# EDGAR Filing Document

**Accession Number:** 0002102716
**File Stem:** 0001213900-25-125991
**Filing Date:** 2025-12
**Character Count:** 536066
**Document Hash:** 3f135c4681df00fd5b73e2c4609c2dc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-125991.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001213900-25-125991

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** White Knights Alliance Capital Corp
- **CENTRAL INDEX KEY:** 0002102716

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292457
- **FILM NUMBER:** 251608717

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GF08, GROUND FLOOR, IOI BUSINESS PARK
- **STREET 2:** PERSIARAN PUCHONG JAYA SELATAN
- **CITY:** PUCHONG
- **PROVINCE COUNTRY:** N8
- **ZIP:** 47170
- **BUSINESS PHONE:** 0102001047

**MAIL ADDRESS:**
- **STREET 1:** 122 E
- **STREET 2:** 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10168

**As filed with the U.S. Securities and Exchange Commission on December 29, 2025**

**Registration No. 333-______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **7370** | **Not Applicable** |
| (State or other jurisdiction of <br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**GF08, Ground Floor,<br> IOI Business Park,<br> Persiaran Puchong Jaya Selatan,<br> Bandar Puchong Jaya, <br> 47170 Puchong, Selangor, Malaysia<br> +6010-200 1047**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**Cogency Global**

**122 E. 42<sup>nd</sup> Steet**

**New York, NY 10168**

**Tel: +1 (212) 947-7200**

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

**Copies to:**

**John O'Leary, Esq.**

**Patrizio & O'Leary LLP**

**300 Carnegie Center, Suite 150**

**Princeton, NJ 08540**

**1-609-786-2525**

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

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, 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. ☒

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

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

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SECTION 8(a), MAY DETERMINE.**

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

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| | |
|:---|:---|
| **Preliminary Prospectus** | **Subject to Completion, Dated , 2025** |

---

**WHITE KNIGHT ALLIANCE CAPITAL CORP.**

**Up to 2,000,000 Class A Ordinary Shares**

This is the initial public offering, or the "offering," of up to 2,000,000 Class A Shares, par value US $0.0001 per share (each, an "Ordinary Share", collectively, "Ordinary Shares") of White Knights Alliance Capital Corp., a Cayman Island exempted company with limited liability.

White Knights Alliance Capital Corp. ("White Knights," "Company," "we," or "our") is offering up to 2,000,000 Ordinary Shares in a self-underwritten offering, on the best-efforts basis, meaning that no aggregate minimum offering amount is required to be raised by us in this offering. As such, the actual public offering amount and proceeds to us, if any, are not presently determinable and net proceeds may be substantially less than the total maximum offering set forth above. The Ordinary Shares will be offered at the fixed price of $4.00 per share.

Currently, there is no public market for our common stock. We intend to apply to list our common stock on the Nasdaq Capital Market ("NASDAQ"). We cannot guarantee that our shares will be approved for listing on NASDAQ and if our shares are not approved for listing on NASDAQ, we will not consummate this offering.

This prospectus will permit our officers and directors to offer and sell on behalf of the Company the Ordinary Shares directly to the public, with no commission or other remuneration payable to them for any Ordinary Shares sold. In offering the Ordinary Shares on our behalf, our officers and directors will rely on the safe harbor from the broker-dealer registration set out in Rule 3a4- 1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We also reserve the right to engage placement agents as finders in connection with this offering.

Prior to this offering, there has been no public market for our securities. Our securities are not currently eligible for trading on any national securities exchange or any over-the-counter markets.

Currently, we have 30,000,000 Class A Shares, $0.0001 par value each, issued and outstanding. We also have of 30,000,000 Class B shares, $0.0001 par value each, issued and outstanding. We also have 50,000 Preference A shares, $0.0001 par value each, issued and outstanding.

As of the date of this prospectus, our chief executive officer, Ting Teck Sheng, owns 30,000,000 Ordinary Shares, which represents 100% of our issued and outstanding Ordinary Shares, 30,000,000 Class B shares, which represents 100% of our Class B Shares, issued and outstanding, and 50,000 of our Preference A shares, which represents 100% of our Preference A shares, issued and outstanding. Therefore, Mr. Ting's controls 100% of the voting power as our sole shareholder. As such, Mr. Ting has the ability to control matters requiring shareholder approval, 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.

If the Company sells all of the shares being offered, pursuant to the offering by the Company herein, then he will control approximately 98.29% of the voting power of the Company, which still constitutes controlling interest of the Company. Accordingly, we are a "controlled company" under NASDAQ corporate governance rules and are eligible for certain exemptions from these rules, though we do not intend to rely on any such exemptions. See "*Risk Factors – We will be a 'controlled company' within the meaning of the listing rules of NASDAQ and, as a result, can rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies*" on page 19 for more information.

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

We are a development stage company that just started its business operations. The Company is an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2021 ("JOBS Act"). As such, in this prospectus, we have taken advantage of certain reduced public company reporting requirements that apply to emerging growth companies regarding selected financial data and executive compensation arrangements.

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

**As used in this prospectus, terms such as "the Company," "we," "us," "our company," or "our" refer to White Knights, unless the context suggests otherwise.** 

**The date of this prospectus is ________, 2025**

**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#b_001) | 1 |
| [THE OFFERING](#b_002) | 9 |
| [SUMMARY FINANCIAL DATA](#b_003) | 10 |
| [RISK FACTORS](#b_004) | 11 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#b_005) | 27 |
| [USE OF PROCEEDS](#b_006) | 29 |
| [DIVIDEND POLICY](#b_007) | 30 |
| [DILUTION](#b_008) | 31 |
| [EXCHANGE RATE INFORMATION](#b_009) | 31 |
| [OUR HISTORY AND CORPORATE STRUCTURE](#b_010) | 31 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION](#b_011) | 32 |
| [BUSINESS](#b_012) | 34 |
| [REGULATIONS](#b_013) | 35 |
| [MANAGEMENT](#b_014) | 38 |
| [PRINCIPAL SHAREHOLDERS](#b_015) | 41 |
| [RELATED PARTY TRANSACTIONS](#b_016) | 41 |
| [DESCRIPTION OF SHARE CAPITAL](#b_017) | 42 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#b_018) | 58 |
| [MATERIAL INCOME TAX CONSIDERATION](#b_019) | 60 |
| [PLAN OF DISTRIBUTION](#b_020) | 67 |
| [LEGAL MATTERS](#b_022) | 72 |
| [EXPENSES RELATED TO THIS OFFERING](#b_021) | 72 |
| [EXPERTS](#b_023) | 72 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#b_024) | 73 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#b_025) | 74 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#b_026) | F-1 |
| [PART II INFORMATION NOT REQUIRED IN PROSPECTUS](#b_027) | II-1 |
| [EXHIBITS](#b_028) | II-4 |
| [SIGNATURES](#b_029) | II-5 |

---

i

**You should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission (the "SEC"). We have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. We do not take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Ordinary Shares. Our business, financial condition, operating results, and prospects may have changed since that date. For investors outside of the United States, we have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Ordinary Shares by the registered shareholders and the distribution of this prospectus outside of the United States.**

The Company is incorporated under the laws of the Cayman Islands as an exempted company with limited liability and all of our outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Exchange Act.

**Conventions that Apply to this Prospectus**

Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("US GAAP") We present our consolidated financial statements in U.S. dollars.

Our fiscal year ends on September 30 of each year. Some amounts in this prospectus may not total due to rounding. All percentages have been calculated using unrounded amounts.

ii

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision.* 

**Overview**

White Knights Alliance Capital Corp. is a newly formed holding company incorporated in the Cayman Islands as an exempted company with limited liability under the name W Straits Group Limited on April 11, 2025. On July 9, 2025, the Company changed its name to White Knights Alliance Capital Corp.

We plan to develop a proprietary e-wallet and digital payment platform which forms the foundation of its long-term vision to create an integrated financial ecosystem spanning payments, lending, compliance technology, and digital identity. In addition, the Company intends to consolidate, joint venture, invest in, and scale high-growth fintech and digital infrastructure ventures.

**Our Mission**

To become a global leader in digital financial ecosystems by consolidating innovative fintech platforms under a transparent, technology-driven holding structure.

- To drive growth through technology-led mergers, acquisitions, and strategic partnerships.

- To develop scalable and regulatory-compliant fintech assets that enhance financial inclusion.

- To deliver sustainable value to shareholders and investors through disciplined governance and transparent operations.

**Growth Strategy**

The Company is collaborating with three strategic technology partners that complement its fintech and digital ecosystem ambitions: RR Pay Sdn Bhd, Mantasoft Sdn Bhd, Bee Technology (HK) Limited and Hong Kong ZhongZheng Technology Co., Limited (Z Tech's ejhcard platform). These partnerships strengthen White Knights' technological depth, market access, and integration capabilities across digital finance, smart infrastructure, and enterprise management. The Company presently has executed letters of intent with these respective companies.

**Our Offering**

We have authorized share capital consisting of 245,000,000 Class A Shares, $0.0001 par value per share ("Ordinary Shares"), of 245,000,000 Class B Shares , $0.0001 par value per share, of 5,000,000 Preference A Shares, $0.0001 par value per share and 5,000,000 Preference B Shares, $0.0001 par value per share.

Currently, we have 30,000,000 Ordinary Shares, 30,000,000 Class B shares, and 50,000 Class A Preference shares, issued and outstanding. The price at which we, the Company, offer these Class A shares is at a fixed price of $4.00 per share for the duration of the offering. There is no arrangement to address the possible effect of the offering on the price of the stock. We will receive all proceeds from the sale of our common stock.

As of the date of this prospectus, our chief executive officer, Ting Teck Sheng, owns 30,000,000 Ordinary Shares, 30,000,000 Class B shares, and 50,000 Class A Preference shares, which represents 100% of our outstanding share capital, issued and outstanding. Therefore, Mr. Ting controls 100% of the voting power of our shareholders. As such, Mr. Ting has the ability to control matters requiring shareholder approval, 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.

If Mr. Ting sells all of the shares being offered, pursuant to the offering by the Company herein, then he will control approximately 98.29% of the voting power of the Company, which still constitutes controlling interest of the Company.

The proceeds from the sale of the securities sold on behalf of the Company will be placed directly into the Company's account, or a designated account to be used as escrow; any investor who purchases shares will have no assurance that any monies, beside their own, will be subscribed to the prospectus. All proceeds from the sale of the securities are non-refundable, except as may be required by applicable laws.

No arrangement has been made for escrow currently, and we are not aware, at this time, of any potential impact this may have on investors. If we are to utilize the services of an escrow agent, it is our intent to have arrangements with an escrow agent established before commencing this offering. As indicated throughout, however, we may not utilize the services of an escrow agent.

If the Company does not generate substantial revenues or fails to raise sufficient capital in this offering, it will have to explore other financing activities to provide it with the liquidity and capital resources it needs to meet its working capital requirements and to make capital investments in connection with ongoing operations. Management anticipates that the Company will be dependent in the near future on additional investment capital to fund operating expenses. Management estimates the funding need for continued operations to be $[ ] and an addition of $[ ] to implement the Company's plan of operation for the next 12 months. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. Since the Company cannot give assurance that it will be able to secure the necessary capital when needed, there is a substantial doubt that the Company will be able to continue operations as a going concern following the issuance of these financial statements. The financial statements do not include any adjustments that might result from its inability to consummate the Proposed Public Offering or its inability to continue as a going concern.

**Risk Factors Summary**

**Risks Related to Our Business**

● We are a newly formed company with no operating history that has just started its business operations and has generated minimum revenue. We have limited development activities that we completed since inception. An investment in our securities is highly risky and could result in a complete loss of your investment if we are unsuccessful in our business plan.

● If our business plan is not successful, we may not be able to continue operations as a going concern and our shareholders may lose their entire investment in us.

● If the company does not obtain substantial additional financing, including the financing sought in this offering, its ability to execute on its business plan as outlined in this prospectus will be impaired.

● Our failure to develop our franchise development business may limit our potential revenues and decrease the value of your Ordinary Shares.

● The Company's business growth and results of operations may be affected by changes in global and regional macroeconomic conditions.

● A sustained outbreak of the COVID-19 virus could have a material adverse impact on our business, operating results and financial condition.

● Despite our marketing and other efforts, we may fail to acquire new customers, which could have a material adverse effect on our business, financial condition, and results of operations.

**Risks Relating to Our Management**

● We have one sole officer and director who is currently allocating a portion of his time to other companies, which creates potential conflict of interest with our business and reduces allocation of their time to managing the Company's business operations.

● The loss of the services of our officer or our failure to timely identify and retain competent personnel could negatively impact our ability to develop our products and services.

● If we are unable to hire, retain or motivate our employee, we may not be able to grow effectively.

● Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.

● Our lack of an independent audit committee and audit committee financial expert at this time may hinder our Board of Directors' effectiveness in monitoring the Company's compliance with its disclosure and accounting obligations. Until we establish such a committee, we will be unable to obtain a listing on a national securities exchange.

● Our Board of Directors acts as our compensation committee, which presents the risk that compensation and benefits paid to those executive officers who are board members and other officers may not be commensurate with our financial performance.

● Limitations on director and officer liability and indemnification of our Company's officers and directors by us may discourage shareholders from bringing a lawsuit against an officer or director.

● Our management has no experience in managing an SEC reporting public company.

● We currently do not have insurance coverage covering all risks related to our business and operations.

**Risks Related to This Offering and the Ordinary Shares**

● Our failure to raise sufficient capital in this offering may cause our shareholders to lose their entire investment in us.

● There is no current trading market for our Ordinary Shares and if a trading market does not develop, purchasers of our securities may have difficulty selling their shares.

● The trading price of our Ordinary Shares may be volatile, which could result in substantial losses to you.

● "Penny Stock" rules may make buying or selling our Ordinary Shares difficult.

● FINRA sales practice requirements may also limit a stockholder's ability to buy and sell our Ordinary Shares.

● We are an "emerging growth company" under the JOBS Act of 2012 and a "smaller reporting company" and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies and smaller reporting companies, our Ordinary Shares may be less attractive to investors.

● Our chief executive officer and director currently holds a sufficient total outstanding voting power of our outstanding Ordinary Shares that will enable him to control the outcome of matters over our business, including significant corporate actions submitted to shareholders for approval, such as mergers, consolidations, election of directors, and take actions that may not be in the best interest of the Company or other shareholders, including investors purchasing Ordinary Shares in this offering.

● we have security laws exposure.

● Because we do not intend to pay any cash dividends on our Ordinary Shares, our shareholders will not be able to receive a return on their shares unless they sell them.

● We may, in the future, issue additional shares of Ordinary Shares, which would reduce investors percent of ownership and may dilute our share value.

● Investors may have difficulty enforcing judgments against us, our directors and management.

● As the rights of a shareholder under the laws of the Cayman Islands differ from those under U.S. law, you may have fewer protections than you would as a shareholder of a U.S. corporation.

● Our chief executive officer and director has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our shares of Ordinary Shares.

● We are selling shares offered in this prospectus without an underwriter and may not be able to sell any of the shares offered herein. We may not be able to satisfy listing requirements of NASDAQ or obtain or maintain a listing of our common stock on NASDAQ.

**Corporate History** 

White Knights Alliance Capital Corp. is a newly formed holding company incorporated in the Cayman Islands as an exempted company with limited liability under the name W Straits Group Limited on April 11, 2025. On July 9, 2025, the Company changed its name to White Knights Alliance Capital Corp.

Our principal executive offices are located at GF08, Ground Floor, IOI Business Park, Persiaran Puchong Jaya Selatan, Bandar Puchong Jaya, 47170 Puchong, Selangor, Malaysia, and our telephone number is +6010-200 1047. Our registered office in the Cayman Islands is located at CO Services Cayman Limited, P.O. Box 10008, Pavilion East, Cricket Square Grand Cayman, KY1-1001, Cayman Islands. Our agent for service of process in the United States is Cogency Global.

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

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

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

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

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

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

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

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

● will not be required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form 20-F following the effectiveness of our initial public offering.

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

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended (the "Securities Act") occurred, if we have more than US$1.235 billion in annual revenue, have more than US$700 million in market value of our Class A ordinary shares held by non-affiliates, or issue more than US$1.0 billion in principal amount of non-convertible debt over a three-year period.

**Implications of Being a Foreign Private Issuer**

We are also considered a "foreign private issuer." Accordingly, upon consummation of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. This means that, 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;

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

● the 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.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. 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 applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

In this prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold equity securities.

**Implications of Being a Controlled Company**

Upon the completion of this offering, Ting Teck Sheng, our sole officer and director, will beneficially own 93.75% of our issued and outstanding Class A Ordinary Shares and will collectively be able to exercise 98.29% of the total voting power of our issued and outstanding share capital immediately following the completion of this offering. As a result, we will be a "controlled company" as defined under the Nasdaq rules because Mr. Ting will hold more than 50% of the voting power for the election of directors. As a "controlled company," we will be permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

**NASDAQ Listing**

We intend to list our common stock on NASDAQ. There is no assurance that our listing application will be approved by NASDAQ. The approval of our listing on NASDAQ is a condition to closing. If our application to NASDAQ is not approved or we otherwise determine that we will not be able to secure the listing of our common stock on NASDAQ, we will not complete the offering.

**Enforceability of Civil Liabilities** 

We are incorporated under the laws of the Cayman Islands as an exempted company limited by shares. We are incorporated under the laws of the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions, and the availability of professional and support services. The Cayman Islands, however, has a less developed body of securities laws as compared to the United States and provides significantly less protection for investors than the United States. Additionally, Cayman Islands companies may not have standing to sue in the Federal courts of the United States.

A majority of our assets are located in Malaysia. In addition, our sole officer and director is a national and resident of Malaysia and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. We have appointed Cogency Global, located at 122 E. 42<sup>nd</sup> Street, New York, NY, as our agent to receive service of process with respect to any action brought against us under the securities laws of the United States.

Carey Olsen, our counsel with respect to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by our Cayman counsel that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments with the United States), the courts of the Cayman Islands may recognize as a valid judgment, a final and conclusive judgment in personam obtained in the federal or state courts of the United States against the Company under which a liquidated sum of money is payable (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) and may give a judgment based thereon, provided that such judgment (a) is given by a competent foreign court with jurisdiction to give the judgment, (b) imposes a specific positive obligation on the judgment debtor (such as an obligation to pay a liquidated sum or perform a specified obligation), (c) is final and conclusive, (d) is not in respect of taxes, a fine or a penalty;, (e) has not been obtained by fraud;, and (f) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature . Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**The Offering**

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| | |
|:---|:---|
| **Ordinary Shares Offered:** | Up to 2,000,000 Class A Shares (the "Ordinary Shares"). The Ordinary Shares are being offered directly by the Company on a best effort basis. We are not required to sell any Ordinary Shares in this offering. |
| **IPO price:** | The IPO price will be $4.00 per Ordinary Share. |
| **Ordinary Shares Issued and Outstanding After Completion of this Offering:** | As of the date of this prospectus, there are 30,000,000 Ordinary Shares issued and outstanding. In the event all of the 2,000,000 shares being registered in this offering are sold, we will have 32,000,000 Ordinary Shares issued and outstanding. |
| **Voting Rights** | Ordinary Shares are entitled to two (2) votes per share |
| **Method of Offering:** | This offering is being conducted on a "best efforts no minimum" basis, meaning that no aggregate minimum offering amount is required to be raised by us in this offering. As such, the actual public offering amount and proceeds to us, if any, are not presently determined and net proceeds may be substantially less than the total maximum offering set forth above. |
|  | This prospectus will permit our officers and directors to sell our securities directly to the public, with no commission or other remuneration payable to them for any Ordinary Shares they may sell. In offering the securities on our behalf, our officers and directors will rely on the safe harbor from broker-dealer registration set out in Rule 3a4- 1 under the Exchange Act. |
| **Use of Proceeds:** | We will receive all of the proceeds from the sale of the Ordinary Shares. The proceeds will be used for working capital and general corporate operating purposes. |
| **Market for our Ordinary Shares:** | Currently, there is no public market for our shares. We intend to apply to list our shares on the Nasdaq Capital Market ("NASDAQ"). We cannot guarantee that our shares will be approved for listing on NASDAQ and if our shares is not approved for listing on NASDAQ, we will not consummate this offering. |
| **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 Ordinary Shares. |
| **Transfer Agent** | Our transfer agent and registrar is VStock Transfer. |

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**SUMMARY FINANCIAL DATA**

The following summary financial data as of September 30, 2025 has been derived from our audited financial statements included elsewhere in this prospectus. Our financial statements are prepared and presented in accordance with generally accepted in the United States of America, or US GAAP. Our historical results are not necessarily indicative of results expected for future periods. You should read this Summary Financial Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP. <br> BALANCE SHEET** <br> **(In U.S. Dollars, except share data or otherwise stated)**

**BALANCE SHEET**

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| | |
|:---|:---|
|  | **September 30,<br> 2025** |
| ASSETS |  |
| Total Assets | $— |
| LIABILITIES AND SHAREHOLDERS' DEFICIT |  |
| Current Liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | $8874 |
| &nbsp;&nbsp;&nbsp;Due to a related party (Note 5) | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 11131 |
| Total Liabilities | 11131 |
| Commitments and Contingencies (Note 8) |  |
| Shareholders' Deficit: |  |
| &nbsp;&nbsp;&nbsp;Class A Share, par value $0.0001, 245,000,000 shares authorized; 100 shares issued and outstanding as of September 30, 2025\* |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (11045) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Deficit | (11131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Deficit | $— |

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\* On December 21, 2025, the Company amended its Articles of Association to change its capital structure, we retrospectively reflect the changes here, see more detail in Note 9-Subsequent Events.

**RISK FACTORS**

*An investment in our Ordinary Shares involves significant risks. You should consider carefully all of the information in this prospectus, including the risks and uncertainties described below, before making an investment in our Ordinary Shares. Any of the following risks could have a material and adverse effect on our business, financial condition and results of operations. In any such case, the market price of our Shares could decline, and you may lose all or part of your investment.*

**Risks Related to Our Business and Industry**

***We are a newly formed company with no operating history that has just started its business operations. An investment in our securities is highly risky and could result in a complete loss of your investment if we are unsuccessful in our business plan.***

We have no operating history upon which an evaluation of our future prospects can be made. Based upon current plans, we expect to incur operating losses in future periods as we incur significant expenses associated with the initial startup of our business. Further, there are no assurances that we will be successful in realizing revenues or in achieving or sustaining positive cash flow at any time in the future. Any such failure could result in the possible closure of our business or force us to seek additional capital through loans or additional sales of our equity securities to continue business operations, which would dilute the value of any shares you purchase in this offering.

***If our business plan is not successful, we may not be able to continue operations as a going concern and our shareholders may lose their entire investment in us.***

As discussed in the notes to our financial statements included in this Registration Statement, as of September 30, 2025, we had $0 of cash. If we fail to raise sufficient capital in this offering, we will have to explore other financing activities to provide us with liquidity and capital resources, we need to meet our working capital requirements and to make capital investments in connection with ongoing operations. We cannot give assurance that we will be able to secure the necessary capital when needed. Our independent auditor included an explanatory paragraph on our financial statements emphasizing to the readers of the audit report that there is a substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating cash flow sufficient to fund operations and reducing operating expenses. Our business plans may not be successful in addressing the cash flow issues. If we cannot continue as a going concern, our shareholders may lose their entire investment in us.

***If the Company does not obtain substantial additional financing, including the financing sought in this offering, its ability to execute on its business plan as outlined in this prospectus will be impaired.***

The Company's plans for business expansion and development are dependent upon raising significant additional capital, including the capital sought in this offering. Management's estimate capital needs for the next 12 months are set out in "USE OF PROCEEDS" in this registration statement. Although the Company expects the proceeds of this offering and its net earnings to substantially fund our planned growth and development, the Company's management will be required to properly and carefully administer and allocate these funds. Should the Company's capital needs be higher than estimated, or should additional capital be required after the close of this offering, it will be required to seek additional investments, loans or debt financing to fully pursue our business plans. Such additional investment may not be available to us on terms which are favorable or acceptable. Should the Company be unable to meet our full capital needs, its ability to fully implement our business plan will be impaired.

***The Company's business growth and results of operations may be affected by changes in global and regional macroeconomic conditions.***

Our business is affected by global, national and local economic conditions since we depend to a significant extent, upon clients' business growth expectation, which are affected by a number of factors including local resident income, supply chain cost, growth of market size and growth of number of potential customers. However, slowdowns in the global economy will affect the customers expenditure on products or services provided by our clients, thus add uncertainties to these markets and finally add uncertainties to our business growth.

***A sustained outbreak of the COVID-19 virus could have a material adverse impact on our business, operating results and financial condition.***

There has been a sustained outbreak of the COVID-19 virus globally. COVID-19 had a severe and negative impact on the global economy in 2020 and 2021. Since 2020, governments around the globe have taken measures to contain the spread of the COVID- 19 virus, including quarantining individuals infected with or suspected of having COVID-19, prohibiting residents from free travel, encouraging employees of enterprises to work remotely from home and cancelling public activities, among others. The COVID-19 has also resulted in temporary closure of many corporate offices around the world. Even before the outbreak of COVID- 19, the global macroeconomic environment was facing numerous challenges. There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies which had been adopted by the central banks and financial authorities of some of the world's leading economies even before 2020.

The Company is taking a series of measures in response to the outbreak to protect its employees, including, among others, remote working arrangements for our employees and travel restrictions or suspension and implementation of remote video conference meetings with its clients and third parties. The extent to which COVID-19 impacts our results of operations will depend on the future developments of the pandemic, including new information concerning the efficacy of vaccines and the global severity of and actions taken to contain the pandemic, which are highly uncertain and unpredictable. In addition, our results of operations could be adversely affected to the extent that the pandemic harms the global economies in general.

***Despite our marketing efforts, we may not be able to promote and maintain our brand in an effective and cost-efficient way and our business and results of operations may be harmed accordingly.***

We believe that effectively developing and maintaining awareness of our brand is critical to attracting clients. Successful promotion of our brand and our ability to attract clients depends largely on the effectiveness of our marketing efforts and the success of the channels we use to promote our services. It is likely that our future marketing efforts will require us to incur significant additional expenses as we expand our business. These efforts may not result in increased revenues in the immediate future or at all and, even if they do, any increases in revenues may not offset the expenses incurred. If we fail to successfully promote and maintain our brand while incurring substantial expenses, our results of operations and financial condition would be adversely affected, which may impair our ability to grow our business.

***The quality of our customer support and services offerings is important to our clients, and if we fail to offer high quality customer support and services, clients may not use our services and our net sales may decline.***

A high level of customer support is critical for the successful marketing and sale of our solutions. If we are unable to provide a level of customer support and service to meet or exceed the expectations of our clients, we could experience a loss of clients and market share, a failure to attract new clients, including in new geographic regions and increased service and support costs and a diversion of resources. Any of these results could negatively impact our results of operations, financial position and cash flow.

***Our performance and growth depend on our ability to generate client referrals and to develop referenceable client relationships that will enhance our sales and marketing efforts.***

Our business model depends on users of our services to generate client referrals for our services. As of the date of this prospectus, we have one client, thus increasing our difficulty to rely on client referrals. A decline in the number of referrals we receive could require us to devote substantially more resources to the sales and marketing of our services, which would increase our costs, potentially lead to a decline in our net sales, slow our growth and negatively impact on our results of operations, financial position and cash flow.

A decline in the number of referrals we receive could require us to devote substantially more resources to the sales and marketing of our services, which would increase our costs, potentially lead to a decline in our net sales, slow our growth and negatively impact our results of operations, financial position and cash flow.

***The Company may need to raise additional capital to support its operations.***

The Company may need to procure additional financing over time, the amount and timing of which will depend on a number of factors, including the pace of expansion of the Company's opportunities and customer base, the scope of product development to be undertaken by the Company, the need to respond to customer needs for improvement of product offerings, the services offered and development efforts, the cash flow generated by its operations, the extent of losses, if any with respect to matters identified as risk factors herein and the extent of other unanticipated areas or amounts of expenditure. The Company cannot fully predict the extent to which it will require additional financing. There can be no assurance regarding the availability or terms of additional financing the Company may be able to procure over time. Any new investor may require that any future debt financing or issuance of preference equity by the Company could be senior to the rights of shareholders, and any future issuance of equity could result in the dilution of the value of our shares.

***The Company's future revenue and operating results are unpredictable and may fluctuate significantly.***

It is difficult to accurately forecast the Company's revenues and operating results, and they could fluctuate due to several factors. These factors may include acceptance of the Company's products and services; the amount and timing of operating costs and capital expenditures; competition from other market venues or services that may reduce market share and create pricing pressure; and adverse changes in general economic, industry and regulatory conditions and requirements. The Company's operating results may fluctuate from year to year due to the factors listed above and others not listed. At times, these fluctuations may be significant.

***Adverse credit market conditions may limit our ability to obtain future financing.***

We may, from time to time, depend on access to credit markets. Uncertainty and volatility in global financial markets may cause financial markets institutions to fail or may cause lenders to hoard capital and reduce lending. As a result, we may not obtain financing on terms and conditions that are favorable to us, or at all.

***Our business is dependent on information technology and is subject to cybersecurity risks. A cyberattack may disrupt our operations and compromise the personal data of our customers.***

We rely on information technology to maintain our electronic systems and database in the course of our business operations. While we take measures to ensure the security of our information technology systems, our systems are susceptible to outages from fire, floods, power loss, telecommunications failures, data leakage, human error, hacking and break-ins, cyber-attacks and similar events. The occurrence of any of these events could disrupt or damage our information technology systems and hamper our internal operations, disable our ability to handle the orders of customers efficiently or at all, and adversely impact our customer service, volumes, and revenues and result in increased cost.

Furthermore, threats to information technology systems, including as a result of cyberattacks and cyber incidents, continue to grow. Cybersecurity risks could include, but are not limited to, malicious software, attempts to gain unauthorized access to our data, and the unauthorized release, corruption, or loss of our data and personal information, interruptions in communication, loss of our intellectual property or theft of our sensitive or proprietary technology, loss or damage to our data delivery systems or other electronic security, including with our property and equipment.

These cybersecurity risks could:

● Disrupt our operations and damage our information technology systems;

● Subject us to various penalties and fees by third parties;

● Negatively impact our ability to compete;

● Enable the theft or misappropriation of funds;

● Cause the loss, corruption, or misappropriation of proprietary or confidential information;

● Expose us to litigation; and

● Result in injury to our reputation, downtime, loss of revenue, and increased costs to prevent, respond to, or mitigate cybersecurity events.

If a cybersecurity event occurs, it could harm our business and reputation and could result in a loss of customers. Likewise, data privacy breaches by employees and others who access our systems may pose a risk that sensitive customer data may be exposed to unauthorized persons or to the public, adversely impacting our customer service, employee relationships, and our reputation.

While we continue to make efforts to evaluate and improve our systems and particularly the effectiveness of our security program, procedures, and systems, it is possible that our business, financial, and other systems could be compromised, which could go unnoticed for a prolonged period of time, and there can be no assurance that the actions and controls that we implement, or which we cause third-party service providers to implement, will be sufficient to protect our systems, information, or other property. Additionally, customers or third parties upon whom we rely face similar threats, which could directly or indirectly impact our business and operations. The occurrence of a cyber incident or attack could have a material adverse effect on our business, financial condition, and results of operations.

There is also no assurance that we will be able to successfully keep up with technological improvements in order to meet our customers' needs or the technology developed by competitors will not have an adverse impact on the competitiveness or attractiveness of our services. In addition, hardware or software failure relating to information technology systems could significantly disrupt customer workflows and cause economic losses for which we could be held liable and that could damage our reputation. We are also subject to hacking or other attacks on our information technology systems.

***We may be unable to successfully implement our future business plans and objectives.***

Our future business plans may be hindered by factors beyond our control, such as competition within the industry we operate; our ability to cope with high exposure to financial risk, operational risk, market risk, and credit risk as our business and customer base expands; and our ability to provide, maintain, and improve the level of human and other resources in servicing our customers. As such, we cannot assure that our future business plans will materialize, that our objectives will be accomplished fully or partially, or that our business strategies will generate the intended benefits to us as initially contemplated. If we fail to implement our business development strategies successfully, our business performance could be materially and adversely affected.

We may in the future pursue acquisitions and joint ventures as part of our growth strategy. Any future acquisition or joint venture may result in exposure to potential liabilities of the acquired companies and significant transaction costs, and it may also present new risks associated with entering additional markets or offering new products or services and integrating the acquired companies or newly established joint ventures. Moreover, we may not have sufficient management, financial, and other resources to integrate companies we acquire or to successfully operate joint ventures, and we may be unable to profitably operate our expanded company structure. Additionally, any new business that we may acquire or joint ventures we may form, once integrated with our existing operations, may not produce expected or intended results.

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

We are exposed to credit risks with our customers. We do not have access to all the information necessary to form a comprehensive view on creditworthiness. 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 experience 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.

***We may be subject to litigation, arbitration, or other legal proceeding risk.***

We may be subject to arbitration claims and lawsuits in the ordinary course of our business. As of the date of this prospectus, the Company is not a party to, and are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition, or operations. Actions brought against us may result in settlements, awards, injunctions, fines, penalties, and other results adverse to us. A substantial judgment, settlement, fine, or penalty could be material to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant reputational harm, which could harm our business prospects.

