# EDGAR Filing Document

**Accession Number:** 0002060016
**File Stem:** 0001213900-26-069554
**Filing Date:** 2026-6
**Character Count:** 996795
**Document Hash:** d22193862df15e9968ed53524c59f35f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-069554.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001213900-26-069554

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 100

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Agencia Comercial Spirits Ltd.
- **CENTRAL INDEX KEY:** 0002060016
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-BEER, WINE & DISTILLED ALCOHOLIC BEVERAGES [5180]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F5

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296847
- **FILM NUMBER:** 261097637

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 65, LN, 114, XISHI RD., XI'AN VIL.
- **STREET 2:** FENGYUAN DISTRICT
- **CITY:** TAICHUNG CITY
- **NON US STATE TERRITORY:** TAIWAN
- **PROVINCE COUNTRY:** F5
- **BUSINESS PHONE:** 04 25614413

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 65, LN, 114, XISHI RD., XI'AN VIL.
- **STREET 2:** FENGYUAN DISTRICT
- **CITY:** TAICHUNG CITY
- **NON US STATE TERRITORY:** TAIWAN
- **PROVINCE COUNTRY:** F5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Agencia Comercial Co., Ltd
- **DATE OF NAME CHANGE:** 20250311

**As filed with the Securities and Exchange Commission on June 17, 2026**

**Registration No. 333-[ ]**

**UNITED STATES <br> SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Agencia Comercial Spirits Ltd**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **5180** | **Not Applicable** |
| (State or Jurisdiction of <br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**No. 23-1, Shenzun Rd., Shengang Dist.**

**Taichung City 429014,** 

**Taiwan (R.O.C.)**

**Tel: +886-4-25614413**

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

**Cogency Global Inc.**

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

**New York, NY 10168**

**(212) 947-7200**

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

***Copies to:***

**Kyle Leung, Esq.**

**Concord & Sage PC**

**1360 Valley Vista Dr Suite 140**

**Diamond Bar, CA 91765<br> Tel: 929-989-7572**

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

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

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

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

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

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

Emerging growth company ☒

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

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

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

The information in this prospectus is not complete and may be changed. The Investor cannot sell these securities until the registration statement that we have filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject
 to Completion, dated [●], 2026 

PRELIMINARY PROSPECTUS

**Agencia Comercial Spirits Ltd**

Up to 20,000,000 Class A Ordinary Shares

We are offering in a self-directed best efforts offering of up to 20,000,000 of our Class A Ordinary Shares, US$0.00004 par value per share (the "Class A Ordinary Shares") at an assumed public offering price of US$9.00-12.00 per Class A Ordinary Share, which represents a 16.67-37.50% discount compared to our last reported sale price of US$14.40 of our Class A Ordinary Shares, as reported on the Nasdaq Capital Market on June 12, 2026.

The public offering price per Class A Ordinary Share is an assumed price only. The actual number of Class A Ordinary Shares sold in the offering and the final public offering price will be determined at the time of pricing and may be at a discount to the current market price of our Class A Ordinary Shares or to the assumed price set forth above. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the actual public offering price. The assumed public offering price is used so that we can provide certain disclosures, which require a calculation based on the public offering price.

Our share price is volatile. Since being listed on the Nasdaq Capital Market, our Class A Ordinary Shares have traded at a low of US$3.66 and a high of US$25.73. There has been no change recently in our financial condition or results of operations that is consistent with the recent change in our share price. Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "AGCC." On June 12, 2026, the last reported sales price of our Class A Ordinary Shares on the Nasdaq Capital Market was US$14.40 per share.

Because there is no minimum offering amount required as a condition to closing this offering, we may sell fewer than all of the Class A Ordinary Shares offered hereby, which may significantly reduce the amount of proceeds received by us. Investors in this offering will not receive a refund in the event that we do not sell an amount of Class A Ordinary Shares sufficient to pursue the business goals outlined in this prospectus. Because there is no minimum offering amount, investors could be in a position where they have invested in our company, but we are unable to fulfill our objectives due to a lack of interest in this offering.

Also, any proceeds from the sale of Class A Ordinary Shares offered by us will be available for our immediate use, despite uncertainty about whether we would be able to use such funds to effectively implement our business plan. See "Risk Factors" in this prospectus and "Item 3. Key Information – D. Risk Factors" in our 2025 Annual Report for more information. There is no minimum number of Class A Ordinary Shares or minimum aggregate amount of proceeds for this offering to close. Accordingly, we have not made any arrangements to place investor funds in an escrow account or trust account. We intend to complete one closing of this offering but may undertake one or more additional closings. The offering will be terminated 90 days after the effectiveness of this registration statement if the closing(s) have not occurred, and may not be extended.

This is a best-efforts self-directed offering. See "Plan of Distribution" beginning of Page 93 of this prospectus for more information.

Any proceeds from the sale of Class A Ordinary Shares offered by us will be available for our immediate use, despite uncertainty about whether we would be able to use such funds to effectively implement our business plan. See "Use of Proceeds" on page 38 for more information.

