, 2004 (the **BCA**) meaning that neither it nor any of its subsidiaries has an interest in any land in the British Virgin Islands.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a company duly incorporated with limited liability under the BCA on 26 February 2025 and
is validly existing and in good standing under the laws of the British Virgin Islands.

**Maximum Number of Shares Authorised to Issue**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based solely on the Memorandum and Articles, the Company is authorised to issue a maximum of 133,000,000
shares of no par value divided into (i) 95,000,000 class A ordinary shares of no par value (the **Class A Ordinary Shares**) and (ii)
38,000,000 class B ordinary shares of no par value (the **Class B Ordinary Shares**).

Page **5** of **8**

**Corporate authorisation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has taken all requisite corporate action to authorise the issuance of the IPO Shares under
the Registration Statement.

**Valid issuance of IPO Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The IPO Shares to be offered and issued by the Company as contemplated by the Registration Statement have
been duly authorised for issue and when:

&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) issued and allotted by the Company against payment in full of the consideration therefor in accordance
with the terms set out in the Registration Statement, the terms in the Underwriting Agreement and the Memorandum and Articles; 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;(ii) such issuance of IPO Shares have been duly registered in the Company's register of members as fully paid
shares,

will be validly issued, fully paid and non-assessable.

**Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No taxes, stamp duties, other duties, fees or charges are payable (by assessment, withholding, deduction
or otherwise) to the government of the British Virgin Islands in respect of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There is no withholding tax, capital gains tax, capital transfer tax, estate duty, inheritance tax, succession
tax or gift tax in the British Virgin Islands and any dividends, interest, rents, royalties, compensations and other amounts paid by the
Company are exempt from any taxation in the British Virgin Islands imposed under the British Virgin Islands Income Tax Ordinance (Cap
206). In particular, section 242 of the BCA provides the Company with a statutory exemption from all forms of taxation in the British
Virgin Islands.

4 Limitations and Qualifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the British Virgin Islands, and we have not, for the purposes of
this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or
effect of references in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the
British Virgin Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or
conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration
Statement and any other agreements into which the Company may have entered or any other documents.

Page **6** of **8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Under the BCA an annual fee must be paid in respect of the Company to the Registry of Corporate Affairs.
Failure to pay the annual fees by the relevant due date will render the Company liable to a penalty fee in addition to the amount of the
outstanding fees. If the license fee and/or any penalty fee remains unpaid from the due date, the Company will be liable to be struck
off and dissolved from the Register of Companies in the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Under the BCA, a copy of the Company's register of directors which is complete must be filed by the Company
at the Registry of Corporate Affairs. Failure to make this filing will render the Company liable to a penalty fee and if the filing is
not made within the requisite time period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck
off and dissolved from the Register of Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Under the BCA, an Annual Return, in the prescribed form, must be filed by the Company with its Registered
Agent in respect of each year for which one is due within the timeframe prescribed by the BCA for that year (unless the Company is within
one of the statutory exceptions to the obligation to file). Failure to make this filing when due will render the Company liable to a penalty
fee and where the Company is liable to the maximum penalty and has not filed its annual return, the Company will be liable to be struck
off and dissolved from the Register of Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 For
the purposes of this opinion "in good standing" means only that as of the date of this opinion it appears from our searches
of the Public Records and on the basis of certain of the assumptions made in the Assumptions section being correct the Company is in
good standing. We have made no enquiries into the Company's good standing with respect to any other filings or payment of fees, or both,
that it may be required to make under the laws of the British Virgin Islands other than the BCA. We have made no enquiries into whether
the copy of the register of directors, the copy of the register of members or the Company's beneficial ownership information filed at
the Registry of Corporate Affairs matches the details set out on the Certificate of Incumbency or whether the annual return filed by
the Company with its registered agent is in the prescribed form as required pursuant to the BCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 The Public Records and our searches thereof may not reveal the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Company Registry Records, details of matters which have not been lodged for registration
or have been lodged for registration but not actually registered at the time of our search or notifications made to the Registrar of Corporate
Affairs by the Registered Agent of any failure by any Company to file its Annual Return as required and within the time frame prescribed
by the BCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Court Records, details of proceedings which have been filed but not actually entered
in the High Court Database at the time of our search;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether an application for the appointment of a liquidator or a receiver has been presented to the High
Court of the British Virgin Islands or whether a liquidator or a receiver has been appointed out of court, or whether any out of court
dissolution, reconstruction or reorganisation of the Company has been commenced; or

Page **7** of **8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any originating process (including an application to appoint a liquidator) in respect of the Company in
circumstances where the High Court of the British Virgin Islands has prior to the issuance of such process ordered that such process upon
issuance be anonymised (whether on a temporary basis or otherwise),

and the following points should also be noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Court Records reflect the information accessible remotely on the High Court Database, we have not
conducted a separate search of the underlying Civil Cause Book (the **Civil Cause Book**) or the Commercial Cause Book (the **Commercial Cause Book**) at the Registry of the High Court of the British Virgin Islands. Although the High Court Database should reflect the content
of the Civil Cause Book and the Commercial Cause Book, neither the High Court Database nor the Civil Cause Book or Commercial Cause Book
is updated every day, and for that reason neither facility can be relied upon to reveal whether or not a particular entity is a party
to litigation in the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the High Court Database is not updated if third parties or noticed parties are added to or removed from
the proceedings after their commencement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) while it is a requirement under Section 118 of the Insolvency Act that notice of the appointment of a
receiver be registered with the Registry of Corporate Affairs, however, it should be noted that failure to file a notice of appointment
of a receiver does not invalidate the receivership but gives rise to penalties on the part of the receiver.

5 Governing law of this opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the British Virgin Islands at the date
of this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless otherwise indicated, a reference to any specific British Virgin Islands legislation is a reference
to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the
reference to our firm under the headings "*Risk Factors* ", "*Enforceability of Liabilities*" and "*Legal Matters*" of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 This opinion may be used only in connection with the Offering, the IPO Shares while the Registration Statement
is effective.

Page **8** of **8**

Yours faithfully

![](ex5-1_002.jpg)

**Ogier**

## Exhibit 10.1

**Exhibit 10.1**

**<u>EMPLOYMENT AGREEMENT</u>**

**This EMPLOYMENT AGREEMENT** (the "<u>Agreement"</u>), is entered into as of June 1, 2025 by and between HAMA Intelligence Limited, an company incorporated under the laws of the British Virgin Islands with limited liability (the "<u>Company</u>"), and Cheung Wai Ting, an individual (the "<u>Executive"</u>). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiaries (collectively, the "<u>Group</u>").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1. POSITION**

The Executive hereby accepts a position of Chief Executive Officer of the Company (the "<u>Employment</u>").

**2. TERM**

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be one year, commencing on June 1, 2025 (the "<u>Effective Date</u>"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the initial-year term, the Employment shall be automatically extended for successive one-year term unless either party gives the other party hereto a three-month prior written notice (or, in lieu thereof of, payment in accordance with the Employment Ordinance of Hong Kong, S.A.R. (hereinafter "Hong Kong")) to terminate the Employment prior to the expiration of such one-year term or unless terminated earlier pursuant to the terms of this Agreement.

**3. PROBATION**

No probationary period.

**4. DUTIES AND RESPONSIBILITIES**

(a) The
Executive's duties at the Company will include all jobs assigned by the Company's Board of Directors (the " <u>Board</u> ").

(b) The
Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall
faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company
(the " <u>Articles of Association</u> "), and the guidelines, policies and procedures of the Company approved from time to
time by the Board.

(c) The
Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board,
become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or
interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a " <u>Competitor</u> "),
provided that nothing in this clause shall preclude the Executive from holding up to 50% of shares or other securities of any Competitor
that is listed on any securities exchange or recognized securities market anywhere, <u>provided however,</u> that the Executive shall
notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with
such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign
from any board or similar body which he/she may then serve if the Board reasonably determines in writing that the Executive's service
on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or
that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

**5. NO BREACH OF CONTRACT**

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**6. LOCATION**

The Executive will be based in Hong Kong, unless both parties hereto agree otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

**7. COMPENSATION AND BENEFITS**

(a) <u>Compensation</u>.
The Executive's cash compensation (inclusive of the statutory welfare reserves that the Company is required to deduct from the
Executive's pay under applicable law) shall be provided by the Company pursuant to <u>Schedule A</u> hereto and as specified in
a separate agreement between the executive and the company's designated subsidiary or affiliated entity, subject to annual review
and adjustment by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company, a subsidiary
or affiliated entity or a combination thereof, as designated by the Company from time to time.

(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
in such plan pursuant to the terms thereof.

(c) <u>Benefits</u>.
The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted
by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday
plan.

(d) <u>Annual Leave</u>. Upon the Effective Date, the Executive is entitled to 12 days per annum of paid leave, which shall accrue on a pro rata basis
each year. After 2 years of employment, 1 day of paid leave can be increased per annual up to a maximum of 18 days.

**8. TERMINATION OF THE AGREEMENT**

(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive (1)
commits any serious or persistent breach or non-observance of the terms and conditions of the employment; (2) is convicted of a criminal
offence other than one which in the opinion of the Board does not affect the executive's position as an employee of the Company,
bearing in mind the nature of your duties and the capacity in which the executive is employed; (3) willfully disobeys a lawful and reasonable
order; (4) misconducts himself/herself and such conduct being inconsistent with the due and faithful discharge of the Executive's
material duties; (5) is guilty of fraud or dishonesty; or (6) is habitually neglectful in Executive's duties; (7) on any other
ground on which the Company would be entitled to terminate the contract without notice at common law. The Company may terminate the Employment
without cause at any time with a three-month prior written notice to the Executive or by payment of three months' salary in lieu
of notice.

(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a three-month prior written notice to the Company or by
payment of three months' salary in lieu of notice. In addition, the Executive may resign prior to the expiration of the Agreement
if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.

(c) <u>Notice of Termination.</u> Any termination of the Executive's employment under this Agreement shall be communicated by written notice
of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this
Agreement relied upon in effecting the termination.

**9. CONFIDENTIALITY AND NONDISCLOSURE**

(a) <u>Confidentiality and Non-disclosure.</u> The Executive hereby agrees at all times during the term of his/her employment and after termination, to hold
in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other
entity without written consent of the Company, any Confidential Information. The Executive understands that " <u>Confidential Information</u> "
means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group's
licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services,
customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive
became acquainted during the term of his/her employment), supplier lists and suppliers, software, developments, inventions, processes,
formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances,
information about the suppliers, joint ventures, licensors, licensees, distributors and other persons with whom the Group does business,
information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive
by or obtained by the Executive from the Group, its affiliates, or their clients, customers or partners either directly or indirectly
in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected
to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available
and known to the public through no fault of the Executive.

(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to
inspection by the Group, at any time. Upon termination of the Executive's employment with the Company (or at any other time when
requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to
his/her work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will
the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or
copies thereof containing any Confidential Information.

(c) <u>Former Employer Information</u>. The Executive agrees that he has not and will not, during the term of his/her employment, (i) improperly use
or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has
an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Group any
document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing
by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities,
damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation
of the foregoing.

(d) <u>Third Party Information</u>. The Executive recognizes that the Group may have received, and in the future may receive, from third parties their
confidential or proprietary information subject to a duty on the Group's part to maintain the confidentiality of such information
and to use it only for certain limited purposes. The Executive agrees that the Executive owns the Group and such third parties, during
the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the
strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes
permitted by, the Group's agreement with such third party.

(e) This
Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company
shall have right to seek remedies permissible under applicable law.

**10. RETURN OF CONFIDENTIAL MATERIAL**

(a) <u>Return of Confidential Material.</u> In the event of the Executive's termination of employment with the Company for any reason whatsoever,
Executive agrees promptly to surrender and deliver to the Company all records, materials, equipment, drawings, documents and data of
any nature pertaining to any confidential information or to his/her employment, and Executive will not retain or take with him/her any
tangible materials or electronically-stored data, containing or pertaining to any confidential information that Executive may produce,
acquire or obtain access to during the course of his/her employment.

(b) <u>Survival.</u> This Section 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section
10, the Company shall have right to seek remedies permissible under applicable law.

**11. CONFLICTING EMPLOYMENT**

The Executive hereby agrees that, during the term of his/her employment with the Company, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Group is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

**12. NON-COMPETITION AND NON-SOLICITATION**

In consideration of the salary paid to the Executive by the Company, the Executive undertakes that for a period of one (1) year after he/she ceases to be employed by the Company, he/she will not, without the prior written consent of the Company:

(a) in
the territory of the Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, and People's Republic of China (the " <u>Territory</u> "),
either on his/her own account or through any of his/her affiliates, or in conjunction with or on behalf of any other person, carry on
or be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise
carry on any business in direct competition with the business of the Group;

(b) either
on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, solicit or entice
away or attempt to solicit or entice away from the Group, any person, firm, company or organization who is or shall at any time within
two (2) years prior to such cessation have been a customer, client, representative or agent of the Group or in the habit of dealing with
the Group;

(c) either
on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, employ, solicit
or entice away or attempt to employ, solicit or entice away from the Group any person who is or shall have been at the date of or within
twelve (12) months prior to such cessation of employment an officer, manager, consultant or employee of any such the Group whether or
not such person would commit a breach of contract by reason of leaving such employment; or

(d) either
on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, in relation to any
trade, business or company use a name including the words used by the Group in its name or in the name of any of its products, services
or their derivative terms, or the Chinese or English equivalent or any similar word in such a way as to be capable of or likely to be
confused with the name of the Group or the product or services or any other products or services of the Group, and shall use all reasonable
endeavors to procure that no such name shall be used by any of his/her affiliates or otherwise by any person with which he/she is connected.