In addition, even if we prevail in any litigation or enforcement proceedings against us, we could incur significant legal expenses defending against the claims, even those without merit. Moreover, because even claims without merit can damage our reputation or raise concerns among our clients, we may feel compelled to settle claims at significant cost.

***Natural disasters, acts of war, and other catastrophic events may adversely affect our operations.***

Natural disasters, acts of God, wars, epidemics, material interruptions in service, or stoppages in transportation, as well as other events that are beyond our control, can have adverse effects on local economies, infrastructures, airports, port facilities, and international trade. Such events can also result in the closure of ports or airports and disruptions to raw material flows. Major earthquakes, weather events, cyberattacks, heightened security measures (actual or threatened), terrorist attacks, strikes, civil unrest, pandemic, or other catastrophic events may also cause a disruption or failure of our systems or operations thereby causing delays in providing services or performing other critical functions. In such an event, our business, financial condition, and results of operations may be adversely affected.

**Risks Relating to Our Management**

***Our sole officer and director is currently allocating a portion of their time to other companies which creates potential conflict of interest with our business and reduces allocation of their time to managing the Company's business operations.***

Our sole officer and director serves as an executive officer and/or director on other companies, and may, in the future, become involved in other business activities. This creates a potential conflict of interest with managing business operations of the Company and reduces allocation of their time to managing the Company's business operations. Our investors should be aware that at this time we have not formulated a policy for the resolution of such conflicts. While this current allocation of time may be reasonable and manageable, if in the future, the Company grows, it will require the management to devote more time to the Company's business affairs, and we may need to hire key employees or to expand our management.

***The loss of the services of our sole officer and director or our failure to timely identify and retain competent personnel could negatively impact our ability to develop our services.***

The development of our business will continue to place a significant strain on our limited personnel, management, and other resources. Our future success depends upon the continued services of our officers and directors.

***If we are unable to hire, retain or motivate qualified employee, we may not be able to grow effectively.***

Our performance will be largely dependent on the talents and efforts of highly skilled individuals. Future success depends on our continuing ability to identify, hire, develop, motivate and retain highly qualified personnel for all areas of our organization. Competition for such qualified employees is intense. If we do not succeed in attracting excellent personnel or in retaining or motivating them, we may be unable to grow effectively. In addition, all future success depends largely on our ability to retain key restaurant managers. We cannot assure that any skilled individual will agree to become our employee. Our inability to retain their services could negatively impact our business and our ability to execute our business strategy.

***Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.***

Upon becoming a new SEC reporting company, we will be in a continuing process of developing, establishing, and maintaining internal controls and procedures that will allow our management to report on, and our independent registered public accounting firm to attest to, our internal controls over financial reporting if and when required to do so under Section 404 of the Sarbanes-Oxley Act of 2002. Although our independent registered public accounting firm is not required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act until the date we are no longer an emerging growth company, our management will be required to report on our internal controls over financial reporting under Section 404. If we fail to achieve and maintain the adequacy of our internal controls, we would not be able to conclude on an ongoing basis that we have effective internal controls over financial reporting in accordance with Section 404. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed or operating. Moreover, our testing, or the subsequent testing by our independent registered public accounting firm, that must be performed may reveal other material weaknesses or that the material weaknesses described above have not been fully remediated. If we do not remediate the material weaknesses described above, or if other material weaknesses are identified or we are not able to comply with the requirements of Section 404 in a timely manner, our reported financial results could be materially misstated or could subsequently require restatement, we could receive an adverse opinion regarding our internal controls over financial reporting from our independent registered public accounting firm and we could be subject to investigations or sanctions by regulatory authorities, which would require additional financial and management resources, and the market price of our Ordinary Shares could decline.

 ***Our lack of an independent audit committee and audit committee financial expert at this time may hinder our Board of Directors' effectiveness in monitoring the Company's compliance with its disclosure and accounting obligations. Until we establish such a committee, we will be unable to obtain a listing on a national securities exchange.***

Although our Ordinary Shares are not listed on any national securities exchange and for purposes of director independence, we use the definition of independence applied by NASDAQ. Currently, we have no independent audit committee. An independent audit committee would play a crucial role in the corporate governance process, assessing our Company's processes relating to our risks and control environment, overseeing financial reporting, and evaluating internal and independent audit processes. The lack of an independent audit committee may deprive the Company of management's independent judgment. An independent audit committee is required for listing on any national securities exchange. Therefore, until such time as we meet the audit committee independence requirements of a national securities exchange, we will be ineligible for listing on any national securities exchange.

***Our Board of Directors acts as our compensation committee, which presents the risk that compensation and benefits paid to those executive officers who are board members and other officers may not be commensurate with our financial performance.***

A compensation committee consisting of independent directors is a safeguard against self-dealing by company executives. Our Board of Directors, which has no independent members, acts as the compensation committee for the Company and determines the compensation and benefits of our executive officers, will administer our employee stock and benefit plans, and reviews policies relating to the compensation and benefits of our employees. Our lack of an independent compensation committee presents the risk that an executive officer on the board may have influence over his or her personal compensation and may obtain benefits levels that may not be commensurate with our financial performance.

***Limitations on director and officer liability and indemnification of our Company's officers and directors by us may discourage shareholders from bringing a lawsuit against an officer or director.***

Our Company's Amended and Restated Memorandum and Articles of Association provide that 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 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 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. The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved. These provisions may discourage shareholders from bringing a lawsuit against a Director or Officer for breach of fiduciary duty and may reduce the likelihood of derivative litigation brought by shareholders on the Company's behalf against a Director or Officer.

***Our management has no experience managing a public company*. *We may need to add personnel and devote personnel and financial resources to meet our reporting obligations as a public, listed company.***

At the present time, our management has no experience in managing a public company. This may hinder our ability to establish effective controls and systems and comply with all applicable requirements associated with being a public company. We have been a private company with no operating history. We are progressing those activities necessary to implement appropriate accounting policies, processes and controls to comply with the required expansion in scale of operations and with Section 404. These activities include identifying and recruiting additional individuals with requisite experience to assist in implementation activities designed to strengthen our internal control over financial reporting to avoid control deficiencies and initiating the design and implementation of improvements to our financial control environment to address our future needs. However, we cannot assure you that the measures we have taken to date, and actions we plan to take in the future, will be sufficient to prevent or avoid potential future material weaknesses in our controls.

If compliance problems result, these problems could have a material adverse effect on our business, financial condition or results of operations. As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley Act, and the Dodd-Frank Act of 2010, as well as rules subsequently implemented by the SEC, have imposed various new requirements on public companies, including requiring changes in corporate governance practices. Our management and other personnel will need to devote a substantial amount of time to our new compliance requirements. Moreover, these requirements will increase our legal, accounting and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect it will be difficult and expensive for us to obtain director and officer liability insurance. These requirements could also make it more difficult for us to attract and retain qualified persons to serve on our Board of Directors, our board committees or as executive officers.

***We currently do not have insurance coverage covering all risks related to our business and operations.***

We do not maintain insurance policies covering all of our business risks, such as risks relating to properties, receivables and public liability. We cannot assume you that the insurance coverage we currently have would be sufficient to cover our potential losses. In the event there is any damage to any assets or incidents for which we do not have sufficient insurance coverage, if at all, we would have to pay for the difference ourselves where our cash flow and liquidity could be negatively affected.

**Risks Related to This Offering and the Ordinary Shares**

***Our failure to raise sufficient capital in this offering may cause our shareholders to lose their entire investment in us.***

If we fail to raise sufficient capital in this offering, we will have to explore other financing activities to provide us with the liquidity and capital resources we need to meet our working capital requirements and to make capital investments in connection with ongoing operations. We cannot give assurance that we are able to secure needed capital to support our day-to-day. If we do not have sufficient capital to support our day-to-day operations, our shareholders may lose their entire investment in us.

***There has been no public market for our shares prior to this offering, and an active market in which investors can resell their shares of our shares may not develop.***

Prior to this offering, there has been no public market for our shares. We intend to apply to list our shares on NASDAQ. The closing of this offering is contingent upon the successful listing of our shares on NASDAQ. There is no guarantee that NASDAQ, or any other exchange or quotation system, will permit our shares to be listed and traded. If we fail to obtain a listing on NASDAQ, we may seek quotation on the OTCQX Best Market or OTCQB Venture Market of the OTC Link ATS (alternative trading system) operated by OTC Markets Group, Inc. These markets are inter-dealer, over-the-counter markets that provide significantly less liquidity than NASDAQ.

Even if our shares are approved for listing on NASDAQ, a liquid public market for our shares may not develop. The price at which the shares is traded after this offering may decline below the initial public offering price, meaning that you may experience a decrease in the value of your shares regardless of our operating performance or prospects.

***We may not be able to satisfy listing requirements of NASDAQ or obtain or maintain a listing of our common stock on NASDAQ.***

If our shares are listed on NASDAQ, we must meet certain financial and liquidity criteria to maintain such listing. If we violate NASDAQ's listing requirements, or if we fail to meet any of NASDAQ's listing standards, our shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing. A delisting of our shares from NASDAQ may materially impair our shareholders' ability to buy and sell our shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our shares. The delisting of our shares could significantly impair our ability to raise capital and the value of your investment.

***Listing our common stock on a securities exchange will increase our regulatory burden.***

We intend to apply for the listing of our shares on the NASDAQ. There is no guarantee that our application will be approved in connection with this offering. Although to date we have not been subject to the continuous and timely disclosure requirements of exchange rules, regulations and policies of NASDAQ, we are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial management control systems to manage our obligations as a public company listed on NASDAQ. These areas include corporate governance, corporate controls, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas, including our internal controls over financial reporting. However, we cannot assure holders of our shares that these and other measures that we might take will be sufficient to allow us to satisfy our obligations as a public company listed on NASDAQ on a timely basis and that we will be able to achieve and maintain compliance with applicable listing requirements. In addition, compliance with reporting and other requirements applicable to public companies listed on NASDAQ will create additional costs for us and will require the time and attention of management. We cannot predict the amount of the additional costs that we might incur, the timing of such costs or the effects that management's attention to these matters will have on our business.

***We will be a "controlled company" within the meaning of the listing rules of NASDAQ and, as a result, can rely on exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.***

Our sole officer and director owns a majority of our shares and will own a majority of our shares after this offering, thus we will be a "controlled company" as defined under the listing rules of NASDAQ. Under NASDAQ listing rules, controlled companies are companies of which more than 50% of the voting power for the election of directors is held by an individual, a group, or another company. For as long as we remain a controlled company, we are permitted to elect to rely on certain exemptions from NASDAQ's corporate governance rules, including the following:

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

● an exemption from the rule that our compensation committee be composed entirely of independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors or a nominating committee composed solely of independent directors;

Although we do not intend to rely on the "controlled company" exemptions to NASDAQ's corporate governance rules, we could elect to rely on these exemptions in the future. If we elected to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors, our nominating and corporate governance and compensation committees might not consist entirely of independent directors upon closing of the offering, and you would not have the same protection afforded to shareholders of companies that are subject to NASDAQ's corporate governance rules.

***The trading price of our Ordinary Shares could be subject to rapid and substantial volatility.***

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

The trading prices of volatility and wide fluctuations could be due to factors beyond our control. This may happen due to broad market and industry factors, such as performance and fluctuation in the market prices or underperformance or deteriorating financial results of other listed companies. For example, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low-volume trading.. Furthermore, securities markets may from time to time experience significant price and volume fluctuations that are unrelated to our operating performance, which may have a material and adverse effect on the trading price of our Ordinary Shares.

In addition to the above factors, the price and trading volume of our Ordinary Shares may be highly volatile due to multiple factors, including the following:

● Regulatory developments affecting us or our industry;

● Variations in our revenues, profit, and cash flow;

● Changes in the economic performance or market valuations of other financial services firms;

● Actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;

● Changes in financial estimates by securities research analysts;

● Detrimental negative publicity about us, our services, our officers, our directors, our Controlling Shareholder, our business partners, or our industry;

● Announcements by us or our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings, or capital commitments;

● Additions to or departures of our senior management;

● Litigation or regulatory proceedings involving us, our officers, our directors, or our Controlling Shareholder;

● Release or expiry of lock-up or other transfer restrictions on our outstanding Ordinary Shares;

● Sales or perceived potential sales of additional Ordinary Shares.

Any of these factors may result in large and sudden changes in the volume and price at which our Ordinary Shares will trade. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability to issue additional shares of Ordinary Shares and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all. In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition.

***The Company will incur significant increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations.***

The Company will face a significant increase in insurance, legal, accounting, administrative and other costs and expenses as a public company. The Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley Act"), including the requirements of Section 404, as well as rules and regulations subsequently implemented by the Securities and Exchange Commission (the "Commission"), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and the rules and regulations promulgated and to be promulgated thereunder, the Public Company Accounting Oversight Board, the Commission and the securities exchanges, impose additional reporting and other obligations on public companies. Compliance with public company requirements will increase costs and make certain activities more time-consuming. A number of those requirements will require the Company to carry out activities that it previously has not done. For example, the Company will adopt new internal controls and disclosure controls and procedures. In addition, additional expenses associated with the Commission's reporting requirements will be incurred. Furthermore, if any issues in complying with those requirements are identified (for example, if the auditors identify a material weakness or significant deficiency in the internal control over financial reporting), The Company could incur additional costs rectifying those issues, and the existence of those issues could adversely affect the Company's reputation or investor perceptions of it. Being a public company could make it more difficult or costly for the Company to obtain certain types of insurance, including director and officer liability insurance, and the Company may be forced to accept reduced policy limits and coverage with increased self-retention risk or incur substantially higher costs to obtain the same or similar coverage. Being a public company could also make it more difficult and expensive for the Company to attract and retain qualified persons to serve on the board, board committees or as executive officers. Furthermore, if the Company is unable to satisfy its obligations as a public company, it could be subject to fines, sanctions and other regulatory action and potentially civil litigation.

The additional reporting and other obligations imposed by various rules and regulations applicable to public companies will increase legal and financial compliance costs and the costs of related legal, accounting and administrative activities. These increased costs will require the Company to divert a significant amount of money that could otherwise be used to expand the business and achieve strategic objectives. Advocacy efforts by shareholders and third parties may also prompt additional changes in governance and reporting requirements, which could further increase costs

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***Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.***

Upon the closing of this offering, we will become subject to the periodic reporting requirements of the Exchange Act. We will design our disclosure controls and procedures to provide reasonable assurance that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated to management and recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of a person, by collusion of two or more people, or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

***If a limited number of participants in this offering purchase a significant percentage of the offering, the effective public float may be smaller than anticipated and the price of our Ordinary Shares may be more volatile than it otherwise would be.***

As a company conducting a relatively modest public offering, we are subject to the risk that a small number of investors may hold a high percentage of Ordinary Shares sold in this offering, even if the initial sales by the underwriters are designed to comply with the Nasdaq listing requirements. If this were to happen, investors could find our shares to be more volatile than they might otherwise anticipate. Companies that experience such volatility in their stock price may be more likely to be the subject of securities litigation. In addition, if a large portion of our public float were to be held by a few investors, smaller investors may find it more difficult to sell their shares.

***Our management has broad discretion to determine how to use the funds raised in this offering and may use them in ways that may not enhance our results of operations or the price of our Ordinary Shares.***

To the extent (i) we raise more money than required for the purposes explained in the section headed "*Use of Proceeds,*" or (ii) we determine that the proposed uses set forth in that section are not no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net proceeds that we will receive from this offering. Our management will have broad discretion in the application of such net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

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

We are a company incorporated in the Cayman Islands, and our corporate governance is governed by our amended and restated memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands, and the common law of the Cayman Islands. It is essential to understand that the rights of our shareholders, their ability to take action against our directors, actions by minority shareholders, and the fiduciary duties of our directors are primarily determined by the common law of the Cayman Islands. The Cayman Islands' common law draws from limited judicial precedent within the Cayman Islands and is also influenced by the common law of England, with English court decisions having persuasive, but not binding, authority in the Cayman Islands.

The legal framework for shareholder rights and director fiduciary duties in the Cayman Islands may not be as well-defined as in some U.S. jurisdictions with more developed statutes and judicial precedents. Additionally, the Cayman Islands has a less extensive body of securities laws compared to the United States. In particular, Cayman Islands companies may not have the legal standing to initiate shareholder derivative actions in U.S. federal courts.

Under Cayman Islands law, shareholders of exempted companies like ours have limited rights to inspect corporate records, typically limited to the amended and restated memorandum and articles of association, register of directors, and register of mortgages and charges. The discretion to grant access to other corporate records rests with our directors under our amended and restated articles of association, and they are not obligated to make such records available to shareholders. This could potentially create challenges for shareholders in gathering information necessary for shareholder motions or proxy solicitations in proxy contests.

As a result of these factors, our public shareholders may face more challenges in safeguarding their interests in response to actions taken by our management, board members, or controlling shareholders compared to the protections available to shareholders of U.S.-incorporated companies.

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are an exempted Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially all of our current operations are conducted in Malaysia. In addition, most of our current directors and officers are nationals and residents of countries other than the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of Malaysia may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and, as such, we are exempt from certain provisions applicable to U.S. domestic public companies.***

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

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

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

● 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

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

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

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

We are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Ordinary Shares are directly or indirectly held by residents of the United States and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors, and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq rules. As a U.S.-listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting, and other expenses that we will not incur as a foreign private issuer in order to maintain a listing on a U.S. securities exchange.

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

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

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

As a company with less than US$1.235 billion in revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. Therefore, we 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 of 2002, or Section 404, in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies. As a result, if we elect not to comply with such reporting and other requirements, in particular the auditor attestation requirements, our investors may not have access to certain information they may deem important. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. 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.

In addition to our status as an emerging growth company, we also report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (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 share 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 specific information, or current reports on Form 8-K, upon the occurrence of specified significant events.

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

***"Penny Stock" rules may make buying or selling our Ordinary Shares difficult. Limitations upon Broker-Dealers Effecting Transactions in "Penny Stocks***"

Trading in Ordinary Shares will be subject to material limitations as a consequence of regulations that limit the activities of broker-dealers effecting transactions in "penny stocks." Pursuant to Rule 3a51- 1 under the Exchange Act, our Ordinary Shares is a "penny stock" because it (i) is not listed on any national securities exchange (ii) has a market price of less than $5.00 per share, and (iii) its issuer (the Company) has net tangible assets less than $2,000,000 (if the issuer has been in business for at least three (3) years) or $5,000,000 (if the issuer has been in business for less than three (3) years).

Rule 15g-9 promulgated under the Exchange Act imposes limitations upon trading activities on "penny stocks", which makes selling our Ordinary Shares more difficult compared to selling securities that are not "penny stocks." Rule 15a-9 restricts the solicitation of sales of "penny stocks" by broker-dealers unless the broker first (i) obtains from the purchaser information concerning his financial situation, investment experience, and investment objectives, (ii) reasonably determines that the purchaser has sufficient knowledge and experience in financial matters that the person is capable of evaluating the risks of investing in "penny stocks", and (iii) delivers and receives back from the purchaser a manually signed written statement acknowledging the purchaser's investment experience and financial sophistication.

Rules 15g-2 through 15g-6 promulgated under the Exchange Act require broker-dealers who engage in transactions in "penny stocks" first to provide their customers with a series of disclosures and documents, including (i) a standardized risk disclosure document identifying the risks inherent in investing in "penny stocks", (ii) all compensation received by the broker-dealer in connection with the transaction, (iii) current quotation prices and other relevant market data, and (iv) monthly account statements reflecting the fair market value of the securities.

There can be no assurance that any broker-dealer which initiates quotations for the Ordinary Shares will continue to do so, and the loss of any such broker-dealer likely would have a material adverse effect on the market price of our Ordinary Shares.

***FINRA sales practice requirements may also limit a shareholder's ability to buy and sell our shares.***

In addition to the "penny stock" rules described, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives, and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our Ordinary Shares, which may limit your ability to buy and sell our shares and have an adverse effect on the market for our shares.

Because our Ordinary Shares is deemed a low-priced "penny stock," it will be cumbersome for brokers and dealers to trade in our Ordinary Shares, making the market for our Ordinary Shares less liquid and negatively affecting the price of our Ordinary Shares. We will be subject to certain provisions of the Exchange Act, commonly referred to as the "penny stock" rules as defined in Rule 3a51- 1. A penny stock is generally defined to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions. Since our Ordinary Shares is deemed to be a penny stock, trading is subject to additional sales practice requirements of broker-dealers. These require a broker-dealer to:

● Deliver to the customer, and obtain a written receipt for, a disclosure document;

● Disclose certain price information about the stock;

● Disclose the amount of compensation received by the broker-dealer or any associated person of the broker-dealer;

● Send monthly statements to customers with market and price information about the penny stock; and

● In some circumstances, approve the purchaser's account under certain standards and deliver written statements to the customer with the information specified in the rules.

Consequently, penny stock rules and FINRA rules may restrict the ability or willingness of broker-dealers to trade and/or maintain a market in our Ordinary Shares. Also, prospective investors may not want to get involved with the additional administrative requirements, which may have a material adverse effect on the trading of our shares.

***We have security laws exposure.***

We are subject to compliance with securities laws, which exposes us to potential liabilities, including potential rescission rights. We may offer to sell our shares of our Ordinary Shares to investors pursuant to certain exemptions from the registration requirements of the Securities Act, as well as those of various state securities laws. The basis for relying on such exemptions is factual; that is, the applicability of such exemptions depends upon our conduct and that of those persons contacting prospective investors and making the offering. We may not seek any legal opinion to the effect that any such offering would be exempt from registration under any federal or state law. Instead, we may elect to relay upon the operative facts as the basis for such exemption, including information provided by investor themselves.

If any such offering did not qualify for such exemption, an investor would have the right to rescind its purchase of the securities if it so desired. It is possible that if an investor should seek rescission, such investor would succeed. A similar situation prevails under state law in those states where the securities may be offered without registration in reliance on the partial preemption from the registration or qualification provisions of such state statutes under the National Securities Markets Improvement Act of 1996. If investors were successful in seeking rescission, we would face severe financial demands that could adversely affect our business and operations. Additionally, if we did not in fact qualify for the exemptions upon which we have relied, we may become subject to significant fines and penalties imposed by the Commission and state securities agencies.

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***Because we do not intend to pay any cash dividends on our Ordinary Shares, our shareholders will not be able to receive a return on their shares unless they sell them.***

We intend to retain any future earnings to finance the development and expansion of our business. We do not anticipate paying any cash dividends on our Ordinary Shares in the foreseeable future. Unless we pay dividends, our shareholders will not be able to receive a return on their shares unless they sell them. Shareholders may never be able to sell shares when desired.

***We may, in the future, issue additional shares of Ordinary Shares, which would reduce investors percentage of ownership and may dilute our share value.***

Our Amended and Restated Memorandum and Articles of Association authorize the issuance of 245,000,000 of Ordinary Shares. As of the date of this prospectus, we had 30,000,000 Ordinary Shares outstanding. The future issuance of Ordinary Shares may result in substantial dilution in the percentage of our Ordinary Shares held by our then existing shareholders. We may value any Ordinary Shares issued in the future on an arbitrary basis. The issuance of Ordinary Shares for future services or acquisitions or other corporate actions may have the effect of diluting the value of the shares held by our investors and might have an adverse effect on any trading market for our Ordinary Shares.

***Our chief executive officer and director currently hold and will continue to hold a sufficient total outstanding voting power of our outstanding Ordinary Shares that will enable him to control the outcome of matters over our business, including significant corporate actions submitted to shareholders for approval, such as mergers, consolidations, election of directors, and take actions that are not in the best interest of us or our other shareholders, including investors purchasing Ordinary Shares in this offering.***

Upon the completion of this offering, our chief executive officer and director will own an aggregate of 98.29% of the total voting power of our outstanding Ordinary Shares, Class B Ordinary Shares, and Class A Preference Shares. As a result, he has substantial influence over our business, including significant corporate actions and can control the outcome of matters over our business, including significant corporate actions submitted to shareholders for approval, such as mergers, consolidations, election of directors, and take actions that are not in the best interest of us or our other shareholders, including investors purchasing the Ordinary Shares in this offering.

This concentration of ownership by our chief executive officer and director may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of the Ordinary Shares. These actions may be taken even if they are opposed by our other shareholders, including those who purchase Ordinary Shares in this offering. In addition, the significant concentration of share ownership may adversely affect the trading price of the Ordinary Shares due to investors 'perception that conflicts of interest may exist or arise.

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are an exempted Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially all of our current operations are conducted in Malaysia. In addition, most of our current directors and officers are nationals and residents of countries other than the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of Malaysia may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

***You will experience immediate and substantial dilution in the net tangible book value of the shares of our Ordinary Shares purchased.***

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The offering price of our shares of our Ordinary Shares is substantially higher than the net tangible book value per share of our Ordinary Shares. Consequently, when you purchase the shares of our Ordinary Shares in the offering and upon completion of the offering, you will incur an immediate dilution of approximately $3.78 per share if we receive 100% funding of this offering, approximately $3.83 per share if we complete 75% of this offering, approximately $3.90 per share if we complete 50% of this offering and approximately $3.96 per share if we complete 25% funding of this offering, based on an assumed offering price of $4.00 per share. In addition, you may experience further dilution to the extent that additional shares of our Ordinary Shares are issued upon exercise of outstanding warrants or options we may grant from time to time.

***Our officers and directors has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our shares of Ordinary Shares.***

We anticipate that we will use the net proceeds from this offering for working capital and general corporate operating purposes. Our officers and directors will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Ordinary Shares.

***We are selling shares offered in this prospectus without an underwriter and may not be able to sell any of the shares offered herein.***

The Ordinary Shares are being offered by our officers and directors. No broker-dealer has been retained as an underwriter and no broker-dealer is under any obligation to purchase any common shares. There are no firm commitments to purchase any of the shares in this offering. Consequently, there is no guarantee that we are capable of selling all, or any, of our Ordinary Shares offered hereby.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

You can identify some of these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The forward-looking statements included in this prospectus relate to, among other things:

● our goals and strategies;

● our business and operating strategies and plans for the development of businesses, ability to implement such strategies and plans and expected time;

● our future business development, financial condition and results of operations;

● expected changes in our revenues, costs or expenditures;

● our dividend policy;

● our expectations regarding demand for and market acceptance of our products and services;

● our expectations regarding our relationships with customers and business partners;

● the trends in, expected growth in and market size of the art and collectible industry;

● our ability to maintain and enhance our market position;

● our ability to continue to develop new technologies and/or upgrade our existing technologies;

● developments in, or changes to, laws, regulations, governmental policies, incentives and taxation affecting our operations;

● relevant governmental policies and regulations relating to our businesses and industry;

● competitive environment, competitive landscape and potential competitor behavior in our industry and the overall outlook in our industry;

● our ability to generate cash flow and profitability and continue as a going concern;

● our ability to attract, train and retain executives and other employees;

● the development of the franchise development markets;

● general business, political, social and economic conditions in Hong Kong, and the overseas markets we have business;

● the length and severity of the recent COVID-19 outbreak and its impact on our business and industry; and

● assumptions underlying or related to any of the foregoing.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations and our actual results could be materially different from our expectations. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," "Regulation" and other sections in this prospectus. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should read thoroughly this prospectus and the documents that we refer to with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements.

This prospectus contains information derived from government and private publications. These publications include forward-looking statements, which are subject to risks, uncertainties and assumptions. Although we believe the data and information to be reliable, we have not independently verified the accuracy or completeness of the data and information contained in these publications. Statistical data in these publications also include projections based on a number of assumptions. In addition, the rapidly evolving nature of the industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our market. 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 rely upon forward-looking statements as predictions of future events. The forward-looking statements in this prospectus are made based on events and information as of the date of this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may materially differ from what we expect.

**USE OF PROCEEDS**

Our offering is being made on a self-underwritten basis: no minimum number of shares must be sold in order for the offering to proceed. The fixed offering price per share is $4.00. The following table sets forth the uses of proceeds assuming the sale of 100%, 75%, 50% and 25% of the securities offered for sale by the Company. There is no assurance that we will raise the full $8,000,000 as anticipated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **100%** | **75%** | **50%** | **25%** |
| Maximum offer - number of shares | 2000000 | 1500000 | 1000000 | 5000000 |
| % sold | 100% | 75% | 50% | 25% |
| Number of shares sold | 2000000 | 1500000 | 1000000 | 500000 |
| Offer price per share in USD | $4.00 | $4.00 | $4.00 | $4.00 |
| Gross proceeds from this offering | $8000000 | $6000000 | $4000000 | $2000000 |
| Funding of Day to Day Operations | 672000 | 444800 | 284800 |  |
| Marketing Activities | 1392000 | 611200 | 160000 |  |
| Hiring Staff and Paying Salaries | 1896000 | 1600000 | 352000 |  |
| Business Development Costs | 2896000 | 2896000 | 2896000 | 1872000 |
| Corporate entity maintenance | 1016000 | 320000 | 179200 |  |
| SEC reporting related expenses | 128000 | 128000 | 128000 | 128000 |
| TOTAL | $8000000 | $6000000 | $4000000 | $2000000 |

---

The above figures represent only estimated costs for the next 12 months. Funds may be allocated in differing quantities should we decide at a later date it would be in our best interests.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, 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 registration statement. We reserve the right to change the use of proceeds that we presently anticipate and describe in this prospectus.

To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

We estimate the costs of this offering at about $800,000. All expenses incurred in this offering are being paid for by us. We will utilize existing cash to pay for any offering expenses and does not intend to use any monies from offering proceeds to fund the offering. This, however, does not forgo us from using offering proceeds to cover such costs in the event of insufficient funding elsewhere.

**Penny Stock Regulations**

You should note that our Ordinary Shares is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors". The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker- dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our Ordinary Shares.

**DIVIDEND POLICY**

Since our inception, we have not declared or paid cash dividends on our Ordinary Shares. Any decision to pay dividends in the future will be subject to a number of factors, including our financial condition, results of operations, the level of our retained earnings, capital demands, general business conditions, and other factors our board of directors may deem relevant. We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the operation, development, and growth of our business, and, as a result, we do not expect to pay any dividends in the foreseeable future. Consequently, we cannot give any assurance that any dividends may be declared and paid in the future.

Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium, provided that in no circumstances may a dividend be paid if following such payment the company would be unable to pay its debts as they fall due in the ordinary course of business.

Under the Malaysian Companies Act 2016, dividends must be paid out of profit and no dividend shall be paid out if the payment will cause the company to be insolvent.

Cash dividends, if any, on our Ordinary Shares will be paid in U.S. dollars. Malaysia is under a single-tier tax system. Dividends are exempt from income tax in the hands of shareholders. Also, Malaysia does not impose any withholding tax (i.e., 0%) on dividends paid by Malaysian companies to non-residents.

Payments of dividends and capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no Cayman Islands withholding will be required on the payment of a dividend or capital to any holder of the Ordinary Shares nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax.

**DILUTION**

The price of the current offering is fixed at $4.00 per share. Dilution represents the difference between the offering price and the net tangible book value per share immediately after completion of this offering. Net tangible book value is the amount that results from subtracting total liabilities and intangible assets from total assets. Dilution arises mainly as a result of our arbitrary determination of the offering price of the shares being offered. Dilution of the value of the shares you purchase is also a result of the lower book value of the shares held by our existing shareholders. The following tables compare the differences of your investment in our shares with the investment of our existing shareholders.

The following table illustrates the dilution to the purchasers of the shares of our Ordinary Shares in this offering.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentage of funding** | **100%** | **75%** | **50%** | **25%** |
| Offering price | $4.00 | $4.00 | $4.00 | $4.00 |
| Offering shares at different percentage | 2000000 | 1500000 | 1000000 | 500000 |
| Total Gross Proceeds | $8000000 | $6000000 | $4000000 | $2000000 |
| Total Shares outstanding Prior to the Offering | 30000000 | 30000000 | 30000000 | 30000000 |
| Net Tangible Book value prior to the offering (1) | $0.00 | $0.00 | $0.00 | $0.00 |
| Net Tangible Book value per share prior to the offering | $0.00 | $0.00 | $0.00 | $0.00 |
| Proforma outstanding Shares after offering | 32000000 | 31500000 | 31000000 | 30500000 |
| Offering Expense (2) | $800000 | $800000 | $800000 | $800000 |
| Proceed from the offering (net of expenses) | $7200000 | $5200000 | $3200000 | $1200000 |
| Proforma Net Tangible book value after offering | $7200000 | $5200000 | $3200000 | $1200000 |
| Increase in book value | $7200000 | $5200000 | $3200000 | $1200000 |
| Proforma Net tangible book value per share after offering | $0.23 | $0.17 | $0.10 | $0.04 |
| Increase in book value per share | $0.23 | $0.17 | $0.10 | $0.04 |
| Initial public offering price | $4.00 | $4.00 | $4.00 | $4.00 |
| Proforma per share after offering | $0.23 | $0.17 | $0.10 | $0.04 |
| Dilution per share to new investors | $3.78 | $3.83 | $3.90 | $3.96 |
| Dilution to new investors (%) | 94.38% | 95.87% | 97.42% | 99.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount shown under "Net Tangible Book value prior to the
offering" is before the deduction of the estimate costs of this offering at about $0.