Upon completion of this offering, and assuming the sale of all 20,000,000 Class A Ordinary Shares offered hereby, our issued and outstanding shares will consist of 42,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares. As approved by our shareholders at the EGM held on May 20, 2026, the voting rights of our Class B Ordinary Shares were varied such that each Class B Ordinary Share entitles the holder to 100 votes (prior to which each Class B Ordinary Share entitled the holder to 10 votes), while our Class A Ordinary Shares entitle the holder to one (1) vote per share. Prior to this offering, our Controlling Shareholders, through Ping Shiang Business Ltd, beneficially own 14,463,000 Class A Ordinary Shares, approximately 63.47% of our outstanding Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares, representing 99.58% of the aggregate total voting power of our total issued and outstanding share capital. Immediately after the completion of this offering, and assuming the sale of all 20,000,000 Class A Ordinary Shares offered hereby, Ping Shiang Business Ltd's ownership of Class A Ordinary Shares will represent approximately 33.80% of the total issued and outstanding Class A Ordinary Shares, and its ownership of Class A and Class B Ordinary Shares will represent approximately 98.58% of the total voting power of the Company. Consequently, as the Controlling Shareholders will continue to hold more than 50% of the total voting power, the Company will continue to qualify as a "controlled company" within the meaning of Nasdaq Stock Market Rule 5615(c).

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment.**

**See *"Risk Factors"* beginning on page 13 of this prospectus and under similar headings in the other documents that are incorporated by reference into this prospectus before making a decision to purchase our securities.**

We are both an "emerging growth company" and a "foreign private issuer" as defined under the federal securities laws and as such, may elect to comply with reduced public company reporting requirements. See "Prospectus Summary - Implications of Being an Emerging Growth Company" and "Prospectus Summary - Implications of Being a Foreign Private Issuer".

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per<br> Class A<br> Ordinary <br> Share** | **Per<br> Class A<br> Ordinary <br> Share** | **Total** | **Total** |
| Public offering price<sup>(1)</sup> | US$ | 10.50 | US$ | 210000000 |
| Proceeds, after expenses, to us | US$ | 10.49 | US$ | 209766500 |

---

Note:

(1) The public offering price per Class A Ordinary Share is assumed
to be US$10.50, being the mid-point of the offering price range. Total gross proceeds are assumed to be US$210,000,000, based on the
mid-point of the offering price range.

We will deliver the Class A Ordinary Shares being issued to the investors electronically, upon closing and receipt of investor funds for the purchase of the Class A Ordinary Shares offered pursuant to this prospectus. We expect the delivery of such securities against payment in U.S. dollars will be made, with respect to Class A Ordinary Shares sold within 2 business days of purchase.

We estimate the total expenses of this offering payable by us will be approximately US$233,500. After deducting total expenses, we expect net proceeds of approximately US$209,766,500. See "Plan of Distribution" on page 93.

The date of this prospectus is June 17, 2026

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | iii |
| [DEFINITIONS](#a_003) | iv |
| [PROSPECTUS SUMMARY](#a_004) | 1 |
| [RISK FACTORS](#a_005) | 13 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_006) | 37 |
| [USE OF PROCEEDS](#a_007) | 38 |
| [CAPITALIZATION](#a_008) | 39 |
| [DIVIDENDS AND DIVIDEND POLICY](#a_009) | 41 |
| [DILUTION](#a_010) | 42 |
| [SUMMARY OF CONSOLIDATED FINANCIAL AND OTHER DATA](#a_011) | 44 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_012) | 45 |
| [MANAGEMENT](#a_013) | 66 |
| [PRINCIPAL SHAREHOLDERS](#a_014) | 72 |
| [RELATED PARTY TRANSACTIONS](#a_015) | 73 |
| [DESCRIPTION OF SHARE CAPITAL](#a_016) | 77 |
| [CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS](#a_017) | 78 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_018) | 85 |
| [MATERIAL TAX CONSIDERATIONS](#a_019) | 86 |
| [PLAN OF DISTRIBUTION](#a_020) | 93 |
| [EXPENSES RELATING TO THE OFFERING](#a_021) | 94 |
| [LEGAL MATTERS](#a_022) | 94 |
| [EXPERTS](#a_023) | 94 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_024) | 95 |
| [MATERIAL CHANGES](#a_025) | 95 |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_026) | 98 |

---

i

**ABOUT THIS PROSPECTUS**

We have not authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any free writing prospectus we have prepared. We do not take responsibility for, and provide no assurance about the reliability of, any information that others may give you. 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 accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this prospectus forms a part, and you may obtain copies of those documents as described below under "Where You Can Find More Information."

For investors outside the United States: Unless otherwise indicated, information in this prospectus concerning economic conditions, our industries and our markets is based on a variety of sources, including information from third-party industry analysts and publications and our own estimates and research. This information involves a number of assumptions, estimates and limitations. The industry publications, surveys and forecasts and other public information generally indicate or suggest that their information has been obtained from sources believed to be reliable. None of the third-party industry publications used in this prospectus was prepared on our behalf nor have we taken any steps to independently verify such information. The industries in which we operate are subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors" in this prospectus. These and other factors could cause results to differ materially from those expressed in these publications. In addition, we have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Class A Ordinary Shares and the distribution of this prospectus outside the United States.

ii

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

● our goals and strategies;

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

● introduction of new product and service offerings;

● expected changes in our revenues, costs or expenditures;

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

● expected growth of our customers, including consolidated account customers;

● competition in our industry;

● government policies and regulations relating to our industry;

● p ublic health emergencies, outbreaks of infectious diseases, or other events that could disrupt our business, industry, or supply chain;

● g eopolitical events, trade restrictions, tariffs, or government orders that could affect the global economy or our operations;

● other factors that may affect our financial condition, liquidity and results of operations; and

● other risk factors discussed under "Risk Factors" in this prospectus and "Item 3. Key Information – D. Risk Factors" in our 2025 Annual Report on Form 20-F.