(e) Each
and every obligation under Section 12 shall be treated as a separate obligation and shall be severally enforceable as such and in the
event of any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts which are unenforceable
shall be deleted from such section and any such deletion shall not affect the enforceability of the remainder parts of such section.

(f) The
Executive agrees that in light of the circumstances, the restrictive covenants contained in Section 12 are reasonable and necessary for
the protection of the Group, and further agrees that the said covenants are not excessive or unduly onerous upon the Executive. However,
it is recognized that restrictions of the nature in question may fail for technical reasons currently unforeseen and accordingly it is
hereby agreed and declared that if any of such restrictions shall be adjudged to be void as going beyond what is reasonable, in light
of the circumstances, for the protection of the Group, but would be valid if part of the wording thereof were deleted or the periods
thereof reduced or the range of activities or area dealt with thereby reduced in scope, the said restriction shall apply with such modification
as may be necessary to make it valid and effective.

(g) This
Section 12 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 12, the Executive
acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for
specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall
have right to seek all remedies permissible under applicable law.

**13. WITHHOLDING TAXES**

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**14. NOTIFICATION OF NEW EMPLOYER**

In the event that the Executive leaves the employment of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

**15. ASSIGNMENT**

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; <u>provided, however</u>, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**16. SEVERABILITY**

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**17. ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**18. REPRESENTATIONS**

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 18. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

**19. GOVERNING LAW AND DISPUTE RESOLUTION**

This Agreement shall be governed by, construed and enforced in accordance with the laws of Hong Kong without regard to the conflict of laws principles thereof. Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination hereof 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 seat of arbitration shall be Hong Kong. The number of arbitrators shall be three and the arbitration proceedings shall be conducted in Chinese (Mandarin).

**20. AMENDMENT**

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**21. WAIVER**

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**22. NOTICES**

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**23. COUNTERPARTS**

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**24. NO INTERPRETATION AGAINST DRAFTER**

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has ample opportunity to do so.

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **HAMA Intelligence Limited** | **HAMA Intelligence Limited** |
| Signature: | */s/ Ho Wing Sum* |
| Name: | Ho Wing Sum |
| Title: | Director |

---

---

| | |
|:---|:---|
| **Executive** | **Executive** |
| Signature: | */s/ Cheung Wai Ting* |
| Name: | Cheung Wai Ting |

---

[*Signature Page to Employment Agreement*]

<u>Schedule A</u>

**Cash Compensation**

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Pay Period** |
| **Salary** | HAMA Intelligence Limited<br> USD[ ] annually<br>Nardo Capital (Hong Kong) Limited<br> HKD[ ] annually | HAMA Intelligence Limited<br> USD[ ] to be paid monthly<br>Nardo Capital (Hong Kong) Limited<br> HKD[ ] to be paid monthly |
| **Guaranteed Bonus** | [ ] | [ ] |

---

## Exhibit 10.2

**Exhibit 10.2**

**<u>EMPLOYMENT AGREEMENT</u>**

**This EMPLOYMENT AGREEMENT** (the "<u>Agreement"</u>), is entered into as of June 1, 2025 by and between HAMA Intelligence Limited, an company incorporated under the laws of the British Virgin Islands with limited liability (the "<u>Company</u>"), and Ho Wing Sum, an individual (the "<u>Executive"</u>). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiaries (collectively, the "<u>Group</u>").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1. POSITION**

The Executive hereby accepts a position of Chief Financial Officer of the Company (the "<u>Employment</u>").

**2. TERM**

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be one year, commencing on June 1, 2025 (the "<u>Effective Date</u>"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the initial-year term, the Employment shall be automatically extended for successive one-year term unless either party gives the other party hereto a three-month prior written notice (or, in lieu thereof of, payment in accordance with the Employment Ordinance of Hong Kong, S.A.R. (hereinafter "Hong Kong")) to terminate the Employment prior to the expiration of such one-year term or unless terminated earlier pursuant to the terms of this Agreement.

**3. PROBATION**

No probationary period.

**4. DUTIES AND RESPONSIBILITIES**

(a) The
Executive's duties at the Company will include all jobs assigned by the Company's Board of Directors (the " <u>Board</u> ").

(b) The
Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall
faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company
(the " <u>Articles of Association</u> "), and the guidelines, policies and procedures of the Company approved from time to
time by the Board.

(c) The
Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board,
become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or
interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a " <u>Competitor</u> "),
provided that nothing in this clause shall preclude the Executive from holding up to 50% of shares or other securities of any Competitor
that is listed on any securities exchange or recognized securities market anywhere, <u>provided however,</u> that the Executive shall
notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with
such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign
from any board or similar body which he/she may then serve if the Board reasonably determines in writing that the Executive's service
on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or
that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

**5. NO BREACH OF CONTRACT**

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**6. LOCATION**

The Executive will be based in Hong Kong, unless both parties hereto agree otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

**7. COMPENSATION AND BENEFITS**

(a) <u>Compensation</u>.
The Executive's cash compensation (inclusive of the statutory welfare reserves that the Company is required to deduct from the
Executive's pay under applicable law) shall be provided by the Company pursuant to <u>Schedule A</u> hereto and as specified in
a separate agreement between the executive and the company's designated subsidiary or affiliated entity, subject to annual review
and adjustment by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company, a subsidiary
or affiliated entity or a combination thereof, as designated by the Company from time to time.

(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
in such plan pursuant to the terms thereof. (c) <u>Benefits</u>. The Executive is eligible for participation in any standard employee
benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any
retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

(d) <u>Annual Leave</u>. Upon the Effective Date, the Executive is entitled to 12 days per annum of paid leave, which shall accrue on a pro rata basis
each year. After 2 years of employment, 1 day of paid leave can be increased per annual up to a maximum of 18 days.

**8. TERMINATION OF THE AGREEMENT**

(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive (1)
commits any serious or persistent breach or non-observance of the terms and conditions of the employment; (2) is convicted of a criminal
offence other than one which in the opinion of the Board does not affect the executive's position as an employee of the Company,
bearing in mind the nature of your duties and the capacity in which the executive is employed; (3) willfully disobeys a lawful and reasonable
order; (4) misconducts himself/herself and such conduct being inconsistent with the due and faithful discharge of the Executive's
material duties; (5) is guilty of fraud or dishonesty; or (6) is habitually neglectful in Executive's duties; (7) on any other
ground on which the Company would be entitled to terminate the contract without notice at common law. The Company may terminate the Employment
without cause at any time with a three-month prior written notice to the Executive or by payment of three months' salary in lieu
of notice.

(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a three-month prior written notice to the Company or by
payment of three months' salary in lieu of notice. In addition, the Executive may resign prior to the expiration of the Agreement
if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.

(c) <u>Notice of Termination.</u> Any termination of the Executive's employment under this Agreement shall be communicated by written notice
of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this
Agreement relied upon in effecting the termination.

**9. CONFIDENTIALITY AND NONDISCLOSURE**

(a) <u>Confidentiality and Non-disclosure.</u> The Executive hereby agrees at all times during the term of his/her employment and after termination, to hold
in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other
entity without written consent of the Company, any Confidential Information. The Executive understands that " <u>Confidential Information</u> "
means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group's
licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services,
customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive
became acquainted during the term of his/her employment), supplier lists and suppliers, software, developments, inventions, processes,
formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances,
information about the suppliers, joint ventures, licensors, licensees, distributors and other persons with whom the Group does business,
information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive
by or obtained by the Executive from the Group, its affiliates, or their clients, customers or partners either directly or indirectly
in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected
to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available
and known to the public through no fault of the Executive.

(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to
inspection by the Group, at any time. Upon termination of the Executive's employment with the Company (or at any other time when
requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to
his/her work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will
the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or
copies thereof containing any Confidential Information.

(c) <u>Former Employer Information</u>. The Executive agrees that he has not and will not, during the term of his/her employment, (i) improperly use
or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has
an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Group any
document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing
by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities,
damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation
of the foregoing.

(d) <u>Third Party Information</u>. The Executive recognizes that the Group may have received, and in the future may receive, from third parties their
confidential or proprietary information subject to a duty on the Group's part to maintain the confidentiality of such information
and to use it only for certain limited purposes. The Executive agrees that the Executive owns the Group and such third parties, during
the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the
strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes
permitted by, the Group's agreement with such third party.

(e) This
Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company
shall have right to seek remedies permissible under applicable law.

**10. RETURN OF CONFIDENTIAL MATERIAL**

(a) <u>Return of Confidential Material.</u> In the event of the Executive's termination of employment with the Company for any reason whatsoever,
Executive agrees promptly to surrender and deliver to the Company all records, materials, equipment, drawings, documents and data of
any nature pertaining to any confidential information or to his/her employment, and Executive will not retain or take with him/her any
tangible materials or electronically-stored data, containing or pertaining to any confidential information that Executive may produce,
acquire or obtain access to during the course of his/her employment.

(b) <u>Survival.</u> This Section 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section
10, the Company shall have right to seek remedies permissible under applicable law.

**11. CONFLICTING EMPLOYMENT**

The Executive hereby agrees that, during the term of his/her employment with the Company, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Group is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

**12. NON-COMPETITION AND NON-SOLICITATION**

In consideration of the salary paid to the Executive by the Company, the Executive undertakes that for a period of one (1) year after he/she ceases to be employed by the Company, he/she will not, without the prior written consent of the Company:

(a) in
the territory of the Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, and People's Republic of China (the " <u>Territory</u> "),
either on his/her own account or through any of his/her affiliates, or in conjunction with or on behalf of any other person, carry on
or be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise
carry on any business in direct competition with the business of the Group;

(b) either
on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, solicit or entice
away or attempt to solicit or entice away from the Group, any person, firm, company or organization who is or shall at any time within
two (2) years prior to such cessation have been a customer, client, representative or agent of the Group or in the habit of dealing with
the Group;

(c) either
on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, employ, solicit
or entice away or attempt to employ, solicit or entice away from the Group any person who is or shall have been at the date of or within
twelve (12) months prior to such cessation of employment an officer, manager, consultant or employee of any such the Group whether or
not such person would commit a breach of contract by reason of leaving such employment; or

(d) either
on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, in relation to any
trade, business or company use a name including the words used by the Group in its name or in the name of any of its products, services
or their derivative terms, or the Chinese or English equivalent or any similar word in such a way as to be capable of or likely to be
confused with the name of the Group or the product or services or any other products or services of the Group, and shall use all reasonable
endeavors to procure that no such name shall be used by any of his/her affiliates or otherwise by any person with which he/she is connected.

(e) Each
and every obligation under Section 12 shall be treated as a separate obligation and shall be severally enforceable as such and in the
event of any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts which are unenforceable
shall be deleted from such section and any such deletion shall not affect the enforceability of the remainder parts of such section.

(f) The
Executive agrees that in light of the circumstances, the restrictive covenants contained in Section 12 are reasonable and necessary for
the protection of the Group, and further agrees that the said covenants are not excessive or unduly onerous upon the Executive. However,
it is recognized that restrictions of the nature in question may fail for technical reasons currently unforeseen and accordingly it is
hereby agreed and declared that if any of such restrictions shall be adjudged to be void as going beyond what is reasonable, in light
of the circumstances, for the protection of the Group, but would be valid if part of the wording thereof were deleted or the periods
thereof reduced or the range of activities or area dealt with thereby reduced in scope, the said restriction shall apply with such modification
as may be necessary to make it valid and effective.

(g) This
Section 12 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 12, the Executive
acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for
specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall
have right to seek all remedies permissible under applicable law.

**13. WITHHOLDING TAXES**

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**14. NOTIFICATION OF NEW EMPLOYER**

In the event that the Executive leaves the employment of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

**15. ASSIGNMENT**

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; <u>provided, however</u>, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**16. SEVERABILITY**

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**17. ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**18. REPRESENTATIONS**

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 18. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

**19. GOVERNING LAW AND DISPUTE RESOLUTION**

This Agreement shall be governed by, construed and enforced in accordance with the laws of Hong Kong without regard to the conflict of laws principles thereof. Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination hereof 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 seat of arbitration shall be Hong Kong. The number of arbitrators shall be three and the arbitration proceedings shall be conducted in Chinese (Mandarin).

**20. AMENDMENT**

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**21. WAIVER**

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**22. NOTICES**

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**23. COUNTERPARTS**

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**24. NO INTERPRETATION AGAINST DRAFTER**

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has ample opportunity to do so.

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **HAMA Intelligence Limited** | **HAMA Intelligence Limited** |
| Signature: | */s/ Cheung Wai Ting* |
| Name: | Cheung Wai Ting |
| Title: | Director |

---

---

| | |
|:---|:---|
| **Executive** | **Executive** |
| Signature: | */s/ Ho Wing Sum* |
| Name: | Ho Wing Sum |

---

[*Signature Page to Employment Agreement*]

<u>Schedule A</u>

**Cash Compensation**

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Pay Period** |
| **Salary** | HAMA Intelligence Limited<br> USD[ ] annually<br>88M Global Limited<br> HKD[ ] annually | HAMA Intelligence Limited<br> USD[ ] to be paid monthly<br>88M Global Limited<br> HKD[ ] to be paid monthly |
| **Guaranteed Bonus** | [ ] | [ ] |

---

## Exhibit 10.3

**Exhibit 10.3**

**<u>EMPLOYMENT AGREEMENT</u>**

**This EMPLOYMENT AGREEMENT** (the "<u>Agreement"</u>), is entered into as of [ ], 202_ by and between HAMA Intelligence Limited, an company incorporated under the laws of the British Virgin Islands with limited liability (the "<u>Company</u>"), and [ ], an individual (the "<u>Executive"</u>). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiaries (collectively, the "<u>Group</u>").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1. POSITION**

The Executive hereby accepts a position of Chief Executive Officer of the Company (the "<u>Employment</u>").