&nbsp;&nbsp;&nbsp;&nbsp;(2) We estimate the costs of this offering at about $800,000.
All expenses incurred in this offering are being paid for by us. We will utilize existing cash to pay for any offering expenses and does
not intend to use any monies from offering proceeds to fund the offering. This, however, does not forgo us from using offering proceeds
to cover such costs in the event of insufficient funding elsewhere.

**EXCHANGE RATE INFORMATION**

For financial reporting purposes, capital accounts presented in our financial statements are translated into U.S. dollars using historical exchange rates prevailing at the time of capital transactions. No representation is made that the MYR amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. The following table provides information concerning exchange rates between MYR and the U.S. dollar. Assets and liabilities are translated at the exchange rates of 0.2333 as of September 30, 2025.

**OUR HISTORY AND CORPORATE STRUCTURE**

White Knights Alliance Capital Corp. is a newly formed holding company incorporated in the Cayman Islands on Date) on April 11, 2025 as an exempted company with limited liability under the name W Straits Group Limited. On July 9, 2025, the Company changed its name to White Knights Alliance Capital Corp.

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

*The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this prospectus. This discussion contains certain forward-looking statements that involve risk and uncertainties. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the Section entitled "Risk Factors", and other documents we file with the Securities and Exchange Commission. Historical results are not necessarily indicative of future results.*

**Results of Operations**

For the period from April 11, 2025 (inception) to September 30, 2025

<u>Revenues</u>

For the period from April 11, 2025 (inception) to September 30, 2025, the Company recorded revenue income of $0.

<u>Cost of Revenue</u>

For the period from April 11, 2025 (inception) to September 30, 2025, the Company recorded expense of $11,045, consisting solely of general and administrative expenses.

<u>Net Loss</u>

From the period from April 11, 2025 (inception) to September 30, 2025, the Company incurred a net loss of $11,045, which primarily resulted from general and administrative expense associated with the incorporation costs of the Company.

**Liquidity and Capital Resources**

As of September 30, 2025, we had no cash. We depend substantially on financing activities from our related parties to provide us with the liquidity and capital resources, we need to meet our working capital requirements and to make capital investments in connection with ongoing operations.

<u>Cash Used in Operating Activities</u>

During the period from April 11, 2025 (inception) to September 30, 2025, net cash provided by operating activities was $86, primarily resulted from increase in liabilities, offset by general and administrative expense primarily associated with the incorporation costs of the Company.

<u>Cash Flows from Investing Activities</u>

During the period from April 11, 2025 (inception) to September 30, 2025, the Company did not have any investing activities.

<u>Cash Provided from Financing Activities</u>

During the period from April 11, 2025 (inception) to September 30, 2025, net cash provided by financing activities was $1 from issuance of 1 share of common stock.

***Going Concern***

The financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred net losses of $11,045 for the period from April 11, 2025 (inception) to September 30, 2025, and the Company had stockholders' deficit of $11,131 as of September 30, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management believes that the Company's capital requirements will depend on many factors including the success of our development efforts and our efforts to raise capital. Management also believes the Company needs to raise additional capital for working purposes. There is no assurance that such financing will be available in the future. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

***Basis of preparation***

The accompanying financial statements of the Company are prepared pursuant to the rules and regulations of the U.S Securities and Exchanges Commission ("SEC") and in conformity with generally accepted accounting principles in the U.S. ("U.S. GAAP").

***Use of estimates and assumptions***

The preparation of financial statements in conformity with US GAAP requires 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 financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from those estimates.

***Foreign currency translation***

The accompanying financial statements are presented in United States dollar ("USD"), which is the reporting currency of the Company. The functional currency of the Company is Malaysian Ringgit ("MYR").

The Company maintains the books and record in the functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars ("US$"), and the accompanying financial statements have been expressed in US$. In accordance with ASC Topic 830-30, "Translation of Financial Statements", assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive gain (loss) within the statements of changes in shareholders' deficit.

***Statements of Cash Flows***

 ****

In accordance with FASB ASC 830-230, "Statement of Cash Flows", cash flows from the Company's operations is calculated based upon the functional currency. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.

***Off Balance Sheet Arrangements***

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

**BUSINESS**

**Business Overview**

White Knights Alliance Capital Corp. is a Cayman Islands incorporated technology investment holding company with a mandate to consolidate, joint venture, invest in, and scale high-growth fintech and digital infrastructure ventures. White Knights' intends to develop a proprietary e-wallet and digital payment platform which forms the foundation of its long-term vision to create an integrated financial ecosystem spanning payments, lending, compliance technology, and digital identity.

**Business Development**

We have not generated any revenue and have accumulated losses in the amount of $11,131 for the period from our date of incorporation to September 30, 2025. We have never been party to any bankruptcy, receivership or similar proceeding, nor have we undergone any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets not in the ordinary course of business.

Since the date of incorporation, our efforts had been devoted primarily to development activities, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Formation
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Developing
 our services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Actively
 securing clients to use our services

**Plan of Operations** 

Over the course of the 12 months following this offering we plan to spend a substantial portion of our effort on executing the following key operational objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Client Engagement and Acquisition:** Implement targeted marketing campaigns and strategic alliances initiatives to attract and acquire
 new clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Global Expansion Planning:** Conduct market research and feasibility studies to identify potential markets for international expansion
 and develop a comprehensive strategy for entering new geographic regions.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Team Development:** Establish a team and invest in the professional development of our team
 members through training programs, skill-building workshops, and mentorship opportunities.
 In addition, we are committed to attracting top-tier talent in various domains relevant to
 franchise development to our team.

The Company is collaborating with three strategic technology partners that complement its fintech and digital ecosystem ambitions: RR Pay Sdn Bhd, Mantasoft Sdn Bhd, Bee Technology (HK) Limited and Hong Kong ZhongZheng Technology Co., Limited (Z Tech's ejhcard platform), These partnerships strengthen White Knights' technological depth, market access, and integration capabilities across digital finance, smart infrastructure, and enterprise management. The Company presently has executed letters of intent with these respective companies.

**Start-Up Capital**

The Company is not raising any further funds to obtain any additional start-up capital.

**Employees**

As of date of this prospectus, we did not have any employees.

**Intellectual Property**

The Company does not own or license any intellectual property.

**Properties, Trademark, Plants and Equipment**

The Company does not own properties, trademark, plants and Equipment.

**REGULATIONS**

The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLA 2001") prohibits money laundering and terrorism financing activities. Any person who (a) engages in a transaction that involves proceeds of unlawful activity; (b) uses proceeds of unlawful activity; (c) removes from or brings into Malaysia proceeds of unlawful activity; or (d) conceals, disguises, or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of unlawful activity, commits a money laundering offence under the AMLA 2001.

In addition, a reporting institution under the First Schedule of the AMLA 2001 is obliged to observe the anti-money laundering and counter financing terrorism requirements and standards, which include reporting and record-keeping duties, such as submitting suspicious transaction reports, implementing risk-based application, and conducting customer due diligence.

**Regulations Relating to Foreign Exchange Control**

The exchange control regime in Malaysia is regulated by the Financial Services Act 2013 ("FSA 2013"). The FSA 2013 has prescribed a list of transactions that are prohibited without approval from Bank Negara Malaysia (the Central Bank of Malaysia) ("BNM") and it regulates the domestic and international transactions involving residents and non-residents of Malaysia. The requirements, restrictions, and conditions of approval in respect of the prohibited transactions and directions of BNM are further set forth in the Foreign Exchange Notices issued by BNM ("FE Notices").

Under the FSA 2013, all payments made between the residents of Malaysia must be paid in Malaysian ringgit, subject to limited exceptions and approval under the FE Notices, whereas payment made between residents and non-residents of Malaysia may be made either (i) in Malaysian ringgit, if for the prescribed purposes (for, among others, any purpose between immediate family members, income earned or expenses incurred in Malaysia or settlement of trade in goods or services in Malaysia), or (ii) in foreign currency (except for the currency of Israel), if for any purpose subject to certain prohibition under the FE Notices. On the other hand, non-residents are allowed to make or receive payment in foreign currency (except for the currency of Israel) in Malaysia for any purpose (including capital, divestment proceeds, profits, dividends, rent, fees, and interest arising from any investment in Malaysia, subject to any withholding tax) in accordance with the FE Notices.

**Regulations Relating to Labor**

The Employees' Provident Fund Act 1991 ("EPFA 1991") governs the monetary contribution of employers towards the scheme of savings for their employees' retirement, known as Employees' Provident Fund ("EPF") contributions, and the management of those funds for the retirement of employees. Every employee and every employer shall make monthly contributions on the amount of wages as stipulated in the EPFA 1991.

The Employees' Social Security Act 1969 ("ESSA 1969"), and the Employment Insurance System Act 2017 ("EISA 2017"), similarly require employers and employees to make monetary contributions to the Social Security Organization.

Pursuant to the ESSA 1969, contributions made to the Social Security Organization shall comprise of two categories based on the monthly wages of the employees, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contributions
 payable by or on behalf of the employees insured against the contingencies of invalidity
 and employment injury to be paid by the employee and employer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contributions
 payable by or on behalf of employees insured only against the contingency of employment injury,
 to be paid entirely by the employer.

From January 2018, any employer who has registered his industry according to the ESSA 1969 shall also be deemed to have registered his industry under the EISA 2017, and shall make contributions as specified in the EISA 2017, based on the monthly wages of the employees insured pursuant to the EISA 2017.

**Regulations Relating to Occupational Safety and Health**

In accordance with the Occupational Safety and Health Act 1994 ("OSHA 1994"), employer must ensure the safety, health and welfare of all persons at the workplace.

The OSHA 1994 imposes a duty on the employer to ensure, so far as is practicable, the safety, health and welfare at work of all his employees. The OSHA 1994 also states that an employer's duty shall extend to include the maintenance of plants and systems of work that are safe and pose no risk to the health of their employees. The OSHA 1994 also requires every employer as often as may be appropriate revise a written statement of a general policy with respect to the safety and health at work of the employees and the organization and arrangements for the time being in force for carrying out that policy, and to bring the statement and any revision of it to the notice of all employees.

**Regulations Relating to Business Operation**

It is mandatory to seek business premises licenses from the respective local authorities as per the Malaysian Local Government Act 1976 ("LGA 1976"). This legislation empowers municipal councils, including the Kuala Lumpur City Hall ("KLCH"), Petaling Jaya City Council ("PJCC"), and Johor Bahru City Council ("JBCC"), to enact by-laws stipulating the need for licenses to use any premises within their jurisdiction.

**Regulations Relating to Intellectual Property**

Our intellectual property rights are important to our business and operations. We rely primarily on a combination of intellectual property laws, contract provisions, trademarks, patents, industrial designs and domain rights to protect our intellectual property rights. We have had our products' trademarks, patents, industrial designs and domain names registered to the respective authorities in different jurisdictions.

**Domain Names**

There is no specific regulation in respect of the licensing of domain names in Malaysia. The right to use the .my domain name is administered solely by the Malaysian Network Information Centre Berhad (the sole administrator for .my web addresses) ("MYNIC").

Once a specific domain name is registered with MYNIC, no other person can register or use the specific domain name after the date of its registration. As of the date of this prospectus, we have successfully registered the domain name with MYNIC as https://www.empro.my/.

**Regulation Relating To Taxation**

The Income Tax Act 1967 ("ITA 1967") imposes a tax, known as income tax, for each year of assessment upon the income accruing in or derived from Malaysia, or received in Malaysia from other countries.

The Sales & Service Tax ("SST") was introduced in 2018 in Malaysia as a replacement for the Goods and Services Tax ("GST"). Under the Service Tax Act 2018 ("Service Tax") and Sale Tax Act 2018 ("Sale Tax"), businesses that offer taxable services must register for SST if their annual sales exceed the SST threshold of RM500,000 or more.

**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information regarding our director and executive officer as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
| **Directors and Executive Officers** | **Age** | **Position/Title** |
| Ting Teck Sheng | 38 | Chief Executive Officer, Chief Financial Officer, Director |

---

The following is a brief biography of our executive officers and directors:

**Ting Teck Sheng, Chief Executive Officer, Chief Financial Officer, Director**

Ting Teck Sheng, 38, is the founder of RR Pay Sdn Bhd in Malaysia. RRPay Holdings Sdn Bhd, the digital and financial technology hub of the Group, is responsible for developing and scaling the Group's super apps, e-wallet infrastructure, e-commerce platforms, and data analytics solutions. These technologies form the backbone of the company's integrated ecosystem, enabling seamless connectivity, scalability, and user engagement across multiple industries.

Mr. Ting is also the majority shareholder of several public and private companies in Malaysia and offshore, including PUC Berhad (a company listed on the ACE Market of Malaysia with stock code 0007), Richwood Ventures Bhd, Panpay Holdings Sdn Bhd, Pantop Millennium Sdn Bhd and Pantop Venture Capital Sdn Bhd.

Mr. Ting graduated from the University of Wisconsin in the United States with a degree in economics.

Mr. Ting was awarded the Pacific Asia Outstanding Corporation Award given by YB Dato' Sri Hj. Fadillah, Deputy Prime Minister of Malaysia, the Industry Engagement Cultural and 10th Year Promas Award given by Dato' Seri Dr Ahmad Zahid Hamidi, Deputy Prime Minister of Malaysia. He was also awarded the Outstanding Young Entrepreneur Award by Dato Seri Diraja Zambry, the former Chief Minister of Perak, Best Entrepreneur and Top CEO Award by the Asia-Pacific Region's Most Excellent Brands Committee of the GB Business World magazine in 2012, 2018, and 2019.

Mr. Ting is also the founder of Asia Pacific Investment Trade Economic Zone Association, a society that creates a platform to help and cultivate many businessmen or entrepreneurs to grow and expand their business. He is also an EXCO member of Community Policing Malaysia.

**Duties of Directors**

Under Cayman Islands law, the fiduciary duties owed by a director and officer include (a) a duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole, (b) a duty to exercise their powers for the purposes for which they were conferred and not for a collateral purpose, (c) a duty to avoid improperly fettering the exercise of future discretion, (d) a duty to avoid any conflict of interest between the director's duty to the company and the director's personal interests, and (e) a duty to exercise independent judgment. In addition to the above, directors also owe a duty of care which is not fiduciary in nature. 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 of that director.

**Terms of Directors and Executive Officers**

Under our amended and restated memorandum and articles of association, a director may be appointed by ordinary resolution or by the directors. An appointment of a director may be on terms that the director will automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between our Company and the director, if any, but no such term will be implied in the absence of express provision. It is expected that, whether by ordinary resolution or by resolution of the directors, each director will be appointed on the terms that the director will hold office until the appointment of the director's successor, unless the director has sooner vacated office or been removed from office.

**Qualification**

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

**Terms of Directors and Officers**

The directors of the Company may be elected by a resolution of our board of directors, or by an ordinary resolution of our shareholders. The directors are not subject to a term of office and hold office until such time as they are removed from office by ordinary resolution of the shareholders. A director will cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found by our company to be or becomes of unsound mind, (iii) resigns his office by notice in writing to the company, or (iv) without special leave of absence from our board, is absent from three consecutive board meetings and our directors resolve that his office be vacated, or (v) is removed from office by ordinary resolution, or pursuant to any other provisions of our articles of association

A director is not required to hold any shares in our company to qualify to serve as a director. A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company is required to declare the nature of his interest at a meeting of our directors. A director may vote with respect to any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein, and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of our directors at which any such contract or transaction is considered. Our directors may exercise all the powers of our company to borrow money, mortgage or charge its undertaking, property and uncalled capital and to issue debentures or other securities whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third party.

Our officers are elected by and serve at the discretion of the board of directors. Our directors are not subject to a term of office and hold office until their resignation, death or incapacity, or until their respective successors have been elected and qualified or until his or her office is otherwise vacated in accordance with our articles of association.

Our Board of Directors, which has no independent members, acts as the compensation committee for the Company and determines the compensation and benefits of our executive officers, will administer our employee stock and benefit plans, and reviews policies relating to the compensation and benefits of our employees. Our lack of an independent compensation committee presents the risk that an executive officer on the board may have influence over his or her personal compensation and may obtain benefits levels that may not be commensurate with our financial performance.

**Independent Directors**

NASDAQ's rules generally require that a majority of an issuer's board of directors consist of independent directors. Our board of directors currently consists of one director who is not considered independent within the meaning of NASDAQ's rules.

**Family Relationships**

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

**Legal Proceedings**

*Involvement in Certain Legal Proceedings*

To our knowledge, during the past ten years, none of our current directors, executive officers, promoters, control persons, or nominees has been:

● the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

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

● subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or any Federal or State authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;

● found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.

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

● the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Code of Business Conduct and Ethics**

The Company has not adopted a Code of Business Conduct and Ethics.

**Committees of the Board of Directors**

The Company does not currently have, and does not currently intend to establish, any committees of the Board of Directors.

**Employment Agreement with our Executive Officer**

We currently do not have any employment or consulting agreements with any executive officers or directors.

**Compensation of Directors and Executive Officers**

No executive compensation was paid during the period from the date of incorporation to the period ended September 30, 2025. Our Board of Directors does not currently receive any consideration for their services as members of the Board of Directors. The Board of Directors reserves the right in the future to award the members of the Board of Directors cash or stock-based consideration for their services to the Company, which awards, if granted shall be in the sole determination of the Board of Directors.

**Equity Compensation Plan Information**

We have not adopted any equity compensation plans.

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

As of September 30, 2025, we had no outstanding equity awards.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth, as of the date of this prospectus, the beneficial ownership of our Shares by each executive officer and director, by each person known by us to beneficially own more than 5% of our Ordinary Shares and by the executive officers and directors as a group. As used in this table, "beneficial ownership" means the sole or shared power to vote, or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a security). In addition, for purposes of this table, a person is deemed, as of any date, to have "beneficial ownership" of any security that such person has the right to acquire within 60 days after such date.

The persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the Securities and Exchange Commission, a person (or group of persons) is deemed to be a "beneficial owner" of a security if he or she, directly or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. A person is also deemed to be a beneficial owner of any security which that person has the right to acquire within 60 days, such as options or warrants to purchase our Ordinary Shares.

All of our shareholders, including the shareholders listed below, have the same voting rights attached to their Shares. None of our principal shareholders or our director and executive officers have different or special voting rights with respect to their Ordinary Shares. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on Ordinary Shares, Class B Ordinary Shares and Class A Preference Shares issued and outstanding. We do not have any outstanding options, warrants or other securities exercisable for or convertible into shares of our Ordinary Shares.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of <br> Beneficial Owner** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned<br> Prior to this<br> Offering** | **Percent <br> of Ordinary Class** | **Percent of Voting right** | **Class B<br> Ordinary<br> Shares<br> Beneficially<br> Owned<br> Prior to this<br> Offering** | **Percent <br> of Ordinary Class** | **Percent of Voting right** | **Preference A<br> Shares<br> Beneficially<br> Owned<br> Prior to this<br> Offering** | **Percent<br> of Preference Class** | **Percent of Voting right** |
| Ting Teck Sheng | 30000000 | 100% | 100% | 30000000 | 100% | 100% | 50000 | 100% | 100% |

---

As of the date of this prospectus, none of our outstanding Ordinary Shares and Preference Shares are held by record holders in the United States. We are not aware of any arrangement that may result in a change of control of the Company at a subsequent date.

**RELATED PARTY TRANSACTIONS**

During the period from incorporation until the date of this prospectus, there have been no transactions to which the Company was a party in which the amount involved exceeded or will exceed $120,000, and in which any of our executive officers, directors or holders of more than 5% of any class of our voting securities, or an affiliate or immediate family member thereof, had or will have a direct or indirect material interest is. As of September 30, 2025, there is an amount of US$2,257 due to our sole officer and director, Ting Teck Sheng. The nature of the amount due is related to Company's initial formation cost and there is no interest rate charges nor due date for the amount.

**DESCRIPTION OF SHARE CAPITAL**

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

We were incorporated as an exempted company with limited liability under the Cayman Companies Act on April 11, 2025. A Cayman Islands exempted company:

● is a company that conducts its business mainly outside the Cayman Islands;

● is prohibited from carrying on a trade or business in the Cayman Islands with any person except in furtherance of the business of the exempted company carried on outside the Cayman Islands (and for this purpose can effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands);

● does not have to hold an annual general meeting;

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

● may obtain an undertaking against the imposition of any future taxation;

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

● may register as a limited duration company; and

● may register as a segregated portfolio company.

**Class A Ordinary Shares**

As of the date of this prospectus, we are authorized to issue 245,000,000 Ordinary Shares, par value $0.0001 per share. All of our issued and outstanding Ordinary Shares are fully paid and non-assessable. Our Ordinary Shares are issued in registered form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our Ordinary Shares will not receive a certificate in respect of such Ordinary Shares. We may not issue shares or warrants to bearer.

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

**Class B Ordinary Shares**

As of the date of this prospectus, we are authorized to issue 245,000,000 Class B Shares, par value $0.0001 per share. All of our issued and outstanding Class B Shares are fully paid and non-assessable. Our Class B Shares are issued in registered form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our Class B Shares will not receive a certificate in respect of such Class B Shares.

**Preference Shares**

Our amended and restated memorandum and articles of association authorize 5,000,000 Preference A Shares and 5,000,000 Preference B Shares and provide that Preference Shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions of the Preference B Shares. Our board of directors will be able to, without shareholder approval, issue Preference Shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the Ordinary Shares and could have anti-takeover effects. The ability of our board of directors to issue Preference Shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no Preference Shares outstanding as of the date of this prospectus. Although we do not currently intend to issue any Preference Shares, we cannot assure you that we will not do so in the future. No Preference Shares are being issued or registered in this offering.

**Transfer Agent and Registrar**

The transfer agent and registrar for the Ordinary Shares is VStock Transfer. Their address is 18 Lafayette Pl., Woodmere, NY 11598. Their telephone number is (212) 828-8436.

**Dividends**

Subject to the provisions of the Cayman Companies Act, our amended and restated memorandum and articles of association and any rights and restrictions attaching to any of our shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 directors may declare and pay interim dividends or recommend final dividends out of our funds which are lawfully available for that
 purpose; and

(b) our
 shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors.

The directors, when paying dividends to shareholders may make such payment wholly or partly in cash and/or in specie. No dividend shall bear interest.

**Voting Rights**

<u>Class A Ordinary Shares</u> - Subject to any rights or restrictions as to voting attached to any shares, (i) on a show of hands every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of our Company, each have one vote; and (ii) on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have two (2) votes for each Ordinary Share of which he or the person represented by proxy is the holder.

<u>Class B Ordinary Shares</u> - Subject to any rights or restrictions as to voting attached to any shares, (i) on a show of hands every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of our Company, each have one vote; and (ii) on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one (1) vote for each Class B Ordinary Share of which he or the person represented by proxy is the holder.

<u>Class A Preference Shares</u> - Subject to any rights or restrictions as to voting attached to any shares, (i) on a show of hands every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of our Company, each have one vote; and (ii) on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have fifty (50) votes for each Class A Preference Share of which he or the person represented by proxy is the holder.

**Conversion Rights**

Ordinary Shares and Class B Ordinary Shares are not convertible. Class A Preferred Shares are convertible, at the option of the holder thereof and automatically under certain conditions, into Ordinary Shares on a one-to-one basis.

**Modification of Rights of Shares**

Whenever our capital is divided into different classes of shares, subject to any rights or restrictions for the time being attached to any class of shares, the rights attaching to any class of shares may only be materially adversely varied with the consent in writing of the holders of all of the issued shares of that class, or with the sanction of an ordinary resolution passed at a separate meeting of the holders of the shares of that class.

Subject to any rights or restrictions for the time being attached to any class of shares, the rights conferred on the holders of the shares of any class shall not be deemed to be materially adversely varied by, *inter alia*, the creation, allotment, or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares of any class by us. The rights of the holders of our shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preference or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

**Alteration of Share Capital**

Subject to the Cayman Companies Act, our shareholders may, by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 our share capital by new shares of the amount fixed by that ordinary resolution;

(b) consolidate
 and divide all or any of our share capital into shares of larger amount than our existing shares;

(c) sub-divide
 our shares or any of them into shares of an amount smaller than that fixed, so, however, that in the sub-division, the proportion
 between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from
 which the reduced share is derived; and

(d) cancel
 shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person and
 diminish the amount of our share capital by the amount of the shares so cancelled.

Subject to the Cayman Companies Act, our shareholders may, by special resolution, reduce our share capital and any capital redemption reserve in any manner authorized by law.

**Calls on Shares and Forfeiture**

Subject to the terms of allotment, the directors may make calls on the shareholders in respect of any monies unpaid on their shares and each shareholder shall (subject to receiving at least 14 calendar days' notice specifying the time or times of payment), pay to us the amount called on his shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate of eight percent per annum. The directors may, at their discretion, waive payment of the interest wholly or in part.

We have a first and paramount lien on every share (whether or not fully paid) for all amounts (whether presently payable or not) payable at a fixed time or called in respect of that share. We also have a first and paramount lien on every share registered in the name of a person indebted or under liability to us (whether he is the sole registered holder of a share or one of two or more joint holders). The lien is for all amounts owing to us by the shareholder or the shareholder's estate (whether or not presently payable). At any time the directors may declare a share to be wholly or in part exempt from the lien on shares provisions of our amended and restated memorandum and articles of association. Our lien on a share extends to any amount payable in respect of it, including but not limited to dividends.

We may sell, in such manner as the directors may determine, any share on which we have a lien. However, no sale will be made unless an amount in respect of which the lien exists is presently payable or until the expiration of 14 calendar days after a notice in writing, demanding payment of such part of the amount in respect of which the lien exists as is presently payable has been given to the registered holder of the share, or the persons entitled thereto by reason of his death or bankruptcy.

**Unclaimed Dividend**

Subject to the Cayman Companies Act, a dividend that remains unclaimed after a period of six calendar years from the date of declaration of such dividend may be forfeited by the board of directors and, if so forfeited, shall revert to the Company.

**Forfeiture or Surrender of Shares**

If a shareholder fails to pay any call or instalment of a call in respect of partly paid shares on the day appointed for payment, the directors may serve a notice on the shareholder requiring payment of the unpaid call or instalment, together with any interest which may have accrued. The notice must name a further day (not earlier than the expiration of 14 calendar days from the date of the notice) on or before which the payment required by the notice is to be made, and must state that in the event of non-payment at or before the time appointed, the shares in respect of which the call is made will be liable to be forfeited.

If the requirements of any such notice are not complied with, the directors may, before the payment required by the notice has been made, resolve that any share in respect of which that notice has been given be forfeited.

A forfeited share may be sold or otherwise disposed of on such terms and in such manner as the directors think fit and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, but shall, notwithstanding such forfeiture, remain liable to pay to us all monies which at the date of forfeiture were payable by him to us in respect of the shares forfeited, but his liability shall cease if and when we receive payment in full of the unpaid amount on the shares forfeited.

A certificate in writing made by a director that a share has been duly forfeited on a date stated in the certificate shall be conclusive evidence of the facts in the declaration as against all persons claiming to be entitled to the particular share(s).

The directors may accept the surrender for no consideration of any fully paid share.

**Share Premium Account**

The directors shall establish a share premium account and shall carry the credit of such account from time to time to a sum equal to the amount or value of the premium paid on the issue of any share.

**Redemption and Purchase of Own Shares**

Subject to the Cayman Companies Act and our amended and restated memorandum and articles of association, we may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 shares that are to be redeemed or are liable to be redeemed, at our option or at the option of the shareholder holding those redeemable
 shares, in the manner and upon the terms as may be determined, before the issue of those shares, by the directors;

(b) purchase
 our own shares (including any redeemable shares) on the terms and in the manner which have been approved by the directors or are
 otherwise authorized by our amended and restated memorandum and articles of association; and

(c) make
 a payment in respect of the redemption or purchase of our own shares in any manner permitted by the Cayman Companies Act, including
 out of capital.

**Transfer of Shares**

Subject to our amended and restated memorandum and articles of association about the transfer of Ordinary Shares, our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in a common form or any other form otherwise approved by our board of directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the Ordinary Shares are fully paid, by or on behalf of that shareholder; and

(b) where
 the Ordinary Shares are nil or partly paid, by or on behalf of that shareholder and the transferee.

The transferor shall be deemed to remain a shareholder until the name of the transferee is entered in our register of members in respect of the relevant Ordinary Shares.

Where the shares of the Company in question are not listed on or subject to the rules of the Nasdaq Capital Market, our board of directors may, in its absolute discretion, decline to register any transfer of any share of the Company that has not been fully paid up or is subject to a company lien. Our board of directors may also decline to register any transfer of such share unless:

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

(b) the
 instrument of transfer is in respect of only one class of share;

(c) the
 instrument of transfer is properly stamped, if required;

(d) the
 share is fully paid and free of any lien in favor of the Company;

(e) any
 fee related to the transfer has been paid to us; and

(f) in
 the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four.

If our directors refuse to register a transfer, they are required pursuant to our amended and restated memorandum and articles of association to, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 10 calendar days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of directors may from time to time determine. The registration of transfers, however, may not be suspended, and our register of members may not be closed for more than 30 calendar days in any calendar year.

**Inspection of Books and Records**

Holders of our Ordinary Shares will have no general right under the Cayman Companies Act to inspect or obtain copies of our register of members or our corporate records.

**General Meetings**

As a Cayman Islands exempted company with limited liability, we are not obligated by the Cayman Companies Act to call shareholders' annual general meetings; accordingly, we may, but shall not be obliged to in each calendar year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our board of directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

A majority of our directors may call general meetings and they must on a shareholders' requisition forthwith proceed to convene an extraordinary general meeting of our Company. A shareholders' requisition is a requisition of shareholders holding at least twenty-five percent of the rights to vote at such extraordinary general meeting. The requisition must state the purpose of the meeting and must be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged to sign) and delivered in accordance with the notice provisions of our articles of association. If directors do not within 21 Clear Days from the receipt of the requisition duly proceed to convene a general meeting, the requisitioners, or any of them may themselves convene a general meeting, but any meeting so convened must be called no later than three calendar months after the expiration of the said 21 Clear Day period.

At least five Clear Days' notice of an annual general meeting must be given to shareholders. For any other general meeting, at least five Clear Days' notice must be given to shareholders. An annual general meeting or general meeting may be convened on shorter notice, subject to the Cayman Companies Act with the consent of shareholders who, individually or collectively, hold at least ninety percent of the voting rights of all those who have a right to vote at that meeting. Every notice shall specify the place, the date and the hour of the meeting, if the meeting is to be held in two or more places, the technology that will be used to facilitate the meeting, if a resolution is proposed as a Special Resolution, the text of that resolution and, subject to the requirements of any Nasdaq listing rules, the general nature of the business to be transacted and shall be given in the manner mentioned in our articles of association or in such other manner if any as may be prescribed by our Company.

No business may be transacted at any general meeting unless a quorum of shareholders is present at the time when the meeting proceeds to business. At a general meeting of the Company to (i) consider or adopt a Special Resolution, one or more shareholders holding shares that represent not less than two-thirds of the votes eligible to be cast at such general meeting, present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative, and (ii) consider or adopt a Special Resolution, one or more shareholders holding shares that represent not less than one-half of the votes eligible to be cast at such general meeting, present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative, in each case, shall be a quorum for all purposes.

If, within fifteen minutes from the time appointed for the general meeting, a quorum is not present, (a) if the meeting was requisitioned by shareholders, it shall be cancelled; and (b) in any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to such other time or place as is determined by the board of directors. If a quorum is not present within fifteen minutes of the time appointed for the adjourned meeting, then the shareholders present in person or by proxy shall constitute a quorum.

The chairman may, with the consent of shareholders constituting a quorum, (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than business which might properly have been transacted at the meeting from which the adjournment took place. When a meeting is adjourned for more than 7 Clear Days, notice of the adjourned meeting shall be given in accordance with our articles of association.

At any general meeting, a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before, or on, the declaration of the result of the show of hands) demanded by (a) the chairman of the meeting, (b) at least five shareholders having the right to vote on the resolutions, or (c) any shareholder holding not less than 10 percent of the voting rights of all those who have a right to vote on the resolution. Unless a poll is so demanded, a declaration by the chairman of the meeting that a resolution has, on a show of hands, been carried or lost, and an entry to that effect in the book of the proceedings of our Company, shall be conclusive evidence of the outcome, without proof of the number or proportion of the votes recorded in favor of, or against, that resolution.

If a poll is duly demanded it shall be taken in such manner as the chairman directs.

In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall not be entitled to a second or casting vote.

**Directors**

Unless otherwise determined by our shareholders by ordinary resolution, we are required to have a minimum of one director and the exact number of directors will be determined from time to time by our board of directors.

Our board of directors will initially be divided into three classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. Subject to the terms of any preference shares, any or all of the directors may be removed from office at any time by an ordinary resolution, which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the company.

A director may be appointed by ordinary resolution or by the directors. Any appointment may be to fill a vacancy or as an additional director.