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

iii

**DEFINITIONS**

"Agencia Cayman" means Agencia Comercial Spirits Ltd, which was incorporated as an exempted company under the laws of the Cayman Islands on March 7, 2025.

"AGCC Indonesia" means PT. AGCC AITECH Indonesia in Indonesia.

"AGCC Singapore" means AGCC Singapore Pte. Ltd. in Singapore.

"Business Day" means a day (other than a Saturday, Sunday or public holiday in the U.S.) on which licensed banks in the U.S. are generally open for normal business to the public.

"BVI" means the British Virgin Islands.

"Company," "our Company," "we," "our," or "us" means Agencia Comercial Spirits Ltd, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on March 7, 2025.

"Companies Act" means the Companies Act (as amended) of the Cayman Islands.

"Class A Ordinary Shares" means the Class A ordinary shares of Agencia Cayman, par value $0.00004 each with 1 vote per Class A ordinary share and unless the context otherwise requires, any reference to Class A Ordinary Share(s) shall be deemed to include (i) any share(s) arising from any consolidation, subdivision or share split of the Class A Ordinary Shares, provided that such share(s) confer rights which, taken as a whole, are substantially equivalent to the rights attached to the Class A Ordinary Shares immediately prior to such consolidation, subdivision or split; (ii) any share(s) issued by way of capitalization of reserves or by way of bonus issue to the holders of Class A Ordinary Shares, in their capacity as such, where such share(s) confer rights which, taken as a whole, are substantially equivalent to the rights attached to the Class A Ordinary Shares immediately prior to such issue; and (iii) any share(s) in the Company or in any successor or amalgamated company allotted or issued to, or received by, holders of Class A Ordinary Shares (or their successors in title) pursuant to any amalgamation, merger, reconstruction, scheme of arrangement or reorganization, in consideration of, or in exchange or substitution for, the Class A Ordinary Shares, where such share(s) confer rights which, taken as a whole, are not materially less favorable than the rights attached to the Class A Ordinary Shares immediately prior to such transaction.

"Class B Ordinary Shares" means the Class B ordinary shares of Agencia Cayman, par value $0.00004 each, which entitle the holder thereof to 100 votes for each Class B ordinary share (following the approval by our shareholders at the Extraordinary General Meeting and the separate respective Class Meetings for holders of Class A and Class B ordinary shares held on May 20, 2026, prior to which each Class B ordinary share entitled the holder to 10 votes); and unless the context otherwise requires, any reference to Class B Ordinary Share(s) shall be deemed to include (i) any share(s) arising from any consolidation, subdivision or share split of the Class B Ordinary Shares, provided that such share(s) confer rights which, taken as a whole, are substantially equivalent to the rights attached to the Class B Ordinary Shares immediately prior to such consolidation, subdivision or split; (ii) any share(s) issued by way of capitalization of reserves or by way of bonus issue to the holders of Class B Ordinary Shares, in their capacity as such, where such share(s) confer rights which, taken as a whole, are substantially equivalent to the rights attached to the Class B Ordinary Shares immediately prior to such issue; and (iii) any share(s) in the Company or in any successor or amalgamated company allotted or issued to, or received by, holders of Class B Ordinary Shares (or their successors in title) pursuant to any amalgamation, merger, reconstruction, scheme of arrangement or reorganization, in consideration of, or in exchange or substitution for, the Class B Ordinary Shares, where such share(s) confer rights which, taken as a whole, are not materially less favorable than the rights attached to the Class B Ordinary Shares immediately prior to such transaction.

"Controlling Shareholders" means Mr. Tsai Yi Yang, our Chief Executive Officer, and his mother, Ms. Lee Li Mei. Mr. Tsai Yi Yang and Ms. Lee Li Mei own 82% and 18%, respectively, of Ping Shiang Business Ltd, a limited liability company incorporated under the laws of the British Virgin Islands. In connection with the Form 144 filed with the SEC on June 1, 2026, Ping Shiang Business Ltd intends to sell 1,100,000 Class A Ordinary Shares in the open market. As of June 8, 2026, Ping Shiang Business Ltd has sold 37,000 Class A Ordinary Shares in the open market. Through Ping Shiang Business Ltd, Mr. Tsai Yi Yang and Ms. Lee Li Mei beneficially own 14,463,000 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares as of the date of this prospectus, representing approximately 63.47% of our outstanding Class A Ordinary Shares and 99.58% of the aggregate total voting power of our total issued and outstanding share capital. By virtue of their ownership and control of Ping Shiang Business Ltd, Mr. Tsai Yi Yang and Ms. Lee Li Mei are deemed to share beneficial ownership and voting control over all such shares.

iv

"Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

"EGM" or "Extraordinary General Meeting" means the extraordinary general meeting of the Company's shareholders held on May 20, 2026, at which the following resolutions were approved as Special Resolutions: (i) the increase of the Company's authorized share capital from US$50,000 (1,250,000,000 shares) to US$200,000 (5,000,000,000 shares, comprising 2,500,000,000 Class A Shares and 2,500,000,000 Class B Shares); (ii) the variation of the voting rights of Class B Ordinary Shares to 100 votes per share; (iii) the adoption of the Third Amended and Restated Memorandum and Articles of Association; and (iv) the allotment and issuance of 5,000,000 Class B Ordinary Shares to Ping Shiang Business Ltd.