**2. TERM**

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be one year, commencing on [ ], 202_ (the "<u>Effective Date</u>"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the initial-year term, the Employment shall be automatically extended for successive one-year term unless either party gives the other party hereto a three-month prior written notice (or, in lieu thereof of, payment in accordance with the Employment Ordinance of Hong Kong, S.A.R. (hereinafter "Hong Kong")) to terminate the Employment prior to the expiration of such one-year term or unless terminated earlier pursuant to the terms of this Agreement.

**3. PROBATION**

No probationary period.

**4. DUTIES AND RESPONSIBILITIES**

(a) The
 Executive's duties at the Company will include all jobs assigned by the Company's
 Board of Directors (the " <u>Board</u> ").

(b) The
 Executive shall devote all of his/her working time, attention and skills to the performance
 of his/her duties at the Company and shall faithfully and diligently serve the Company in
 accordance with this Agreement, the Memorandum and Articles of Association of the Company
 (the " <u>Articles of Association</u> "), and the guidelines, policies and procedures
 of the Company approved from time to time by the Board.

(c) The
 Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive
 shall not, without prior consent of the Board, become an employee of any entity other than
 the Company and any subsidiary or affiliate of the Company, and shall not be concerned or
 interested in any business or entity that directly or indirectly competes with the Group
 (any such business or entity, a " <u>Competitor</u> "), provided that nothing in
 this clause shall preclude the Executive from holding up to 50% of shares or other securities
 of any Competitor that is listed on any securities exchange or recognized securities market
 anywhere, <u>provided however,</u> that the Executive shall notify the Company in writing
 prior to his/her obtaining a proposed interest in such shares or securities in a timely manner
 and with such details and particulars as the Company may reasonably require. The Company
 shall have the right to require the Executive to resign from any board or similar body which
 he/she may then serve if the Board reasonably determines in writing that the Executive's
 service on such board or body interferes with the effective discharge of the Executive's
 duties and responsibilities to the Company or that any business related to such service is
 then in competition with any business of the Company or any of its subsidiaries or affiliates.

**5. NO BREACH OF CONTRACT**

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**6. LOCATION**

The Executive will be based in Hong Kong, unless both parties hereto agree otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

**7. COMPENSATION AND BENEFITS**

(a) <u>Compensation</u>.
 The Executive's cash compensation (inclusive of the statutory welfare reserves that
 the Company is required to deduct from the Executive's pay under applicable law) shall
 be provided by the Company pursuant to <u>Schedule A</u> hereto and as specified in a separate
 agreement between the executive and the company's designated subsidiary or affiliated
 entity, subject to annual review and adjustment by the Company or the compensation committee
 of the Board. The cash compensation may be paid by the Company, a subsidiary or affiliated
 entity or a combination thereof, as designated by the Company from time to time.

(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the
 Executive will be eligible to participate in such plan pursuant to the terms thereof.

(c) <u>Benefits</u>.
 The Executive is eligible for participation in any standard employee benefit plan of the
 Company that currently exists or may be adopted by the Company in the future, including,
 but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday
 plan.

(d) <u>Annual Leave</u>. Upon the Effective Date, the Executive is entitled to 12 days per annum of paid
 leave, which shall accrue on a pro rata basis each year. After 2 years of employment, 1 day
 of paid leave can be increased per annual up to a maximum of 18 days.

**8. TERMINATION OF THE AGREEMENT**

(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without
 notice or remuneration, if the Executive (1) commits any serious or persistent breach or
 non-observance of the terms and conditions of the employment; (2) is convicted of a criminal
 offence other than one which in the opinion of the Board does not affect the executive's
 position as an employee of the Company, bearing in mind the nature of your duties and the
 capacity in which the executive is employed; (3) willfully disobeys a lawful and reasonable
 order; (4) misconducts himself/herself and such conduct being inconsistent with the due and
 faithful discharge of the Executive's material duties; (5) is guilty of fraud or dishonesty;
 or (6) is habitually neglectful in Executive's duties; (7) on any other ground on which
 the Company would be entitled to terminate the contract without notice at common law. The
 Company may terminate the Employment without cause at any time with a three-month prior written
 notice to the Executive or by payment of three months' salary in lieu of notice.

(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a three-month
 prior written notice to the Company or by payment of three months' salary in lieu of
 notice. In addition, the Executive may resign prior to the expiration of the Agreement if
 such resignation or an alternative arrangement with respect to the Employment is approved
 by the Board.

(c) <u>Notice of Termination.</u> Any termination of the Executive's employment under this Agreement
 shall be communicated by written notice of termination from the terminating party to the
 other party. The notice of termination shall indicate the specific provision(s) of this Agreement
 relied upon in effecting the termination.

**9. CONFIDENTIALITY AND NONDISCLOSURE**

(a) <u>Confidentiality and Non-disclosure.</u> The Executive hereby agrees at all times during the term of his/her
 employment and after termination, to hold in the strictest confidence, and not to use, except
 for the benefit of the Group, or to disclose to any person, corporation or other entity without
 written consent of the Company, any Confidential Information. The Executive understands that
 " <u>Confidential Information</u> " means any proprietary or confidential information
 of the Group, its affiliates, their clients, customers or partners, and the Group's
 licensors, including, without limitation, technical data, trade secrets, research and development
 information, product plans, services, customer lists and customers (including, but not limited
 to, customers of the Group on whom the Executive called or with whom the Executive became
 acquainted during the term of his/her employment), supplier lists and suppliers, software,
 developments, inventions, processes, formulas, technology, designs, drawings, engineering,
 hardware configuration information, personnel information, marketing, finances, information
 about the suppliers, joint ventures, licensors, licensees, distributors and other persons
 with whom the Group does business, information regarding the skills and compensation of other
 employees of the Group or other business information disclosed to the Executive by or obtained
 by the Executive from the Group, its affiliates, or their clients, customers or partners
 either directly or indirectly in writing, orally or by drawings or observation of parts or
 equipment, if specifically indicated to be confidential or reasonably expected to be confidential.
 Notwithstanding the foregoing, Confidential Information shall not include information that
 is generally available and known to the public through no fault of the Executive.

(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile
 and e-mail) and materials created, received or transmitted in connection with his/her work
 or using the facilities of the Group are property of the Group and subject to inspection
 by the Group, at any time. Upon termination of the Executive's employment with the
 Company (or at any other time when requested by the Company), the Executive will promptly
 deliver to the Company all documents and materials of any nature pertaining to his/her work
 with the Company and will provide written certification of his compliance with this Agreement.
 Under no circumstances will the Executive have, following his/her termination, in his/her
 possession any property of the Group, or any documents or materials or copies thereof containing
 any Confidential Information.

(c) <u>Former Employer Information</u>. The Executive agrees that he has not and will not, during the term
 of his/her employment, (i) improperly use or disclose any proprietary information or trade
 secrets of any former employer or other person or entity with which the Executive has an
 agreement or duty to keep in confidence information acquired by Executive, if any, or (ii)
 bring into the premises of the Group any document or confidential or proprietary information
 belonging to such former employer, person or entity unless consented to in writing by such
 former employer, person or entity. The Executive will indemnify the Group and hold it harmless
 from and against all claims, liabilities, damages and expenses, including reasonable attorneys'
 fees and costs of suit, arising out of or in connection with any violation of the foregoing.

(d) <u>Third Party Information</u>. The Executive recognizes that the Group may have received, and in
 the future may receive, from third parties their confidential or proprietary information
 subject to a duty on the Group's part to maintain the confidentiality of such information
 and to use it only for certain limited purposes. The Executive agrees that the Executive
 owns the Group and such third parties, during the Executive's employment by the Company
 and thereafter, a duty to hold all such confidential or proprietary information in the strictest
 confidence and not to disclose it to any person or firm and to use it in a manner consistent
 with, and for the limited purposes permitted by, the Group's agreement with such third
 party.

(e) This
 Section 9 shall survive the termination of this Agreement for any reason. In the event the
 Executive breaches this Section 9, the Company shall have right to seek remedies permissible
 under applicable law.

**10. RETURN OF CONFIDENTIAL MATERIAL**

(a) <u>Return of Confidential Material.</u> In the event of the Executive's termination of employment
 with the Company for any reason whatsoever, Executive agrees promptly to surrender and deliver
 to the Company all records, materials, equipment, drawings, documents and data of any nature
 pertaining to any confidential information or to his/her employment, and Executive will not
 retain or take with him/her any tangible materials or electronically-stored data, containing
 or pertaining to any confidential information that Executive may produce, acquire or obtain
 access to during the course of his/her employment.

(b) <u>Survival.</u> This Section 10 shall survive the termination of this Agreement for any reason. In the
 event the Executive breaches this Section 10, the Company shall have right to seek remedies
 permissible under applicable law.

**11. CONFLICTING EMPLOYMENT**

The Executive hereby agrees that, during the term of his/her employment with the Company, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Group is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

**12. NON-COMPETITION AND NON-SOLICITATION**

In consideration of the salary paid to the Executive by the Company, the Executive undertakes that for a period of one (1) year after he/she ceases to be employed by the Company, he/she will not, without the prior written consent of the Company:

(a) in
 the territory of the Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, and
 People's Republic of China (the " <u>Territory</u> "), either on his/her
 own account or through any of his/her affiliates, or in conjunction with or on behalf of
 any other person, carry on or be engaged, concerned or interested directly or indirectly
 whether as shareholder, director, employee, partner, agent or otherwise carry on any business
 in direct competition with the business of the Group;

(b) either
 on his/her own account or through any of his/her affiliates or in conjunction with or on
 behalf of any other person, solicit or entice away or attempt to solicit or entice away from
 the Group, any person, firm, company or organization who is or shall at any time within two
 (2) years prior to such cessation have been a customer, client, representative or agent of
 the Group or in the habit of dealing with the Group;

(c) either
 on his/her own account or through any of his/her affiliates or in conjunction with or on
 behalf of any other person, employ, solicit or entice away or attempt to employ, solicit
 or entice away from the Group any person who is or shall have been at the date of or within
 twelve (12) months prior to such cessation of employment an officer, manager, consultant
 or employee of any such the Group whether or not such person would commit a breach of contract
 by reason of leaving such employment; or

(d) either
 on his/her own account or through any of his/her affiliates or in conjunction with or on
 behalf of any other person, in relation to any trade, business or company use a name including
 the words used by the Group in its name or in the name of any of its products, services or
 their derivative terms, or the Chinese or English equivalent or any similar word in such
 a way as to be capable of or likely to be confused with the name of the Group or the product
 or services or any other products or services of the Group, and shall use all reasonable
 endeavors to procure that no such name shall be used by any of his/her affiliates or otherwise
 by any person with which he/she is connected.

(e) Each
 and every obligation under Section 12 shall be treated as a separate obligation and shall
 be severally enforceable as such and in the event of any obligation or obligations being
 or becoming unenforceable in whole or in part, such part or parts which are unenforceable
 shall be deleted from such section and any such deletion shall not affect the enforceability
 of the remainder parts of such section.

(f) The
 Executive agrees that in light of the circumstances, the restrictive covenants contained
 in Section 12 are reasonable and necessary for the protection of the Group, and further agrees
 that the said covenants are not excessive or unduly onerous upon the Executive. However,
 it is recognized that restrictions of the nature in question may fail for technical reasons
 currently unforeseen and accordingly it is hereby agreed and declared that if any of such
 restrictions shall be adjudged to be void as going beyond what is reasonable, in light of
 the circumstances, for the protection of the Group, but would be valid if part of the wording
 thereof were deleted or the periods thereof reduced or the range of activities or area dealt
 with thereby reduced in scope, the said restriction shall apply with such modification as
 may be necessary to make it valid and effective.

(g) This
 Section 12 shall survive the termination of this Agreement for any reason. In the event the
 Executive breaches this Section 12, the Executive acknowledges that there will be no adequate
 remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for
 specific performance, and such other relief as may be proper (including monetary damages
 if appropriate). In any event, the Company shall have right to seek all remedies permissible
 under applicable law.

**13. WITHHOLDING TAXES**

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**14. NOTIFICATION OF NEW EMPLOYER**

In the event that the Executive leaves the employment of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

**15. ASSIGNMENT**

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; <u>provided, however</u>, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**16. SEVERABILITY**

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**17. ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**18. REPRESENTATIONS**

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 18. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

**19. GOVERNING LAW AND DISPUTE RESOLUTION**

This Agreement shall be governed by, construed and enforced in accordance with the laws of Hong Kong without regard to the conflict of laws principles thereof. Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination hereof 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 seat of arbitration shall be Hong Kong. The number of arbitrators shall be three and the arbitration proceedings shall be conducted in Chinese (Mandarin).

**20. AMENDMENT**

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**21. WAIVER**

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**22. NOTICES**

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**23. COUNTERPARTS**

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**24. NO INTERPRETATION AGAINST DRAFTER**

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has ample opportunity to do so.