The remuneration of the directors may be determined by the directors or by ordinary resolution.

A director is not required to hold any shares in our Company by way of qualification. A director who is not a shareholder of our Company is nevertheless entitled to attend and speak at general meetings.

An appointment of a director may be on terms that the director will automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between our Company and the director, if any, but no such term will be implied in the absence of express provision. Each director whose term of office expires will be eligible for re-election at a meeting of the shareholders or re-appointment by the board of directors.

A director may be removed by ordinary resolution.

The office of a director will be terminated if the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 prohibited by the law of the Cayman Islands from acting as a director; or

(b) is
 made bankrupt or makes an arrangement or composition with his creditors generally; or

(c) resigns
 his or her office by notice to the Company; or

(d) has
 only held office as a director for a fixed term and such term expires; or

(e) in
 the opinion of a registered medical practitioner by whom he or she is being treated becomes physically or mentally incapable of acting
 as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is
 given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any
 claim for damages for breach of any agreement relating to the provision of the services of such director); or

(g) is
 made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or

(h) without
 the consent of the other directors, is absent from meetings of directors for a continuous period of six months.

**Powers and Duties of Directors**

Subject to the provisions of the Cayman Companies Act and our amended and restated memorandum and articles of association, our business shall be managed by the directors, who may exercise all our powers. No alteration of our amended and restated memorandum and articles of association shall invalidate any prior act of the directors.

The directors may delegate any of their powers to any committee consisting of one or more persons who need not be shareholders. Persons on the committee may include non-directors so long as the majority of those persons are directors. Any such committee shall be made up of such members as required by the Nasdaq listing rules or otherwise required by applicable law. Our board of directors have established an audit committee, a compensation committee, and a nomination and corporate governance committee.

The board of directors may establish any local or divisional board or agency for managing any of the affairs of the Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional board of directors, or to be managers or agents, and may fix their remuneration.

The directors may appoint any person, whether nominated directly or indirectly by the directors, to be the attorney or the authorized signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 any purpose;

(b) with
 the powers, authorities and discretions;

(c) for
 the period; and

(d) subject
 to such conditions as the directors think fit.

The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under the articles of association. The directors may do so by power of attorney or any other manner they think fit.

The directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking (if any) or any subsidiary undertaking of the Company or of any third party.

A director who is in any way, whether 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 the directors.

Subject to the provisions of the Companies Act and provided A Director has declared to the board the nature and extent of any personal interest of his in a matter, transaction or arrangement, such Director notwithstanding his office may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any office or place of profit in the Company, except that of auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold any office or place of profit in any other company or entity promoted by the Company or in which it has an interest of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into any contract, transaction or arrangement with the Company or in which the Company is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) act in a professional capacity (or be a member of a firm which acts in a professional capacity) for the Company, except as auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sign or participate in the execution of any document in connection with matters related to that interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) participate in, vote on and be counted in the quorum at any meeting of the Directors that considers matters relating to that interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do any of the above despite the fiduciary relationship of the Director's office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without any liability to account to the Company for any direct or indirect benefit accruing to the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without affecting the validity of any contract, transaction or arrangement.

**Capitalization of Profits**

Subject to the Cayman Companies Act, the directors may resolve to capitalize:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether or not those profits are available
 for distribution); or

(b) any
 sum standing to the credit of the Company's share premium account or capital redemption reserve, if any.

**Liquidation Rights**

If we are wound up, the shareholders may, subject to our articles of association and any other sanction required by the Cayman Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

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

(b) to
 vest the whole or any part of the assets in trustees for the benefit of Members and those liable to contribute to the winding up.

**Register of Members**

Under Cayman Islands law, we must keep a register of members and there will be entered therein:

● the names and addresses of the members, a statement of the shares held by each member, which:

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| ✔ | distinguishes each share by its number (so long as the share has a number); |
| ✔ | confirms the amount paid, or agreed to be considered as paid, on the shares of each member; |
| ✔ | confirms the number and category of shares held by each member; and |
| ✔ | confirms whether each relevant category of shares held by a member carries voting rights under the articles of association of the Company, and if so, whether such voting rights are conditional; |

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● the date on which the name of any person was entered on the register as a member; and

● the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members. Upon the closing of this public offering, the register of members will be immediately updated to reflect the issue of shares. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our Ordinary Shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

The Cayman Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Cayman Companies Act applicable to us and the comparable laws applicable to companies incorporated in the State of Delaware in the United States.

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|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
| *Title of Organizational Documents* | Certificate of Incorporation and Bylaws | Certificate of Incorporation and Memorandum and Articles of Association |
| *Duties of Directors* | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of the corporation's employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders. | A director owes fiduciary duties to a company, including to exercise powers for the purposes conferred, exercise independent judgment, not make secret profits, avoid conflicts of interest and act in good faith in the best interests of the company as a whole.<br>In addition to fiduciary duties, directors owe a duty of care, diligence and skill in the exercise of their powers and in the conduct of the company's affairs.<br>Such duties are owed to the company but may be owed directly to creditors or shareholders in certain limited circumstances. |
| *Limitations on Personal Liability of Directors* | Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective. | Liability of directors may be limited except with regard to their own fraud, dishonesty or willful default. |

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|:---|:---|:---|
| *Indemnification of Directors, Officers, Agents, and Others* | A corporation has the power to indemnify any director, officer, employee, or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred. | A Cayman Islands exempted company generally may indemnify its directors or officers except with regard to fraud, dishonesty or willful default. |
| *Interested Directors* | Under Delaware law, a transaction in which a director who has an interest in such transaction would not be voidable if (i) the material facts as to such interested director's relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit. | Subject to a director's fiduciary duties and duty of care, diligence and skill in the exercise of their powers and in the conduct of the company's affairs, interested director transactions are governed by the terms of a company's memorandum and articles of association. |
| *Voting Requirements* | The certificate of incorporation may include a provision requiring supermajority approval by the directors or shareholders for any corporate action.<br>In addition, under Delaware law, certain business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders. | Certain matters must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or articles of association, appointment of inspectors to examine company affairs, reduction of share capital (subject, in relevant circumstances, to court approval), change of name, authorization of a plan of merger or transfer by way of continuation to another jurisdiction or consolidation or voluntary winding up of the company.<br>The Cayman Companies Act requires that a special resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the memorandum and articles of association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or if permitted by the memorandum and articles of association, by unanimous written consent of all the shareholders entitled to vote at a general meeting. |

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| | | |
|:---|:---|:---|
| *Voting for Directors* | Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. | Director election is governed by the terms of the memorandum and articles of association. |
| *Cumulative Voting* | No cumulative voting for the election of directors unless so provided in the certificate of incorporation. | There are no prohibitions in relation to cumulative voting under the Cayman Companies Act. |
| *Directors' Powers Regarding Bylaws* | The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws. | The memorandum and articles of association may only be amended by a special resolution of the shareholders (as described above). |
| *Nomination and Removal of Directors and Filling Vacancies on Board* | Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office. | Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association. |

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| | | |
|:---|:---|:---|
| *Mergers and Similar Arrangements* | Under Delaware law, with certain exceptions, a merger, consolidation, exchange or sale of all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction.<br>Delaware law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | The Cayman Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company (unless one Cayman Islands company is merging with and into another Cayman Islands company which owns or controls 90% of the voting power in the first company),, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies in the Cayman Islands together with a declaration as, among other things, to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the shareholders and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.<br>|

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;Minority shareholders that dissent from a merger are entitled to be paid the fair value of their shares, which if necessary, may ultimately be determined by the Grand Court of the Cayman Islands.<br>Where a bidder in connection with a tender offer / contractual acquisition of equity (i.e. not a statutory merger under the Cayman Islands Companies Act) has acquired 90% or more in value of the shares in a Cayman Islands company, it can (unless the Grand Court of the Cayman Islands thinks fit to order otherwise following application by the remaining shareholders) compel the acquisition of the shares of the remaining shareholders and thereby become the sole shareholder.<br>A Cayman Islands company may also be acquired through a "scheme of arrangement" sanctioned by the Grand Court of the Cayman Islands and approved by 75% in value of shareholders in attendance and voting (either in person or by proxy) at a general meeting. |
| *Shareholder Suits* | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | &nbsp;&nbsp;In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company's board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company, but only in certain limited circumstances. |
| *Inspection of Corporate Records* | Under Delaware law, shareholders of a Delaware corporation have the right during normal business hours to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. |
| *Shareholder Proposals* | Unless provided in the corporation's certificate of incorporation or bylaws, Delaware law does not include a provision restricting the manner in which shareholders may bring business before a meeting. | The Cayman Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles of association allow one or more shareholders who together hold at least twenty-five per-cent of the rights to vote at a general meeting to requisition a general meeting of our shareholders, in which case our directors are obliged to call such meeting. The requisition must also (a) specify the purpose of the meeting; (b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged to sign); and (c) be delivered in accordance with the notice provisions of our memorandum and articles of association. Our articles of association provide no other right to put any proposals before annual general meetings or extraordinary general meetings. As a Cayman Islands exempted company, we are not obligated by law to call shareholders' annual general meetings. However, our corporate governance guidelines require us to call such meetings every year. |

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| | | |
|:---|:---|:---|
| *Approval of Corporate Matters by Written Consent* | Delaware law permits shareholders to take actions by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders. | The Cayman Companies Act allows shareholder resolutions to be passed in writing if signed by all the shareholders entitled to vote (if authorized by the memorandum and articles of association). |

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| | | |
|:---|:---|:---|
| *Calling of Special Shareholders Meetings* | Delaware law permits the board of directors or any person who is authorized under a corporation's certificate of incorporation or bylaws to call a special meeting of shareholders. | The Cayman Companies Act does not have provisions governing the proceedings of shareholders meetings, which are usually provided in the memorandum and articles of association. |
| *Dissolution; Winding Up* | Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board of directors. | Under the Cayman Companies Act, a company may be wound up voluntarily (a) by virtue of a special resolution, (b) because the period, if any, fixed for the duration of the company by its articles of association has expired, or (c) because the event, if any, has occurred, on the occurrence of which its articles of association provide that the company shall be wound up. Under the Cayman Companies Act, a company may also be wound up compulsorily by order of the Grand Court of the Cayman Islands, including if the company is unable to pay its debts as they fall due or the Grand Court of the Cayman Islands is of the opinion that it is just and equitable that the company should be wound up. |

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**Anti-Money Laundering, Counter Terrorist Financing , Prevention of Proliferation Financing and Financial Sanctions Compliance —Cayman Islands**

If any person resident in the Cayman Islands knows or suspects , or has reasonable grounds for knowing or suspecting , that another person is engaged in criminal conduct is involved with terrorism or terrorist property or proliferation financing or is the business combination partner of a financial sanction and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (As Revised), of the Cayman Islands if the disclosure relates to criminal conduct , money laundering or proliferation financing or is the business combination partner of a financial sanction; or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. We reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering, counter-terrorist financing, prevention of proliferation financing and financial sanctions or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

Should a shareholder or its duly authorized delegates or agents be, or become (or is believed by the company or its affiliates ("Agents") to be or become) at any time while it owns or holds an interest in the company, (a) an individual or entity named on any sanctions list maintained by the United Kingdom (including as extended to the Cayman Islands by Orders in Council) or the Cayman Islands or any similar list maintained under applicable law or is otherwise subject to applicable sanctions in the Cayman Islands (a "Sanctions Subject") or (b) an entity owned or controlled directly or indirectly by a Sanctions Subject, as determined by the company in its sole discretion, then (i) the company or its Agents may immediately and without notice to the shareholder cease any further dealings with the shareholder or freeze any dealings with the interests or accounts of the shareholder (e.g., by prohibiting payments by or to the shareholder or restricting or suspending dealings with the interests or accounts) or freeze the assets of the company (including interests or accounts of other shareholders who are not Sanctions Subjects), until the relevant person ceases to be a Sanctions Subject or a license is obtained under applicable law to continue such dealings (a "Sanctioned Persons Event"), (ii) the company and its Agents may be required to report such action or failure to comply with information requests and to disclose the shareholder's identity (and/or the identity of the shareholder's beneficial owners and control persons) to the Cayman Islands Monetary Authority, the Cayman Islands Financial Reporting Authority, or other applicable governmental or regulatory authorities (without notifying the Subscriber that such information has been so provided) and (iii) the company and its Agents have no liability whatsoever for any liabilities, costs, expenses, damages and/or losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by the shareholder as a result of a Sanctioned Persons Event.

By subscribing for shares, the subscriber consents to the disclosure of any information about them to regulators and others upon request in connection with money laundering and similar matters both in the Cayman Islands and in other jurisdictions.

**Data Protection in the Cayman Islands – Privacy Notice**

This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (as Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the "DPA").

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller," whilst certain of our service providers, affiliates, and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

We will not hold your personal data for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

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

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by accessing their website here: ombudsman.ky.

**History of Share Issuances**

The following is a summary of our share issuances since incorporation:

On February 11, 2025, we issued 1 Class A share to our founder (our chief executive officer and director), converted into 100 Class A shares due to a capitalization reorganization by the Company.

On December 22, 2025 we issued 29,999,900 Class A shares to our founder for services rendered.

On December 22, 2025 we issued 30,000,000 Class B shares to our founder for services rendered.

On December 22, 2025, we issued 50,000 Class A Preference shares to our founder for services rendered.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon the closing of this offering, we will have 32,000,000 outstanding Ordinary Shares. Of that amount, up to 2,000,000 Ordinary Shares will be publicly held by investors participating in this offering, and Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Ordinary Shares issued and outstanding prior to this offering are restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Ordinary Shares for at least six months, and any affiliate of the Company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a seller may sell an unlimited number of restricted securities under Rule 144 if:

● the restricted securities have been held for at least six months, including the holding period of any prior owner other than one of our affiliates;

● we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and

● we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three month period only that number of securities that does not exceed the greater of the following:

● 1% of the number of Ordinary Shares then outstanding, which will equal approximately 2,071,000 Ordinary Shares immediately after the closing of this offering based on the number of Ordinary Shares outstanding as of the date of this prospectus; or

Additionally, persons who are our affiliates at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six month holding period of Rule 144, which does not apply to sales of unrestricted securities.

**Rule 701**

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers, or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until 90 days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements as described below and would only become eligible for sale when the lock-up period expires.

**Regulations**

Regulations under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates, or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulations are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director may resell their restricted shares in an "offshore transaction" under Regulation S if:

● none of the shareholder, its affiliate, nor any person acting on their behalf engages in directed selling efforts in the United States, and

● in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee, or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

**MATERIAL INCOME TAX CONSIDERATION**

**<u>Malaysian Enterprise Taxation</u>**

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

**Income Tax in Malaysia**

The principal legislation that governs a person's income tax in Malaysia is the ITA 1967. The regulatory body implementing and enforcing the ITA is the Inland Revenue Board of Malaysia ("IRB"). Pursuant to Section 3 of the ITA, income tax shall be charged for each year of assessment ("YA") upon the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia.

Pursuant to Section 8 of the ITA, a company is a tax resident in Malaysia if its management and control are exercised in Malaysia. Management and control are normally considered to be exercised at the place where the directors' meetings concerning management and control of the company are held. The income tax rate payable by a resident company differs depending on the amount of the company's paid-up capital and its annual sale in relation to the particular YA. With reference to Appendix 10 (Imposition of *Cukai Makmur*) of the Budget 2022, a resident company with a paid-up capital not exceeding MYR2.5 million and an annual sale of not more than MYR50 million during YA 2022 is categorized as a Micro, Small, and Medium Enterprise ("MSME") and is subject to an income tax rate of 17% on the first MYR600,000 chargeable income and. The remaining chargeable income above MYR600,000 is taxed at 24%. A resident company that is not categorized as an MSME will be taxed at 24% for all its chargeable income. Further, for YA 2022 only, a special one-off tax (*Cukai Makmur*) will be imposed on companies (other than MSMEs) generating high income during the COVID-19 pandemic period. The one-off tax consists of the following two parts: (i) the chargeable income up to the first MYR100 million is subject to a 24% tax rate; and (ii) the remaining chargeable income above MYR100 million is taxed at 33%.

Pursuant to the ITA, a non-resident company—namely, a company whose management and control are not exercised in Malaysia and thus does not fall under the purview of Section 8 of the ITA—is subject to the following tax rates:

---

| | |
|:---|:---|
| **Types of Income** | **Rate (%)** |
| Business income | 24 |
| Royalties derived from Malaysia | 10 |
| Rental of moveable properties | 10 |
| Advice, assistance, or services rendered in Malaysia | 10 |
| Interest | 15 \* |
| Dividends | Exempt |
| Other income | 10 |

---

*<u>Note</u>: Where the recipient is resident in a country that has a double tax agreement with Malaysia, the tax rates for the specific sources of income may be reduced*

*\** *Interest paid to a non-resident by a bank or a finance company in Malaysia is exempt from tax.*

**Foreign-Sourced Income**

Malaysia adopts a territorial principle of taxation, under which only income accruing in or derived from or received in Malaysia from outside Malaysia is subject to income tax in Malaysia pursuant to Section 3 of the ITA. Previously, "income received in Malaysia from outside Malaysia" or "foreign-sourced income" ("FSI") received by Malaysian taxpayers is not taxable due to the availability of tax exemption under Paragraph 28, Schedule 6 of the ITA ("Para 28"). This exemption is applicable to any person other than a resident company carrying on the business of banking, insurance, or sea or air transport, in respect of income derived from sources outside Malaysia and received in Malaysia, pursuant to Para 28. On October 29, 2021, however, the Malaysian government announced via the Budget 2022 that the exemption under Para 28 will no longer be applicable to tax residents, effective from January 1, 2022. Therefore, income tax will be imposed on resident persons in Malaysia on income derived from foreign sources and received in Malaysia with effect from January 1, 2022. Such income will be treated equally vis-à-vis income accruing in or derived from Malaysia and taxable under Section 3 of the ITA.

In summary, the tax treatments for the income of a person in Malaysia are depicted as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Income Derived From** | **Income Received In** | **Prior to**<br> **January 1, 2022** | **Effective from**<br> **January 1, 2022** |
| Malaysia | Malaysia | Taxable | Taxable |
| Malaysia | Malaysia from outside Malaysia | Taxable | Taxable |
| Overseas | Malaysia from outside Malaysia | Tax Exempted | Taxable |
| Overseas | Overseas | Tax Exempted | Tax Exempted |

---

On November 16, 2021, the IRB announced the Special Income Remittance Program ("SIRP") for Malaysian tax residents whose income is derived from foreign sources and received in Malaysia. The implementation of taxation on FSI is staggered into the following two timelines, depending on the timing of remittance of FSI into Malaysia: (i) during the period from January 1 to June 30, 2022 (six months) (the "SIRP Period"), FSI remitted shall be taxed at a fixed rate of 3% on the gross amount of income remitted; and (ii) on or after July 1, 2022, FSI remitted shall be taxed at the prevailing tax rate applicable to tax residents on the statutory income, namely, gross FSI less expenses attributable to the FSI. FSI remitted under the SIRP will be accepted in good faith by the IRB as the IRB will not conduct an audit or investigation on the taxpayer. In addition, the IRB will not impose any penalty on FSI remitted during the SIRP Period.

Notwithstanding the implementation of taxation on FSI, the Malaysian Ministry of Finance announced on December 30, 2021 that exemption from income tax would be available for a period of five years commencing from January 1, 2022 to December 31, 2026 on certain categories of FSI received by Malaysian tax residents, when certain qualifying conditions are met. Specifically, (i) for individuals excluding those carrying on business in Malaysia through a partnership, all categories of FSI are exempted; and (ii) for companies and limited liability partnerships, foreign-sourced dividend income is exempted.

The Malaysian Ministry of Finance will enact the above income tax exemption by issuing a Ministerial exemption order in due course. Notably, this income tax exemption will also be subject to a set of eligibility requirements that will be detailed in the guidelines to be issued by the IRB.

**Profit Distribution and Withholding Tax**

Malaysia is under the single-tier tax system, under which income tax imposed on a company's chargeable income is a final tax, and dividends distributed are exempt from tax in the hands of the shareholders pursuant to Section 108 of the ITA. As such, companies are not required to deduct tax from dividends paid to shareholders, and no tax credits will be available to offset against the recipient's tax liability. Corporate shareholders receiving exempt single-tier dividends can, in turn, distribute such dividends to their own shareholders, who are also exempt on such receipts. In addition, while Malaysia imposes withholding tax on certain payments, such as interest, royalties, contract payments, and special classes of income, Malaysia does not do so on dividends in addition to tax on the profits out of which the dividends are declared. Such position aligns with the double taxation agreements ("DTAs") concluded by Malaysia with an extensive number of countries, including the United States. Pursuant to the DTAs, no withholding tax will be imposed on dividends paid by Malaysian companies to non-residents.

In view of the above, we believe that dividends which will be paid to us from our direct subsidiary in Malaysia will not be subject to any withholding tax.

**<u>Cayman Islands Taxation</u>**

The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporate tax.

The Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands in a form substantially similar to the following:

**"The Tax Concessions Act<br> (Revised)<br> Undertaking as to Tax Concessions**

In accordance with the Tax Concessions Act (Revised), the following undertaking is hereby given to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That
no law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply
to the Company or its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In
addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
tax shall be payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 On
or in respect of the shares, debentures or other obligations of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 by
way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act (Revised).

These concessions shall be for a period of 30 years from the 22nd day of December 2025."

**<u>United States Federal Income Taxation</u>**

The following does not address the tax consequences to any particular investor or to persons in special tax situations, such as:

● banks;

● financial institutions;

● insurance companies;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● persons that elect to mark their securities to market;

● U.S. expatriates or former long-term residents of the U.S.;

● governments or agencies or instrumentalities thereof;

● tax-exempt entities;

● persons liable for alternative minimum tax;

● persons holding our Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

● persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Ordinary Shares);

● persons who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

● persons holding our Ordinary Shares through partnerships or other pass-through entities;

● beneficiaries of a Trust holding our Ordinary Shares; or

● persons holding our Ordinary Shares through a trust.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares in this offering. Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.

***Material Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares***

The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The following brief description applies only to U.S. Holders that hold Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Ordinary Shares and you are, 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) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income 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 entities treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our Ordinary Shares 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 PFIC rules discussed below, the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on certain exchanges, which presently include the NYSE and the Nasdaq Stock Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

 ***Taxation of Dispositions of Ordinary Shares***

Subject to the PFIC rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

 ***PFIC***

A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

● at least 75% of its gross income for such taxable year is passive income; or

● at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, however, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Ordinary Shares.

If we are a PFIC for your taxable year(s) during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

● the excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;

● the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

● the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "—Taxation of Dividends and Other Distributions on our Ordinary Shares" generally would not apply.

The mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. If the Ordinary Shares are regularly traded on the Nasdaq Capital Market and if you are a holder of Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Ordinary Shares when inherited from a decedent that was previously a holder of our Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Ordinary Shares.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above.

***Information Reporting and Backup Withholding***

Dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares. Failure to report such information could result in substantial penalties. You should consult your own tax advisor regarding your obligation to file a Form 8938.

**PLAN OF DISTRIBUTION**

This is a self-underwritten best-efforts offering. This prospectus is part of a Registration Statement that permits our shareholders, officers and directors to sell the shares being offered by the Company directly to the public, with no commission or other remuneration payable to them for any shares they may sell. At present, we expect that our shareholders, officers and directors will personally contact friends, family members and business acquaintances and inform them about the offering. In addition, we may market the offering to institutional investors through our shareholders, officers and directors. We may also offer our Ordinary Shares through FINRA licensed brokers, dealers or agents, although we have no current plans or arrangements to do so.

In offering the securities on our behalf, our officers and directors will rely on the safe harbor from broker dealer registration set forth in Rule 3a4- 1 under the Exchange Act. Our officers and directors will not register as a broker-dealers pursuant to Section 15 of the Exchange Act, in reliance upon Rule 3a4- 1, which sets forth those conditions under which a person associated with an issuer may participate in the offering of the Issuer's securities and not be deemed to be a broker-dealer. In that regard, we confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. None
 of our officers or directors are subject to a statutory disqualification, as that term is defined in Section 3(a) (39) of the Exchange
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. None
 of our officers or directors will be compensated in connection with their participation by the payment of commissions or other remuneration
 based either directly or indirectly on transactions in our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. None
 of our officers or directors is or will be, at the time of his participation in the offering, an associated person of a broker-dealer;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Our
 officers or directors meet the conditions of paragraph (a)(4)(ii) of Rule 3a4- 1 of the Exchange Act, in that each (A) primarily
 perform substantial duties for or on our behalf, other than in connection with transactions in securities, and (B) is not a broker
 or dealer, or has been an associated person of a broker or dealer, within the preceding 12 months, and (C) has not participated in
 selling and offering securities for any issuer more than once every 12 months other than in reliance on Paragraphs (a)(4)(i) or (a)(4)(iii)
 of Rule 3a4- 1.

None of our officers or directors, control persons or affiliates intend to purchase any shares in this offering.

**Procedures for Subscribing**

If you decide to subscribe for any shares in this offering, you must

● Execute and deliver a subscription agreement; and

● Deliver a check or certified funds to us for acceptance or rejection.

All checks for subscriptions must be either made payable to (i) _________ or (ii) escrow agent as agreed by the Company. Wire transfer and telegraphic transfer are also accepted. The Company will deliver stock certificates attributable to shares of Ordinary Shares purchased directly to the purchasers within ninety (90) days of the close of the offering.

**Right to Reject Subscriptions**

We have the right to accept or reject subscriptions in whole or in part, for any reason or for no reason. All monies from rejected subscriptions will be returned immediately by us to the subscriber, without interest or deductions. Subscriptions for securities will be accepted or rejected with letter by mail within 48 hours after we receive them.

**Regulation M**

During such time as we may be engaged in a distribution of any of the shares we are registering by this Registration Statement, we are required to comply with Regulation M. In general, Regulation M precludes the selling security holder, any affiliated purchasers and any broker-dealer or other person who participates in a distribution from bidding for or purchasing or attempting to induce any person to bid for or purchase, any security which is the subject of the distribution until the entire distribution is complete. Regulation M defines a "distribution" as an offering of securities that is distinguished from ordinary trading activities by the magnitude of the offering and the presence of special selling efforts and selling methods. Regulation M also defines a "distribution participant" as an underwriter, prospective underwriter, broker, dealer or other person who has agreed to participate or who is participating in a distribution.

Regulation M under the Exchange Act prohibits, with certain exceptions, participants in a distribution from bidding for or purchasing, for an account in which the participant has a beneficial interest, any of the securities that are the subject of the distribution. Regulation M also governs bids and purchases made in order to stabilize the price of a security in connection with a distribution of the security. We have informed the selling shareholders that the anti-manipulation provisions of Regulation M may apply to the sales of their shares offered by this prospectus.

**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;&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;&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;&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.

***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 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 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.

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 (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 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;&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;&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;&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 Ordinary Shares, whether by way of sale or subscription, in the BVI. Our Ordinary Shares have not been offered or sold, will not be offered or sold and no invitation to subscribe for our Ordinary Shares will be made, directly or indirectly, to members of the public in the BVI.

***Cayman Islands***

No offer or invitation, whether directly or indirectly, is being or may be made to the public in the Cayman Islands to subscribe for any of our securities

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses that are expected to be incurred in connection with the sale of Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC and the NASDAQ.

---

| | |
|:---|:---|
| SEC registration fee | $1104.80 |
| NASDAQ Listing Fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Transfer agent and registrar fee and expenses | \* |
| Miscellaneous expenses | \* |
| **Total** | \* |

---

\* To be filed by amendment

**LEGAL MATTERS**

The validity of our Ordinary Shares and certain other matters of Cayman Island law will be passed upon for us by Carey Olsen Cayman Limited ("Carey Olsen"). We are being represented by Patrizio & O'Leary LLP with respect to certain legal matters of U.S. federal securities laws in connection with this offering.

**EXPERTS**

The consolidated financial statements as of September 30, 2025 included in this prospectus have been so included in reliance upon the report of TAAD LLP an independent registered public accounting firm, upon the authority of said firm as experts in accounting and auditing.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated under the laws of the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions, and the availability of professional and support services. The Cayman Islands, however, has a different body of securities laws as compared to the United States and provides less protection for investors than the United States. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

Substantially all of our assets are located in Malaysia. In addition, most of our directors and officers are nationals or residents of Malaysia and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global as our U.S. registered agent to receive service of process with respect to any action brought against us in the United States.

Carey Olsen, our counsel with respect to the laws of the Cayman Islands, has advised us that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us, judgments of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any State; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the securities laws of the United States or any State, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive, given by a court of competent jurisdiction (the courts of the Cayman Islands will apply the rules of Cayman Islands private international law to determine whether the foreign court is a court of competent jurisdiction), and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

Our counsel to Malaysian law has advised us that there is uncertainty as to whether the courts of Malaysia 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 Malaysia against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Our counsel has further advised us that there are currently no statutes, treaties, or other forms of reciprocity between the United States and Malaysia providing for the mutual recognition and enforcement of court judgments. Under Malaysian laws, a foreign judgment cannot be directly or summarily enforced in Malaysia. The judgment must first be recognized by a Malaysian court either under applicable Malaysian laws or in accordance with common law principles. For Malaysian courts to accept the jurisdiction for recognition of a foreign judgment, the foreign country where the judgment is made must be a reciprocating country expressly specified and listed in the Reciprocal Enforcement of Judgments Act 1958 and Maintenance Orders (Facilities for Enforcement) Act 1949. As the United States is not one of the countries specified under the statutory regime where a foreign judgment can be recognized and enforced in Malaysia, a judgment obtained in the United States must be enforced by commencing fresh proceedings in a Malaysian court. The requirements for a foreign judgment to be recognized and enforceable in Malaysia must fulfill certain conditions, which includes the following: (i) the judgment must be a monetary judgment; (ii) the foreign court must have had jurisdiction accepted by a Malaysian court; (iii) the judgment was not obtained by fraud; (iv) the enforcement of the judgment must not contravene public policy in Malaysia; (v) the proceedings in which the judgment was obtained were not opposed to natural justice,

**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.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and schedules to the registration statement. Certain information is omitted, and you should refer to the registration statement and its exhibits and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. 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. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

The registration statements, reports and other information so filed can be obtained electronically by means of the SEC's website at *http://www.sec.gov*. Such statements, reports and information will also be available on our website at *http://www.___________.com*. The information on those websites is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**FINANCIAL REPORT**

**At September 30, 2025**

**For the Period from April 11, 2025 (inception) to September 30, 2025**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**<u>INDEX</u>**

---

| | |
|:---|:---|
|  | **PAGE** |
| **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 5854)](#a_000)** | **F-3** |
| [**BALANCE SHEET**](#a_001) | **F-4** |
| [**STATEMENTS OF OPERATIONS**](#a_002) | **F-5** |
| [**STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)**](#a_003) | **F-6** |
| [**STATEMENT OF CASH FLOWS**](#a_004) | **F-7** |
| [**NOTES TO FINANCIAL STATEMENTS**](#a_005) | **F-8 - F-14** |

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Director and Shareholders of<br> White Knights Alliance Capital Corporation

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of White Knights Alliance Capital Corporation (the Company) as of and for the period from April 11, 2025 (inception) to the period ended September 30, 2025, and the related statement of operations, statement of changes in shareholders' deficit, and statement of cash flows for the period from April 11, 2025 (inception) to the period ended September 30, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of period ended September 30, 2025, and the results of its operations and its cash flows for the period from April 11, 2025 (inception) to the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company incurred net losses of $11,045 for the period from April 11, 2025 (inception) to September 30, 2025, and had a shareholders' deficit of $11,131 as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management believes that the Company's capital requirements will depend on factors including the success of its development efforts and its ability to raise additional capital, for which there is no assurance of availability. Management's evaluation of these conditions and its plans regarding this matter are also described in Note 2 to the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](image_002.jpg) |
| We have served as the Company's auditor since 2025. |
| Diamond Bar, California |
| December 29, 2025 |

---

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**BALANCE SHEET**

---

| | |
|:---|:---|
|  | **September 30,<br> 2025** |
| ASSETS |  |
| Total Assets | $- |
| LIABILITIES AND SHAREHOLDERS' DEFICIT |  |
| Current Liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | $8874 |
| &nbsp;&nbsp;&nbsp;Due to related parties (Note 5) | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 11131 |
| Total Liabilities | 11131 |
| Commitments and Contingencies (Note 8) |  |
| Shareholders' Deficit: |  |
| &nbsp;&nbsp;&nbsp;Class A Share, par value $0.0001, 245,000,000 shares authorized; 100 shares issued and outstanding as of September 30, 2025\* |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (11045) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Deficit | (11131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Deficit | $- |

---

\* On December 21, 2025, the Company amended its Articles of Association to change its capital structure., we retrospectively reflect the changes here, see more detail in Note 9-Subsequent Events.