"Group" or "our Group" means our Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors.

"Hong Kong" or "HK" means the Hong Kong Special Administrative Region of The Peoples' Republic of China.

"IDR" means Indonesian Rupiah, the lawful currency of Indonesia.

"Independent Third Party" means a person or company who or which is independent of and is not a 5% owner of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% owner of the Company.

"Indonesia" means the Republic of Indonesia.

"Initial Public Offering" or "IPO" means the closing on October 23, 2025 of the Company's initial public offering of 1,750,000 Class A Ordinary Shares at US$4.00 per share (US$7.00 million total). Subsequently, on October 31, 2025, the Company closed the issuance of an additional 262,500 Class A Ordinary Shares pursuant to the full exercise of the underwriters' over-allotment option, bringing total gross proceeds to US$8.05 million.

"NTD" means Taiwan Dollar(s), the lawful currency of Taiwan, the Republic of China (R.O.C.).

"PRC" means The People's Republic of China, excluding, for the purposes of this prospectus only, Hong Kong, but it should be noted that legal and operational risks associated with operating in The People's Republic of China may also be applicable to Hong Kong.

"SEC" or "Securities and Exchange Commission" means the United States Securities and Exchange Commission. "Securities Act" means the U.S. Securities Act of 1933, as amended.

"SGD" means Singapore Dollar(s), the lawful currency of Singapore.

"Singapore" means the Republic of Singapore.

"Taiwan" means Taiwan, the Republic of China (R.O.C.).

"Taiwan Operating Subsidiary" means Agencia Comercial Co., Ltd in Taiwan.

"Third Amended and Restated Memorandum and Articles of Association" means the third amended and restated memorandum and articles of association of our Company adopted by a special resolution of our shareholders at the EGM held on May 20, 2026, and as supplemented, amended or otherwise modified from time to time, a copy of which is filed as Exhibit 3.1 to our Report on Form 6-K furnished to the SEC on May 21, 2026.

"USD," "US$," "$" or "U.S. dollars" means United States Dollar(s), the lawful currency of the United States.

v

**PROSPECTUS SUMMARY**

*We may provide a prospectus supplement or post-effective amendment to the registration statement of which this prospectus forms a part to add information to, or update or change information contained in, this prospectus. Any statement contained in this prospectus or incorporated by reference herein will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus supplement or post-effective amendment modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus. You should read both this prospectus, including any documents incorporated by reference, and any applicable prospectus supplement or post-effective amendment to the registration statement of which this prospectus forms a part together with the additional information to which we refer you in the section of this prospectus titled "Where You Can Find More Information."*

**Our Company**

**Overview**

We are an established provider of premium spirits and high-quality whiskies, currently diversifying our corporate trajectory through a strategic expansion into the high-performance AI computing infrastructure and cloud services sector.

We specialize in the procurement, distribution and sale of high-quality whiskies, including both bottled and cask whisky in both Taiwan and international markets. Our whisky business is operated through Agencia Comercial Co., Ltd, our indirectly wholly-owned Taiwan Operating Subsidiary, in Taichung, Taiwan. Since the inception of Agencia Comercial Co., Ltd, we have experienced significant growth through strategic expansion and diversification. Currently, we focus on three main business areas: bottled whisky sales, raw cask whisky sales, and proprietary brand whisky packaging and distribution business via brand authorization for bottling and packaging in Asia-Pacific. During the year ended December 31, 2025, and the subsequent period from January 1, 2026, up to the date of this prospectus, we did not generate revenue from the sale of raw casks. This was primarily due to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. We intend to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable.

Our current operations include sourcing bottled whisky from domestic suppliers in Taiwan and reputable distilleries in the UK. We engage in sales activities, in collaboration with our downstream distributors, to supply these products to bars, nightclubs, and VIP lounges. Starting from 2023, our Group has expanded to include the procurement and sale of raw cask whisky directly from distilleries, allowing it to tap into a broader market and offer unique, high-quality products, and engage with sales to other liquor and spirits distributors. The extensive experience of the chief executive officer and directors of the Company in the whisky industry has enabled us to further expand our businesses. In addition to the trading and wholesale of whisky products, starting from 2025, we have also ventured into the proprietary brand whisky packaging and distribution business. Through this business area, we source premium whisky casks from renowned distilleries around the world, particularly from regions renowned for their whisky-making traditions, such as Scotland. These casks are carefully selected, monitored, and aged to perfection under our expert supervision. Once the desired maturation is achieved, the whisky is bottled and labeled under our proprietary brands, offering discerning consumers a unique and exclusive experience. The proprietary brand whisky packaging and distribution business not only diversifies our revenue streams but also enhances our brand recognition, market positioning in the premium whisky business and exploration of diverse sales channels.