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **HAMA Intelligence Limited** | **HAMA Intelligence Limited** |
| Signature: | |
| Name: | [ ] |
| Title: | Director |

---

---

| |
|:---|
| **Executive** |
| Signature: |
| Name: |

---

[*Signature Page to Employment Agreement*]

<u>Schedule A</u>

**Cash Compensation**

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Pay Period** |
| **Salary** | HAMA Intelligence Limited<br> USD[ ] annually<br>| HAMA Intelligence Limited<br> USD[ ] to be paid monthly<br>|
| **Guaranteed Bonus** | [ ] | [ ] |

---

## Exhibit 10.4

**Exhibit 10.4** 

**HAMA INTELLIGENCE LIMITED**

Corporate Registrations Limited

Sea Meadow House, (P.O. Box 116), Road Town

Tortola, British Virgin Islands

&nbsp;&nbsp;&nbsp;&nbsp;[ ], 202_

**Re: Independent Director Offer Letter – [ ]**

Dear **[ ]**:

HAMA Intelligence Limited, a BVI company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nominating and Compensation Committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective on the effective date of the Company's registration statement on Form F-1 in connection with the Company's initial public offering (the "Effective Date"). Your term as an Independent Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director, Chair of the Nominating Committee, and member of the Audit Committee and Compensation Committee (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[ ] for each calendar year of service under this Agreement on a pro-rated basis, payable on a monthly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the Hong Kong Special Administrative Region ("Hong Kong") of the People's Republic of China. 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 (the "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 in Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in Chinese.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | | |
|:---|:---|:---|
| Sincerely, | Sincerely, | Sincerely, |
| **HAMA INTELLIGENCE LIMITED** | **HAMA INTELLIGENCE LIMITED** | **HAMA INTELLIGENCE LIMITED** |
| By: |  |  |
|  | Name: | [ ] |
|  | Title: | Director |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| Name: [ ] |

---

## Exhibit 10.5

**Exhibit 10.5**![](ex10-5_001.jpg)

![](ex10-5_002.jpg)

![](ex10-5_003.jpg)

![](ex10-5_004.jpg)

![](ex10-5_005.jpg)

## Exhibit 10.6

**Exhibit 10.6**

![](ex10-6_001.jpg)

![](ex10-6_002.jpg)

![](ex10-6_003.jpg)

![](ex10-6_004.jpg)

![](ex10-6_005.jpg)

![](ex10-6_006.jpg)

## Exhibit 14.1

**Exhibit 14.1**

**HAMA INTELLIGENCE LIMITED**

**CODE OF CONDUCT AND ETHICS**

(Conditionally adopted by a board resolution dated

[ ], 202_ with effect from the effective date of the

registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Introduction | 1 |
| II. | Standards of Conduct | 1 |
| III. | Compliance with Laws, Rules and Regulations | 1 |
| IV. | Insider Trading | 2 |
| V. | Conflicts of Interest | 2 |
| VI. | No Loans to Executive Officers or Directors | 3 |
| VII. | Outside Directorships and Other Outside Activities | 3 |
| VIII. | Corporate Opportunities | 3 |
| IX. | Fair Dealing | 4 |
| X. | Customer Relationships | 4 |
| XI. | Supplier Relationships | 4 |
| XII. | Export Controls | 5 |
| XIII. | Gifts and Entertainment | 5 |
| XIV. | Government Business | 5 |
| XV. | Political Contributions | 6 |
| XVI. | Protection and Proper Use of Company Assets | 6 |
| XVII. | Use of Computers and Other Equipment | 6 |
| XVIII. | Use of Software | 7 |
| XIX. | Use of Electronic Communications | 7 |
| XX. | Confidentiality | 7 |
| XXI. | Recordkeeping | 7 |
| XXII. | Records on Legal Hold | 8 |
| XXIII. | Disclosure | 8 |
| XXIV. | Outside Communications | 8 |
| XXV. | Discrimination and Harassment | 9 |
| XXVI. | Health and Safety | 9 |
| XXVII. | Compliance Standards and Procedures | 9 |
| XXVIII. | General Compliance Guidelines | 11 |
| XXIX. | Amendment, Modification and Waiver | 12 |

---

-i-

**<u>I. Introduction</u>**

This Code of Conduct and Ethics (the "**Code**") summarizes the ethical standards and key policies that guide the business conduct of HAMA Intelligence Limited (the "**Company**").

The purpose of this Code is to promote ethical conduct and deter wrongdoing. The policies outlined in this Code are designed to ensure that the Company's employees, including its officers (collectively referred to herein as "**employees**"), and members of its board of directors ("**directors**") act in accordance with not only the letter but also the spirit of the laws and regulations that apply to the Company's business. The Company expects its employees and directors to exercise good judgment to uphold these standards in their day-to-day activities and to comply with all applicable policies and procedures in the course of their relationship with the Company.

Employees and directors are expected to read the policies set forth in this Code and ensure that they understand and comply with them. All employees and directors are required to abide by the Code. The Code should also be provided to and followed by the Company's agents and representatives, including consultants. The Code does not cover every issue that may arise, but it provides general guidelines for exercising good judgment. Employees and directors should refer to the Company's other policies and procedures for implementing the general principles set forth below. Any questions about the Code or the appropriate course of conduct in a particular situation should be directed to the Company's Chief Executive Officer, Chief Financial Officer, Director of Human Resources or General Counsel, as appropriate. Any violations of laws, rules, regulations or this Code should be reported immediately. The Company will not allow retaliation against an employee or director for such a report made in good faith. Employees and directors who violate this Code will be subject to disciplinary action.

Each employee and director must sign the acknowledgement form at the end of this Code and return the form to the Company's Human Resources Department indicating that he or she has received, read, understood and agreed to comply with the Code. The signed acknowledgment form will be placed in the individual's personnel file.

**<u>II. Standards of conduct</u>**

The Company expects all employees and directors to act with the highest standards of honesty and ethical conduct. The Company considers honest conduct to be conduct that is free from fraud or deception and is characterized by integrity. The Company considers ethical conduct to be conduct conforming to accepted professional standards of conduct. Ethical conduct includes the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, as discussed below.

**<u>III. COmpliance with laws, rules and regulations</u>**

Employees and directors must comply with all laws, rules and regulations applicable to the Company and its business, as well as applicable Company policies and procedures. Each employee and director must acquire appropriate knowledge of the legal requirements relating to his or her duties sufficient to enable him or her to recognize potential problems and to know when to seek advice from the Company's Chief Financial Officer or General Counsel. Violations of laws, rules and regulations may subject the violator to individual criminal or civil liability, as well as to discipline by the Company. These violations may also subject the Company to civil or criminal liability or the loss of business. Any questions as to the applicability of any law, rule or regulation should be directed to the Company's Chief Financial Officer or General Counsel.

**<u>IV. Insider trading</u>**

The purpose of the Company's insider trading policy is to establish guidelines to ensure that all employees and directors comply with laws prohibiting insider trading. No employee or director in possession of material, non-public information may trade the Company's securities (or advise others to trade) from the time they obtain such information until after adequate public disclosure of the information has been made. Employees and directors who knowingly trade Company securities while in possession of material, non-public information or who tip information to others will be subject to appropriate disciplinary action up to and including termination. Insider trading is also a crime.

Employees and directors also may not trade in the shares of other companies about which they learn material, non-public information through the course of their employment or service with the Company.

Any questions as to whether information is material or has been adequately disclosed should be directed to the Company's Chief Financial Officer or General Counsel. Additional information regarding insider trading can be found in the Company's Insider Trading Policy.

**V.** **<u>Conflicts of interest</u>**

A "conflict of interest" occurs when a person's private interest interferes in any way – or even appears to interfere – with the interests of the Company as a whole.

A conflict situation can arise when an employee or director takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Loans to, or guarantees of obligations of, such persons are of special concern.

Conflicts of interest are prohibited as a matter of Company policy. The mere existence of a relationship with outside firms is not automatically prohibited. Nonetheless, conflicts of interest may not always be clear, so if a question arises, higher levels of management or the Company's Audit Committee should be consulted. Any employee or director who becomes aware of a conflict or a potential conflict should bring it to the attention of a supervisor, manager or other appropriate persons within the Company.

In certain exceptional circumstances, a situation involving a conflict of interest may be permitted. See Section XXVIII regarding waivers of this Code.

**VI. <u>No loans to executive officers or directors</u>**

It is the policy of the Company not to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company. Any questions about whether a loan has been made to a director or executive officer in violation of this policy should be directed to the Company's Chief Executive Officer or Chief Financial Officer.

**<u>VII. Outside directorships and other outside activities</u>**

Although an employee's activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon the employee's position with the Company and the Company's relationship with the other employer or activity. Outside activities may also be a conflict of interest if they cause, or are perceived to cause, an employee to choose between that interest and the interests of the Company.

An employee may not serve as a director, partner, employee of or consultant to, or otherwise work for or receive compensation for personal services from, any affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company or any other business entity that does or seeks to do business with the Company. In certain exceptional circumstances, an executive officer may be permitted to serve as a director of such an entity (but in no circumstances will an employee be permitted to serve as a director of a competitor of the Company). See Section XXVIII regarding waivers of this Code. Serving in such a capacity for a company that is not an affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company may be permitted, but such activities must be approved in advance by the employee's supervisor, the Human Resources Department and the Company's Chief Financial Officer.

Employees are encouraged to serve as a director, trustee or officer of non-profit organizations in their individual capacity and on their own time, but they must obtain prior approval from the Company's Chief Financial Officer to do so as a representative of the Company.

The guidelines in this Section VII are not applicable to directors that do not also serve in management positions within the Company.

**<u>VIII.</u>** **<u>Corporate opportunities</u>**

Employees and directors are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personally taking for themselves opportunities that are discovered
through the use of corporate property, information or position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using corporate property, information or position for personal
gain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Competing with the Company.

In the interest of clarifying the definition of "Competing with the Company," if any member of the Board of Directors of the Company who is also a partner or employee of an entity that is a holder of the Company's Ordinary Shares, or an employee of an entity that manages such an entity (each, a "Fund"), acquires knowledge of an opportunity of interest for both the Company and such Fund other than in connection with such individual's service as a member of the Board of Directors (including, if applicable, such board member acquiring such knowledge in such individual's capacity as a partner or employee of the Fund or the manager or general partner of a Fund), then, provided that such director has acted in good faith, such an event shall be deemed not to be "Competing with the Company" under this Section VIII.

Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so in a legal and ethical manner arises.

**<u>IX. Fair dealing</u>**

The Company seeks to excel while operating fairly and honestly, never through unethical or illegal business practices. Each employee and director should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee or director should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

**<u>X. Customer relationships</u>**

Employees must act in a manner that creates value for the Company's customers and helps to build a relationship based upon trust. The Company and its employees have provided products and services for many years and have built up significant goodwill over that time. This goodwill is one of our most important assets, and Company employees must act to preserve and enhance the Company's reputation.

**<u>XI.</u>** **<u>Supplier relationships</u>**

The Company's suppliers make significant contributions to the Company's success. To create an environment where the Company's suppliers have an incentive to work with the Company, suppliers must be confident that they will be treated lawfully and in an ethical manner. The Company's policy is to purchase supplies based on need, quality, service, price and terms and conditions. The Company's policy is to select significant suppliers or enter into significant supplier agreements though a competitive bid process where possible. In selecting suppliers, the Company does not discriminate on the basis of race, color, religion, sex, national origin, age, sexual preference, marital status, medical condition, veteran status, physical or mental disability, or any other characteristic protected by applicable law. A supplier to the Company is generally free to sell its products or services to any other party, including Company competitors. In some cases where the products or services have been designed, fabricated, or developed to the Company's specifications, the agreement between the parties may contain restrictions on sales.

**<u>XII.</u>** **<u>Export controls</u>**

The Company requires compliance with laws and regulations governing export controls in both the United States and in the countries where the Company conducts its business. A number of countries maintain controls on the destinations to which products may be exported. Some of the strictest export controls are maintained by the United States against countries that the U.S. government considers unfriendly or as supporting international terrorism. The U.S. regulations are complex and apply both to exports from the United States and to exports of products from other countries, when those products contain U.S.-origin components or technology. In some circumstances, an oral presentation containing technical data made to foreign nationals in the United States may constitute an export subject to control. Any questions about export control laws and regulations should be directed to the General Counsel.

**XIII. <u>Gifts and entertainment</u>**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. A problem may arise if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt by one of
our employees of a gift or entertainment would compromise, or could reasonably be viewed as compromising, that person's ability
to make objective and fair business decisions on behalf of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The offering by one of our employees of a gift or entertainment
would appear to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships,
or could reasonably be viewed as such an attempt.

Employees must use good judgment and ensure there is no violation of these principles. No gift or entertainment should be given or accepted by any Company employee, family member of an employee or agent unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff, (5) does not violate any laws or regulations and (6) is not one of a series of small gifts or entertainments that can be construed as part of a larger, expensive gift. Any questions about whether any gifts or proposed gifts are appropriate should be directed to the Company's Chief Financial Officer. You should also review the Company's Foreign Corrupt Practices Act Compliance Policy regarding the specific conditions for gifts and entertainment.

**XIV. <u>Government business</u>**

Employees should understand that special requirements might apply when contracting with any governmental body (including national, state, provincial, municipal, or other similar governmental divisions on local jurisdictions). Because government officials are obligated to follow specific codes of conduct and laws, special care must be taken in government procurement. Some key requirements for doing business with government are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accurately representing which Company products are covered
by government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not improperly soliciting
or obtaining confidential information, such as sealed competitors' bids, from government officials prior to the award of a contract;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hiring present and former government personnel may only occur
in compliance with applicable laws and regulations (as well as consulting the Company's Chief Financial Officer or General Counsel
and the Human Resources Department).