**The accompanying notes are an integral part of these financial statements.**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the<br> Period from<br> April 11,<br> 2025<br> (inception) to<br> September 30,<br> 2025** |
| Operating Expenses |  |
| &nbsp;&nbsp;&nbsp;Incorporation expenses | 2396 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1761 |
| &nbsp;&nbsp;&nbsp;Office expenses | 1630 |
| &nbsp;&nbsp;&nbsp;Traveling expenses | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operation Expenses | 11045 |
| Loss from Operations | (11045) |
| Loss before Provision for Income Tax | (11045) |
| Provision for Income Tax | - |
| Net Loss | $(11045) |
| Other comprehensive income (loss) | (87) |
| Total comprehensive income (loss) | $(11132) |
| Basic and Diluted Loss per Share | $(110) |
| Weighted average shares outstanding - Basic and Diluted | 100 |

---

**The accompanying notes are an integral part of these financial statements.**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Share\*** | **Class A Share\*** | | | | |
|  | **$0.0001 Par Value** | **$0.0001 Par Value** | | | | |
|  | **Shares** | **Amount** |<br>**Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Loss** |<br>**Total**<br> **Shareholders'**<br>**Deficit** |
| Balances at April 11, 2025 (inception) |  | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Issuance of common stock | 100 |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (11045) |  | (11045) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | - | - | - |  | (87) | (87) |
| Balances at September 30, 2025 | 100 | $- | $1 | $(11045) | $(87) | $(11131) |

---

\* On December 21, 2025, the Company amended its Articles of Association to change its capital structure. We retrospectively reflect the changes here, see more detail in Note 9-Subsequent Events

**The accompanying notes are an integral part of these financial statements.**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
|  | **For the <br> Period from**<br>**April 11,<br> 2025<br> (inception) to**<br>**September 30,**<br>**2025** |
| <u>Cash Flows from Operating Activities</u> |  |
| Net loss | $(11045) |
| Adjustments to reconcile net loss |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 8874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 2257 |
| Net cash provided by operating activities | 86 |
| <u>Cash Flows from Investing Activities</u> |  |
| Net cash provided (used) by investing activities |  |
| <u>Cash Flows from Financing Activities</u> |  |
| &nbsp;&nbsp;&nbsp;Issuance of common stock | 1 |
| Net cash provided by financing activities | 1 |
| Effect on changes in foreign exchange rate | (87) |
| Increase (decrease) in cash |  |
| Cash at beginning of period | - |
| Cash at end of period | $- |
| Supplemental Disclosures of Cash Flow Information: |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | $- |

---

**The accompanying notes are an integral part of these financial statements.**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 1-** | **ORGANIZATION AND BUSINESS BACKGROUND** |

---

White Knights Alliance Capital Corp., (the "Company" or "White Knights") was incorporated in the Cayman Islands on April 11, 2025 under the name W Straits Group Limited, which was subsequently changed to White Knights Alliance Capital Corp. on July 9, 2025. The Company plans to engage in the business of providing financial services.

---

| | |
|:---|:---|
| **Note 2-** | **GOING CONCERN** |

---

The financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred net losses of $11,045 for the period from April 11, 2025 (inception) to September 30, 2025, and the Company had shareholder's deficit of $11,131 as of September 30, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management believes that the Company's capital requirements will depend on many factors including the success of our development efforts and our efforts to raise capital. Management also believes the Company needs to raise additional capital for working purposes. There is no assurance that such financing will be available in the future. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

---

| | |
|:---|:---|
| **Note 3-** | **SIGNIFICANT ACCOUNTING POLICIES** |

---

**Basis of Presentation**

The accompanying financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("US GAAP").

**Use of Estimates**

The preparation of financial statements in conformity with US GAAP requires 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 financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from those estimates.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 3-** | **SIGNIFICANT ACCOUNTING POLICIES (continued)** |

---

**Foreign Currency Translation**

The accompanying financial statements are presented in United States dollar ("USD"), which is the reporting currency of the Company. The functional currency of the Company is Malaysian Ringgit ("MYR").

The Company maintains the books and record in the functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. The resulting exchange differences are recorded in the statements of operations.

The reporting currency of the Company is the United States Dollars ("US$"), and the accompanying financial statements have been expressed in US$. In accordance with ASC Topic 830-30, "Translation of Financial Statements", assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive gain (loss) within the statements of changes in shareholders' deficit.

The exchange rates used for foreign currency translation were as follows:

USD$1 = MYR

---

| | | |
|:---|:---|:---|
| **Period Covered** | **Balance Sheet Date** **Rates** | **Average Rates** |
| April 11, 2025 through September 30, 2025 | 4.2200 | 4.2525 |

---

**Statements of Cash Flows**

In accordance with FASB ASC 830-230, "Statement of Cash Flows", cash flows from the Company's operations is calculated based upon the functional currency. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 3-** | **SIGNIFICANT ACCOUNTING POLICIES (continued)** |

---

**Concentrations of Credit Risk**

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains its cash and cash equivalents with high-quality institutions. Deposits held with banks may not be insured or exceed the amount of insurance provided on such deposits. Generally these deposits may be redeemed upon demand and therefore bear minimal risk.

**Related Parties**

The Company adopted FASB ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

**Cash and Cash Equivalents**

Cash and cash equivalents include cash on hand, deposits in banks with maturities of three months or less, and all highly liquid investments that are unrestricted as to withdrawal or use, and which have original maturities of three months or less.

**Fair Value of Measurements**

The Company adopted FASB ASC 820 "Fair Value Measurements," which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an 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. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This 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:** | Unadjusted quoted prices in active markets for identical assets or liabilities. |

---

---

| | |
|:---|:---|
| **Level 2:** | Input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. |

---

---

| | |
|:---|:---|
| **Level 3:** | Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability. |

---

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities, and Level 3 assets and liabilities involve greater judgment than Level 1 and Level 2 assets or liabilities.

As of the balance sheet date, the carrying values of accrued expenses and due to related parties approximated at their fair values due to the short-term nature of these financial instruments.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 3-** | **SIGNIFICANT ACCOUNTING POLICIES (continued)** |

---

**Advertising Costs**

The Company expenses advertising costs as incurred or the first time the advertising takes place, whichever is earlier, in accordance with the FASB ASC 720-35, "Advertising Costs." The advertising costs were immaterial for the period from April 11, 2025 (inception) to September 30, 2025.

**Comprehensive Income**

FASB ASC 220, "Comprehensive Income," establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying statements of changes in owners' equity consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

**Segment Reporting**

FASB ASC 820, "Segments Reporting," establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company currently operates in one principal business segment.

**Earnings (Loss) Per Share**

The Company reports earnings per share in accordance with FASB ASC 260, "Earnings Per Share," which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There are no potentially dilutive securities outstanding (options and warrants) for the period from April 11, 2025 (inception) to September 30, 2025.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 3-** | **SIGNIFICANT ACCOUNTING POLICIES (continued)** |

---

**Income Taxes**

The Company accounts for income tax in accordance with FASB ASC 740-10-25, which requires the asset and liability approach for financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company has accumulated deficit in its operation. Because there is no certainty that we will realize taxable income in the future, we did no record any deferred tax benefit as a result of these losses.

The Company adopted FASB ASC 740-10-30, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The FASB guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The FASB guidance also provides guidance on de-recognition of tax benefits, classification on the balance sheet, interest and penalties, accounting in interim periods, disclosure, and transition. In accordance with the FASB guidance, the Company performed a self-assessment and concluded that there were no significant uncertain tax positions requiring recognition in its financial statements.

**Recent Accounting Pronouncements**

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position, or cash flow.

---

| | |
|:---|:---|
| **Note 4-** | **ACCRUED EXPENSES** |

---

Accrued expenses primarily consisted of travel expenses. As of September 30, 2025, the balance was $8,874.

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 5-** | **DUE TO RELATED PARTIES** |

---

Since Company did not have a bank account, the related parties have funded the Company's operations since its inception. These advances from the major shareholder are unsecured, non-interest bearing and payable on demand. There are no written agreements for these advances. The amount paid by the related parties and the balance due to the related parties follow,

The Company had transactions with the following related parties:

---

| | |
|:---|:---|
| **Name of Related Party** | **Nature of Relationship** |
| Mr. Ting Teck Sheng | CEO of the Company |
| Richwood Ventures Berhad | Our CEO, Ting Teck Sheng, is the majority shareholder and director |

---

The amounted paid by the related parties and the balance due to the related parties consist of the following

---

| | | |
|:---|:---|:---|
| **Name of Related Party** | **Amount paid in the period from April 11, <br> 2025 (inception) to<br> September 30, 2025** | **Balance <br> due as of <br> September 30, 2025** |
| Mr. Ting Teck Sheng, CEO | $721 | $721 |
| Richwood Ventures Berhad | 1536 | 1536 |
| &nbsp;&nbsp;&nbsp;Total | $2257 | $2257 |

---

---

| | |
|:---|:---|
| **Note 6-** | **SHARE CAPITAL** |

---

**Authorized Capital**

On April 11, 2025 (inception), the Company is authorized to issue 5,000,000 shares of common stock, par value $0.01 per share.

On December 21, 2025, the Company amended its articles of association, pursuant to which its authorized share capital was redesignated from US$50,000 divided into 500,000,000 shares with a par value of US$0.0001 per share to US$50,000 divided into (i) 245,000,000 Class A Shares with a par value of US$0.0001 per share, (ii) 245,000,000 Class B Shares with a par value of US$0.0001 per share, (iii) 5,000,000 Preference A Shares with a par value of US$0.0001 per share, and (iv) 5,000,000 Preference B Shares with a par value of US$0.0001 per share.

Holders of Class A Shares are entitled to two votes per share, holders of Class B Shares are entitled to one vote per share, and holders of Preference A Shares are entitled to fifty votes per share. Preference B Shares have no designated rights or privileges at this time, and any such rights or privileges may be established in the future at the discretion of the Company's Board of Directors.

Each Preference A Share shall be convertible, at the option of the holder thereof, at any time into such number of fully paid and non-assessable Class A Shares at an initial Conversion Rate of 1:1.

**Issuance of Common Stock**

On April 11, 2025 (inception), one share of common stock was issued for $1.00. In connection with the foregoing amendment, on December 21, 2025, the Board of Directors approved the subdivision of the Company's sole outstanding share with a par value of US$0.01 into 100 Class A Shares with a par value of US$0.0001 per share.

On December 22, 2025, the Company issued an aggregate of 29,999,900 Class A Shares, 30,000,000 Class B Shares, and 50,000 Preference A Shares, all at a par value of US$0.0001 per share, for total consideration of US$6,005, to Mr. Ting, the Company's Chief Executive Officer and Chief Financial Officer, as compensation for services rendered to the Company for the three months ended December 31, 2025

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**NOTES TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Note 7-** | **OFFICE RENTAL EXPENSE** |

---

From time to time, our sole director provide office space to us for free. However, we have not reached a formal lease agreement with any officer as of the date of this filing. The office rental expense were $0 for the period from April 11, 2025 (inception) to September 30, 2025.

---

| | |
|:---|:---|
| **Note 8-** | **COMMITMENTS AND CONTINGENCIES** |

---

The Company adopted ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

---

| | |
|:---|:---|
| **Note 9-** | **SUBSEQUENT EVENTS** |

---

On December 21, 2025, the Company amended its articles of association, pursuant to which its authorized share capital was redesignated from US$50,000 divided into 500,000,000 shares with a par value of US$0.0001 per share to US$50,000 divided into (i) 245,000,000 Class A Shares with a par value of US$0.0001 per share, (ii) 245,000,000 Class B Shares with a par value of US$0.0001 per share, (iii) 5,000,000 Preference A Shares with a par value of US$0.0001 per share, and (iv) 5,000,000 Preference B Shares with a par value of US$0.0001 per share.

Holders of Class A Shares are entitled to two votes per share, holders of Class B Shares are entitled to one vote per share, and holders of Preference A Shares are entitled to fifty votes per share. Preference B Shares have no designated rights or privileges at this time, and any such rights or privileges may be established in the future at the discretion of the Company's Board of Directors.

In connection with the foregoing amendment, on December 21, 2025, the Board of Directors approved the subdivision of the Company's sole outstanding share with a par value of US$0.01 into 100 Class A Shares with a par value of US$0.0001 per share.

On December 22, 2025, the Company issued an aggregate of 29,999,900 Class A Shares, 30,000,000 Class B Shares, and 50,000 Preference A Shares, all at a par value of US$0.0001 per share, for total consideration of US$6,005, to Mr. Ting, the Company's Chief Executive Officer and Chief Financial Officer.

**2,000,000 Class A Ordinary Shares**

**PRELIMINARY 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;**, 2025**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors.**

Our Amended and Restated Memorandum and Articles of Association will empower us to indemnify our directors against certain liabilities they incur by reason of their being a director of our Company.

**Item 7. Recent Sales of Unregistered Securities.**

The following is a summary of our share issuances since incorporation:

On April 11, 2025, we issued 1 Class A share to our founder (our chief executive officer and director), converted into 100 Class A shares due to a capitalization reorganization by the Company.

On December 22, 2025 we issued 29,999,900 Class A shares to our founder for services rendered.

On December 22, 2025 we issued 30,000,000 Class B shares to our founder for services rendered.

On December 22, 2025, we issue 50,000 Class A Preference shares to our founder for services rendered.

**Item 8. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 following documents are filed as part of this registration statement:

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or has been included in the consolidated financial statements or notes thereto.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration
 statement (or the most recent post-effective amendment thereof) that, individually or
 in the aggregate, represent a fundamental change in the information in the registration statement.
 Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
 the total dollar value of securities offered would not exceed that which was registered)
 and any deviation from the low or high end of the estimated maximum offering range may be
 reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if,
 in the aggregate, the changes in volume and price represent no more than a 20% change in
 the maximum aggregate offering price set forth in the "Calculation of Registration
 Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in the
 registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective amendment
 shall be deemed to be a new registration statement relating to the securities offered therein,
 and the offering of such securities at that time shall be deemed to be the initial bona fide
 offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities
 being registered that remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To
 file a post-effective amendment to the registration statement to include any financial
 statements required by Item 8.A. of Form 20-F at the start of any delayed
 offering or throughout a continuous offering. Financial statements and information otherwise
 required by Section 10(a)(3) of the 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 (a)(4) and other information necessary
 to ensure that all other information in the prospectus is at least as current as the date
 of those financial statements. Notwithstanding the foregoing, with respect to registration
 statements on Form F-3, a post-effective amendment need not be filed to include
 financial statements and information required by Section 10(a)(3) of the act if
 such financial statements and information are contained in periodic reports filed with or
 furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of
 the Exchange Act that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That,
 for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to
 Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed
 part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2),
 (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to
 Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the
 Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of
 prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in
 the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
 such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
 statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona
 fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration
 statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that
 is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede
 or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or
 made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as
 part of a registration statement relating to an offering, other than registration statements
 relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
 shall be deemed to be part of and included in the registration statement as of the date it
 is first used after effectiveness; provided, however, that no statement made in a registration
 statement or prospectus that is part of the registration statement or made in a document
 incorporated or deemed incorporated by reference into the registration statement or prospectus
 that is part of the registration statement will, as to a purchaser with a time of contract
 of sale prior to such first use, supersede or modify any statement that was made in the registration
 statement or prospectus that was part of the registration statement or made in any such document
 immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That,
 for the purpose of determining liability of the registrant under the Securities Act to any
 purchaser in the initial distribution of the securities, the undersigned registrant undertakes
 that in a primary offering of securities of the undersigned registrant pursuant to this registration
 statement, regardless of the underwriting method used to sell the securities to the purchaser,
 if the securities are offered or sold to such purchaser by means of any of the following
 communications, the undersigned registrant will be a seller to the purchaser and will be
 considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned registrant hereby undertakes to provide to the underwriters at the closing specified
 in the underwriting agreements, certificates in such denominations and registered in such
 names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers, and controlling persons of the registrant pursuant to the provisions described
 in Item 6 hereof, or otherwise, the registrant has been advised that in the opinion
 of the SEC, such indemnification is against public policy as expressed in the Securities
 Act and is, therefore, unenforceable. In the event that a claim for indemnification against
 such liabilities (other than the payment by the registrant of expenses incurred or paid by
 a director, officer, or controlling person of the registrant in the successful defense of
 any action, suit, or proceeding) is asserted by such director, officer, or controlling person
 in connection with the securities being registered, the registrant will, unless in the opinion
 of its counsel the matter has been settled by controlling precedent, submit to a court of
 appropriate jurisdiction the question whether such indemnification by it is against public
 policy as expressed in the Securities Act and will be governed by the final adjudication
 of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule 430A
 and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or
 (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
 statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 the purpose of determining any liability under the Securities Act, each post-effective amendment
 that contains a form of prospectus shall be deemed to be a new registration statement relating
 to the securities offered therein, and the offering of such securities at that time shall
 be deemed to be the initial bona fide offering thereof.

**EXHIBITS** 

**Description**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Exhibit** |
| 3.1\* | [Certification of Incorporation, dated April 11, 2025](ea026953701ex3-1_white.htm) |
| 3.2\* | [Certification of Incorporation on Change of Name, dated July 9, 2025](ea026953701ex3-2_white.htm) |
| 3.3\* | [Amended and Restated Memorandum and Articles of Association, dated December 21, 2025](ea026953701ex3-3_white.htm) |
| 4.1\*\* | Specimen certificate evidencing Ordinary Shares |
| 5.1\*\* | Opinion of Carey Olsen regarding the validity of the Ordinary Shares being registered |
| 21.1\* | [List of Subsidiaries](ea026953701ex21-1_white.htm) |
| 23.1\* | [Consent of TAAD LLP, an independent registered public accounting firm](ea026953701ex23-1_white.htm) |
| 23.2\*\* | Consent of Carey Olsen (included in Exhibit 5.1) |
| 107\* | [Filing Fee Table](ea026953701ex-fee_white.htm) |

---

\* Filed herewith

\*\* To be filed by amendment

**SIGNATURES**

Pursuant to the requirements of the Securities Act, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the F-1 Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Malaysia, on December 29, 2025.

---

| | |
|:---|:---|
| **WHITE KNIGHTS ALLIANCE CAPITAL CORP.** | **WHITE KNIGHTS ALLIANCE CAPITAL CORP.** |
| By: | */s/ Ting Teck Sheng* |
| Name: | Ting Teck Sheng |
| Title: | Chief Executive Officer, Chief Financial Officer, Director |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Ting Teck Sheng* | Chief Executive Officer, Chief Financial Officer, Director | December 29, 2025 |
| Name: Ting Teck Sheng | (Principal Executive Officer, (Principal Financial and Accounting Officer) |  |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

CO - 420767 Certificate Of Incorporation Assistant Registrar of Companies, Cayman Islands. I, TANIA CHALLENGER Assistant Registrar of Companies of the Cayman Islands DO HEREBY CERTIFY, pursuant to the Companies Act, that all requirements of the said Act in respect of registration were complied with by W Straits Group Limited an Exempted Company incorporated in the Cayman Islands with Limited Liability with effect from the 11th day of April Two Thousand Twenty - Five Given under my hand and Seal at George Town in the Island of Grand Cayman this 11th day of April Two Thousand Twenty - Five Authorisation Code : 932941465134 www.verify.gov.ky 17 April 2025

## Exhibit 3.2

**Exhibit 3.2**

![](ex3-2_001.jpg)

CO - 420767 Certificate of Incorporation on Change of Name I DO HEREBY CERTIFY that W Straits Group Limited having by Special resolution dated 9th day of July Two Thousand Twenty - Five changed its name, is now incorporated under name of White Knights Alliance Capital Corp. Given under my hand and Seal at George Town in the Island of Grand Cayman this 9th day of July Two Thousand Twenty - Five An Authorised Officer, Registry of Companies, Cayman Islands . Authorisation Code : 137920698693 www.verify.gov.ky 11 July 2025

## Exhibit 3.3

**Exhibit 3.3**

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**(Adopted by Special Resolution passed on 21 December 2025)**

![](ex3-3_001.jpg)

**THE COMPANIES Act (AS REVISED) OF THE CAYMAN ISLANDS<br> EXEMPTED COMPANY LIMITED BY SHARES<br>AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION**

**OF**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**(adopted by Special Resolution passed on 21 December 2025)**

1. The name of the Company is White Knights Alliance Capital Corp.

2. The registered office of the Company shall be at the offices of CO Services Cayman Limited, PO Box 10008,
Pavilion East, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands, or at such other place as the Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to exercise all the functions of a natural person of full capacity.

4. The liability of each Member is limited to the amount from time to time unpaid on such Member's Shares.

5. The share capital of the Company is US$50,000 divided into 245,000,000 Class A Shares of a par value of
US$0.0001 each, 245,000,000 Class B Shares of a par value of US$0.0001 each, 5,000,000 Preference A Shares of a par value of US$0.0001
each, and 5,000,000 Preference B Shares of a par value of US$0.0001 each; provided always that, subject to the Companies Act and the Articles,
the Company shall have the power to redeem or purchase any of its shares and to sub-divide or consolidate the said shares or any of them
and to issue all or any part of its capital, whether original, redeemed, increased or reduced, without or without preference, priority,
special privilege or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and so that
unless the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise
shall be subject to the powers on the part of the Company hereinbefore provided.

6. The Company has the power to register by way of continuation outside of the Cayman Islands in accordance
with the Companies Act and to de-register as an exempted company in the Cayman Islands.

7. Capitalised terms that are not defined in this Memorandum of Association have the same meaning as those
given in the Articles of Association of the Company.

**THE COMPANIES Act (AS REVISED) OF THE CAYMAN ISLANDS<br> EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> ARTICLES OF ASSOCIATION**

**OF**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**(adopted by Special Resolution passed on 21 December 2025)**

**TABLE OF CONTENTS**

1. PRELIMINARY 1

2. PRELIMINARY 8

3. REGISTERED OFFICE and OTHER OFFICES 9

4. SHARES 9

5. SPECIAL RIGHTS ATTACHING TO SHARES 11

6. REGISTER OF MEMBERS 13

7. CLOSURE of the REGISTER OF MEMBERS AND
 FIXING a RECORD DATE 14

8. CERTIFICATED SHARES 15

9. UNCERTIFICATED SHARES 15

10. DEPOSITORY INTERESTS 17

11. CALLS ON SHARES 18

12. FORFEITURE OF SHARES 20

13. TRANSFER OF SHARES 22

14. TRANSMISSION OF SHARES 24

15. REDEMPTION, PURCHASE AND SURRENDER OF SHARES 25

16. FINANCIAL ASSISTANCE 26

17. Class RIGHTS AND CLASS MEETINGS 26

18. No recognition of trusts or third party
 interests 27

19. LIEN ON SHARES 27

20. UNTRACED MEMBERS 29

21. ALTERATION OF share CAPITAL 30

22. GENERAL MEETINGS 31

23. NOTICE OF GENERAL MEETINGS 32

24. PROCEEDINGS AT GENERAL MEETINGS 33

25. VOTES OF MEMBERS 36

26. REPRESENTATION OF MEMBERS AT GENERAL MEETINGS 37

27. Appointment, retirement and removal Of
 Directors 40

28. ALTERNATE DIRECTORS 43

29. POWERS OF DIRECTORS 44

30. PROCEEDINGS OF DIRECTORS 45

31. DELEGATION OF DIRECTORS' POWERS 48

32. Directors' renumeration, expenses
 and benefits 49

33. SEAL 50

34. DIVIDENDS, DISTRIBUTIONS AND RESERVES 51

35. SHARE PREMIUM ACCOUNT 56

36. DISTRIBUTION PAYMENT RESTRICTIONS 57

37. BOOKS OF ACCOUNT 57

38. AUDIT 58

39. NOTICES 58

40. WINDING UP 60

41. INDEMNITY AND INSURANCE 61

42. REQUIRED DISCLOSURE 62

43. FINANCIAL YEAR 62

44. TRANSFER BY WAY OF CONTINUATION 62

45. MERGERS AND CONSOLIDATIONS 62

46. AMENDMENT OF MEMORANDUM AND ARTICLES 62

47. TAX TRANSPARENCY REPORTING 62

i

1. PRELIMINARY

1.1 Table A not to apply

The regulations contained or incorporated in Table A in the First Schedule to the Companies Act shall not apply to the Company and these Articles shall apply in place thereof.

1.2 Definitions

---

| | |
|:---|:---|
| **"Articles"** | means these amended and restated articles of association of the Company, as amended or substituted from time to time. |
| **"Auditor"** | means the person (if any) for the time being performing the duties of auditor of the Company. |
| **"Beneficial Ownership"** | means, with respect to a security, sole or shared voting power (which includes the power to vote, or to direct the voting of, such security) and/or investment power (which includes the power to acquire (or an obligation to acquire) or dispose, or to direct the acquisition or disposal of, such security) and/or a long economic exposure, whether absolute or conditional, to changes in the price of such security, in each case, whether direct or indirect, and whether though any contract, arrangement, understanding, relationship, or otherwise and "**beneficial owner**" shall mean a person entitled to such Interest. |
| **"Board"** | means the board of Directors of the Company from time to time, appointed pursuant to the provisions of these Articles. |
| **"certificated"** | means, in relation to a Share, a Share which is recorded in the Register of Members as being held in certificated form. |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company. |
| **"Class A Shares"** | means Class A Shares of US$0.0001 par value in the capital of the Company designated as such and having the rights and being subject to the limitations set out in these Articles; |
| **"Class B Shares"** | means Class B Shares of US$0.0001 par value in the capital of the Company designated as such and having the rights and being subject to the limitations set out in these Articles. |
| **"Clear Days"** | in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect. |

---

---

| | |
|:---|:---|
| **"Clearing House"** | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or any Interests in Shares) are listed or quoted on an Exchange. |
| **"Companies Act"** | means the Companies Act (as revised) of the Cayman Islands, as amended or revised from time to time. |
| **"Company"** | means the above-named company. |
| **"Depository"** | means any person who is a Member by virtue of its holding Shares as trustee or otherwise on behalf of those who have elected to hold Shares in dematerialised form through a Depository Interest. |
| **"Depository Interest"** | means a dematerialised depository receipt representing the underlying Share in the capital of the Company to be issued by a Depository nominated by the Company. |
| **"Directors"** | means the directors for the time being of the Company or as the case may be, the Directors assembled as a board or as a committee thereof. |
| **"Electronic Record"** | has the same meaning as in the Electronic Transactions Act. |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (as revised) of the Cayman Islands, as amended or revised from time to time. |
| **"Exchange"** | means the applicable securities exchange(s) for so long as any Shares or Interests in Shares are there listed or quoted and any other recognised securities exchange(s) on which any Shares or Interests in Shares are listed or quoted for trading from time to time. |
| **"Exchange Rules"** | means the listing rules of applicable Exchange(s) and any other relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing or quotation of any Shares (or any Interests in Shares) on an Exchange. |
| **"Group"** | means the group comprising the Company and its subsidiary (not including any parent of the Company). |
| **"Group Undertaking"** | means any undertaking in the Group, including the Company. |
| **"Interest"** | in securities or in a person means any form of Beneficial Ownership (including, for the avoidance of doubt, any derivative, contractual or economic right or contract for difference) of securities of such person. |

---

---

| | |
|:---|:---|
| "**Listed Share**" | means a Share that is listed or admitted to trading on an Exchange. |
| "**Listed Share Register**" | means the register of members which registers the holdings of Listed Shares. |

---

---

| | |
|:---|:---|
| "**Non-Affiliated**" | means any person other than: |
| (a) | a person that owns five percent (5%) or more of the voting or economic interests of the Company; |
| (b) | an employee, director, officer or equity or interest holders of a person described in (a); |
| (c) | an immediate family member of any of the persons described in (a) and (b); and |
| (d) | any officer or employee of the Company or its subsidiaries. |

---

---

| | | |
|:---|:---|:---|
| "**Member**" | means any person from time to time entered in the Register of Members as a holder of one or more Shares and includes the Subscriber pending its entry therein. | means any person from time to time entered in the Register of Members as a holder of one or more Shares and includes the Subscriber pending its entry therein. |
| "**Memorandum**" | means the amended and restated memorandum of association of the Company, as amended or substituted from time to time. | means the amended and restated memorandum of association of the Company, as amended or substituted from time to time. |
| "**Ordinary Resolution**" | means a resolution: | means a resolution: |
|  | (a) | passed by a simple majority of such Members as, being entitled to do so, vote in person, or, where proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled by the Articles; or |
|  | (b) | approved in writing by all of the Members entitled to vote at a general meeting of the Company, in one or more instruments, each signed by one or more Members, and the effective date of the resolution so adopted shall be the date on which the instrument, or last of the instruments (if more than one) is executed in accordance with these Articles. |

---

---

| | |
|:---|:---|
| "**Ordinary Share**" | means the Class A Shares and the Class B Shares, or any of them as the context permits; |

---

---

| | |
|:---|:---|
| "**Permitted Transferee**" | means: |
| (a) | any holder of Preference A Shares on or prior to 31 December 2025; |
| (b) | a trust for the benefit of one or more such Permitted Transferees or persons other than a Permitted Transferee so long as one or more such Permitted Transferees have sole dispositive power and exclusive Voting Control with respect to the Preference A Shares held by such trust; |
| (c) | an Individual Retirement Account, as defined in Section 408(a) of the United States Internal Revenue Code of 1986, as amended, or a pension, profit sharing, stock bonus or other type of plan or trust of which one or more such Permitted Transferees is a participant or beneficiary and which satisfies the requirements for qualification under Section 401 of the United States Internal Revenue Code of 1986, as amended; provided that in each case one or more Permitted Transferees have sole dispositive power and exclusive Voting Control with respect to the Preference A Shares held in such account, plan or trust; |
| (d) | a corporation, company, partnership, limited partnership, limited liability partnership, limited liability company or other entity in which one or more such Permitted Transferees directly, or indirectly through one or more Permitted Transferees, owns shares, partnership interests, limited partnership interests, limited liability company interests or other interests, respectively, with sufficient Voting Control in such entity, or otherwise have legally enforceable rights, such that one or more Permitted Transferees retain sole dispositive power and exclusive Voting Control with respect to the Preference A Shares held by such entity. |
| **"Preference A Shares"** | means Preference A Shares of US$0.0001 par value in the capital of the Company designated as such and having the rights and being subject to the limitations set out in these Articles. |
| **"Preference B Shares"** | means Preference B Shares of US$0.0001 par value in the capital of the Company designated as such. |

---

---

| | | |
|:---|:---|:---|
| "**Register of Members**" | means the Listed Share Register, the Unlisted Share Register and any branch register(s) in each case as the context requires. | means the Listed Share Register, the Unlisted Share Register and any branch register(s) in each case as the context requires. |
| "**Registered Office**" | means the registered office for the time being of the Company in the Cayman Islands. | means the registered office for the time being of the Company in the Cayman Islands. |
| "**Relevant System**" | means any computer-based system and procedures permitted by the Exchange Rules, which enable title to Interests in a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters. | means any computer-based system and procedures permitted by the Exchange Rules, which enable title to Interests in a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters. |
| "**Seal**" | means the common seal of the Company (if any) and includes every duplicate seal. | means the common seal of the Company (if any) and includes every duplicate seal. |
| "**Secretary**" | means any person or persons appointed by the Directors to perform any of the duties of the secretary of the Company. | means any person or persons appointed by the Directors to perform any of the duties of the secretary of the Company. |
| "**Security Interest**" | means any mortgage, charge, pledge, lien, encumbrance, assignment, hypothecation or other third party right or interest (whether legal or equitable) of whatsoever nature granted in writing by a Member over any Shares held by it. | means any mortgage, charge, pledge, lien, encumbrance, assignment, hypothecation or other third party right or interest (whether legal or equitable) of whatsoever nature granted in writing by a Member over any Shares held by it. |
| "**Share**" | means a share in the capital of the Company and includes a fraction of a Share. | means a share in the capital of the Company and includes a fraction of a Share. |
| "**Special Resolution**" | means a special resolution passed in accordance with the Companies Act, being a resolution: | means a special resolution passed in accordance with the Companies Act, being a resolution: |
|  | (a) | passed by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled; or |
|  | (b) | approved in writing by all of the Members entitled to vote at a general meeting of the Company, in one or more instruments, each signed by one or more Members, and the effective date of the resolution so adopted shall be the date on which the instrument, or last of the instruments (if more than one) is executed in accordance with these Articles. |

---

---

| | | |
|:---|:---|:---|
| "**Subscriber**" | means the subscriber to the Memorandum. | means the subscriber to the Memorandum. |
| "**Subscriber Share**" | means any Share which the Subscriber has agreed to take pursuant to the Memorandum. | means any Share which the Subscriber has agreed to take pursuant to the Memorandum. |
| "**subsidiary**" | a company or undertaking is a subsidiary of a parent if the parent (i) holds a majority of the voting rights in it, or (ii) is a member of it and has the right to appoint or remove a majority of its board of directors, or (iii) is a member of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it. | a company or undertaking is a subsidiary of a parent if the parent (i) holds a majority of the voting rights in it, or (ii) is a member of it and has the right to appoint or remove a majority of its board of directors, or (iii) is a member of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it. |
| "**Transfer**" | with respect to Preference A Shares, means any sale, transfer, assignment, conveyance, hypothecation or other transfer or disposition of such Share or any legal or beneficial interest in such Preference A Shares, whether or not for value and whether voluntary or involuntary or by operation of law, including, without limitation: | with respect to Preference A Shares, means any sale, transfer, assignment, conveyance, hypothecation or other transfer or disposition of such Share or any legal or beneficial interest in such Preference A Shares, whether or not for value and whether voluntary or involuntary or by operation of law, including, without limitation: |
|  | (a) | a transfer of a Preference A Share to a broker or other nominee (regardless of whether or not there is a corresponding change in beneficial ownership); or |
|  | (b) | the transfer of, or entering into a binding agreement with respect to, Voting Control over a Preference A Share by proxy or otherwise, other than with respect to a Permitted Transferee. |
|  | Notwithstanding the foregoing, a "Transfer" shall not include (i) a grant of proxy to Directors or officers of the Company at the request of the Directors in connection with actions to be taken at a general, special or extraordinary general meeting, (ii) the grant of Preference A Shares by a holder of Preference A Shares that creates a mere Security Interest in such Shares pursuant to a bona fide loan or indebtedness transaction so long as the holder of such Preference A Shares continues to exercise Voting Control over such Shares, or (iii) the fact that, at any time, the spouse of any holder of Preference A Shares possesses or obtains an interest in such holder's Preference A Shares arising solely by reason of the application of the community property laws of any jurisdiction. | Notwithstanding the foregoing, a "Transfer" shall not include (i) a grant of proxy to Directors or officers of the Company at the request of the Directors in connection with actions to be taken at a general, special or extraordinary general meeting, (ii) the grant of Preference A Shares by a holder of Preference A Shares that creates a mere Security Interest in such Shares pursuant to a bona fide loan or indebtedness transaction so long as the holder of such Preference A Shares continues to exercise Voting Control over such Shares, or (iii) the fact that, at any time, the spouse of any holder of Preference A Shares possesses or obtains an interest in such holder's Preference A Shares arising solely by reason of the application of the community property laws of any jurisdiction. |
| "**Treasury Shares**" | means Shares held in treasury pursuant to the Companies Act and these Articles. | means Shares held in treasury pursuant to the Companies Act and these Articles. |

---

---

| | |
|:---|:---|
| **"uncertificated"** | means, in relation to a Share, a Share to which title is recorded in the Register of Members as being in uncertificated form and title to which may be transferred by means of a Relevant System. |
| **"Uncertificated Proxy Instruction"** | means a properly authenticated dematerialised instruction and/or other instruction or notification, which is sent by means of the Relevant System concerned and received by such participant in that system acting on behalf of the Company as the Directors may prescribe, in such form and subject to such terms and conditions as may from time to time be prescribed by the Directors (subject always to the facilities and requirements of the Relevant System concerned). |
| **"Unlisted Share Register"** | means the register of members that registers the holdings of Unlisted Shares and which, for the purposes of the Companies Act, constitutes the Company's "principal register". |
| **"Unlisted Shares"** | means a Share that is not listed or admitted to trading on an Exchange. |
| **"US$"** | means the lawful currency of the United States of America. |
| **"Voting Control"** | means the exclusive power (whether directly or indirectly) to vote or direct the voting of such Preference A Share or other relevant security by proxy, voting agreement or otherwise (it being understood that a voting commitment without a grant of irrevocable proxy to vote on specified matters will not constitute a Transfer of "exclusive power" to vote or direct the voting of such Preference A Shares. |

---

1.3 Interpretation

Unless the contrary intention appears, in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 singular words include the plural and *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 a word of any gender includes the corresponding words of any other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 references to "persons" include natural persons, corporations, companies, partnerships, limited
partnerships, limited liability partnerships, limited liability companies, foundations, firms, joint ventures, associations or other bodies
of persons (whether or not incorporated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4 a reference to a person includes that person's successors and legal personal representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.5 "writing" and "written" includes any method of representing or reproducing words in
a visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.6 a reference to "shall" shall be construed as imperative and a reference to "may" shall
be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.7 in relation to determinations to be made by the Directors and all powers, authorities and discretions
exercisable by the Directors under these Articles, the Directors may make those determinations and exercise those powers, authorities
and discretions in their sole and absolute discretion, either generally or in a particular case, subject to any qualifications or limitations
expressed in these Articles or imposed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.8 any reference to the powers of the Directors shall include, when the context admits, the service providers
or any other person to whom the Directors may, from time to time, delegate their powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.9 the term "and/or" is used in these Articles to mean both "and" as well as "or".
The use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or"
in others. "Or" shall not be interpreted to be exclusive, and "and" shall not be interpreted to require the conjunctive,
in each case unless the context requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.10 any phrase introduced by the terms "including", "includes", "in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.11 headings are inserted for reference only and shall not affect construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.12 a reference to a law includes regulations and instruments made under that law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.13 a reference to a law or a provision of law includes amendments, re-enactments, consolidations or replacements
of that law or the provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.14 "fully paid" and "paid up" means paid up as to the par value and any premium payable
in respect of the issue or re-designation of any Shares and includes credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.15 where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also
effective for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.16 sections 8 and 19(3) of the Electronic Transactions Act are hereby excluded.