Looking ahead, we aim to leverage our strong market presence and industry experience to further expand operations. Our Group plans to further obtain brand authorization and source raw cask whisky from brand owners, bottling and packaging these products in Taiwan through contract manufacturers. This initiative will mark a significant step towards brand diversification and market expansion. While the primary sales channel will continue to be B2B, we are also exploring additional sales avenues, including retail, to broaden our market reach. We have secured long-term authorization agreements with certain brand owners, such as Ninja Whisky. Furthermore, through our contractor, we have obtained certain certifications, including verification from HMRC as a Bottler & Labeller of Scotch Whisky under the Spirit Drinks Verification Scheme, and a Bulk Importer of Scotch Whisky under the Spirit Drinks Verification Scheme, with each verification valid until March 2027, which we expect will further solidify our position as a trusted partner in the industry.

Our future development is guided by several strategic directions. We will continue to cover a broad range of business areas, including bottled whisky sales, raw cask whisky sales, and proprietary brand whisky packaging and distribution business. Building on our established international presence, we aim to further expand our global footprint, with a particular focus on brand authorizations for bottling, packaging, and sales. As our Group continues to innovate, it is well-positioned to meet the growing demand for premium spirits and capture a share of the expanding Asian market. While we are positioned for growth, we must navigate challenges such as low entry barriers and a high degree of distributor dependency. Furthermore, the premium nature of our products requires substantial working capital for inventory procurement and meticulous management of our financial resources.

Beginning in 2026, a significant portion of our strategic focus and capital allocation will be directed toward our AI infrastructure initiative. This strategy was initiated in January 2026 with our entry into a non-binding letter of intent with Ricloud AI Inc., an independent third party, to lease approximately 300 units of high-performance AI computing servers based on the NVIDIA B300 platform (Blackwell architecture). To support the physical deployment of these high-performance computing capabilities, our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, has entered into a binding land sale and purchase agreement to acquire a 50,000-square-meter land parcel in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13.4 million; as of the date of this prospectus, we have paid IDR75.1 billion or US$4,207,048 of the purchase price and a development deposit of IDR4.8 billion, or approximately US$268,821, which is refundable upon completion of construction, and title has not yet transferred. We intend to utilize the land for data center infrastructure. To secure operational readiness for the facility, PT. AGCC AITECH Indonesia has also secured critical IT load capacity and entered into independent power purchase agreements with an Indonesian state-owned power enterprise. Furthermore, we have successfully begun translating this infrastructure strategy into commercial operations. On May 12, 2026, our wholly-owned subsidiary, AGCC Singapore Pte. Ltd., signed a landmark five-year computing technology services agreement with a digital financial services customer to provide AI computing cloud services, including GPU-based computing resources, network connectivity and related technical support services. Assuming full deployment and customer acceptance of the contemplated service capacity, this agreement is expected to generate up to approximately US$374.4 million in estimated gross service fees, exclusive of applicable taxes, over the 60-month term. We believe this substantial pivot into high-performance computing will diversify our revenue streams and position our Group as a key infrastructure provider in the emerging AI economy.

**Product Categories**

**Spirits and Whisky Business**

We are dedicated to delivering a diverse range of high-quality whisky products that cater to the discerning tastes of our customers. Our whisky operations are conducted through Agencia Comercial Co., Ltd., our indirectly wholly-owned Taiwan Operating Subsidiary. Our product portfolio is designed to meet the evolving demands of the market, leveraging our extensive industry experience and strategic collaborations.

Our Company operates within the whisky industry through three distinct business areas: procurement and distribution of bottled whisky, procurement and distribution of raw cask whisky, and proprietary brand whisky packaging and distribution business. Each business area plays a vital role in our overall strategy, allowing us to cater to diverse consumer preferences and market demands. During the year ended December 31, 2025 and the subsequent period from January 1, 2026, up to the date of this prospectus, the Company did not generate revenue from the sale of raw casks. This was primarily due to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. The Company intends to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable.

In the distribution of bottled whisky, we are dedicated to sourcing high-quality spirits from reputable distilleries. We carefully select whiskies that adhere to stringent industry standards, ensuring they are produced using approved grains and traditional distillation methods. Each whisky is aged in oak casks for the legally required minimum period, which allows for the development of rich flavors and complex aromas. Our commitment to quality ensures that the bottled whiskies we distribute appeal to a wide range of consumers, from casual drinkers to seasoned enthusiasts. By partnering with distilleries known for their craftsmanship, we can offer a selection that highlights the unique characteristics of various regions and styles.

Meanwhile, the distribution of raw cask whisky focuses on providing distillers and businesses with access to exceptional cask-strength spirits. This offering enables our partners to craft their own unique blends, giving them the flexibility to create products that meet their specific needs. This aspect of our business emphasizes collaboration and innovation, as we work closely with clients to help them achieve their desired flavor profiles.

In the realm of our proprietary brand whisky packaging and distribution business, we take a more hands-on approach. In this area, we not only engage in sales but also oversee the bottling and packaging processes. This involvement ensures that our products meet the highest standards of quality and presentation. We carefully select suitable bottles and packaging materials that reflect our proprietary brand's identity and commitment to excellence. Additionally, we ensure that all labeling complies with legal requirements, providing consumers with clear and accurate information about the whisky's origin and characteristics. By managing the bottling and packaging, we maintain control over the final presentation of our products, enhancing their appeal to consumers.

This comprehensive approach across our three business areas allows us to provide a diverse range of high-quality whiskies, ensuring that each product embodies authenticity and craftsmanship. As a result, we position ourselves as a trusted partner in the whisky market, catering to both enthusiasts and newcomers alike, while fostering a deeper appreciation for this timeless spirit.