When dealing with public officials, employees and directors must avoid any activity that is or appears illegal or unethical. Promising, offering or giving of favors, gratuities or gifts, including meals, entertainment, transportation, and lodging, to government officials in the various branches of U.S. government, as well as state and local governments, is restricted by law. Employees and directors must obtain pre-approval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate, before providing anything of value to a government official or employee. The foregoing does not apply to lawful personal political contributions.

In addition, the U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. Illegal payments to government officials of any country are strictly prohibited. Additional information regarding the Foreign Corrupt Practices Act can be found in the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XV. Political contributions</u>**

It is the Company's policy to comply fully with all local, state, federal, foreign and other applicable laws, rules and regulations regarding political contributions. The Company's funds or assets must not be used for, or be contributed to, political campaigns or political practices under any circumstances without the prior written approval of the Company's Chief Financial Officer and, if required, the Company's Board of Directors. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XVI.</u>** **<u>Protection and proper use of company assets</u>**

Theft, carelessness and waste have a direct impact on the Company's profitability. Employees and directors should protect the Company's assets and ensure their efficient use. All Company assets should be used for legitimate business purposes.

Company assets include intellectual property such as patents, trademarks, copyrights, business and marketing plans, engineering and manufacturing ideas, designs, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Company policy.

**<u>XVII.</u>** **<u>Use of computers and other equipment</u>**

The Company strives to furnish employees with the equipment necessary to efficiently and effectively perform their jobs. Employees must care for that equipment and use it responsibly and only for Company business purposes. If employees use Company equipment at their home or off site, precautions must be taken to protect such Company equipment from theft or damage. Employees must immediately return all Company equipment when their employment relationship with the Company ends. While computers and other electronic devices are made accessible to employees to assist them to perform their jobs and to promote our interests, all such computers and electronic devices, whether used entirely or partially on the Company's premises or with the aid of the Company's equipment or resources, must remain fully accessible to the Company and will remain the sole and exclusive property of the Company.

Employees should not maintain any expectation of privacy with respect to any electronic communications made using Company equipment. To the extent permitted by applicable law, the Company retains the right to gain access to any such information, at any time, with or without your knowledge, consent or approval.

**XVIII. <u>Use of software</u>**

All software used by employees to conduct Company business must be appropriately licensed. Employees should never make or use illegal or unauthorized copies of any software, whether in the office, at home, or on the road, since doing so may constitute copyright infringement and may expose the employee and the Company to potential civil and criminal liability. The Company's information technology department will inspect Company computers periodically to verify that only approved and licensed software has been installed. Any non-licensed/supported software will be removed.

**<u>XIX. Use of electronic communications</u>**

Employees must use electronic communication devices in a legal, ethical, and appropriate manner. Electronic communications devices include computers, e-mail, connections to the Internet, intranet and extranet and any other public or private networks, voice mail, video conferencing, facsimiles, telephones or future types of electronic communication. Employees may not post or discuss information concerning Company products or business on the Internet without the prior written consent of the Company's Chief Executive Officer or Chief Financial Officer. It is not possible to identify every standard and rule applicable to the use of electronic communications devices. Employees are therefore encouraged to use sound judgment whenever using any feature of the Company's communications systems.

**<u>IV. Confidentiality</u>**

Employees and directors should maintain the confidentiality of information entrusted to them by the Company or its affiliates, customers, partners, distributors and suppliers, except when disclosure is specifically authorized by the Company's Chief Executive Officer or Chief Financial Officer or required by law.

Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its affiliates, customers, partners, distributors and suppliers if disclosed. Any questions about whether information is confidential should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

**<u>XX. Recordkeeping</u>**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the transactions and matters to which they relate and must conform both to applicable legal requirements and to the Company's system of internal controls. All assets of the Company must be carefully and properly accounted for. The making of false or misleading records or documentation is strictly prohibited. Unrecorded funds or assets should not be maintained.

The Company complies with all laws and regulations regarding the preservation of records. Records should be retained or destroyed only in accordance with the Company's document retention policies. Any questions about these policies should be directed to the Company's Chief Financial Officer or General Counsel, as appropriate. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XXII. Records on legal hold</u>**

A legal hold suspends all document destruction procedures in order to preserve appropriate records under special circumstances, such as litigation or government investigations. The General Counsel determines and identifies what types of Company records or documents are required to be placed under a legal hold and will notify employees if a legal hold is placed on records for which they are responsible. Employees must not destroy, alter or modify records or supporting documents that have been placed under a legal hold under any circumstances. A legal hold remains effective until it is officially released in writing by the General Counsel. If an employee is unsure whether a document has been placed under a legal hold, such employee should preserve and protect that document while the Legal Department is contacted.

**<u>. Disclosure</u>**

The information in the Company's public communications, including filings with the Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. All employees and directors are responsible for acting in furtherance of this policy. In particular, each employee and director is responsible for complying with the Company's disclosure controls and procedures and internal controls for financial reporting. Any questions concerning the Company's disclosure controls and procedures and internal controls for financial reporting should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

**<u>I. Outside communications</u>**

The Company has established specific policies regarding who may communicate information to the public, the press and the financial analyst communities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company's Chief Executive Officer, Chief Financial
Officer and investor relations personnel are official spokespeople for financial matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Company's
corporate communications personnel are official spokespeople for public comment, press, marketing, technical and other such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All communications made to public audiences, including formal
communications and presentations made to investors, customers or the press, require prior approval in accordance with the Company's
established policies for such communications, including review by investor relations or
corporate communications personnel, as applicable, with final review by the Company's Chief Executive Officer or Chief Financial
Officer, who will ensure that all necessary review is undertaken.

These designees are the only people who may communicate externally on behalf of the Company. Employees and directors should refer all inquiries or calls from the press, from shareholders or from financial analysts to the investor relations department or the Company's Chief Financial Officer, who will see that the inquiry is directed to the appropriate authority within the Company.

Employees and directors may not publish or make public statements outside the scope of employment with or service to the Company that might be perceived or construed as attributable to the Company without preapproval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate. Any such statement must include the Company's standard disclaimer that the publication or statement represents the views of the specific author and not of the Company.

**<u>XXV. Discrimination and harassment</u>**

The diversity of the Company's employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.

**<u>XXVI. Health and safety</u>**

The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions.

Violence and threatening behavior are not permitted. Employees should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use or possession of illegal drugs in the workplace will not be tolerated.

**<u>XXVII. Compliance standards and procedures</u>**

No code of conduct and ethics can replace the thoughtful behavior of an ethical employee or director or provide definitive answers to all questions. Since the Company cannot anticipate every potential situation, certain policies and procedures have been put in place to help employees and directors approach questions or problems as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designated Ethics Officer**

The Company's Chief Financial Officer has been designated as the Company's Ethics Officer with responsibility for overseeing and monitoring compliance with the Code. The Ethics Officer reports directly to the Chief Executive Officer with respect to these matters and also will make periodic reports to the Company's Audit Committee regarding the implementation and effectiveness of this Code as well as the policies and procedures put in place to ensure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Seeking Guidance**

Employees and directors are encouraged to seek guidance from supervisors, managers or other appropriate personnel when in doubt about the best course of action to take in a particular situation. In most instances, questions regarding the Code should be brought to the attention of the Company's Director of Human Resources, General Counsel or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Reporting Violations**

If an employee or director knows of or suspects a violation of the Code, or of applicable laws and regulations, he or she must report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate. If the situation warrants or requires it, the reporting person's identity will be kept anonymous to the extent legally permitted and practical.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **No Retaliation**

Any employee or director who observes possible unethical or illegal conduct is encouraged to report his or her concerns. Reprisal, threats, retribution or retaliation against any person who has in good faith reported a violation or suspected violation of law, this Code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

Any employees involved in retaliation will be subject to serious disciplinary action by the Company. Furthermore, the Company could be subject to criminal or civil actions for acts of retaliation against employees who "blow the whistle" on U.S. federal securities law violations and other federal offenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Investigations**

Reported violations will be promptly investigated. The Board of Directors or its designated committee will be responsible for investigating violations and determining appropriate disciplinary action for matters involving members of the Board of Directors or executive officers. The Board of Directors or its designated committee may designate others to conduct or manage investigations on its behalf and recommend disciplinary action. Subject to the general authority of the Board of Directors to administer this Code, the Chief Financial Officer and the General Counsel will be jointly responsible for investigating violations (including the initiating of any such investigation) and determining appropriate disciplinary action for other employees, agents and contractors. The Chief Financial Officer and the General Counsel may designate others to conduct or manage investigations on their behalf and recommend disciplinary action. The Board of Directors reserves the right to investigate violations and determine appropriate disciplinary action on its own or to designate others to do so in place of, or in addition to, the Chief Financial Officer and the General Counsel. It is imperative that the person reporting the violation not conduct an investigation on his or her own. However, employees and directors are expected to cooperate fully with any investigation made by the Company into reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Discipline/Penalties**

Employees and directors who violate the laws or regulations governing the Company's business, this Code, or any other Company policy, procedure or requirement may be subject to disciplinary action, up to and including termination. Employees and directors who have knowledge of a violation and fail to move promptly to report or correct it, or who direct or approve violations, may also be subject to disciplinary action, up to and including termination.

Furthermore, violations of some provisions of this Code are illegal and may subject the employee or director to civil and criminal liability.

**XXVIII. <u>General compliance guidelines</u>**

We must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach a new question or problem. These are the steps to keep in mind:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make sure you have all the facts possible. To reach the right
solutions, we must be as fully informed as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ask yourself: What specifically am I being asked to do? Does
it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you have.
Use your judgment and common sense; if something seems unethical or improper, follow up on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Clarify your responsibility and role. In most situations,
there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discuss the problem
with your manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question,
and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Seek help from Company resources. If you do not feel comfortable
approaching your manager with your question, discuss it with your local Human Resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may report ethical violations in confidence and without
fear of retaliation. If you find yourself in a situation that requires that your identity be kept confidential, your anonymity will be protected to
the extent possible. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Always ask first, act later when confronted with an ethical
issue: If you are unsure of what to do in any situation, seek guidance before you act.

**XXIX. <u>Amendment, modification and waiver</u>**

This Code may be amended or modified by the Board of Directors or a committee of the Board of Directors.

Any amendment or waiver of this Code for a director, executive officer or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by the Board of Directors, and must be promptly disclosed to shareholders if and as required by applicable law or the rules of the share exchange on which the Company's shares are traded. Waivers with respect to other employees or applicable contractors may be made only by the Company's Chief Executive Officer. Any waiver of this Code with respect to a conflict of interest transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended, must be approved in advance by the Company's Audit Committee.

\* \* \* \* \*

## Exhibit 21.1

**Exhibit 21.1**

**<u>List of Subsidiaries of the Registrant</u>**

---

| | |
|:---|:---|
| Subsidiary | Place of Incorporation |
| 88M Global Limited | Hong Kong |
| Nardo Capital (Hong Kong) Limited | Hong Kong |
| HAMA SGD Pte. Ltd. | Singapore |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the inclusion in the Form F-1 of HAMA Intelligence Limited as to our report dated July 7, 2025 with respect to the consolidated balance sheets as of February 28, 2025 and February 29, 2024, and the related consolidated statements of operations and comprehensive income, stockholders' equity (deficit) and cash flows for each of the years ended February 28, 2025 and February 29, 2024.

We also consent to the reference to us under the heading "Experts" in the Registration Statement.

/s/ AOGB CPA Limited

Hong Kong, Hong Kong <br> September 9, 2025

AOGB CPA Limited, Suite 2501-03, Tesbury Centre, 28 Queen's Road East, Admiralty, Hong Kong

Tel: 2152-2238, Website: www.aogb.com

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**HAMA Intelligence Limited**

(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Audit Committee of the Board of Directors (the "**Board**") of HAMA Intelligence Limited (the "**Company**") shall be to:

● provide oversight of the Company's accounting and financial reporting processes and the audit of the Company's financial statements;

● assist the Board in monitoring (i) the integrity of the Company's financial statements, (ii) the Company's internal accounting and financial controls, (iii) the Company's compliance with legal and regulatory requirements, and (iv) the independent auditor's qualifications, independence and performance; and

● provide to the Board such information and materials as it may deem necessary to make the Board aware of significant financial matters that require the attention of the Board.

**MEMBERSHIP REQUIREMENTS**

The Audit Committee members will be appointed by, and will serve at the discretion of, the Board. The Audit Committee will consist of at least three (3) members of the Board. Members of the Audit Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC;

● each member must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years;

● each member must be financially literate as determined by the Board in accordance with applicable law; and

● at least one (1) member must have accounting or related financial management expertise, as the Board interprets such qualifications in its business judgment, by virtue of such member's past employment experience in finance or accounting, requisite professional certification in finance or accounting, or any other comparable experience or background that results in such individual's financial sophistication.

Audit Committee Charter 1

The Board may designate one (1) member of the Audit Committee as its chairperson. In the absence of that designation, the Audit Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES**

● The Audit Committee shall appoint and oversee the work of the independent auditors, approve the compensation of the independent auditors, and review and, if appropriate, discharge the independent auditors. In this regard, the independent auditors shall report directly to the Audit Committee, and the Audit Committee shall have the sole authority to approve the hiring and discharging of the independent auditors, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditors.

● The Audit Committee shall pre-approve (or, where permitted under the rules of the SEC, subsequently approve) engagements of the independent auditors to render audit services and/or establish pre-approval policies and procedures for such engagements, provided that (i) such policies and procedures are detailed as to the particular services rendered, (ii) the Audit Committee is informed of each such service, and (iii) such policies and procedures do not include delegation to management of the Audit Committee's responsibilities under the Securities Exchange Act of 1934, as amended. The Audit Committee shall also pre-approve any non-audit services proposed to be provided to the Company by such independent auditors.