2. PRELIMINARY

2.1 The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in
connection with the formation and operation of the Company, including the expenses of registration and any expenses relating to the offer
of, subscription for, or issuance of Shares.

2.2 Expenses may be amortised over such period as the Directors may determine.

2.3 The Directors may appoint any person to act as a service provider to the Company and may delegate to any
such service provider any of the functions, duties, powers and discretions available to them as Directors, upon such terms and conditions
(including as to the remuneration payable by the Company) and with such powers of sub-delegation, but subject to such restrictions, as
they think fit.

3. REGISTERED OFFICE and OTHER OFFICES

3.1 Subject to the provisions of the Companies Act, the Company may by resolution of the Directors change
the location of its Registered Office.

3.2 The Directors, in addition to the Registered Office, may in their discretion establish and maintain such
other offices, places of business and agencies whether within or outside of the Cayman Islands.

4. SHARES

4.1 Power of Directors to issue Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The issue of Shares is under the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) offer, issue, allot or otherwise dispose of them to such persons, in such manner, on such terms and having
such rights and being subject to such restrictions, as they may from time to time determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant options over such Shares and issue warrants, convertible securities or similar instruments with
respect thereto,

subject to the Companies Act, the Memorandum, these Articles, the Exchange Rules (where applicable), any resolution that may be passed by the Company in general meeting and any rights attached to any Shares or Class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 The Directors may authorise the division of Shares into any number of Classes and the different Classes
shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including,
without limitation, voting, dividend, return of capital and redemption rights), restrictions, preferences, privileges and payment obligations
as between the different Classes (if any) shall be fixed and determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 The Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The Directors may reserve an appropriate number of Shares for the time being unissued.

4.2 Power of Subscriber to issue and transfer or repurchase Subscriber Shares

Notwithstanding the preceding Article, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 issue any Subscriber Share to itself at par following the incorporation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 transfer such Subscriber Share to any person by execution of a share transfer instrument or provide for
the repurchase at par value of such Subscriber Share upon the first issue of additional Shares by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 update the Register of Members in respect of the issue and transfer or repurchase of the Subscriber Share.

4.3 Payment of commission or brokerage

Subject to the provisions of the Companies Act, the Company may pay a commission or brokerage in connection with the subscription for or issue of any Shares. The Company may pay the commission or brokerage in cash or by issuing fully or partly paid Shares or by a combination of both.

4.4 No Shares to bearer

The Company shall not issue Shares to bearer.

4.5 Fractional Shares

The Directors may issue fractions of a Share of any Class, and, if so issued, a fraction of a Share (calculated to such decimal points as the Directors may determine) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights) and other attributes of a whole Share of the same Class.

4.6 Treasury Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Companies
Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles, the Companies Act and the Exchange Rules are otherwise
complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to members on a winding up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 The Company shall be entered in the Register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any general meeting of the Company and
shall not be counted in determining the total number of issued Shares at any given time, whether for the purposes of these Articles or
the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 Nothing in paragraph ‎ 4.6.3 above
prevents an allotment of Shares as fully paid up bonus Shares in respect of a Treasury Share and Shares allotted as fully paid up bonus
Shares in respect of a Treasury Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 Treasury Shares may be disposed of by the Company in accordance with the Companies Act and otherwise on
such terms and conditions as the Directors determine.

5. SPECIAL RIGHTS ATTACHING TO SHARES

5.1 Participation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 the Class A Shares shall confer upon the Members rights in a winding-up or repayment of capital and the
right to participate in the profits or assets of the Company, in each case on a basis pari passu with the Class B Shares, in accordance
with these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 the Class B Shares shall confer upon the Members rights in a winding-up or repayment of capital and the
right to participate in the profits or assets of the Company, in each case on a basis pari passu with the Class A Shares, in accordance
with these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 the Preference A Shares shall confer upon the Members rights in a winding-up or repayment of capital and
the right to participate in the profits or assets of the Company, in each case on a basis pari passu with the Class A Shares, in accordance
with these Articles.

5.2 Voting rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The Class A Shares shall confer upon such Members the right to receive notice of and to attend and to
vote at any general meeting of the Company, and at any such meeting, the holders of Class A Shares shall have two votes per Class A Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 The Class B Shares shall confer upon such Members the right to receive notice of and to attend and to
vote at any general meeting of the Company, and at any such meeting, the holders of Class B Shares shall have one vote per Class B Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 The Preference A Shares shall confer upon such Members the right to receive notice of and to attend and
to vote at any general meeting of the Company, and at any such meeting, the holders of Preference A Shares shall have fifty votes per
Preference A Share.

5.3 Conversion rights

The holders of the Preference A Shares have conversion rights as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 **Right to Convert Preference A Shares** 

Unless converted earlier pursuant to Article 5.3.2 below, each Preference A Share shall be convertible, at the option of the holder thereof, at any time into such number of fully paid and non-assessable Class A Shares at the then applicable Conversion Rate (defined below). The ratio at which Class A Shares shall be issuable upon conversion of the Preference A Shares (the "**Conversion Rate**") shall initially be 1:1. The Conversion Rate shall be subject to adjustment as provided in Article 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 **Automatic Conversion** 

Each Preference A Share shall automatically be converted into a Class A Share at the then applicable Conversion Rate upon the date upon which, with respect to a Transfer of such Preference A Share by a Permitted Transferee, the Transfer of such Preference A Share to a person who is not a Permitted Transferee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 **Mechanics of Conversion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that a holder of Preference A Shares shall effect an optional conversion pursuant to Article
5.3.1:

&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's Register shall be updated to reflect such conversion; 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 conversion shall be deemed to have been made immediately prior to the close of business on the date
upon which such election is expressed to be effective, and the person or persons entitled to receive the Class A Shares issuable
upon such conversion shall be treated for all purposes as the record holder or holders of such Class A Shares on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of an automatic conversion pursuant to Article 5.3.2:

&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) all holders of Preference A Shares will be given so much prior notice as shall be practicable of the occurrence
of an event causing the automatic conversion of all such Preference A Shares pursuant to this Article 5; 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 conversion shall be deemed to have been made immediately prior to the close of business on the date
upon which such conversion is effective, and the person or persons entitled to receive the Class A Shares issuable upon such conversion
shall be treated for all purposes as the record holder or holders of such Class A Shares on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the date fixed for conversion, the Register shall be updated to show that the converted Preference
A Shares have been redeemed or repurchased and all rights with respect to the Preference A Shares so converted will terminate, with the
exception of the rights of the holders thereof to receive Class A Shares. Any certificates issued in respect of any Preference A Shares
so converted shall be cancelled and of no further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Directors may effect such conversion in any manner available under applicable law, including redeeming
or repurchasing the relevant Preference A Shares and applying the proceeds thereof towards payment for the new Class A Shares. For
purposes of the repurchase or redemption, the Directors may, subject to the Company being able to pay its debts in the ordinary course
of business, make payments out of amounts standing to the credit of the Company's share premium account or out of its capital.

5.4 **Reservation of Shares Issuable Upon Conversion** 

The Company shall at all times keep available out of its authorized but unissued Class A Shares solely for the purpose of effecting the conversion of the Preference A Shares such number of its Class A Shares as shall from time to time be sufficient to effect the conversion of all outstanding Preference A Shares, and if at any time the number of authorized but unissued Class A Shares shall not be sufficient to effect the conversion of all then outstanding Preference A Shares, in addition to such other remedies as shall be available to the holder of such Preference A Shares, the Company and its Shareholders will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Class A Shares to such number of shares as shall be sufficient for such purposes.

5.5 Adjustments to Conversion Price

The Conversion Ratio shall be subject to adjustment for any (i) subdivision or concentration of the number of Class A Shares (whether by share dividend, consolidation and subdivision of shares or otherwise) into a greater or lesser number of Class A Shares, or (ii) any other capital reorganization, re-designation, conversion, reclassification or otherwise affecting the number or composition of the Class A Shares, in each case where the Preference A Shares (as applicable) have not been proportionately affected thereby.

6. REGISTER OF MEMBERS

6.1 Duty to establish and maintain a Register of Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 The Directors shall cause the Company to keep at its Registered Office, or at any other place within or
outside the Cayman Islands they think fit, the Register of Members (which, for the avoidance of doubt, comprises the Listed Share Register,
the Unlisted Share Register and any branch register(s) maintained from time to time) in which shall be entered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the particulars of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the particulars of the Shares issued to each of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other particulars required under the Companies Act and the Exchange Rules (as appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 If the recording complies with the Companies Act, the Exchange Rules and any other applicable law, the
Listed Share Register may be kept by recording the particulars required under the Companies Act in a form otherwise than in a physically
written form. However, to the extent the Listed Share Register is kept in a form otherwise than in a physically written form, it must
be capable of being reproduced in a legible form.

6.2 Power to establish and maintain branch registers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 Subject to the Exchange Rules, the rules and regulations of the Relevant System and any other applicable
laws, if the Directors consider it necessary or desirable, whether for administrative purposes or otherwise, they may cause the Company
to establish and maintain a branch register or registers of members of such category or categories and at such location or locations within
or outside the Cayman Islands as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 The Company shall cause to be kept at the place where the Unlisted Share Register is kept, a duplicate
of any branch register duly entered up from time to time. Subject to this Article, with respect to a duplicate of any branch register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Unlisted Shares registered in the branch register shall be distinguished from those registered in
the Unlisted Share Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no transaction with respect to any Unlisted Shares registered in a branch register shall, during the continuance
of that registration, be registered in any other register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 The Company may discontinue keeping any branch register and thereupon all entries in such branch register
shall be transferred to another branch register kept by the Company or to the Unlisted Share Register.

7. CLOSURE of the REGISTER OF MEMBERS AND FIXING a RECORD DATE

7.1 Power of Directors to close the Register of Members

For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment of a meeting, or Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other proper purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed 30 days.

7.2 Power of Directors to fix a record date

In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrear a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members, and for the purpose of determining the Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other purpose.

7.3 Circumstances where Register of Members is not closed and no fixed record date

If the Register of Members is not closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a dividend or distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment of that meeting.

8. CERTIFICATED SHARES

8.1 Right to certificates

Subject to the Companies Act, the requirements of (to the extent applicable) the Exchange Rules and/or the Exchange, and these Articles, every person, upon becoming the holder of a certificated Share is entitled, without charge, to one certificate for all the certificated Shares of a Class in his name, or in the case of certificated Shares of more than one Class being registered in his name, to a separate certificate for each Class of Shares, unless the terms of issue of the Shares provide otherwise.

8.2 Form of share certificates

Share certificates, if any, shall be in such form as the Directors may determine and shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise share certificates to be issued with the authorised signature(s) affixed by mechanical process. All share certificates shall be consecutively numbered or otherwise identified and shall specify the number and Class of Shares to which they relate and the amount paid up thereon or the fact that they are fully paid, as the case may be. All share certificates surrendered to the Company for transfer shall be cancelled and subject to these Articles no new certificate shall be issued until the former certificate evidencing a like number of relevant Shares shall have been surrendered and cancelled. Where only some of the certificated Shares evidenced by a share certificate are transferred, the old certificate shall be surrendered and cancelled and a new certificate for the balance of the certificated Shares shall be issued in lieu without charge.

8.3 Certificates for jointly-held Shares

If the Company issues a share certificate in respect of certificated Shares held jointly by more than one person, delivery of a single share certificate to one joint holder shall be a sufficient delivery to all of them.

8.4 Replacement of share certificates

If a share certificate is defaced, worn-out or alleged to have been lost, stolen or destroyed, a new share certificate shall be issued on the payment of such expenses reasonably incurred by the Company and the person requiring the new share certificate shall first surrender the defaced or worn-out share certificate or give such evidence of the loss, theft or destruction of the share certificate and such indemnity to the Company as the Directors may require.

9. UNCERTIFICATED SHARES

9.1 Uncertificated Shares held by means of a Relevant System

The Directors may permit Shares to be held in uncertificated form and shall have power to implement such arrangements as they may, in their absolute discretion, think fit in order for any Class of Shares to be transferred by means of a Relevant System of holding and transferring Shares (subject always to any applicable law and the requirements of the Relevant System concerned).

(For the purpose of this Article ‎9, the expression "**Shares**", where the context permits, also includes Interests in such Shares).

9.2 Disapplication of inconsistent Articles

Where the arrangements described in this Article ‎9 are implemented, no provision of these Articles shall apply or have effect to the extent that it is in any respect inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 the holding of Shares of that Class in uncertificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 the facilities and requirements of the Relevant System.

9.3 Arrangements for uncertificated Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 Notwithstanding anything contained in these Articles (but subject always to the Companies Act, any other
applicable laws and regulations and the facilities and requirements of any Relevant System):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless the Directors otherwise determine, Shares held by the same holder or joint holder in certificated
form and uncertificated form shall be treated as separate holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conversion of Shares held in certificated form into Shares held in uncertificated form, and vice versa,
may be made in such a manner as the Directors may in their absolute discretion think fit and in accordance with applicable regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares may be changed from uncertificated to certificated form, and from certificated to uncertificated
form, in such manner as the Directors may in their absolute discretion, think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Article ‎ 13.2 shall not apply in respect
of Shares recorded on the Register of Members as being held in uncertificated form to the extent that Article ‎ 13.2
requires or contemplates the effecting of a transfer by an instrument in writing and the production of a certificate for the Share to
be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Class of Share shall not be treated as two Classes by virtue only of that Class comprising both certificated
and uncertificated Shares or as a result of any provision of these Articles or any other applicable law or regulation which applies only
in respect of certificated and uncertificated Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where the Company is entitled under applicable law or these Articles to sell, transfer or otherwise dispose
of, redeem, repurchase, re-allot, accept the surrender of, forfeit or enforce a lien over, a Share in the Company, the Directors shall,
subject to such applicable laws, these Articles and the facilities and requirements of the Relevant System be entitled (without limitation):

&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) to require the holder of that Share by notice to convert that Share into certificated form within the
period specified in the notice and to hold that Share in certificated form so long as required by 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;(ii) to require the operator of the Relevant System to convert that Share into certificated form;

&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 require the holder of that Share by notice to give any instructions necessary to transfer title to
that Share by means of the Relevant System within the period specified in the notice;

&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) to require the holder of that Share by notice to appoint any person to take any step, including without
limitation the giving of any instructions by means of the Relevant System, necessary to transfer that Share within the period specified
in the notice;

&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) to take any other action that the Directors consider necessary or expedient to achieve the sale, transfer,
disposal, re-allotment, forfeiture or surrender of that Share or otherwise to enforce a lien in respect of that Share;

&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) to require the deletion of any entries in the Relevant System reflecting the holding of such Share in
uncertificated form; 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;(vii) to require the operator of the Relevant System to alter the entries in the Relevant System so as to divest
the holder of the relevant Share of the power to transfer such Share other than to a person selected or approved by the Directors for
the purposes of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 Article ‎ 8 shall not apply so as to
require the Company to issue a certificate to any person holding Shares in uncertificated form.

10. DEPOSITORY INTERESTS

10.1 Depository Interests held by means of a Relevant System

The Directors may permit Shares of any Class to be represented by Depository Interests and to be transferred or otherwise dealt with by means of a Relevant System and may revoke any such permission.

10.2 Disapplication of inconsistent Articles

Where the arrangements described in this Article ‎10 are implemented, no provision of these Articles shall apply or have effect to the extent that it is in any respect inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 the holding of Depository Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 the facilities and requirements of the Relevant System.

10.3 Arrangements for Depository Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 The Directors may make such arrangements or regulations (if any) as they may from time to time in their
absolute discretion think fit in relation to the evidencing, issue and transfer of Depository Interests and otherwise for the purpose
of implementing and/or supplementing the provisions of this Article ‎ 10
and the Exchange Rules and the facilities and requirements of the Relevant System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 The Company may use the Relevant System in which any Depository Interests are held to the fullest extent
available from time to time in the exercise of any of its powers or functions under the Companies Act, the Exchange Rules or these Articles
or otherwise in effecting any actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 For the purpose of effecting any action by the Company, the Directors may determine that Depository Interests
held by a person shall be treated as a separate holding from certificated Shares held by that person.

10.4 Not separate Class

Shares in a particular Class shall not form a separate Class of Shares from other Shares in that Class because they are dealt with as Depository Interests.

10.5 Power of sale

Where the Company is entitled under applicable law or these Articles to sell, transfer or otherwise dispose of, redeem, repurchase, re-allot, accept the surrender of, forfeit or enforce a lien over, any Share represented by a Depository Interest, the Directors shall, subject to such applicable laws, these Articles and the facilities and requirements of the Relevant System be entitled (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1 to require the holder of that Depository Interest by notice to convert that Share represented by the Depository
Interest into certificated form within the period specified in the notice and to hold that Share in certificated form so long as required
by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2 to require the holder of that Depository Interest by notice to give any instructions necessary to transfer
title to that Share by means of the Relevant System within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3 to require the holder of that Depository Interest by notice to appoint any person to take any step, including
without limitation the giving of any instructions by means of the Relevant System, necessary to transfer that Share within the period
specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.4 to take any other action that the Directors consider necessary or expedient to achieve the sale, transfer,
disposal, re-allotment, forfeiture or surrender of that Share or otherwise to enforce a lien in respect of that Share.

11. CALLS ON SHARES

11.1 Calls, how made

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 Subject to the terms on which Shares are allotted, the Directors may make calls on the Members (and any
persons entitled by transmission) in respect of any amounts unpaid on their Shares (whether in respect of nominal value or premium or
otherwise) and not payable on a date fixed by or in accordance with the allotment terms. Each such Member or other person shall pay to
the Company the amount called, subject to receiving at least 14 Clear Days' notice specifying when and where the payment is to be made,
as required by such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 A call may be made payable by instalments. A call shall be deemed to have been made when the resolution
of the Directors authorising it is passed. A call may, before the Company's receipt of any amount due under it, be revoked or postponed
in whole or in part as the Directors may decide. A person upon whom a call is made will remain liable for calls made on him notwithstanding
the subsequent transfer of the Shares in respect of which the call was made.

11.2 Liability of joint holders

The joint holders of a Share shall be jointly and severally liable to pay all calls in respect of it.

11.3 lnterest

lf the whole of the sum payable in respect of any call is not paid by the day it becomes due and payable, the person from whom it is due shall pay all costs, charges and expenses that the Company may have incurred by reason of such non-payment, together with interest on the unpaid amount from the day it became due and payable until it is paid at the rate fixed by the terms of the allotment of the Share or in the notice of the call or, if no rate is fixed, at such rate, not exceeding eight percent (8%) per annum (compounded on a six monthly basis), as the Directors shall determine. The Directors may waive payment of such costs, charges, expenses or interest in whole or in part.

11.4 Differentiation

Subject to the allotment terms, the Directors may make arrangements on or before the issue of Shares to differentiate between the holders of Shares in the amounts and times of payment of calls on their Shares.

11.5 Payment in advance of calls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 The Directors may receive from any Member (or any person entitled by transmission) all or any part of
the amount uncalled and unpaid on the Shares held by him (or to which he is entitled). The liability of each such Member or other person
on the Shares to which such payment relates shall be reduced by such amount. The Company may pay interest on such amount from the time
of receipt until the time when such amount would, but for such advance, have become due and payable at such rate not exceeding eight percent
(8%) per annum (compounded on a six monthly basis) as the Directors may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 No sum paid up on a Share in advance of a call shall entitle the holder to any portion of a dividend subsequently
declared or paid in respect of any period prior to the date on which such sum would, but for such payment, become due and payable.

11.6 Restrictions if calls unpaid

Unless the Directors decide otherwise, no Member shall be entitled to receive any dividend or to be present or vote at any meeting or to exercise any right or privilege as a Member until he has paid all calls due and payable on every Share held by him, whether alone or jointly with any other person, together with interest and expenses (if any) to the Company.

11.7 Sums due on allotment treated as calls

Any sum payable in respect of a Share on allotment or at any fixed date, whether in respect of the nominal value of the Share or by way of premium or otherwise or as an instalment of a call, shall be deemed to be a call. lf such sum is not paid, these Articles shall apply as if it had become due and payable by virtue of a call.

12. FORFEITURE OF SHARES

12.1 Forfeiture after notice of unpaid call

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 lf a call or an instalment of a call remains unpaid after it has become due and payable, the Directors
may give to the person from whom it is due not less than 14 Clear Days' notice requiring payment of the amount unpaid together with any
interest which may have accrued and any costs, charges and expenses that the Company may have incurred by reason of such non-payment.
The notice shall state the place where payment is to be made and that if the notice is not complied with the Shares in respect of which
the call was made will be liable to be forfeited. lf the notice is not complied with, any Shares in respect of which it was given may,
before the payment required by the notice has been made, be forfeited by a resolution of the Directors. The forfeiture will include all
dividends and other amounts payable in respect of the forfeited Shares which have not been paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 The Directors may accept the surrender of a Share which is liable to be forfeited in accordance with these
Articles. All provisions in these Articles which apply to the forfeiture of a Share also apply to the surrender of a Share.

12.2 Notice after forfeiture

When a Share has been forfeited, the Company shall give notice of the forfeiture to the person who was before forfeiture the holder of the Share or the person entitled by transmission to the Share. An entry that such notice has been given and of the fact and date of forfeiture shall be made in the Register of Members. Notwithstanding the above, no forfeiture will be invalidated by any omission to give such notice or make such entry.

12.3 Consequences of forfeiture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.1 A Share shall, on its forfeiture, become the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.2 All interest in and all claims and demands against the Company in respect of a Share and all other rights
and liabilities incidental to the Share as between its holder and the Company shall, on its forfeiture, be extinguished and terminate
except as otherwise stated in these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.3 The holder of a Share (or the person entitled to it by transmission) which is forfeited shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on its forfeiture cease to be a Member (or a person entitled) in respect of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificated Share, surrender to the Company for cancellation the share certificate for the Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) remain liable to pay to the Company all monies payable in respect of the Share at the time of forfeiture,
with interest from such time of forfeiture until the time of payment, in the same manner in all respects as if the Share had not been
forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) remain liable to satisfy all (if any) claims and demands which the Company might have enforced in respect
of the Share at the time of forfeiture without any deduction or allowance for the value of the Share at the time of forfeiture or for
any consideration received on its disposal.

12.4 Disposal of forfeited Share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.1 A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as
the Directors may decide either to the person who was before the forfeiture the holder or to any other person. At any time before the
disposal, the forfeiture may be cancelled on such terms as the Directors may decide. Where for the purpose of its disposal a forfeited
Share is to be transferred to any transferee, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of certificated Shares, authorise a person to execute an instrument of transfer of Shares
in the name and on behalf of their holder to the purchaser or as the purchaser may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of uncertificated Shares, exercise any power conferred on them by Article ‎ 9.3.1
(f) to effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Share is represented by a Depository Interest, exercise any of the Company's powers under Article ‎ 10.5 to effect the sale of the Share to, or in accordance with the
directions of, the buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.2 The purchaser will not be bound to see to the application of the purchase monies in respect of any such
sale. The title of the transferee to the Shares will not be affected by any irregularity in or invalidity of the proceedings connected
with the sale or transfer. Any instrument or exercise referred to at Article ‎ 12.4.1
shall be effective as if it had been executed or exercised by the holder of, or the person entitled by transmission to, the Shares to
which it relates.

12.5 Proof of forfeiture

A statutory declaration by a Director or any other officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it against all persons claiming to be entitled to the Share. The declaration shall (subject to the execution of any necessary instrument of transfer) constitute good title to the Share. The person to whom the Share is disposed of shall not be bound to see to the application of the consideration (if any) given for it on such disposal. His title to the Share will not be affected by any irregularity in, or invalidity of, the proceedings connected with the forfeiture or disposal.

13. TRANSFER OF SHARES

13.1 Form of Transfer

Subject to these Articles, a Member may transfer all or any of his Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 in the case of certificated Shares, by an instrument of transfer in writing in any usual form or in another
form approved by the Directors or prescribed by the Exchange, which must be executed by or on behalf of the transferor and (in the case
of a transfer of a Share which is not fully paid) by or on behalf of the transferee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 in the case of uncertificated Shares, without a written instrument in accordance with the rules or regulations
of any Relevant System in which the Shares are held;

provided always that notwithstanding anything to the contrary in these Articles, the Directors may not decline to register any transfer of any Shares subject to a Security Interest, following the enforcement of a Security Interest in accordance with the terms thereof and upon the delivery of a valid form of transfer in respect of such Shares executed by the person entitled to the benefit of the Security Interest (or its assignee or its delegate) or by the holder of such Shares at the direction of such person (or its assignee or delegate).

13.2 Registration of a certificated Share transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 Subject to these Articles, the Directors may, in their absolute discretion and without giving a reason,
refuse to register the transfer of a certificated Share unless it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Share which is fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Share on which the Company has no lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in favour of a single transferee or not more than four joint transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) duly stamped (if required); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) delivered for registration to the Registered Office or such other place as the Directors may decide, accompanied
by the certificate for the Shares to which it relates and any other evidence as the Directors may reasonably require to prove the title
to such Share of the transferor and the due execution by him of the transfer or, if the transfer is executed by some other person on his
behalf, the authority of such person to do so, provided that the Directors shall not refuse to register any transfer of any certificated
Shares listed on the Exchange on the ground that they are partly paid in circumstances where such refusal would prevent dealings in such
Shares from taking place on an open and proper basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 lf the Directors refuse to register a transfer pursuant to this Article, they shall, within two (2) months
after the date on which the transfer was delivered to the Company, send notice of the refusal to the transferee. An instrument of transfer
which the Directors refuse to register shall (except in the case of suspected fraud) be returned to the person delivering it. All instruments
of transfer which are registered may, subject to these Articles, be retained by the Company.

13.3 Registration of an uncertificated Share transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.1 The Directors shall register a transfer of title to any uncertificated Share which is held in uncertificated
form in accordance with the rules or regulations of any Relevant System in which the Shares are held, except that the Directors may refuse
(subject to any relevant requirements of (to the extent applicable) the Exchange Rules and/or the Exchange) to register any such transfer
which is in favour of more than four persons jointly or in any other circumstance permitted by the rules or regulations of any Relevant
System in which the Shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.2 lf the Directors refuse to register any such transfer the Company shall, within two months after the date
on which the instruction relating to such transfer was received by the Company, send notice of the refusal to the transferee.

13.4 Transfers of Depository Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1 The Company shall register the transfer of any Shares represented by Depository Interests in accordance
with the rules or regulations of the Relevant System and any other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2 Where permitted by the rules or regulations of the Relevant System and any other applicable laws and regulations,
the Directors may, in their absolute discretion and without giving any reason for their decision, refuse to register any transfer of any
Share represented by a Depository Interest.

13.5 No fee on registration

No fee shall be charged for the registration of a transfer of a Share or other document relating to or affecting the title to any Share.

13.6 Renunciations of Shares

Nothing in these Articles shall preclude the Directors from recognising the renunciation of any Share by the allottee thereof in favour of some other person.

13.7 Enforceability of and interpretation/administration of this Article

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.1 If any provision of this Article ‎ 13
or any part of such provision is held under any circumstances to be invalid or unenforceable in any jurisdiction, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the invalidity of unenforceability of such provision shall not affect the validity or enforceability of
such provision or part thereof under any other circumstances or in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the invalidity or unenforceability of such provision or part thereof shall not affect the validity or
enforceability of the remainder of such provision or the validity or enforceability of any other provision of these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2 The Directors shall have the exclusive power and authority to administer and interpret the provisions
of this Article ‎ 13 and to exercise all rights and powers specifically
granted the Directors and the Company or as may be necessary or advisable in the administration of this Article ‎ 13.
All such actions, calculations, determinations and interpretations which are done or made by the Directors in good faith shall be final,
conclusive, and binding on the Company and the beneficial and registered owners of the Shares and shall not subject the Directors to any
liability.

13.8 No transfers to an infant etc

No transfer shall be made to an infant or to a person of whom an order has been made by competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs or under other legal disability.

13.9 Effect of registration

The transferor shall be deemed to remain the holder of the Share transferred until the name of the transferee is entered in the Register of Members in respect of that Share.

14. TRANSMISSION OF SHARES

14.1 Transmission of Shares

If a Member dies, becomes bankrupt, commences liquidation or is dissolved, the only person that the Company will recognise as having any title to, or interest in, that Member's Share (other than the Member) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1 if the deceased Member was a joint holder, the survivor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.2 if the deceased Member was a sole or the only surviving holder, the personal representative of that Member;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.3 any trustee in bankruptcy or other person succeeding to the Member's interest by operation of law,

but nothing in these Articles releases the estate of a deceased Member, or any other successor by operation of law, from any liability in respect of any Share held by that Member solely or jointly.