Our current product portfolio includes the distribution of bottled whisky, raw cask whisky and proprietary brand whisky:

***Bottled Whisky Distribution***

 

Our bottled whisky portfolio features a carefully curated selection of premium products sourced from both Taiwan and the United Kingdom, reflecting our commitment to quality, authenticity, and value. We offer a range of Taiwan-sourced bottled whisky, such as Macallan Single Cask 1990 and Glenlivet 30-year Single Cask. These exceptional whiskies are acquired at competitive prices through trusted channels, enabling us to maintain strong profit margins while providing customers with access to exclusive, high-quality offerings. In addition, we also offer UK Imported bottled whisky selection, which includes distinguished products such as Dalmore 1995 Single Cask, a single malt whisky sourced directly from renowned distilleries in the United Kingdom. By working closely with these distilleries, we ensure the integrity of our supply chain, maintain the highest standards of quality and optimize cost efficiency. Our pricing strategy ensures a significant margin, contributing to our profitability.

***Raw Cask Whisky Distribution***

 

Our raw cask whisky sales are specifically UK imported cask whisky. These are sourced directly from renowned distilleries in the UK and sold in Taiwan without additional processing. This direct procurement allows for better pricing strategies, as we can pass on competitive rates to clients while maintaining healthy profit margins. Additionally, since raw cask whisky requires minimal handling, resulting in lower associated transportation costs, this further enhances overall profitability.

During the year ended December 31, 2025 and the subsequent period from January 1, 2026, up to the date of this prospectus, the Company did not generate revenue from the sale of raw casks. This was primarily due to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. The Company intends to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable.

***Proprietary Brand Whisky Packaging and Distribution (Cask-to-bottle and Distribution Business)***

Beginning in 2025, we have collaborated with renowned whisky brands to directly source raw cask whisky from distilleries, bottling and packaging it in Taiwan for sale. One notable example is Ninja Whisky, produced by 瀨古酒造株式会社. Founded in 1869, 瀨古酒造株式会社 is a traditional Japanese sake producer known for its commitment to high-quality craftsmanship and the meticulous selection of ingredients. Their time-honored techniques result in a diverse range of sake that is rich in flavor and steeped in history.

The Ninja Whisky series, including the Yamato Ninja Edition, is a unique blend that pays homage to the legendary ninja warriors of ancient Japan. Our pricing strategy for cask whisky packaging in Taiwan ensures a high profit margin compared to other product lines, achieved by sourcing directly from distilleries and minimizing logistics costs. Additionally, the quality of our products can be assured through the direct sourcing of raw cask whisky from distilleries. Bottling and packaging the whisky in Taiwan will significantly reduce transportation time, costs, and carbon footprint. In instances where brand authorization is not obtained, distilleries typically manufacture or source their bottles from the PRC or India. This process involves transporting the bottles back to the distilleries, often located in Europe, for bottling and packaging, followed by shipping the finished products to Asia for sale. Our Group recognizes that disruptions in global shipping, such as blockages of critical shipping routes like the Suez Canal crisis or other logistical interruptions, can significantly impact delivery timelines. By collaborating with distilleries and obtaining brand authorization to bottle and package raw cask whisky in Taiwan, the risks associated with potential global shipping and logistics disruptions could be substantially mitigated, and a timely delivery of the products to customers can be ensured.

**AI Computing Infrastructure Initiative**

In February 2026, we disclosed that we launched our AI computing infrastructure business to capitalize on the increasing global demand for high-performance processing power. This initiative represents a strategic expansion of our business model into the technology infrastructure and cloud-based computing services sectors. To support this initiative, we are seeking to secure high-performance computing resources and pursuing the development of planned data center facilities in the United States, Japan, and Southeast Asia, while concurrently launching our commercial phase through a commercial computing technology services agreement in Southeast Asia.

***High-Performance Computing Resources***

Our initial activities in this business involve the procurement and leasing of advanced hardware. In January 2026, we entered into a non-binding letter of intent with a supplier, Ricloud AI Inc., an independent third party, in respect of the potential lease of 300 units of high-performance AI computing servers based on the NVIDIA B300 / Blackwell Ultra GPU Systems. These high-performance systems are designed to handle massive-scale AI workloads, including the training and deployment of large language models. The estimated potential transaction amount under this contemplated arrangement is approximately US$120.0 million, subject to the negotiation and execution of a definitive lease agreement. We have paid a refundable deposit of US$3,500,000, which, upon execution of a definitive lease agreement, is expected to be applied against future rental payments. As of the date of this prospectus, no definitive lease agreement has been entered into and no additional amounts have been paid in connection with this arrangement. We intend to provide these computing capacity services to enterprise clients and technology partners.

***Data Center Infrastructure***

To complement our high-performance hardware investments, our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, has entered into a binding land sale and purchase agreement to acquire a 50,000-square-meter land parcel in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13.4 million; as of the date of this prospectus, we have paid IDR75.1 billion or US$4,207,048 of the purchase price and a development deposit of IDR4.8 billion, or approximately US$268,821, which is refundable upon completion of construction, and title has not yet transferred. As advised by our Indonesian legal counsel, Yang & Co., this agreement has been validly executed and constitutes a legally binding and enforceable obligation under the laws of the Republic of Indonesia. We intend to utilize the land for data center infrastructure.