● The Audit Committee shall review the independence of the independent auditors, including (i) obtaining on a periodic basis a formal written statement from the independent auditors delineating all relationships between the independent auditors and the Company, consistent with Independence Standards Board Standard No. 1, (ii) maintaining an active dialogue with the independent auditors regarding any disclosed relationship or services that may impair the objectivity and independence of the independent auditors, and (iii) to the extent there are any such relationships, monitoring and investigating them and, if necessary, taking, or recommending to the Board that the Board take, appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall evaluate, at least annually, the independent auditors' qualifications, performance and independence, which evaluation shall include a review and evaluation of the lead partner of the independent auditors and consideration of whether there should be rotation of the lead audit partner or the auditing firm, and take appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall review, in consultation with the independent auditors, the annual audit plan and scope of audit activities and monitor such plan's progress.

● The Audit Committee shall (i) discuss and, as appropriate, review with management and the independent auditors the Company's annual financial statements and annual reports on Form 20-F, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) discuss with the independent auditors any other matters required to be discussed by Statement on Auditing Standards No. 114, and (iii) recommend to the Board whether the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations should be included in the Company's Form 20-F.

● The Audit Committee shall discuss with management and the independent auditors significant financial reporting issues raised and judgments made in connection with the preparation of the Company's financial statements, including the review of (i) major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles, (ii) major issues as to the adequacy of the Company's internal controls and any special audit steps adopted in light of material control deficiencies, (iii) analyses prepared by management and/or the independent auditors setting forth significant financial reporting issues raised and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements, (iv) the effect of regulatory and accounting initiatives, as well as off-balance sheet arrangements, on the Company's financial statements, and (v) the type and presentation of information to be included in earnings press releases, as well as any financial information and earnings guidance to be provided to analysts and rating agencies, including any proposed use of "pro forma" or "adjusted" non-GAAP information.

Audit Committee Charter 2

● The Audit Committee shall receive, review and discuss reports from the independent auditors on (i) the major critical accounting policies and practices to be used, (ii) significant alternative treatments of financial information within GAAP that have been discussed with management, (iii) ramifications of the use of such alternative disclosures and treatments, (iv) any treatments preferred by the independent auditors, and (v) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences.

● The Audit Committee shall review on a regular basis with the Company's independent auditors any problems or difficulties encountered by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the independent auditors' activities or on access to requested information, and any significant disagreements with management. The Audit Committee shall resolve any disagreements between management and the independent auditors regarding financial reporting.

● The Audit Committee shall discuss with management and the independent auditors any correspondence with regulators or governmental agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

● The Audit Committee shall discuss guidelines and policies with respect to risk assessment and risk management.

● The Audit Committee shall appoint the director of internal audit for the Company, approve the compensation of the director of internal audit and review and, if appropriate, discharge the director of internal audit. In this regard, the Audit Committee shall have the sole authority to approve the hiring and discharging of the director of internal audit.

● The Audit Committee shall discuss with the Company's general counsel legal matters that may have a material impact on the financial statements or the Company's compliance procedures.

● The Audit Committee shall review the adequacy and effectiveness of the Company's internal control policies and procedures on a regular basis, including the responsibilities, budget and staffing of the Company's audit function, as well as the need for any special audit procedures in response to material control deficiencies, through inquiry and discussions with the Company's independent auditors and management. In addition, the Audit Committee shall review the reports prepared by management, and attested to by the Company's independent auditors, assessing the adequacy and effectiveness of the Company's internal controls and procedures, prior to the inclusion of such reports in the Company's periodic filings as required under SEC rules. The Audit Committee shall review disclosure regarding the Company's internal controls that are required to be included in SEC reports.

Audit Committee Charter 3

● The Audit Committee shall establish procedures for receiving, retaining and treating complaints received by the Company regarding accounting, internal accounting controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

● The Audit Committee shall review, approve and monitor the portions of the Company's code of ethics applicable to its senior financial officers.

● The Audit Committee shall review and approve in advance any proposed related party transaction.

● The Audit Committee shall oversee compliance with the SEC requirements for disclosure of auditor's services and Audit Committee member qualifications and activities.

● The Audit Committee shall make regular reports to the Board, which reports shall include any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditors.

● The Audit Committee shall set hiring policies with regard to employees and former employees of the Company's independent auditor.

● The Audit Committee shall review and reassess the adequacy and scope of this Charter annually and recommend any proposed changes to the Board for approval.

● At least annually, the Audit Committee shall evaluate its performance.

● The Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out its duties. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of (i) compensation to the independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services for the Company, (ii) compensation to any advisers employed by the Audit Committee, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate for carrying out its duties.

● Periodically, the Audit Committee shall meet separately with the Company's management, with internal auditors (or other personnel responsible for the internal audit function) and with the independent auditors.

● The Audit Committee may form subcommittees for any purpose that the Audit Committee deems appropriate and may delegate to such subcommittees such power and authority as the Audit Committee deems appropriate. The Audit Committee shall not delegate to a subcommittee any power or authority required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

● The Audit Committee will set its own schedule of meetings and will meet at least quarterly, with the option of holding additional meetings at such times as it deems necessary. The Audit Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

● The Audit Committee shall perform such other functions as assigned by law, the Company's articles of association or the Board.

**LIMITATION OF AUDIT COMMITTEE'S ROLE**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete, accurate and in accordance with GAAP and applicable rules and regulations. These are the responsibilities of management and the independent auditors.

It is recognized that the members of the Audit Committee are not full-time employees of the Company, that it is not the duty or responsibility of the Audit Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and that each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which the Audit Committee receives information, and (ii) the accuracy of the financial and other information provided to the Audit Committee, in either instance absent actual knowledge to the contrary.

Audit Committee Charter 4

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**HAMA Intelligence Limited**

(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of HAMA Intelligence Limited (the "**Company**") shall be to:

&nbsp;&nbsp;&nbsp;&nbsp;· identify individuals qualified to become Board
members consistent with criteria approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;· recommend that the Board select the director
nominees for the next annual meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· develop and recommend to the Board a set of Corporate
Governance Guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;· oversee the evaluation of the Board and management.

**MEMBERSHIP REQUIREMENTS** 

The Committee members must be appointed and may be removed, with or without cause, by the Board. The Committee shall consist of at least three (3) members of the Board, each of whom must an independent director in accordance with (i) the Corporate Governance Standards of NASDAQ Capital Market, and (ii) the rules of the SEC. The Board may designate one (1) member of the Committee as its chairperson. In the absence of that designation, the Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall identify individuals qualified
to become members of the Board and ensure that the Board has the requisite expertise and that its membership consists of persons with
sufficiently diverse and independent backgrounds. The Committee shall also recommend to the Board the nominees for election to the Board
at the next annual meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· The criteria to be used by the Committee in recommending
directors and by the Board in nominating directors are as set forth in the Corporate Governance Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall annually review the Board
committee structure and recommend to the Board for its approval directors to serve as members of each committee.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall develop and recommend to
the Board the Corporate Governance Guidelines. The Committee shall, from time to time as it deems appropriate, review and reassess the
adequacy of such guidelines and recommend any proposed changes to the Board for approval.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall review the Company's
Code of Conduct and Business Ethics, and shall, from time to time as deems appropriate, make any changes it deems necessary. Any changes
will be recommended to the Board for its approval.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall oversee the annual self-evaluations
of the Board and may assist the Board (and/or its other committees) in periodically reviewing the performance of the Company's officers.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee may make recommendations to the
Board regarding governance matters, including, but not limited to, the Company's certificate of incorporation, bylaws, and the charters
of the Company's other committees.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall report regularly to the Board
regarding the activities of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall at least annually perform
an evaluation of the performance of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee shall periodically review and reassess
this Charter and submit any recommended changes to the Board for its consideration.

The Committee has the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's bylaws that are applicable to the Committee.

The Committee has sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms. The Committee has the authority to retain any other advisors that the Committee believes to be desirable and appropriate and has the authority to approve related fees and retention terms.

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities consistent with this Charter, the purposes of the Committee, and the Company's bylaws.

In fulfilling its responsibilities, the Committee has the authority to delegate any or all of its responsibilities to a subcommittee of the Committee.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE** 

**OF THE BOARD OF DIRECTORS OF**

**HAMA Intelligence Limited**

(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Compensation Committee of the Board of Directors (the "**Board**") of HAMA Intelligence Limited (the "**Company**") shall be to discharge the Board's responsibilities relating to compensation of the Company's directors and executive officers. The Compensation Committee has overall responsibility for evaluating and approving the Company's compensation plans, policies and programs. The Compensation Committee shall undertake the specific responsibilities and duties set forth in this Charter and such other duties as the Board may from time to time prescribe.

**MEMBERSHIP REQUIREMENTS** 

The Compensation Committee members will be appointed by the Board. The Compensation Committee shall consist of at least three (3) members of the Board. Members of the Compensation Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC; and

● each member must (i) be a "Non-employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (ii) satisfies the requirements of an "outside director" for purposes of Section 162(m) of the Internal Revenue Code.

The members of the Compensation Committee shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. The members of the Compensation Committee may be removed, with or without cause, by a majority vote of the Board. The Board may designate one (1) member of the Compensation Committee as its chairperson.

**MEETINGS**

The Compensation Committee shall meet at least annually, and more often as it deems appropriate to fulfill the responsibilities set forth in this Charter. The Compensation Committee may establish its own schedule, which it shall provide to the Board in advance.

**AUTHORITY AND RESPONSIBILITIES**

● The Compensation Committee shall review and approve the corporate goals and objectives relevant to the Chief Executive Officer's and other executive officers' compensation.

● The Compensation Committee shall evaluate the performance of the Chief Executive Officer and other executive officers of the Company and, based on such evaluation, review and recommend to the full Board, the annual salary, bonus, stock options and other benefits, direct and indirect, of the Chief Executive Officer and other executive officers. The Chief Executive Officer may not be present during voting or deliberations on her compensation.

● The Compensation Committee shall review and recommend to the full Board compensation of directors, as well as director's and officer's indemnification and insurance matters.

● The Compensation Committee shall review and make recommendations to the Board with respect to the Company's incentive-compensation plans and equity-based plans, and oversee the activities of the individuals responsible for administering those plans.

● The Compensation Committee shall cause to be prepared, and then review and approve, the annual report on executive compensation for inclusion in the Company's proxy statement, pursuant to and in accordance with applicable rules and regulations of the SEC.

● The Compensation Committee shall retain or obtain the advice of a compensation consultant, if needed.

● The Compensation Committee shall report regularly to the Board including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 other matters as are relevant to the Compensation Committee's discharge of its responsibilities;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 recommendations as the Compensation Committee may deem appropriate.

● The Compensation Committee shall maintain minutes or other records of meetings and activities of the Compensation Committee.

● The Compensation Committee shall review and reassess this Charter annually.

This above list of responsibilities is presented for illustrative purposes and is not intended to be exhaustive. The Compensation Committee may conduct additional activities as appropriate in light of changing business, legislative, regulatory, legal or other conditions. The Compensation Committee shall also fulfill other responsibilities delegated to it from time to time by the Board.

## Exhibit 99.4

**Exhibit 99.4**

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|:---|:---|
| ![](ex99-4_001.jpg) | ![](ex99-4_001.jpg) |
| Unit A, 12th Floor, China Overseas Building<br> 139 Hennessy Road, Wanchai, Hong Kong<br> Tel : +852 2950 7800<br> Fax : +852 2950 7811 | 香港灣仔軒尼詩道139號<br> 中國海外大廈12樓A室<br> 電話 : +852 2950 7800<br> 傳真 : +852 2950 7811 |

---

Date: September 9, 2025

**HAMA Intelligence Limited** 380 Jalan Besar, #07-10 ARC 380

Singapore 209000

**<u>Attn: the Board of Directors</u>**

Dear Sirs,

**<u>Re: Legal Opinion on HAMA Intelligence Limited (the "Company")</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. We are the legal advisers to the Company (the "**Engagement**") as to the laws of the Hong
Kong Special Administrative Region of the People's Republic of China ()"**Hong Kong**") in connection with the Company's
registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement** "),
filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended), and the rules and
regulations promulgated thereunder (the "**Rules** "), relating to the initial public offering (the "**Offering** ")
by the Company of its Class A Ordinary Shares (the "**Class A Ordinary Shares**") and listing of the Company's Class
A Ordinary Shares on the Nasdaq Capital Market (the "**Nasdaq** "). We are qualified lawyers of Hong Kong and as such are
qualified to issue this opinion on the laws and regulations of Hong Kong effective as of the date hereof. We have been requested to provide
our opinion on the matters set forth below.

**<u>Applicable law</u>**

&nbsp;&nbsp;&nbsp;&nbsp;2. This opinion is confined solely to Hong Kong laws as applied by the Hong Kong courts as at the date of
this opinion. Accordingly, we express no opinion with regard to any system of law other than the Hong Kong laws as at the date hereof
as currently applied by the Hong Kong courts. This opinion is to be construed in accordance with the Hong Kong laws. In this opinion,
Hong Kong law means Hong Kong domestic law only and not its conflict of law rules. We do not undertake to advise you of any change in
facts or law relevant to this opinion or the opinions expressed herein after the date hereof.