14.2 Election by persons entitled on transmission

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 Any person becoming entitled to a Share as a result of the death, bankruptcy, liquidation or dissolution
of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be required by the
Directors, elect either to become registered as the holder of the Share or nominate another person to be registered as the holder of that
Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 If he elects to be registered as the holder of the Share himself, he shall give written notice to the
Company to that effect. If he elects to have some other person registered as the holder of the Share, he shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a certificated Share, execute an instrument of transfer of such Share to such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an uncertificated Share, either:

&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) procure that all the appropriate instructions are given by means of the Relevant System to effect the
transfer of such Share to such person; 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;(ii) change the uncertificated Share to certified form and then execute a transfer of such Share to such person;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Share represented by a Depository Interest, take any action the Directors may require
(including, without limitation, the execution of any document and the giving of any instruction by means of the Relevant System) to effect
the transfer of the Share to that person.

14.3 Rights of persons entitled by transmission

A person becoming entitled to a Share by reason of the death, bankruptcy, liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends and other rights to which he would be entitled if he were the registered holder of the Share. However, the person shall not, before being registered as a Member in respect of the Share, be entitled in respect of it to attend or vote at any meeting of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him registered as the holder (and the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be). If the notice is not complied with within 90 days the Directors may withhold payment of all Dividends, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

15. REDEMPTION, PURCHASE AND SURRENDER OF SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 Subject to the Companies Act, the Memorandum, these Articles, the Exchange Rules (where applicable) and
any rights conferred on the holders of any Shares or attaching to any Class of Shares, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company
or the Member on such terms and in such manner as the Directors may determine; provided that, without the approval of the majority of
the Non-Affiliated Directors of the Board, the Company shall not effectuate any redemption of Shares other than (i) pro rata to the
number of Shares, (ii) in respect of Class A Shares only on a pro rata basis, (iii) in the ordinary course of business
in connection with the repurchase of Shares from employees or service providers of the Company or its affiliates following termination
of such employees or service providers, or (iv) in accordance with Article 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner as the Directors
may determine and agree with the Member; provided that, without the approval of the majority of the Non-Affiliated Directors of the Board,
the Company shall not effectuate any repurchase of Shares other than (i) pro rata to the number of Shares, (ii) in respect of Class A
Shares only on a pro rata basis, (iii) in the ordinary course of business in connection with the repurchase of Shares from employees or
service providers of the Company or its affiliates following termination of such employees or service providers, or (iv) in accordance
with Article 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by
the Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) accept the surrender for no consideration of any paid up Share (including any redeemable Share) on such
terms and in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 Any Share in respect of which notice of redemption has been given shall not be entitled to participate
in the profits of the Company in respect of the period after the date specified as the date of redemption in the notice of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 The redemption or purchase of any Share shall not be deemed to give rise to the redemption or purchase
of any other Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 The Directors may when making payments in respect of the redemption or purchase of Shares, if authorised
by the terms of issue of the Shares being redeemed or purchased or with the agreement of the holder of such Shares, make such payment
either in cash or in specie.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.5 The Directors may hold any repurchased, redeemed or surrendered Shares as Treasury Shares in accordance
with the provisions of the Companies Act and these Articles.

16. FINANCIAL ASSISTANCE

Any financial assistance given by the Company in connection with a purchase made or to be made by any person of any Shares or Interests in Shares in the Company shall only be made in accordance with the Companies Act, applicable law and the Exchange Rules (where applicable).

17. Class RIGHTS AND CLASS MEETINGS

17.1 Variation of class rights

Subject to the Companies Act, if at any time the share capital of the Company is divided into different Classes of Shares, all or any of the rights attached to any Class of Shares may be varied in such manner as those rights may provide or, if no such provision is made, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 with the consent in writing of holders of not less than two-thirds of the issued Shares of that Class;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 with the sanction of a resolution passed at a separate meeting of the holders of the Shares of that Class
by a two-thirds majority of the holders of the Shares of that Class present and voting at such meeting (whether in person or by proxy).

17.2 Treatment of classes of Shares by Directors

The Directors may treat two or more or all of the Classes of Shares as forming one class of Shares if the Directors consider that such Classes of Shares would be affected by the proposed variation in the same way.

17.3 Effect of Share issue on class rights

The rights attached to any Class of Shares are not taken to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.1 the creation or issue of further Shares ranking equally with them unless expressly provided by the terms
of the issue of the Shares of that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.2 the reduction of capital paid up on such Shares or by the repurchase, redemption or surrender of any Shares
in accordance with the Companies Act and these Articles.

17.4 Class meetings

The provisions of these Articles relating to general meetings of the Company shall apply *mutatis mutandis* to any Class meeting, except that the quorum shall be one or more Members that together hold at least one-third of the Shares of that Class.

18. No recognition of trusts or third party interests

Except as otherwise expressly provided by these Articles or as required by law or as ordered by a court of competent jurisdiction, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 is not required to recognise a person as holding any Share on any trust, even if the Company has notice
of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 is not required to recognise, and is not bound by, any interest in or claim to any Share, except for the
registered holder's absolute legal ownership of the Share, even if the Company has notice of that interest or claim.

19. LIEN ON SHARES

19.1 Lien on Shares generally

The Company shall have a first and paramount lien on all Shares registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or amounts payable to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time determine any Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share is released if a transfer of that Share is registered.

19.2 Enforcement of lien by sale

The Company may sell, on such terms and in such manner as the Directors think fit, any Share on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within 14 Clear Days after notice has been given by the Company to the holder of the Share (or to any other person entitled by transmission to the Shares) demanding payment of that amount and giving notice of intention to sell the Share if such payment is not made.

19.3 Completion of sale under lien

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.1 To give effect to a sale of Shares under a lien the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of certificated Shares, authorise any person to execute an instrument of transfer in respect
of the Shares to be sold to, or in accordance with the directions of, the relevant purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of uncertificated Shares, exercise any power conferred on them by Article ‎ 9.3.1
(f) to effect a transfer of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Shares are represented by a Depository Interest, exercise any of the Company's powers under Article ‎ 10.5 to effect the sale of such Shares to, or in accordance with
the directions of the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2 The purchaser or his nominee shall be registered as the holder of the Shares comprised in any such transfer,
and he shall not be bound to see to the application of any consideration provided for the Shares, nor will the purchaser's title to the
Shares be affected by any irregularity or invalidity in connection with the sale or the exercise of the Company's power of sale under
these Articles.

19.4 Application of proceeds of sale

The net proceeds of a sale made under a lien after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person who was entitled to the Shares immediately prior to the sale.

20. UNTRACED MEMBERS

20.1 Sale of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1 The Company may sell at the best price reasonably obtainable any Share of a Member, or any Share to which
a person is entitled by transmission, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during the period of six (6) years prior to the date of the publication of the advertisements referred
to in this paragraph (a) (or, if published on different dates, the earlier or earliest of them):

&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) no cheque, warrant or money order in respect of such Share sent by or on behalf of the Company to the
Member or to the person entitled by transmission to the Share, at his address in the Register of Members or other address last known to
the Company has been cashed; 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) no cash dividend payable on the Shares has been satisfied by the transfer of funds to a bank account of
the Member (or person entitled by transmission to the share) or by transfer of funds by means of the Relevant System, and the Company
has received no communication (whether in writing or otherwise) in respect of such Share from such Member or person, provided that during
such six year period the Company has paid at least three cash dividends (whether interim or final) in respect of Shares of the Class in
question and no such dividend has been claimed by the person entitled to such Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on or after the expiry of such six year period the Company has given notice of its intention to sell such
Share by advertisements in a national newspaper published in the country in which the Registered Office is located and in a newspaper
circulating in the area in which the address in the Register of Members or other last known address of the member or the person entitled
by transmission to the Share or the address for the service of notices on such member or person notified to the Company in accordance
with these Articles is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such advertisements, if not published on the same day, are published within 30 days of each other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during a further period of three months following the date of publication of such advertisements (or,
if published on different dates, the date on which the requirements of this paragraph (a) concerning the publication of newspaper advertisements
are met) and prior to the sale the Company has not received any communication (whether in writing or otherwise) in respect of such Share
from the Member or person entitled by transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2 lf during such six year period, or during any subsequent period ending on the date when all the requirements
of Article ‎ 20.1.1 have been met in respect of any Shares, any additional
Shares have been issued in respect of those held at the beginning of, or previously so issued during, any such subsequent period and all
the requirements of Article ‎ 20.1.1 have been satisfied with regard
to such additional Shares, the Company may also sell the additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3 To give effect to a sale pursuant to Article ‎ 20.1.1
or ‎ 20.1.2, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of certificated Shares, authorise a person to execute an instrument of transfer of Shares
in the name and on behalf of the holder of, or the person entitled by transmission to, them to the purchaser or as the purchaser may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of uncertificated Shares, exercise any power conferred on them by Article ‎ 9.3.1
(f) to effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Share is represented by a Depository Interest, exercise any of the Company's powers under Article ‎ 10.5 to effect the sale of the Share to, or in accordance with the
directions of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.4 The purchaser will not be bound to see to the application of the purchase monies in respect of any such
sale. The title of the transferee to the Shares will not be affected by any irregularity in or invalidity of the proceedings connected
with the sale or transfer. Any instrument or exercise referred to at Article ‎ 0
shall be effective as if it had been executed or exercised by the holder of, or the person entitled by transmission to, the Shares to
which it relates.

20.2 Application of sale proceeds

The Company shall account to the Member or other person entitled to such Share for the net proceeds of such sale by carrying all monies in respect of the sale to a separate account. The Company shall be deemed to be a debtor to, and not a trustee for, such Member or other person in respect of such monies. Monies carried to such separate account may either be employed in the business of the Company or invested as the Directors may think fit. No interest shall be payable to such Member or other person in respect of such monies and the Company shall not be required to account for any money earned on them.

21. ALTERATION OF share CAPITAL

21.1 Increase, consolidation, subdivision and cancellation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum, to be divided into Shares of such Classes and amounts as the resolution
shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate, or consolidate and divide all or any of its share capital into Shares of a larger amount
than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide its Shares, or any of them, into Shares of a smaller amount than is fixed by the Memorandum;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any Shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.2 All new Shares created in accordance with the provisions of this Article shall be subject to the same
provisions of these Articles with reference to liens, transfer, transmission and otherwise as the Shares in the original share capital.

21.2 Dealing with fractions resulting from consolidation or subdivision of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1 Whenever, as a result of a consolidation or subdivision of Shares, any Members would become entitled to
fractions of a Share the Directors may on behalf of those Members deal with the fractions as they think fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) selling the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Companies Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distributing the net proceeds in due proportion among those Members (except that if the amount due to
a person is less than US$5.00, or such other sum as the Directors may decide, the Company may retain such sum for its own benefit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2 For the purposes of this Article, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of certificated Shares, authorise some person to execute an instrument of transfer of the
Shares to, or in accordance with the directions of, the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of uncertificated Shares, exercise any power conferred on it by Article ‎ 9.3.1
(f) to effect a transfer of the Shares; and.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Share is represented by a Depository Interest, exercise any of the Company's powers under Article ‎ 10.5to effect the sale of the Share to, or in accordance with the
directions of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.3 The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's
title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of any sale undertaken pursuant to
this Article.

21.3 Reduction of Share Capital

Subject to the provisions of the Companies Act and to any rights attached to any Shares, the Company may by Special Resolution reduce its share capital, any capital redemption reserve, any share premium account or any other undistributable reserve in any way.

22. GENERAL MEETINGS

22.1 Annual general meetings and general meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.1 The Company shall hold an annual general meeting in each calendar year, which shall be convened by the
Directors, in accordance with these Articles, but so that the maximum period between such annual general meetings shall not exceed fifteen
(15) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.2 All general meetings other than annual general meetings shall be called general meetings.

22.2 Convening of general meetings

The Directors may convene a general meeting of the Company whenever the Directors think fit, and must do so if required to do so pursuant to a valid Members' requisition.

22.3 Members' requisition

A Members' requisition is a requisition of Members of the Company holding at the date of deposit of the requisition at the Registered Office not less than twenty-five percent (25%) in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

22.4 Requirements of Members' requisition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.1 The requisition must state the objects of the general meeting and must be signed by the requisitionists
and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.2 If the Directors do not within 21 days from the date of the deposit of the requisition duly proceed to
convene a general meeting to be held within a further 21 days, the requisitionists, or any of them representing a majority of the total
voting rights of all of them, may themselves convene a general meeting of the Company, but any meeting so convened shall not be held after
the expiration of three months after the expiration of such 21 day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.3 A general meeting convened in accordance with this Article by requisitionists shall be convened (insofar
as is possible) in the same manner as that in which general meetings are to be convened by Directors and the Directors shall, upon demand,
provide the names and addresses of each Member to the requisitionists for the purpose of convening such meeting.

23. NOTICE OF GENERAL MEETINGS

23.1 Length and form of notice and persons to whom notice must be given

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.1 At least 5 Clear Days' notice shall be given of any annual general meeting or general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.2 Subject to the Companies Act and notwithstanding that it is convened by shorter notice than that specified
in Article ‎ 23.1.1, a general meeting shall be deemed to have been
duly convened if it is so agreed in the case of all meetings by ninety percent (90%) of all the Members entitled to attend and vote at
the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.3 The notice of meeting shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether the meeting is an annual general meeting or a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the place, the day and the time of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the requirements of (to the extent applicable) the Exchange Rules and/or the Exchange, the
general nature of the business to be transacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is convened to consider a Special Resolution, the intention to propose the resolution as
such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with reasonable prominence, that a Member entitled to attend and vote is entitled to appoint one or more
proxies to attend and, on a poll, vote instead of him and that a proxy need not also be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.4 The notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall be given to the Members (other than a Member who, under these Articles or any restrictions imposed
on any Shares, is not entitled to receive notice from the Company), to each Director and alternate Director, to the Auditor and to such
other persons as may be required by the Exchange Rules and/or the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may specify a time by which a person must be entered on the Register of Members in order for such person
to have the right to attend or vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.5 The Directors may determine that the Members entitled to receive notice of a meeting are those persons
entered on the Register of Members at the close of business on a day determined by the Directors.

23.2 Omission or non-receipt of notice or instrument of proxy

The accidental omission to send or give notice of meeting or, in cases where it is intended that it be sent out or given with the notice, an instrument of proxy or other document to, or the non-receipt of any such item by, any person entitled to receive such notice shall not invalidate the proceedings at that meeting.

24. PROCEEDINGS AT GENERAL MEETINGS

24.1 Requirement and number for a quorum

No business shall be transacted at any general meeting of the Company unless a quorum of Members is present at the time when the meeting proceeds to business. At a general meeting of the Company to (i) consider or adopt a Special Resolution, one or more Members present in person or by proxy holding shares conferring upon the relevant Members at least sixty seven percent (67%) of the votes eligible to be cast at any general meeting of the Company shall be a quorum, and (ii) consider or adopt any other resolution or to take any other action, one or more Members present in person or by proxy holding shares conferring upon the relevant Members at least a majority of the votes eligible to be cast at any general meeting of the Company shall be a quorum.

24.2 General meetings by telephone or other communications device

A general meeting may be held by means of any telephone, electronic or other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by resolution of the Members present, the meeting shall be deemed to be held at the place where the chairman is physically present.

24.3 Adjournment if quorum not present

If within thirty (30) minutes after the time appointed for a general meeting a quorum is not present (or if during such a meeting a quorum ceases to be present), the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.1 if convened upon the requisition of Members, shall be dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2 in any other case, stands adjourned to the same day in the next week at the same time and place or to
such other day, time and place as the Directors may determine, and if at the adjourned meeting a quorum is not present within thirty (30)
minutes from the time appointed for the meeting the Members present shall be a quorum.

24.4 Appointment of chairman of general meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4.1 If the Directors have elected one of their number as chairman of their meetings that person shall preside
as chairman at every general meeting of the Company. If there is no such chairman, or if the elected chairman is not present within fifteen
(15) minutes after the time appointed for the holding of the meeting, or is unable or unwilling to act, the Directors present shall elect
one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4.2 If no Director is willing to act as chairman or if no Director is present within fifteen (15) minutes
after the time appointed for holding the meeting, the Members present shall choose one of their number to be chairman of the meeting.

24.5 Orderly conduct

The chairman shall take such action or give directions for such action to be taken as he thinks fit to promote the orderly conduct of the business of the meeting. The chairman's decision on points of order, matters of procedure or arising incidentally from the business of the meeting shall be final as shall be his determination as to whether any point or matter is of such a nature.

24.6 Entitlement to attend and speak

Each Director shall be entitled to attend and speak at any general meeting of the Company. The chairman may invite any person to attend and speak at any general meeting of the Company where he considers that this will assist in the deliberations of the meeting.

24.7 Adjournment of general meeting

The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for 30 days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice.

24.8 Voting on a show of hands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.8.1 At any general meeting a resolution put to the vote of the meeting must be decided on a show of hands
unless a poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.8.2 Unless a poll is so demanded, a declaration by the chairman that a resolution has, on a show of hands,
been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the Company's book containing
the minutes of proceedings of the Company, is conclusive evidence of the fact. Neither the chairman nor the minutes need state, and it
is not necessary to prove, the number or proportion of the votes recorded in favour of or against the resolution.

24.9 When a poll may be demanded

A poll may only be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9.1 before the show of hands on that resolution is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9.2 before the result of the show of hands on that resolution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9.3 immediately after the result of the show of hands on that resolution is declared.

24.10 Demand for poll

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10.1 A poll may be demanded by either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairman of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at least five (5) Members entitled to vote at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Member or Members representing in aggregate not less than ten percent (10%) of the total voting rights
of all the Members having the right to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Member or Members holding Shares conferring a right to vote on the resolution on which an aggregate
sum has been paid up equal to not less than ten percent (10%) of the total sum paid up on all the Shares conferring that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10.2 A demand for a poll does not prevent the continuance of the meeting for the transaction of any business
other than the question on which the poll has been demanded.

24.11 Voting on a poll

If a poll is properly demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11.1 it must be taken in the manner and at the date and time directed by the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11.2 on the election of a chairman or on a question of adjournment, it must be taken immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11.3 the result of the poll is a resolution of the meeting at which the poll was demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11.4 the demand may be withdrawn.

24.12 No casting vote for chairman

If there is an equality of votes either on a show of hands or on a poll, the chairman is not entitled to a second or casting vote in addition to any other vote he may have or be entitled to exercise.

25. VOTES OF MEMBERS

25.1 Written resolutions of Members

A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all Members for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. A resolution in writing is adopted when all Members entitled to do so have signed it.

25.2 Registered Members to vote

No person shall be entitled to vote at any general meeting unless he is registered as a Member in the Register of Members on the record date for such meeting.

25.3 Voting rights

Subject to any rights and restrictions for the time being attached to any Class or Classes of Shares, every Member present in person and every person representing a Member by proxy shall at a general meeting of the Company shall be entitled to exercise the voting power conferred upon such Member by the Shares held by him. If there are any rights and restrictions for the time being attached to any Class or Classes of Shares then in effect, then such rights or restrictions shall be applied and given effect to on any vote:

25.4 Voting rights of joint holders

If a Share is held jointly and more than one of the joint holders votes in respect of that Share, only the vote of the joint holder whose name appears first in the Register of Members in respect of that Share counts.

25.5 Voting rights of Members incapable of managing their affairs

A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in matters concerning mental disorder, may vote whether on a show of hands or on a poll by his receiver, *curator bonis*, or other person on such Member's behalf appointed by that court, and any such receiver, *curator bonis* or other person may vote by proxy.

25.6 Voting restriction on an outstanding call

Unless the Directors decide otherwise, no Member shall be entitled to be present or vote at any general meeting either personally or by proxy until he has paid all calls due and payable on every Share held by him whether alone or jointly with any other person together with interest and expenses (if any) to the Company.

25.7 Objection to error in voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7.1 An objection to the right of a person to attend or vote at a general meeting or adjourned general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may not be raised except at that meeting or adjourned meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must be referred to the chairman of the meeting whose decision is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7.2 If any objection is raised to the right of a person to vote and the chairman disallows the objection then
the vote cast by that person is valid for all purposes.

26. REPRESENTATION OF MEMBERS AT GENERAL MEETINGS

26.1 How Members may attend and vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.1 Subject to these Articles, each Member entitled to vote at a general meeting may attend and vote at the
general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in person, or where a Member is a company or non-natural person, by a duly authorised representative;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by one or more proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.2 A proxy or a duly authorised representative may, but not need be, a Member of the Company.

26.2 Appointment of proxies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.1 The instrument appointing a proxy shall be in writing and be executed by or on behalf of the Member appointing
the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.2 A corporation may execute an instrument appointing a proxy either under its common seal (or in any other
manner permitted by law and having the same effect as if executed under seal) or under the hand of a duly authorised officer, attorney
or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.3 A Member may appoint more than one proxy to attend on the same occasion, but only one proxy may be appointed
in respect of any one Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.4 The appointment of a proxy shall not preclude a Member from attending and voting at the meeting or any
adjournment of it.

26.3 Form of instrument of proxy

The instrument appointing a proxy may be in any usual or common form (or in any other form approved by the Directors or prescribed by the Exchange) and may be expressed to be for a particular general meeting (or any adjournment of a general meeting) or generally until revoked.

26.4 Authority under instrument of proxy

The instrument appointing a proxy shall be deemed (unless the contrary is stated in it) to confer authority to demand or join in demanding a poll and to vote, on a poll, on a resolution as a motion or an amendment of a resolution put to, or other business which may properly come before, the meeting or meetings for which it is given or any adjournment of any such meeting, as the proxy thinks fit.

26.5 Receipt of proxy appointment

The instrument appointing a proxy and any authority under which it is executed shall be deposited at the Registered Office or at such other place as is specified in the notice convening the meeting (or in any instrument of proxy sent out by the Company) prior to the time set out in such notice or instrument (or if no such time is specified, no later than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting). Notwithstanding the foregoing, the chairman may, in any event, at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

26.6 Uncertificated Proxy Instruction

In relation to any Shares which are held by means of a Relevant System, the Directors may from time to time permit appointments of a proxy to be made by means of an electronic communication in the form of an Uncertificated Proxy Instruction. The Directors may in a similar manner permit supplements to, or amendments or revocations of, any such Uncertificated Proxy Instruction to be made by like means. The Directors may in addition prescribe the method of determining the time at which any such properly authenticated dematerialised instruction (and/or other instruction or notification) is to be treated as received by the Company or such participant. Notwithstanding any other provision in these Articles, the Directors may treat any such Uncertificated Proxy Instruction which purports to be or is expressed to be sent on behalf of a holder of a Share as sufficient evidence of the authority of the persons sending that instruction to send it on behalf of the holder.

26.7 Validity of votes cast by proxy

Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed, or the transfer of the Share in respect of which the proxy is appointed unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which the proxy voted.

26.8 Corporate representatives

A corporation which is a Member may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any separate meeting of the holders of any Class of Shares. Any person so authorised shall be entitled to exercise the same powers on behalf of the corporation (in respect of that part of the corporation's holdings to which the authority relates) as the corporation could exercise if it were an individual Member. The corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present at it. All references in these Articles to attendance and voting in person shall be construed accordingly. A Director, the Secretary or some other person authorised for the purpose by a Director may require the representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to such person before permitting him to exercise his powers.

26.9 Clearing Houses and Depositories

If a Clearing House or a Depository (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any separate meeting of the holders of any Class of Shares provided that, if more than one person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the Clearing House or the Depository (or its nominee(s)) as if such person was the registered holder of the Shares of the Company held by the Clearing House or the Depository (or its nominee(s)).

26.10 Termination of proxy or corporate authority

A vote given or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous termination of the authority of the person voting or demanding a poll, unless notice of the termination was received by the Company at the Registered Office, or at such other place at which the instrument of proxy was duly deposited, or, where the appointment of proxy was contained in an electronic communication, at the address at which such appointment was duly received, at least one hour before the commencement of the meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case of a poll not taken on the same day as the meeting or adjourned meeting) at least one hour before the time appointed for taking the poll.

26.11 Amendment to resolution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.11.1 If an amendment shall be proposed to any resolution but shall in good faith be ruled out of order by the
chairman of the meeting, any error in such ruling shall not invalidate the proceedings on the substantive resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.11.2 ln the case of a resolution duly proposed as a Special Resolution, no amendment to it (other than an amendment
to correct a patent error) may be considered or voted on and in the case of a resolution duly proposed as an Ordinary Resolution no amendment
to it (other than an amendment to correct a patent error) may be considered or voted on unless either at least forty-eight (48) hours
hours prior to the time appointed for holding the meeting or adjourned meeting at which such Ordinary Resolution is to be proposed notice
in writing of the terms of the amendment and intention to move it has been lodged at the Registered Office or the chairman of the meeting
in his absolute discretion decides that it may be considered or voted on.

26.12 Shares that may not be voted

Shares that are beneficially owned by the Company shall not be voted, directly or indirectly, at any general meeting or Class meeting (as applicable) and shall not be counted in determining the total number of outstanding Shares at any given time.

27. Appointment, retirement and removal Of Directors

27.1 Number of Directors

The Company may from time to time by Ordinary Resolution establish or vary a maximum and/or minimum number of Directors. Unless otherwise determined by the Company by Ordinary Resolution the number of Directors (other than alternate Directors) shall be not less than one and there shall be no maximum number of Directors.

27.2 No shareholding qualification

The Company may by Ordinary Resolution fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

27.3 Appointment of Directors

The Company may by Ordinary Resolution appoint a person who is willing to act to be a Director either to fill a vacancy or as an addition to the existing Directors, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance with these Articles. The first Director(s) shall be determined in writing by, or appointed by a resolution of, the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3.1 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these Articles,
the Directors shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or as an
addition to the existing Directors, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3.2 Any Director so appointed shall, if still a Director, retire at the next annual general meeting after
his appointment and be eligible to stand for election as a Director at such meeting. Such person shall not be taken into account in determining
the number or identity of Directors who are to retire by rotation at such meeting.

27.4 Appointment of executive Directors

The Directors may appoint one or more of its members to an executive office or other position of employment with the Company for such term and on any other conditions the Directors think fit. The Directors may revoke, terminate or vary the terms of any such appointment, without prejudice to a claim for damages for breach of contract between the Director and the Company.

27.5 Rotational retirement at annual general meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5.1 Each Director is subject to retirement by rotation in accordance with these Articles, subject to Article ‎ 27.3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5.2 At each annual general meeting one-third of the Directors who are subject to retirement by rotation or,
if their number is not three nor a multiple of three, the number nearest to but not exceeding one-third, shall retire from office. lf
there are fewer than three Directors who are subject to retirement by rotation, one of them shall retire from office at the annual general
meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5.3 Subject to these Articles, the Directors to retire by rotation at each annual general meeting shall be,
so far as necessary to obtain the number required, first, any Director who wishes to retire and not offer himself for re-election and
secondly, those Directors who have been longest in office since their last appointment or re-appointment. As between two or more Directors
who have been in office an equal length of time, the Director to retire shall, in default of agreement between them, be determined by
lot. The Directors to retire on each occasion (both as to number and identity) shall be determined by the composition of the Directors
at the start of business seven days before the date of the notice convening the annual general meeting notwithstanding any change in the
number or identity of the Directors after that time but before the close of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5.4 lf the Directors so decide, one or more other Directors selected by the Directors may also retire at an
annual general meeting as if any such other Director was also retiring by rotation at that meeting in accordance with these Articles.

27.6 Position of retiring Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6.1 A Director who retires at an annual general meeting (whether by rotation or otherwise) may, if willing
to act, be re-appointed. lf he is not re-appointed or deemed to have been reappointed, he shall retain office until the meeting appoints
someone in his place or, if it does not do so, until the end of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6.2 At any general meeting at which a Director retires by rotation the Company may fill the vacancy and, if
it does not do so, the retiring Director shall, if willing, be deemed to have been re-appointed unless it is expressly resolved not to
fill the vacancy or a resolution for the re-appointment of the Director is put to the meeting and lost.

27.7 No age limit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7.1 No person shall be disqualified from being appointed or re-appointed as a Director and no Director shall
be requested to vacate that office by reason of his attaining the age of seventy or any other age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7.2 It shall not be necessary to give special notice of any resolution appointing, re-appointing or approving
the appointment of a Director by reason of his age.

27.8 Removal of Directors by Ordinary Resolution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8.1 The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by Ordinary Resolution remove any Director before the expiration of his period of office, but without
prejudice to any claim for damages which he may have for breach of any contract of service between him and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Ordinary Resolution appoint another person who is willing to act to be a Director in his place (subject
to these Articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8.2 Any person so appointed shall be treated, for the purposes of determining the time at which he or any
other Director is to retire, as if he had become a Director on the day on which the person in whose place he is appointed was last appointed
or re-appointed a Director.

27.9 Other circumstances in which a Director ceases to hold office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9.1 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise) a Director
ceases to hold office as a Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he resigns as Director by notice in writing delivered to the Directors or to the Registered Office or
tendered at a meeting of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is not present personally or by proxy or represented by an alternate Director at meetings of the Directors
for a continuous period of 6 months without special leave of absence from the Directors, and the Directors pass a resolution that he has
by reason of such absence vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he only held office as a Director for a fixed term and such term expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) he is removed from office pursuant to these Articles or the Companies Act or becomes prohibited by law
from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an order is made by any court of competent jurisdiction on the ground (however formulated) of mental disorder
for his detention or for the appointment of a guardian or receiver or other person to exercise powers with respect to his property or
affairs or he is admitted to hospital in pursuance of an application for admission for treatment under any legislation relating to mental
health and the Directors resolve that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is removed from office by notice in writing addressed to him at his address as shown in the Company's
register of directors and signed by all the other Directors (without prejudice to any claim for damages which he may have for breach of
contract against the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the case of a Director who holds executive office, his appointment to such office is terminated or
expires and the Directors resolve that his office be vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9.2 A Resolution of the Directors declaring a Director to have vacated office pursuant to this Article shall
be conclusive as to the fact and grounds of vacation stated in the resolution.

28. ALTERNATE DIRECTORS

28.1 Appointment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.1 A Director (other than an alternate Director) may appoint any other Director or any person approved for
that purpose by the Directors and willing to act, to be his alternate by notice in writing delivered to the Directors or to the Registered
Office, or in any other manner approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.2 The appointment of an alternate Director who is not already a Director shall require the approval of either
a majority of the Directors or the Directors by way of a Directors' resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.3 An alternate Director need not hold a Share qualification and shall not be counted in reckoning any maximum
or minimum number of Directors allowed by these Articles.

28.2 Responsibility

Every person acting as an alternate Director shall be an officer of the Company, shall alone be responsible to the Company for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

28.3 Participation at Directors' meetings

An alternate Director shall (subject to his giving to the Company an address at which notices may be served on him) be entitled to receive notice of all meetings of the Directors and all committees of the Directors of which his appointor is a member and, in the absence from such meetings of his appointor, to attend and vote at such meetings and to exercise all the powers, rights, duties and authorities of his appointor (other than the power to appoint an alternate Director). A Director acting as alternate Director shall have a separate vote at Directors' meetings for each Director for whom he acts as alternate Director, but he shall count as only one for the purpose of determining whether a quorum is present.

28.4 lnterests

An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements with the Company and to be repaid expenses and to be indemnified in the same way and to the same extent as a Director. However, he shall not be entitled to receive from the Company any fees for his services as alternate, except only such part (if any) of the fee payable to his appointor as such appointor may by notice in writing to the Company direct. Subject to this Article, the Company shall pay to an alternate Director such expenses as might properly have been paid to him if he had been a Director.

28.5 Termination of appointment

An alternate Director shall cease to be an alternate Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5.1 if his appointor revokes his appointment by notice delivered to the Directors or to the Registered Office
or in any other manner approved by the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5.2 if his appointor ceases for any reason to be a Director, provided that if any Director retires but is
re-appointed or deemed to be re-appointed at the same meeting, any valid appointment of the alternate Director which was in force immediately
before his retirement shall remain in force; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5.3 if any event happens in relation to him which, if he were a Director, would cause his office as Director
to be vacated.

29. POWERS OF DIRECTORS

29.1 General powers to manage the Company's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.1 Subject to the provisions of the Companies Act, the Memorandum and these Articles and to any directions
given by Special Resolution, the business of the Company shall be managed by the Directors, who may exercise all the powers of the Company.
No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been
valid if that alteration had not been made or that direction had not been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1.2 The powers given by this Article shall not be limited by any special power given to the Directors by these
Articles and a duly convened meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.

29.2 Signing of cheques

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine.

29.3 Retirement payments and other benefits

The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

29.4 Borrowing powers of Directors

The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking and property and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

30. PROCEEDINGS OF DIRECTORS

30.1 Directors' meetings

Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.