***Utility and Other Infrastructure***

To secure the massive IT load capacity required to operationalize our planned Indonesian facility and support our broader global and regional AI infrastructure initiatives, we have secured both localized utility commitments and strategic capacity reservations.

In April 2026, our 99.99%-owned subsidiary, AGCC Indonesia, anchored the utility pipeline for our Indonesian data center by entering into two independent power purchase agreements with an Indonesian state-owned power enterprise. Subsequently, on June 11, 2026, AGCC Indonesia entered into additional power purchase agreements with the same power enterprise. Together with the previous arrangements, these latest agreements establish a dual-feed power supply configuration for the planned data center, with each feed rated at 55,400 kVA, to support a staged development targeting an approximately 40MW IT load requirement. In connection with these combined arrangements, AGCC Indonesia has agreed to pay an aggregate connection fee of approximately IDR69.9 billion (approximately US$4,000,000), alongside required customer guarantee deposits, ongoing variable electricity charges, and other customary charges. These agreements are non-fixed-price contracts under which electricity tariffs will fluctuate in accordance with actual usage, minimum payment requirements, and Indonesian government energy policies. As of the date of this prospectus, AGCC Indonesia paid initial connection fees of IDR35.0 billion (approximately US$2,000,000) and refundable deposits of IDR11.1 billion (approximately US$620,527). Our Indonesian legal counsel, Yang & Co., has advised us that these power purchase agreements have been validly executed and constitute legally binding and enforceable obligations under the laws of the Republic of Indonesia.

Beyond these definitive utility contracts, we are also positioning our broader infrastructure initiative for regional scale through preliminary capacity arrangements with other strategic vendors. Specifically, we paid a refundable deposit of US$1,650,000 in March 2026 to a third-party data center supplier to reserve long-term IT load capacities. The preliminary commercial arrangement remains subject to further mutual confirmation and the finalization of definitive terms, with the US$1,650,000 refundable deposit expected to be converted into a service deposit upon final agreement of relevant business terms.

***Commercial AI Computing Cloud Services***

 ****

We have successfully begun executing the commercial phase of our AI computing infrastructure initiative. On May 12, 2026, our wholly-owned subsidiary, AGCC Singapore Pte. Ltd., entered into a five-year computing technology services agreement (the "Agreement") with a customer in the digital financial services sector. Under the terms of the Agreement, AGCC Singapore is expected to provide AI computing cloud services, including GPU-based computing resources, network connectivity, and related technical support services over a 60-month service period.

Based on the current contractual pricing schedule and assuming full staged deployment and customer acceptance of the contemplated service capacity, the Agreement may represent up to approximately US$374.4 million in estimated gross service fees, exclusive of applicable taxes. The actual amounts payable to AGCC Singapore will depend on, among other factors, the timing and extent of deployment, customer acceptance, actual service usage, applicable service-level performance, payment performance, and other contractual and operational conditions. Accordingly, the estimated gross service fee amount should not be interpreted as guaranteed revenue, revenue guidance, net revenue, operating income, cash flow, profitability, or margin guidance. As of the date of this prospectus, no amounts have been received from the customer. The entry into this Agreement represents a meaningful step in our strategic initiative to expand into AI computing infrastructure and cloud-based computing services while continuing to operate our existing whisky import and distribution business.

**Our Competitive Strengths**

We believe the following competitive strengths have contributed to our success to date and will continue to distinguish us from our competitors:

● Our capability to offer a comprehensive one-stop service through strategic partnerships;

● Operational efficiency and sustainability through localized production and distribution;

● Commitment to quality control and operational adaptability in bottling and packaging;

● Established and stable relationships with key suppliers and customers;

● Our organizational agility and capacity to forge strategic international partnerships to enter emerging technology sectors; and

● Extensive industry expertise and a proven track record.

**Our Growth Strategies**

To advance our business objectives and strengthen our competitive position, we intend to pursue the following key strategies:

● **Develop and Scale AI Computing Center Infrastructure:** We intend to establish a meaningful footprint in the high-performance computing market by executing our global and regional infrastructure initiatives. Our immediate focus includes advancing our preliminary framework arrangements into definitive agreements for the procurement and leasing of high-performance servers configured with NVIDIA B300 / Blackwell Ultra GPU systems.

● **Expand Regional Cloud Services and Monetize Infrastructure Capacity:** We aim to actively monetize our infrastructure capacity across the United States, Japan, and Southeast Asia. We plan to leverage our material five-year, US$374.4 million commercial AI computing technology services agreement with our initial digital financial services customer as a baseline to attract additional enterprise clients and technology partners across the Asia-Pacific region.

● **Advance Data Center Land and Utility Commitments:** We are focused on operationalizing our physical footprint by progressing our dedicated 50,000-square-meter data center facility in Indonesia. To support this initiative, our subsidiary, PT. AGCC AITECH Indonesia, has entered into a binding land sale and purchase agreement to acquire land in Indonesia, and is executing localized utility pipelines through our phased independent power purchase agreements with state-owned power enterprises and other strategic data center suppliers.