**<u>Assumptions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;3. For the purpose of giving this opinion, we have examined the documents provided by 88M Global Limited
and Nardo Capital (Hong Kong) Limited (the "**HK Subsidiaries**") and obtained other relevant documents as we deemed necessary
or advisable for the purpose of rendering this opinion. Where certain facts were not independently established and verified by us, we
have relied upon statements issued or made by, among others, appropriate representatives of the Company or the HK Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;4. Furthermore, we made due inquiries as to other facts and questions of law as we deem necessary when rendering
this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;5. Company searches conducted by us with the Companies Registry are limited in respect to the information
it produces. Also, the company searches do not determine conclusively whether or not an order has been made or a resolution has been passed
for the winding up of a company or for the appointment of a liquidator or other person to control the assets of a company as notice of
such matters might not be filed immediately and, once filed, might not appear immediately on a company's public file.

PARTNERS CONSULTANT SOLICITORS : : : DAVID L.K. FONG 方良佳律師，TIMOTHY C.K. KWAN 關智傑律師，HERMES H.C. SHIN 單浩銓律師 MATTHEW H.C. WONG 黃漢柱律師 BRUNO C.H. CHAN 陳震雄律師， PAMELA K.Y. NG 吳家宜律師

![](ex99-4_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. In rendering this opinion, we have, without any further enquiry or independent verifications, made the
following assumptions (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a
person duly authorized by such party to execute the same, all documents (the "**Documents**") submitted to us in relation
to the Engagement as originals are authentic, and all documents submitted to us as certified or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the parties (other than the Company's subsidiaries established in Hong Kong) to the Documents,
(a) if a legal person or other entity, is duly organized and is validly existing in good standing under the laws of its jurisdiction of
organization and/or incorporation; or (b) if an individual, has full capacity for civil conduct; each of them, has full power and authority
to execute, deliver and perform its/her/his obligations under such documents to which it is a party in accordance with the laws of its
jurisdiction of organization or incorporation or the laws that it/she/he is subject to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Documents remain in full force and effect on the date of this opinion and have not been revoked, amended
or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination
has occurred, with respect to any of such Documents after they were submitted to us for the purposes of this legal opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The accuracy and completeness of all factual representations, whether via oral or written instructions,
provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The information disclosed by the company searches referred to above is accurate and complete as at the
time of this opinion and conforms to records maintained by the Company and the companies involved. The search would not fail to disclose
any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search
was conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The instructions and information provided by the Company to us are true and accurate to our best belief;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There has been no change in the information contained in the latest records of Company and the companies
involved under the Companies Registry made up to the issuance of this opinion.

**<u>Opinions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company's subsidiaries established in Hong Kong is validly existing and in good standing
under the laws of Hong Kong. Each of the Company's subsidiaries in Hong Kong is operating its businesses legally and had fully complied
with the Hong Kong Laws and is not facing any material legal proceedings or any material legal, governmental, arbitrative proceedings,
actions, decisions, demands or orders before any competent court, government agency or arbitration body in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong Kong Courts may recognize and enforce judgments in civil and commercial matters by the Courts in
the mainland via the Mainland Judgments (Reciprocal Enforcement) Ordinance (Cap. 597) provided certain statutory requirements are satisfied.
Hong Kong Courts may also recognize and enforce judgments from courts in other jurisdictions in accordance to the Foreign Judgments (Reciprocal
Enforcement) Ordinance (Cap. 319) ()"**FJREO** "), the Foreign Judgments (Restriction on Recognition and Enforcement) Ordinance
(Cap. 46) and the common law principles. It is to be noted that probate and bankruptcy matters in relation to matrimonial matters would
not fall within the scope that the FJREO would cover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations", "Enforceability of Civil Liabilities" in each case insofar as such statements purport to describe
or summarize the Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all material respects, and fairly
present and summarize in all material respects the Hong Kong legal matters stated therein as at the date hereof; and

![](ex99-4_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The statements set forth in the Registration Statement under the caption "Hong Kong Taxation"
and "Legal Matters" are true and accurate in all material respects and that such statements constitute our opinions.

**<u>Qualifications</u>**

&nbsp;&nbsp;&nbsp;&nbsp;8. Our opinion expressed above is subject to the following qualifications (the "**Qualifications** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our opinion is limited to the laws of Hong Kong of general application on the date hereof. We have made
no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The laws of Hong Kong referred to herein are laws and regulations publicly available and currently in
force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof,
will not be changed, amended or revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability
of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and
applicable statutes of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents
that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful
form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and public searches conducted in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) This opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the opinion should not be read independently; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As used in this opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this opinion.

**<u>Consent</u>**

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours faithfully,

**/s/ David Fong & Co.**

## Exhibit 99.5

**Exhibit 99.5**

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| |
|:---|
| ![](ex99-5_001.jpg) |
| CHINA COMMERCIAL LAW FIRM |
| Exchange: +86 755 8302 55555 |
| Fax: +86 755 8302 5058 P.C/518048 |
| https://www.huashanglawyer.com |
| Address: 21-26/F, Hong Kong China Travel Service Building, No.4011, Shennan Boulevard, Futian District, Shenzhen, P.R.C |

---

September 9, 2025

**HAMA Intelligence Limited**<br> 380 Jalan Besar, #07-10 ARC 380<br> Singapore 209000<br>**Re: Certain PRC Law Matters of HAMA Intelligence Limited (the "Company")**<br>

Dear Sirs/Madams,

We are qualified lawyers of the People's Republic of China (the "**PRC**") and as such are qualified to issue this opinion ("**Opinion**") with respect to all laws, regulations, statutes, rules, decrees, guidelines, notices, and judicial interpretations and other legislations of the PRC currently in force and publicly available as of the date of this opinion (hereinafter referred to as the "**PRC Laws**"). For the purpose of this Opinion, the PRC excludes the Hong Kong Special Administrative Region ("**Hong Kong**"), the Macau Special Administrative Region, and Taiwan.

We are acting as the PRC counsel of the Company (the Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before the Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of the Company at the relevant time or the businesses which have since been acquired or carried on by them or, as the case may be, their predecessors, the "**Group**") in connection with (a) the proposed public offering (the "**Offering**") of ordinary shares of the Company as set forth in the Company's registration statement on Form F-l, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the United States Securities and Exchange Commission (the "**SEC**") in relation to the Offering, and (b) the proposed listing and trading of the Company's ordinary shares on the National Association of Securities Dealers Automated Quotations (the "**NASDAQ**").

For the purpose of giving this Opinion, we have examined the Registration Statement, originals or copies of corporate record, documents and certificates of identification and documents issued by governmental authorities or by officers or representatives of the Company as we have deemed necessary and appropriate as a basis for the opinions hereinafter set forth.

In rendering the opinions expressed below, we have assumed:

(a) the
authenticity of the documents submitted to us as originals and the conformity to the originals of the documents submitted to us as copies;

(b) the
truthfulness, accuracy and completeness of the documents as they were presented to us;

(c) the
documents which have been presented to us remain in full force and effect as of the date of this opinion and have not been revoked, amended,
varied or supplemented, except as noted therein;

(d) in
response to our due diligence inquiries, requests and investigation for the purpose of this Opinion, all the relevant information and
materials that have been provided to us by the Company, including all factual statements in the documents and all other factual information
provided to us by the Company, and the statements made by the Company, are true, accurate, complete and not misleading, and that the
Company has not withheld anything that, if disclosed to us, would reasonably cause us to alter this Opinion in whole or in part. Where
important facts were not independently established to us, we have relied upon certificates issued by governmental authorities and appropriate
representatives of the Company in the course of our inquiry and consultation;

1 / 8

(e) that
all parties to the documents provided to us in connection with this Opinion have the requisite power and authority to enter into, and
have duly executed, delivered and/or issued those documents to which they are parties, and have the requisite power and authority to
perform their obligations thereunder; and

(f) with
respect to all parties, the due compliance with, and the legality, validity, effectiveness and enforceability under, all laws other than
the laws of the PRC.

We do not purport to be experts on and do not purport to be generally familiar with or qualified to express legal opinions on any laws other than the laws of the PRC and accordingly express no legal opinion herein on any laws of any jurisdiction other than the PRC.

Based on the foregoing and subject to the confirmations and qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

The following terms as used in this Opinion are defined as follows:

"CAC" means the Cyberspace Administration of China;

"CSRC" means the China Securities Regulatory Commission;

"Governmental Agencies" means any national, provincial or local court, governmental agency or body, stock exchange authorities or any other regulator in the PRC;

"Group" means HAMA Intelligence Limited and its subsidiaries;

"Securities Law" means the Securities Law of the People's Republic of China which was amended on December 28, 2019, and became effective on March 1, 2020, by the Standing Committee of the National People's Congress;

"Measures" means the Measures for Cybersecurity Review promulgated jointly by the Cyberspace Administration of China, National Development and Reform Commission, Ministry of Industry and Information Technology, The Ministry of Public Security, the Ministry of State Security, Ministry of Finance, Ministry of Commerce, People's Bank of China, State Administration of Radio and Television, China Securities Regulatory Commission, State Secrecy Administration and State Cryptography Administration on December 28, 2021, which became effective on February 15, 2022;

"The Trial Measures" means the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies promulgated by CSRC on February 17, 2023, which became effective on March 31, 2023;

"The Confidentiality Provisions" means the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies promulgates jointly by the CRSC, Ministry of Finance of the People's Republic of China, National Administration of State on February 24, 2023, which became effective on March 31, 2023;

"The PIPL" means the Personal Information Protection Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress on August 20, 2021, which became effective on November 1, 2021.

"The DSL" means the Data Security Law of the People's Republic of China promulgated by Standing Committee of the National People's Congress on June 10, 2021, which became effective on September 1, 2021;

2 / 8

"PRC Laws" means any and all officially published and publicly available laws, regulations, rules, and regulatory, administrative or other governmental measures, notices or circulars, and Supreme Court judicial interpretation of the PRC currently in force and publicly available in the PRC as of the date hereof:

**<u>Application of Article 177 of the Securities Law to this Offering</u>**

According to Article 177 of the Securities Law, without the consent of the securities regulatory authority under the State Council and the relevant authorities under the State Council, no entity or individual shall provide documents or materials related to securities business activities to other countries or regions without authorization. In accordance with statutes including the Securities Law, on February 17, 2023, with the approval of the State Council, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On February 24, 2023, the CSRC circulated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Confidentiality Provisions.

The Trial Measures, together with the Confidentiality Provisions, reiterate the supervision principles for regulating the confidentiality related to overseas securities offering and listing activities by domestic companies, either in direct or indirect form. Further, the Confidentiality Provisions provide clearer standards and instructions on the confidentiality and Archives Administration relating to overseas securities offering and listing activities of domestic companies. According to the Confidentiality Provisions, (i) a domestic company that conducts an overseas offering and listing both directly and indirectly should institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations; (ii) 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; (iii) where a domestic company, either directly or through its overseas listed entity, intends to publicly disclose or provide to relevant individuals and entities, including securities companies, securities service providers and overseas regulatory authorities, any other documents and materials, if leaked, will be detrimental to national security or public interest, it shall strictly fulfil relevant procedures stipulated by applicable national regulations; (iv) where a domestic company, after fulfilling relevant procedures, provides to securities companies, securities service providers and other entities with any documents and materials containing state secrets or working secrets of government agencies, or any other documents and materials which, if leaked, will be detrimental to national security or public interest if leaked, a non-disclosure agreement shall be signed between the provider and receiver of such information; (v) domestic companies, securities companies or securities service providers that discover any leakage or possible leakage of state secrets, working secrets of government agencies or any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall immediately take remedies and report to relevant state organs and units.

As confirmed by the Company: (i) they currently do not have any subsidiary or variable interest entity ("VIE") in the PRC, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) they are not controlled by any PRC entity or individual.; (iii) all of their operations are conducted by the operating entities in Hong Kong and Singapore ; (iv) as of date hereof, the Company and the subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) they have not employed any PRC citizen; and (vi) their chief executive officer, chief financial officer and all members of the board of directors are based in Hong Kong and are not mainland China citizens.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that Article 177 of the Securities Law and the Confidentiality Provisions do not apply to documents and/or materials submitted to NASDAQ and SEC in connection with the Company's application and Offering. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 177 of the Securities Law and the Confidentiality Provisions do not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

However, as the Securities Law, the Trial Measures and the Confidentiality Provisions were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

3 / 8

**<u>Application of Article 41 of the Personal Information Protection Law and Article 36 of the Data Security Law to this Offering</u>**

Article 41 of the PIPL and Article 36 of the DSL prohibits companies and individuals from providing personal information and data stored within the PRC to foreign judicial or enforcement agencies, without prior approval by the Chinese government.

As confirmed by the Company: (i) as of the date hereof, in connection with this Offering, the Company is a holding company incorporated in the Cayman Islands with operating subsidiaries solely based in Hong Kong and Singapore, and it does not have any subsidiary or VIE in the PRC or intend to acquire any equity interest in any domestic companies within the PRC; (ii) they are not controlled by any PRC entity or individual; (iii) all of their operations are conducted by the operating entities in Hong Kong and Singapore and they currently do not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (iv) as of date hereof, the Company and its subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) the Company does not place any reliance on collection and processing of any personal information to maintain the business operation; and (vi) data processed in the business should not have a bearing on national security nor affect or may affect national security; as of the date of this Opinion, the Company has not been involved in any investigations on the PIPL or data security initiated by related governmental regulatory authorities, and the Company have not received any inquiry, notice, warning, or sanction in such respect.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that, we do not currently expect Article 41 of the PIPL and Article 36 of the DSL to have an impact on the Company's business, operations or this Offering as we do not believe that the Company is deemed to be a "personal information processor", "critical infrastructure information operator", "personal information processor who has a large user base and/or operates complex types of businesses", or "entrusted party" under the PIPL and the DSL to the Company.