30.2 Voting

Questions arising at any Directors' meeting shall be decided by a simple majority of votes. In the case of an equality of votes, the chairman shall not have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

30.3 Notice of a Directors' meeting

A Director or an alternate Director may, or any other officer of the Company at the request of a Director or alternate Director shall, call a meeting of the Directors by not less than twenty-four (24) hours' notice. Notice of a meeting of the Directors must specify the time and place of the meeting and the general nature of the business to be considered, and shall be deemed to be given to a Director if it is given to him personally or by word of mouth or sent in writing to his last known address given to the Company by him for such purpose or given by electronic communications to an address for the time being notified to the Company by the Director. A Director may waive the requirement that notice of any Directors' meeting be given to him, either at, before or after the meeting.

30.4 Failure to give notice

A Director or alternate Director who attends any Directors' meeting waives any objection that he or she may have to any failure to give notice of that meeting. The accidental failure to give notice of a Directors' meeting to, or the non-receipt of notice by, any person entitled to receive notice of that meeting does not invalidate the proceedings at that meeting or any resolution passed at that meeting.

30.5 Quorum

No business shall be transacted at any meeting of the Directors unless a quorum is present. The quorum may be fixed by the Directors, and unless so fixed shall be two (2) if there are two or more Directors, and shall be one if there is only one Director. A person who holds office only as an alternate Director shall, if his appointor is not present, be counted in the quorum.

30.6 Power to act notwithstanding vacancies

The continuing Directors or sole continuing Director may act notwithstanding any vacancies in their number, but if the number of Directors is less than the number fixed as the quorum, the continuing Directors or Director may act only for the purpose of filling vacancies in that number, or for calling a general meeting of the Company.

30.7 Chairman to preside

The Directors may elect a chairman of their board and determine the period for which he is to hold office, but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairman of the meeting.

30.8 Validity of acts of Directors in spite of a formal defect

All acts done by a meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was a defect in the appointment of any Director or alternate Director, or that they or any of them were disqualified from holding office (or had vacated office) or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director as the case may be and had been entitled to vote.

30.9 Directors' meetings by telephone or other communication device

A meeting of the Directors (or committee of Directors) may be held by means of any telephone, electronic or such other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman is physically present.

30.10 Written resolutions of Directors

A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. A resolution in writing is adopted when all the Directors (whether personally, by an alternate Director or by a proxy) have signed it.

30.11 Appointment of a proxy

A Director but not an alternate Director may be represented at any meeting of the Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. The authority of any such proxy shall be deemed unlimited unless expressly limited in the written instrument appointing him.

30.12 Presumption of assent

A Director (or alternate Director) present at a meeting of Directors is taken to have cast a vote in favour of a resolution of the Directors unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the chairman or secretary of the meeting before the adjournment of the meeting or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of a resolution of the Directors.

30.13 Directors' interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.13.1 Subject to the provisions of the Companies Act and provided that he has declared to the Directors the
nature and extent of any personal interest of his in a matter, transaction or arrangement, a Director or alternate Director notwithstanding
his office may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any office or place of profit in the Company, except that of Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold any office or place of profit in any other company or entity promoted by the Company or in which
it has an interest of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into any contract, transaction or arrangement with the Company or in which the Company is otherwise
interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) act in a professional capacity (or be a member of a firm which acts in a professional capacity) for the
Company, except as Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sign or participate in the execution of any document in connection with matters related to that interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) participate in, vote on and be counted in the quorum at any meeting of the Directors that considers matters
relating to that interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do any of the above despite the fiduciary relationship of the Director's office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without any liability to account to the Company for any direct or indirect benefit accruing to the Director;
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) without affecting the validity of any contract, transaction or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.13.2 For the purposes of this Article, a general notice given to the Directors that a Director is to be regarded
as having an interest of the nature and extent specified in the notice in any matter, transaction or arrangement for which a specified
person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such matter, transaction
or arrangement of the nature and extent so specified.

30.14 Minutes of meetings to be kept

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at general and Class meetings of the Company and meetings of the Directors or committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

31. DELEGATION OF DIRECTORS' POWERS

31.1 Power of Directors to delegate

The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1.1 delegate any of their powers, authorities and discretions to any committee of the Directors consisting
of one or more Directors and (if the Directors think fit) to one or more other persons in each case to such extent, by such means (including
by power of attorney) and on such terms and conditions as the Directors think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1.2 authorise any person to whom powers, authorities and discretions are delegated under this Article by the
Directors to further delegate some or all of those powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1.3 delegate their powers, authorities and discretions under this Article either collaterally with or to the
exclusion of their own powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1.4 at any time revoke any delegation made under this Article by the Directors in whole or in part or vary
its terms and conditions.

31.2 Delegation to Committees

A committee to which any powers, authorities and discretions have been delegated under the preceding Article must exercise those powers, authorities and discretions in accordance with the terms of delegation and any other regulations that may be imposed by the Directors on that committee. The proceedings of a committee of the Directors must be conducted in accordance with any regulations imposed by the Directors, and, subject to any such regulations, to the provisions of these Articles dealing with proceedings of Directors insofar as they are capable of applying.

31.3 Delegation to executive Directors

The Directors may delegate to a Director holding executive office any of its powers, authorities and discretions for such time and on such terms and conditions as it shall think fit. The Directors may grant to a Director the power to sub-delegate, and may retain or exclude the right of the Directors to exercise the delegated powers, authorities or discretions collaterally with the Director. The Directors may at any time revoke the delegation or alter its terms and conditions.

31.4 Delegation to local boards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.4.1 The Directors may establish any local or divisional board or agency for managing any of the affairs of
the Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional board, or to
be managers or agents, and may fix their remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.4.2 The Directors may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.4.3 Any appointment or delegation under this Article may be made on such terms and subject to such conditions
as the Directors think fit and the Directors may remove any person so appointed, and may revoke or vary any delegation.

31.5 Appointing an attorney, agent or authorised signatory of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.5.1 The Directors may by power of attorney or otherwise appoint any person to be the attorney, agent or authorised
signatory of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or exercisable
by the Directors under these Articles) and for such period and subject to such conditions as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.5.2 Any such power of attorney or other appointment may contain such provisions for the protection and convenience
of persons dealing with any such attorney, agent or authorised signatory as the Directors think fit and may also authorise any such attorney,
agent or authorised signatory to delegate all or any of the powers, authorities and discretions vested in such person.

31.6 Officers

The Directors may appoint such officers (including a Secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors think fit. Unless otherwise specified in the terms of his appointment, an officer may be removed from that office by resolution of the Directors or by Ordinary Resolution.

32. Directors' renumeration, expenses and benefits

32.1 Fees

The Company shall pay to the Directors (but not alternate Directors) for their services as Directors such aggregate amount of fees as the Directors may decide. The aggregate fees shall be divided among the Directors in such proportions as the Directors may decide or, if no decision is made, equally. A fee payable to a Director pursuant to this Article shall be distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Articles and accrues from day to day.

32.2 Expenses

A Director may also be paid all travelling, hotel and other expenses properly incurred by him in connection with his attendance at meetings of the Directors or of committees of the Directors or general meetings or separate meetings of the holders of any Class of Shares or otherwise in connection with the discharge of his duties as a Director, including (without limitation) any professional fees incurred by him (with the approval of the Directors or in accordance with any procedures stipulated by the Directors) in taking independent professional advice in connection with the discharge of such duties.

32.3 Remuneration of executive Directors

The salary or remuneration of a Director appointed to hold employment or executive office in accordance with the Articles may be a fixed sum of money, or wholly or in part governed by business done or profits made, or as otherwise decided by the Directors (including, for the avoidance of doubt, by the Directors acting through a duly authorised Directors' committee), and may be in addition to or instead of a fee payable to him for his services as Director pursuant to these Articles.

32.4 Special remuneration

A Director who, at the request of the Directors, goes or resides abroad, makes a special journey or performs a special service on behalf of or for the Company (including, without limitation, services as a chairman of the board of Directors, services as a member of any committee of the Directors and services which the Directors consider to be outside the scope of the ordinary duties of a Director) may be paid such reasonable additional remuneration (whether by way of salary, bonus, commission, percentage of profits or otherwise) and expenses as the Directors (including, for the avoidance of doubt, the Directors acting through a duly authorised Directors' committee) may decide.

32.5 Pensions and other benefits

The Directors may exercise all the powers of the Company to provide pensions or other retirement or superannuation benefits and to provide death or disability benefits or other allowances or gratuities (by insurance or otherwise) for a person who is or has at any time been a Director, an officer or a director or an employee of a company which is or was a Group Undertaking, a company which is or was allied to or associated with the Company or with a Group Undertaking or a predecessor in business of the Company or of a Group Undertaking (and for any member of his family, including a spouse or former spouse, or a person who is or was dependent on him). For this purpose the Directors may establish, maintain, subscribe and contribute to any scheme, trust or fund and pay premiums. The Directors may arrange for this to be done by the Company alone or in conjunction with another person. A Director or former Director is entitled to receive and retain for his own benefit any pension or other benefit provided in accordance with this Article and is not obliged to account for it to the Company.

33. SEAL

33.1 Directors to determine use of Seal

The Company may, if the Directors so determine, have a Seal. The Seal shall only be used with the authority of the Directors or a committee of the Directors established for such purpose. Every document to which the Seal is affixed shall be signed by at least one person who shall be either a Director or some officer or other person appointed by the Directors for that purpose unless the Directors decide that, either general or in a particular case, that a signature may be dispensed with or affixed by mechanical means.

33.2 Duplicate Seal

The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used.

34. DIVIDENDS, DISTRIBUTIONS AND RESERVES

34.1 Declaration

Subject to the Companies Act and these Articles, the Directors may declare dividends and distributions on any one or more Classes of Shares in issue and authorise payment of the dividends or distributions out of the funds of the Company lawfully available therefor. No dividend or distribution shall be paid except out of the realised or unrealised profits of the Company, or out of the share premium account, or as otherwise permitted by the Companies Act.

34.2 lnterim dividends

Subject to the Companies Act, the Directors may pay such interim dividends (including any dividend payable at a fixed rate) as appears to the Directors to be available for distribution. lf at any time the share capital of the Company is divided into different Classes, the Directors may pay such interim dividends on Shares which rank after Shares conferring preferential rights with regard to dividend as well as on Shares conferring preferential rights, unless at the time of payment any preferential dividend is in arrears. lf the Directors act in good faith, they shall not incur any liability to the holders of Shares conferring preferential rights for any loss that they may suffer by the lawful payment of an interim dividend on any Shares ranking after those with preferential rights.

34.3 Entitlement to dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3.1 Except as otherwise provided by these Articles or the rights attached to Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a dividend shall be declared and paid according to the amounts paid up (otherwise than in advance of calls)
on the nominal value of the Shares on which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dividends shall be apportioned and paid proportionately to the amounts paid up on the nominal value of
the Shares during any portion or portions of the period in respect of which the dividend is paid, but if any Share is issued on terms
that it shall rank for dividend as from a particular date, it shall rank for dividend accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3.2 Except as otherwise provided by these Articles or the rights attached to Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a dividend may be paid in any currency or currencies decided by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may agree with a Member that any dividend declared or which may become due in one currency
will be paid to the Member in another currency, for which purpose the Directors may use any relevant exchange rate current at any time
as the Directors may select for the purpose of calculating the amount of any Member's entitlement to the dividend.

34.4 Payment methods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4.1 The Company may pay a dividend, interest or other amount payable in respect of a Share in cash or by cheque,
warrant or money order or by a bank or other funds transfer system or (in respect of any uncertificated Share or any Share represented
by a Depository Interest) through the Relevant System in accordance with any authority given to the Company to do so (whether in writing,
through the Relevant System or otherwise) by or on behalf of the Member in a form or in a manner satisfactory to the Directors. Any joint
holder or other person jointly entitled to a Share may give an effective receipt for a dividend, interest or other amount paid in respect
of such Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4.2 The Company may send a cheque, warrant or money order by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a sole holder, to his registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of joint holders, to the registered address of the person whose name stands first in the Register
of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a person or persons entitled by transmission to a Share, as if it were a notice given in
accordance with Article ‎ 14; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in any case, to a person and address that the person or persons entitled to the payment may in writing
direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4.3 Every cheque, warrant or money order shall be sent at the risk of the person or persons entitled to the
payment and shall be made payable to the order of the person or persons entitled or to such other person or persons as the person or persons
entitled may in writing direct. The payment of the cheque, warrant or money order shall be a good discharge to the Company. lf payment
is made by a bank or other funds transfer or through the Relevant System, the Company shall not be responsible for amounts lost or delayed
in the course of transfer. lf payment is made by or on behalf of the Company through the Relevant System:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be responsible for any default in accounting for such payment to the Member or other
person entitled to such payment by a bank or other financial intermediary of which the Member or other person is a customer for settlement
purposes in connection with the Relevant System; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the making of such payment in accordance with any relevant authority referred to in Article ‎ 34.4.1
above shall be a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4.4 The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lay down procedures for making any payments in respect of uncertificated Shares through the Relevant System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) allow any holder of uncertificated Shares to elect to receive or not to receive any such payment through
the Relevant System; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) lay down procedures to enable any such holder to make, vary or revoke any such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4.5 The Directors may withhold payment of a dividend (or part of a dividend) payable to a person entitled
by transmission to a Share until he has provided any evidence of his entitlement that the Directors may reasonably require.

34.5 Deductions

The Directors may deduct from any dividend or other amounts payable to any person in respect of a Share all such sums as may be due from him to the Company on account of calls or otherwise in relation to any Shares.

34.6 Interest

No dividend or other money payable in respect of a Share shall bear interest against the Company, unless otherwise provided by the rights attached to the Share.

34.7 Unclaimed dividends

All unclaimed dividends or other monies payable by the Company in respect of a Share may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed. The payment of any unclaimed dividend or other amount payable by the Company in respect of a Share into a separate account shall not constitute the Company a trustee in respect of it. Any dividend unclaimed after a period of three (3) years from the date the dividend became due for payment shall be forfeited and shall revert to the Company.

34.8 Uncashed dividends

lf, in respect of a dividend or other amount payable in respect of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8.1 a cheque, warrant or money order is returned undelivered or left uncashed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8.2 a transfer made by or through a bank transfer system and/or other funds transfer system(s) (including,
without limitation, the Relevant System in relation to any uncertificated Shares) fails or is not accepted, on two consecutive occasions,
or one occasion and reasonable enquiries have failed to establish another address or account of the person entitled to the payment, the
Company shall not be obliged to send or transfer a dividend or other amount payable in respect of such Share to such person until he notifies
the Company of an address or account to be used for such purpose.

34.9 Dividends in kind

The Directors may direct that any dividend or distribution shall be satisfied wholly or partly by the distribution of assets (including, without limitation, paid up Shares or securities of any other body corporate). Where any difficulty arises concerning such distribution, the Directors may settle it as it thinks fit. ln particular (without limitation), the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.9.1 issue fractional certificates or ignore fractions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.9.2 fix the value for distribution of any assets, and may determine that cash shall be paid to any Member
on the footing of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.9.3 vest any assets in trustees on trust for the persons entitled to the dividend.

34.10 Scrip dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10.1 The Directors may offer any holders of ordinary Shares the right to elect to receive ordinary Shares,
credited as fully paid, instead of cash in respect of the whole (or some part, to be determined by the Directors) of any dividend specified
by the Ordinary Resolution, subject to the Companies Act and to the provisions of this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10.2 The Directors may make any provision they consider appropriate in relation to an allotment made or to
be made pursuant to this Article (whether before or after the passing or the Ordinary Resolution referred to in Article ‎ 34.10.1),
including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the giving of notice to holders of the right of election offered to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provision of forms of election and/or a facility and a procedure for making elections through the
Relevant System (whether in respect of a particular dividend or dividends generally);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determination of the procedure for making and revoking elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the place at which, and the latest time by which, forms of election and other relevant documents must
be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the disregarding or rounding up or down or carrying forward of fractional entitlements, in whole or in
part, or the accrual of the benefit of fractional entitlements to the Company (rather than to the holders concerned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the exclusion from any offer of any holders of ordinary Shares where the Directors consider that the making
of the offer to them would or might involve the contravention of the laws of any territory or that for any other reason the offer should
not be made to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10.3 The dividend (or that part of the dividend in respect of which a right of election has been offered) shall
not be payable on ordinary Shares in respect of which a valid election has been made (the "**elected ordinary Shares** ").
Instead additional ordinary Shares shall be allotted to the holders of the elected ordinary Shares on the basis of allotment determined
under this Article. For such purpose, the Directors may capitalise out of any amount for the time being standing to the credit of any
reserve or fund of the Company (including any share premium account, capital redemption reserve and profit and loss account), whether
or not available for distribution, a sum equal to the aggregate nominal amount of the additional ordinary Shares to be allotted on that
basis and apply it in paying up in full the appropriate number of unissued ordinary Shares for allotment and distribution to the holders
of the elected ordinary Shares on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10.4 The additional ordinary Shares when allotted shall rank equally in all respects with the fully paid ordinary
Shares in issue on the record date for the dividend in respect of which the right of election has been offered, except that they will
not rank for any dividend or other entitlement which has been declared, paid or made by reference to such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.10.5 The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do all acts and things which it considers necessary or expedient to give effect to any such capitalisation,
and may authorise any person to enter on behalf of all the Members interested into an agreement with the Company providing for such capitalisation
and incidental matters and any agreement so made shall be binding on all concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) establish and vary a procedure for election mandates in respect of future rights of election and determine
that every duly effected election in respect of any ordinary Shares shall be binding on every successor in title to the holder of such
Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) terminate, suspend or amend any offer of the right to elect to receive ordinary Shares in lieu of any
cash dividend at any time and generally implement any scheme in relation to any such offer on such terms and conditions as the Directors
may from time to time determine and take such other action as the Directors may deem necessary or desirable from time to time in respect
of any such scheme.

34.11 Reserves

The Directors may set aside out of the profits of the Company and carry to reserve such sums as it thinks fit. Such sums standing to reserve may be applied, at the Directors' discretion, for any purpose to which the profits of the Company may properly be applied and, pending such application, may either be employed in the business of the Company or be invested in such investments as the Directors thinks fit. The Directors may divide the reserve into such special funds as it thinks fit and may consolidate into one fund any special funds or any parts of any special funds into which the reserve may have been divided as it thinks fit. The Directors may also carry forward any profits without placing them to reserve.

34.12 Capitalisation of profits and reserves

The Directors may, with the authority of an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12.1 subject to this Article, resolve to capitalise any undivided profits of the Company not required for paying
any preferential dividend (whether or not available for distribution) or any sum standing to the credit of any reserve or fund of the
Company (including any share premium account, capital redemption reserve and profit and loss account), whether or not available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12.2 appropriate the sum resolved to be capitalised to the holders of ordinary Shares in proportion to the
nominal amounts of the Shares (whether or not fully paid) held by them respectively which would entitle them to participate in a distribution
of that sum if the Shares were fully paid and the sum were then distributable and were distributed by way of dividend and apply such sum
on their behalf either in or towards paying up the amounts, if any, unpaid on any Shares held by them respectively, or in paying up in
full unissued Shares or debentures of the Company of a nominal amount equal to that sum, and allot the Shares or debentures credited as
fully paid to those holders of ordinary Shares or as the Directors may direct, in those proportions, or partly in one way and partly in
the other, but so that the share premium account, the capital redemption reserve and any profits or reserves which are not available for
distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Members credited as
fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12.3 resolve that any Shares so allotted to any Member in respect of a holding by him of any partly paid Shares
shall, so long as such Shares remain partly paid, rank for dividend only to the extent that such partly paid Shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12.4 make such provision by the issue of fractional certificates (or by ignoring fractions or by accruing the
benefit of fractions to the Company rather than to the holders concerned) or by payment in cash or otherwise as the Directors may determine
in the case of Shares or debentures becoming distributable in fractions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12.5 authorise any person to enter on behalf of all the Members concerned into an agreement with the Company
providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the allotment to them respectively, credited as fully paid, of any further Shares or debentures to which
they are entitled upon such capitalisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the payment up by the Company on behalf of such Members by the application thereto of their respective
proportions of the reserves or profits resolved to be capitalised, of the amounts or any part of the amounts remaining unpaid on their
existing Shares,

and so that any such agreement shall be binding on all such Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.12.6 generally do all acts and things required to give effect to such resolution.

35. SHARE PREMIUM ACCOUNT

35.1 Directors to maintain share premium account

The Directors shall establish a share premium account in accordance with the Companies Act. They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed or such other amounts required by the Companies Act.

35.2 Debits to share premium account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2.1 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2.2 Notwithstanding Article ‎ 35.2.1 above,
on the redemption or purchase of a Share, the Directors may pay the difference between the nominal value of that Share and the redemption
purchase price out of the profits of the Company or, as permitted by the Companies Act, out of capital.

36. DISTRIBUTION PAYMENT RESTRICTIONS

Notwithstanding any other provision of these Articles, the Company shall not be obliged to make any payment to a Member in respect of a dividend, repurchase, redemption or other distribution if the Directors suspect that such payment may result in the breach or violation of any applicable laws or regulations (including, without limitation, any anti-money laundering laws or regulations) or such refusal is required by the laws and regulations governing the Company or its service providers.

37. BOOKS OF ACCOUNT

37.1 Books of account to be kept

The Directors shall cause proper books of account to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the affairs of the Company and to explain its transactions.

37.2 Inspection by Members

The Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them will be open to the inspection of Members (not being Directors). No Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Act by order of the court or authorised by the Directors or by Ordinary Resolution.

37.3 Accounts required by law

The Directors shall cause to be prepared and to be laid before the Company at each annual general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

37.4 Retention of records

All books of account maintained by the Company shall be retained for a period of at least five years, or such longer period required by any applicable law or regulation from time to time.

38. AUDIT

38.1 Appointment of Auditor

The Directors may appoint an Auditor who shall hold office until removed from office by a resolution of the Directors, and may fix the Auditor's remuneration.

38.2 Rights of Auditor

The Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor.

38.3 Reporting requirements of Auditor

Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next general meeting following their appointment, and at any other time during their term of office, upon request of the Directors or any general meeting of the Company.

39. NOTICES

39.1 Forms of notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1.1 Any notice to be given to or by any person pursuant to these Articles (other than a notice calling a meeting
of the Directors) shall be in writing or shall be given using electronic communications to an address for the time being notified for
that purpose to the person giving the notice, except that a notice to a holder of any uncertificated Shares or given in respect of any
such Shares may be given electronically through the Relevant System (if permitted by, and subject to, the facilities and requirements
of the Relevant System and subject to compliance with any relevant requirements of the Exchange Rules and/or the Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1.2 ln this Article "address", in relation to electronic communications, includes any number or
address used for the purposes of such communications.

39.2 Service on Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2.1 A notice or other document may be given by the Company to any Member either personally or by sending it
by post in a pre-paid envelope addressed to such Member at his registered address or by leaving it at that address or by giving it using
electronic communications to an address for the time being notified to the Company by the Member, or by any other means authorised in
writing by the Member concerned or (in the case of a notice to a Member holding uncertificated Shares) by transmitting the notice through
the Relevant System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2.2 ln the case of joint holders of a Share, all notices and documents shall be given to the person whose
name stands first in the Register of Members in respect of that Share. Notice so given shall be sufficient notice to all the joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2.3 Any notice or other document to be given to a Member may be given by reference to the Register of Members
as it stands at any time within the period of 21 days before the day that the notice is given or (where and as applicable) within any
other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Exchange Rules and/or the Exchange.
No change in the Register of Members after that time shall invalidate the giving of such notice or document or require the Company to
give such item to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2.4 lf on three consecutive occasions notices or other documents have been sent through the post to any Member
at his registered address or his address for the service of notices but have been returned undelivered, such Member shall not be entitled
to receive notices or other documents from the Company until he shall have communicated with the Company and supplied in writing a new
registered address for the service of notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2.5 lf on three consecutive occasions notices or other documents have been sent using electronic communications
to an address for the time being notified to the Company by the Member and the Company becomes aware that there has been a failure of
transmission, the Company shall revert to giving notices and other documents to the Member by post or by any other means authorised in
writing by the Member concerned. Such Member shall not be entitled to receive notices or other documents from the Company using electronic
communications until he shall have communicated with the Company and supplied in writing a new address to which notices or other documents
may be sent using electronic communications.

39.3 Evidence of giving notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3.1 A notice or other document addressed to a Member at his registered address shall be, if sent by post or
airmail, deemed to have been given at the time forty-eight (48) hours after posting if pre-paid as first class post and at the time 48
hours after posting if pre-paid as second class post. ln proving that notice has been given it shall be sufficient to prove that the envelope
containing the notice or document was properly addressed, pre-paid and posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3.2 A notice or other document address to a Member at an address to which notices may be sent using electronic
communications shall be, if sent by electronic communications, deemed to have been given at the expiration of forty-eight (48) hours after
the time it was sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3.3 A notice or document not sent by post but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) left at a registered address or address for giving notice in the jurisdictions(s) where the Exchange(s)
has its registered office shall be deemed to be given on the day it is left; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) given through the Relevant System shall be deemed to be given when the Company or other relevant person
acting on the Company's behalf sends the relevant instruction or other relevant message in respect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3.4 A Member present either in person or by proxy, or in the case of a corporate Member by a duly authorised
representative, at any meeting of the Company or of the holders of any Class of Shares shall be deemed to have received due notice of
such meeting and, where required, of the purposes for which it was called.

39.4 Notice binding on transferees

A person who becomes entitled to a Share by transfer, transmission or otherwise shall be bound by any notice in respect of that Share which, before his name is entered in the Register of Members, has been given to the person from whom he derives his title.

39.5 Notice to persons entitled by transmission

A notice or other document may be given by the Company to a person entitled by transmission to a Share in consequence of the death or bankruptcy of a Member or otherwise by sending or delivering it in any manner authorised by these Articles for the giving of notice to a Member, addressed to that person by name, or by the title of representative of the deceased or trustee of the bankrupt or by any similar or equivalent description, to the address to which notices have been requested to be sent for that purpose by the person claiming to be so entitled. Until such an address has been supplied, a notice or other document may be given in any manner in which it might have been given if the event giving rise to the transmission had not occurred. The giving of notice in accordance with this Article shall be sufficient notice to all other persons interested in the Share.

40. WINDING UP

40.1 Method of winding up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1.1 If the Company shall be wound up, and the assets available for distribution amongst the Members shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Members in proportion to the number of the Shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1.2 If in a winding up the assets available for distribution amongst the Members shall be more than sufficient
to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members in
proportion to the number of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in
respect of which there are monies due, of all monies payable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1.3 This Article is without prejudice to the rights of the holders of Shares issued upon special terms and
conditions.

40.2 Distribution of assets in a winding up

Subject to any rights or restrictions for the time being attached to any Class of Shares, on a winding up of the Company the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, distribute among the Members the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2.1 decide how the assets are to be distributed as between the Members or different Classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2.2 value the assets to be distributed in such manner as the liquidator thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2.3 vest the whole or any part of any assets in such trustees and on such trusts for the benefit of the Members
entitled to the distribution of those assets as the liquidator sees fit, but so that no Member shall be obliged to accept any assets in
respect of which there is any liability.

41. INDEMNITY AND INSURANCE

41.1 Indemnity and limitation of liability of Directors and officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1.1 To the maximum extent permitted by law, every current and former Director and officer of the Company (excluding
an Auditor) (each an "**Indemnified Person** "), shall be entitled to be indemnified out of the assets of the Company against
any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses (each a "Liability"),
which such Indemnified Person may incur in that capacity unless such Liability arose as a result of the actual fraud or wilful default
of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1.2 No Indemnified Person shall be liable to the Company for any loss or damage resulting (directly or indirectly)
from such Indemnified Person carrying out his or her duties unless that liability arises through the actual fraud or wilful default of
such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1.3 For the purpose of these Articles, no Indemnified Person shall be deemed to have committed "actual
fraud" or "wilful default" until a court of competent jurisdiction has made a final, non-appealable finding to that effect.

41.2 Advance of legal fees

The Company shall advance to each Indemnified Person reasonable legal fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any such advance of expenses, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it is determined that the Indemnified Person was not entitled to indemnification under these Articles.

41.3 Indemnification to form part of contract

The indemnification and exculpation provisions of these Articles are deemed to form part of the employment contract or terms of appointment entered into by each Indemnified Person with the Company and accordingly are enforceable by such persons against the Company.

41.4 Insurance

The Directors may purchase and maintain insurance for or for the benefit of any Indemnified Person including (without prejudice to the generality of the foregoing) insurance against any Liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or the exercise or purported exercise of their powers or otherwise in relation to or in connection with their duties, powers or offices in relation to the Company.

42. REQUIRED DISCLOSURE

If required to do so under the laws of any jurisdiction to which the Company (or any of its service providers) is subject, or in compliance with Exchange Rules of any Exchange, or to ensure the compliance by any person with any anti-money laundering legislation in any relevant jurisdiction, any Director, officer or service provider (acting on behalf of the Company) shall be entitled to release or disclose any information in its possession regarding the affairs of the Company or a Member, including, without limitation, any information contained in the Register of Members or subscription documentation of the Company relating to any Member.

43. FINANCIAL YEAR

Unless the Directors resolve otherwise, the financial year of the Company shall end on 31 December in each year and, following the year of incorporation, shall begin on 1 January in each year.

44. TRANSFER BY WAY OF CONTINUATION

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

45. MERGERS AND CONSOLIDATIONS

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

46. AMENDMENT OF MEMORANDUM AND ARTICLES

46.1 Power to change name or amend Memorandum

Subject to the Companies Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.1.1 change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.1.2 change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

46.2 Power to amend these Articles

Subject to the Companies Act and as provided in these Articles, the Company may, by Special Resolution, amend these Articles in whole or in part.

47. TAX TRANSPARENCY REPORTING

47.1 Each Member shall provide the Company on a timely basis with any documents, tax certifications, financial
and other information (collectively "**Tax Reporting Information**") as the Company may request in connection with the Company's
compliance with any legal and tax information reporting and exchange obligations applicable to it under the laws of the Cayman Islands
or any other applicable jurisdiction (collectively, "**Tax Reporting Obligations** "), including, without limitation, any
Tax Reporting Obligations under any Cayman Islands laws, regulations or guidance notes that give effect to: (i) the United States' Foreign
Account Tax Compliance Act; (ii) the Organisation for Economic Co-operation and Development's Common Reporting Standard; and (iii) any
additional inter-governmental agreement or treaty entered into by, or otherwise binding upon the Cayman Islands that provides for the
exchange of tax information with another jurisdiction.

47.2 The Company shall have the power to release, report or otherwise disclose to the Department for International
Tax Cooperation in the Cayman Islands (or any other authority as may be required under the Tax Reporting Obligations) any Tax Reporting
Information provided by a Member to the Company and any other information held by the Company in respect of the Member's investment in
the Company, in connection with the Tax Reporting Obligations, including, without limitation, in relation to the identity, address, tax
identification number, tax status and interest in the Company of the Member (and any of its direct or indirect owners or affiliates).

47.3 If a Member fails to provide the Company with any requested Tax Reporting Information on a timely basis
and such failure results, or may result, in the Company's inability to comply with its Tax Reporting Obligations or if the Company is
otherwise unable to comply with its Tax Reporting Obligations as a result of the direct or indirect action (or inaction) of a Member,
the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compulsorily repurchase some or all of such Member's Shares without notice at a price per Share equal
to the fair value of such Shares (as determined by the Directors) and may deduct or withhold from such redemption proceeds any penalty,
debt, withholding or back up tax, costs, expenses, obligations, liabilities or other adverse consequences (collectively, "**Tax Reporting Liabilities**") imposed on the Company, its Members and/or any of their respective directors, officers, employees, agents,
managers, shareholders and/or partners as a result of such failure, action or inaction by such Member; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designate, immediately and without consent, such Member's Shares as belonging to a separate class and
create a separate internal account in respect of such Shares so that any Tax Reporting Liabilities may be allocated solely to that class
and debited from such class.

## Exhibit 21.1

**Exhibit 21.1**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

<u>List of Subsidiaries</u>

None

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

To the Board of Director of White Knights Alliance Capital Corporation

We hereby consent to the inclusion in this Form F-1 Registration Statement of White Knights Alliance Capital Corporation for the period from April 11, 2025 (inception) to the period ended September 30, 2025 of our reports dated December 29, 2025, with respect to our audits of the Company's financial statements as of and for the period ended September 30, 2025 which appears in this Form F-1 Registration Statement.

![](ex23-1_002.jpg)

Diamond Bar, California

December 29, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**WHITE KNIGHTS ALLIANCE CAPITAL CORP.**

**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 | Ordinary Shares | (1) | 457(o) | 2000000 | $4.00 | $8000000.00 | 0.0001381 | $1104.80 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $8000000.00 |  | 1104.80 |
| 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: |  |  | $1104.80 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The proposed amount to be registered, maximum offering price per class of security and maximum aggregate offering price per class of security will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder. This registration statement covers such indeterminate number of shares of common stock and preferred stock, such indeterminate principal amount of depositary shares and such indeterminate amount of debt securities, warrants, purchase contracts, units and subscription rights of Provident Bancorp, Inc., as having an aggregate initial offering price not to exceed $100,000,000. The securities registered hereunder are to be issued from time to time at prices to be determined. In addition, pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) promulgated under the Securities Act, as amended.