Furthermore, Article 41 of the PIPL and Article 36 of the DSL do not apply to the documents, information and/or materials submitted to NASDAQ or SEC in connection with the Company's application and Offering. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 41 of the PIPL and Article 36 of the DSL do not apply documents and/or materials requested by NASDAQ or SEC from the Company once listed.

However, as the PIPL and the DSL were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

**<u>Approval of Cyberspace Administration of China</u>**

Pursuant to the Data Security Law, which was promulgated on June 10, 2021 and came into effect on September 1, 2021, any data processing (includes the collection, storage, use, processing, transmission, provision and disclosure of data) activities conducted outside the PRC endanger national security, public interests or the legal rights and interests of any citizen or organization shall be held liable.

If a company harms the national security, public interests, or legitimate rights and interests of citizens and organizations of the PRC during its data processing activities, it may still be subject to legal liability by the relevant Chinese authorities.

The Measures for Cybersecurity Review (2021), which were promulgated on December 28, 2021 and took effect on February 15, 2022, provide that any online platform operators controlling personal information of more than one million users which seeks to list in a foreign country shall conduct a cybersecurity review.

4 / 8

As confirmed by the Company, as of the date of this opinion,

(a) the
Group currently does not have, or intend to have any subsidiary or enter into any contractual arrangements to establish a VIE structure
with any entity in the PRC;

(b) the
Company is not controlled by any PRC entity or individual;

(c) all
of the operations of the Company are conducted by its Hong Kong and Singapore subsidiaries including 88M Global Limited, Nardo Capital(Hong
Kong)Limited and HAMA SGD Pte.Ltd,which currently solely serve the Hong Kong and Singapore local markets;

(d) the
Group currently does not have, or plan to have, any investment plan, such as owning or leasing any asset, in the PRC;

(e) the
Group currently does not employ any PRC natural persons within the PRC;

(f) none
of the revenue of the Group is generated from the PRC;

(g) the
Group currently does not engage in any data processing activities of any PRC individual or within the PRC, nor do the Group entrust or
be entrusted by any individual or entity to conduct any data processing activities of any PRC individual or within the PRC, nor do the
Group store any data within the PRC;

(h) the
Group is not operators of key information infrastructure;

(i) the
Group currently does not possess personal information on more than one million users in its business operations;

(j) the
Group has not collected or stored any data (including certain personal information) from PRC individuals and /or organizations;

(k) the
Company conducts all of its operations in Hong Kong and Singapore through its Hong Kong and Singapore subsidiaryies including88M
Global Limited, Nardo Capital(Hong Kong)Limited and HAMA SGD Pte.Ltd,, and any data collected, stored, or used by the Group do not have
a bearing on national security, national economy operation, social stability, public health and security or public interest.

**<u>Filing procedure with the CSRC</u>**

On February 17, 2023, the CSRC promulgated the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC.

In addition, according to the Trial Measures, indirect overseas issuance and listing of domestic enterprises refers to the overseas issuance and listing of enterprises with main business activities in the PRC, in the name of enterprises registered overseas, based on the equity, assets, income or other similar rights and interests of domestic enterprises. At the same time, the Trial Measures further clarify the situation of indirect overseas listing:

(1) 50%
or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated
financial statements for the most recent fiscal year were derived from PRC domestic companies; and

5 / 8

(2) The
majority of the issuer's business activities are carried out in mainland China, or its main place(s) of business are located in
mainland China, or the majority of the issuer's senior management team in charge of its business operations and management are
PRC citizens or have their usual place(s) of residence located in mainland China.

The above circumstances must be met simultaneously to be recognized as indirect overseas listing, but it also stipulates that indirect overseas listing should be recognized based on the principle of substance over form.

According to the provisions of the Trial Measures, for those directly listed overseas, the issuer shall file a record with the CSRC. For indirect overseas listing, the issuer shall designate a major domestic operating entity as the domestic responsible person and file with the CSRC.

In addition, the Trial Measures also stipulate that domestic enterprises that fail to fulfill the required filing procedures to the CSRC may be required by the CSRC to make corrections, be given a warning, and be fined between RMB 1 million and RMB 10 million; the CSRC may warn the directly responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million. If the controlling shareholder or actual controller of a domestic enterprise organizes or instigates the prescribed illegal acts, a fine of not less than RMB 1 million but not more than RMB 10 million may be imposed. If the violation of Trial Measures or other laws and administrative regulations is serious, the CSRC may impose a ban on access to the securities market upon relevant responsible persons.

As of the date of this opinion, as confirmed by the Company: (i) the Group currently does not have, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) the Group is not controlled by any PRC entity or individual; (iii) the Group does not have any operation in the PRC, nor do they have any partnership or cooperation with any PRC entity or individual; (iv) the Group currently does not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) the Group has not employed any PRC natural persons within the PRC; (vi) no revenue of the Group is generated from the PRC; and (vi) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China.

Given the above confirmations, we are of the opinion that the overseas offering and listing conducted by the Company would not be deemed an indirect overseas offering and listing by a PRC domestic company. The Trial Measures do not apply to the Company, and its listing on NASDAQ does not require to fulfill the filing procedure to the CSRC.

According to Article 26 of the Trial Measures, any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative or evidence collection purposes, shall not provide such information without prior approval from the CSRC and competent authorities under the PRC State Council.

As confirmed by the Company: (i) the Company is headquartered in Hong Kong, with their officers and all members of the board of directors based in Hong Kong or elsewhere who are not mainland China citizens; (ii) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (iii) the Company only operates in Hong Kong and Singapore all of their revenues and profits are generated by their subsidiaries in Hong Kong, and Singapore, none of their business activities are conducted in mainland China, and the Company has not generated revenues or profits from mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in their audited consolidated financial statements for the same period; (iv) the Company does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China.

Given the above confirmations, we are of the opinion that the Company is not required to submit applications for the approval of the CSRC and Article 26 of the Trial Measures does not apply to the documents, information and/or materials submitted to NASDAQ in connection with the Company's application. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 26 of the Trial Measures does not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

6 / 8

Since these statements and regulatory actions by the PRC government are newly published and the relevant provisions in this regulatory regime are evolving, their interpretation, application and enforcement are subject to the relevant laws and regulations then in effect, we cannot assure that the CSRC would not take a view that is contrary to ours.

**<u>Qualifications</u>**

This Opinion is further subject to the following qualifications:

(a) we
express no opinion as to any laws other than the PRC Laws in force on the date of this Opinion;

(b) the
PRC Laws referred to herein are laws currently in force and there is no guarantee that any of such laws, or the interpretation thereof
or enforcement therefor, will not be changed, amended or replaced in the immediate future or in the longer term with or without retrospective
effect;

(c) this
Opinion is intended to be used in the context which is specifically referred to herein and each section should be looked on as a whole
regarding the same subject matter;

(d) the
PRC legal system regarding data security is still evolving, and there is no assurance that the competent PRC authority would not take
a view that is contrary to the above or require the Company to obtain the approval for any data activities that the Company has conducted
or would conduct in the foreseeable future; and

(e) this
Opinion is subject to the effects of (i) certain legal or statutory principles affecting the validity and enforceability of contractual
rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and applicable statutes
of limitation; (ii) any circumstance in connection with formulation, execution or performance of any legal documents that would be deemed
materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (iii) judicial
discretion with respect to the availability of indemnifications, remedies or defenses, the calculation of damages, the entitlement to
attorney's fees and other costs, and the waiver of immunity from jurisdiction of any court or from legal process; and (iv) the
discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

This Opinion is delivered in our capacity as the Company's PRC counsel solely for the purpose of the Offering, and may not be used for any other purpose.

According to the Article 9 of the Measures for the Administration of the Provisions of Securities Legal Services by Law Firms jointly issued by the CSRC and the Ministry of Justice of the PRC, which took effect on December 1, 2023 (the "**CSRC Circular**"), as the PRC counsel of the Company, we are not permitted to address this Opinion to the underwriters in the Offering. Therefore, this Opinion is addressed solely to the Company and does not constitute advice to the underwriters or its legal counsel in the Offering. It shall not be relied upon by anyone else other than the Company in connection with this Offering. Notwithstanding the foregoing, we hereby consent to the Company delivering this Opinion to the underwriters in the Offering for reference purposes, which consent, however, should not be deemed that we are addressing this Opinion to any person or entity other than the Company.

**<u>Consent</u>**

We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we fall within the category of the persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

7 / 8

---

| |
|:---|
| Yours sincerely, |
| */s/ China Commercial Law Firm* |
| China Commercial Law Firm |
| */s/ Hongxuan XIAO* |
| Ms. Hongxuan Xiao, Partner |
| On behalf of China Commercial Law Firm |

---

8 / 8

## Exhibit 99.6

**Exhibit 99.6**

**HAMA Intelligence Limited**

**("the Company")**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures include:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

(a) requiring
reimbursement of cash Incentive Compensation previously paid;

(b) seeking
recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

(c) offsetting
the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

(d)) cancelling outstanding vested or unvested equity awards; and/or

(e) taking
any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.7

**Exhibit 99.7**

HAMA Intelligence Limited

Statement of Policy Concerning Trading in Company Securities<br>(Conditionally adopted by a board resolution dated [ ], 202_ with effect from the effective date of the registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **<u>Page No.</u>** |
| I. | Summary of Policy Concerning Trading in Company Securities | Summary of Policy Concerning Trading in Company Securities | 1 |
| II. | The Use of Inside Information in Connection with Trading in Securities | The Use of Inside Information in Connection with Trading in Securities | 1 |
|  | A. | General Rule. | 1 |
|  | B. | Who Does the Policy Apply To? | 2 |
|  | C. | Other Companies' Stock. | 3 |
|  | D. | Hedging and Derivatives. | 3 |
|  | E. | Pledging of Securities, Margin Accounts. | 3 |
|  | F. | General Guidelines. | 3 |
|  | G. | Applicability of U.S. Securities Laws to International Transactions. | 5 |
| III. | Other Limitations on Securities Transactions | Other Limitations on Securities Transactions | 6 |
|  | A. | Public Resales – Rule 144. | 6 |
|  | B. | Private Resales. | 7 |
|  | C. | Restrictions on Purchases of Company Securities. | 7 |
|  | D. | Filing Requirements. | 7 |

---

i

**I.** **SUMMARY OF POLICY CONCERNING TRADING IN COMPANY SECURITIES** 

It is the policy of HAMA Intelligence Limited and its subsidiaries and consolidated affiliated entities (collectively, the "**Company**") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "**Exchange Act**"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

**II.** **THE USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***General Rule.*** 

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Who Does the Policy Apply To?*** 

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Other Companies' Stock.*** 

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Hedging and Derivatives.*** 

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or the NYSE were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Pledging of Securities, Margin Accounts.*** 

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***General Guidelines.*** 

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's interim and annual earnings until the 16th calendar day of the last month of the then current fiscal period (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Applicability of U.S. Securities Laws to International Transactions.*** 

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States. Transactions involving securities of PRC subsidiaries or affiliates should be carefully reviewed by counsel for compliance not only with applicable PRC law but also for possible application of U.S. securities laws.

**III.** **OTHER LIMITATIONS ON SECURITIES TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Public Resales – Rule 144.*** 

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Private Resales.*** 

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Restrictions on Purchases of Company Securities.*** 

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Filing Requirements.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within ten days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed promptly. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar year in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price) and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount, price and date; or

3. give the broker the exclusive right to determine whether, how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

***Guidelines for 10b5-1 Plans***

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

Audit Committee Charter

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

Audit Committee Charter

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of HAMA Intelligence Limited** 

To: Chief Financial Officer / General Counsel

From:

Print Name

I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of HAMA Intelligence Limited are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of HAMA Intelligence Limited

Type of transaction (check one):

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

Securities involved in transaction:  

Number of securities:  

Other (please explain):  

Name of beneficial owner if other than yourself:  

Relationship of beneficial owner to yourself:  

Signature:   Date:  

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

---

| | |
|:---|:---|
| Approved by: |  |
| Name: |  |
| Date: | Time: |

---

## Exhibit 99.8

**Exhibit 99.8**

September 8, 2025

**HAMA Intelligence Limited (the "Company")**

380 Jalan Besar, #07-10 ARC 380

Singapore 209000

Dear Sirs,

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of HAMA Intelligence Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

Sincerely yours,

---

| |
|:---|
| */s/ Wai Hong, Lin* |
| Wai Hong, Lin |

---

## Exhibit 99.9

**Exhibit 99.9**

September 8, 2025

**HAMA Intelligence Limited (the "Company")**

380 Jalan Besar, #07-10 ARC 380

Singapore 209000

Dear Sirs,

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of HAMA Intelligence Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

Sincerely yours,

---

| | |
|:---|:---|
| */s/ Ho Wai Alan, Chung* | |
| Ho Wai Alan, Chung |  |

---

## Exhibit 99.10

**Exhibit 99.10**

September 8, 2025

**HAMA Intelligence Limited (the "Company")**

380 Jalan Besar, #07-10 ARC 380

Singapore 209000

Dear Sirs,

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of HAMA Intelligence Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

Sincerely yours,

---

| | |
|:---|:---|
| */s/ Wai Ming, Yiu* | |
| Wai Ming, Yiu |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

#### Ex-Filing Fees

#### CALCULATION OF FILING FEE TABLES

#### F-1

#### HAMA Intelligence Limited

#### Table 1: Newly Registered and Carry Forward Securities

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value US$0.0001 per share(1) | (1) | 457(o) | 1265000 | $7.00 | $8855000.00 | 0.0001531 | $1355.70 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8855000.00 |  | 1355.70 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1355.70 |

---

#### __________________________________________ Offering Note(s)
&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.