● **Expand Whisky Product Partnerships:** We aim to secure new whisky brand authorizations in 2026 to scale our B2B cask-to-bottle and distribution operations across Asia-Pacific markets, thereby diversifying our premium product portfolio and strengthening our supply chain foundations;

● **Strengthen Client Networks for Product Distribution:** We will leverage our Taiwan market reputation to deepen existing relationships and expand our distribution reach into bars, liquor stores, and VIP corporate segments;

● **Diversify Sales Channels for Brand Growth:** To promote whisky culture, we are adopting a dual approach—enhancing B2B partnerships while launching direct-to-consumer digital platforms and pop-up events to maximize brand visibility and capture emerging retail market opportunities;

**●** **Regional Asia-Pacific Expansion of the Whisky Segment:** Our 2026 priority is penetrating the Singapore market by establishing local distribution partnerships and adapting our branding to regional cultural nuances, which will serve as a baseline for our broader regional expansion; and

● **Talent Development:** To support our growth, we are implementing market-oriented compensation and performance mechanisms to attract and retain skilled professionals across our technical and sales teams.

**Corporate Structure**

The following diagram sets forth our corporate structure immediately prior to this offering:

![](ea029288801_img1.jpg)

Note:

(1) Ping
Shiang Business Ltd is a limited liability company incorporated under the laws of the British Virgin Islands which is owned as to 82%
by Mr. Tsai Yi Yang, our Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

(2) AGCC AITECH (Thailand) Co., Ltd. is a direct subsidiary of AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd. AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd together own 99% of the outstanding shares of AGCC AITECH (Thailand) Co., Ltd., representing 99% of the total voting power of AGCC AITECH (Thailand) Co., Ltd. As a result of their majority ownership, AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd possess the power to direct or cause the direction of the management and policies of AGCC AITECH (Thailand) Co., Ltd., whether through the ownership of voting shares, by contract, or otherwise. As a result, AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd have the unilateral ability to elect the board of directors of AGCC AITECH (Thailand) Co., Ltd., and direct its day-to-day operations and major decisions.

(3) PT. AGCC AITECH Indonesia is a direct subsidiary of AGCC Investment (Indonesia) Co. Ltd. AGCC Investment (Indonesia) Co. Ltd owns 99.99% of the outstanding shares of PT. AGCC AITECH Indonesia, representing 99.99% of the total voting power of PT. AGCC AITECH Indonesia. As a result of its majority ownership, AGCC Investment (Indonesia) Co. Ltd possesses the power to direct or cause the direction of the management and policies of PT. AGCC AITECH Indonesia, whether through the ownership of voting shares, by contract, or otherwise. As a result, AGCC Investment (Indonesia) Co. Ltd has the unilateral ability to elect the board of directors of PT. AGCC AITECH Indonesia and direct its day-to-day operations and major decisions.

(4) NexaCore
Inc is a joint venture entity in which AGCC America Co., Ltd holds a 40% equity interest. Accordingly, AGCC America Co., Ltd does not
have majority ownership or the unilateral ability to elect the board of directors of NexaCore Inc. As a result, AGCC America Co., Ltd
does not, by itself, have the power to direct or cause the direction of the management and policies of NexaCore Inc. The remaining 60%
equity interest in NexaCore Inc is held by two independent parties, and NexaCore Inc is managed under joint control pursuant to a shareholders'
agreement.

The following diagram sets forth our corporate structure immediately upon the completion of this offering:

![](ea029288801_img2.jpg)

Note:

(1) Ping Shiang Business Ltd
 is a limited liability company incorporated under the laws of the British Virgin Islands which is owned as to 82% by Mr. Tsai
 Yi Yang, our Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang.

(2) AGCC AITECH (Thailand) Co., Ltd. is a direct subsidiary of AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd. AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd together own 99% of the outstanding shares of AGCC AITECH (Thailand) Co., Ltd., representing 99% of the total voting power of AGCC AITECH (Thailand) Co., Ltd. As a result of their majority ownership, AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd possess the power to direct or cause the direction of the management and policies of AGCC AITECH (Thailand) Co., Ltd., whether through the ownership of voting shares, by contract, or otherwise. As a result, AGCC-One Investment (Thailand) Co. Ltd and AGCC-Two Investment (Thailand) Co. Ltd have the unilateral ability to elect the board of directors of AGCC AITECH (Thailand) Co., Ltd., and direct its day-to-day operations and major decisions.

(3) PT. AGCC AITECH Indonesia is a direct subsidiary of AGCC Investment (Indonesia) Co. Ltd. AGCC Investment (Indonesia) Co. Ltd owns 99.99% of the outstanding shares of PT. AGCC AITECH Indonesia, representing 99.99% of the total voting power of PT. AGCC AITECH Indonesia. As a result of its majority ownership, AGCC Investment (Indonesia) Co. Ltd possesses the power to direct or cause the direction of the management and policies of PT. AGCC AITECH Indonesia, whether through the ownership of voting shares, by contract, or otherwise. As a result, AGCC Investment (Indonesia) Co. Ltd has the unilateral ability to elect the board of directors of PT. AGCC AITECH Indonesia and direct its day-to-day operations and major decisions.

(4) NexaCore
Inc is a joint venture entity in which AGCC America Co., Ltd holds a 40% equity interest. Accordingly, AGCC America Co., Ltd does not
have majority ownership or the unilateral ability to elect the board of directors of NexaCore Inc. As a result, AGCC America Co., Ltd
does not, by itself, have the power to direct or cause the direction of the management and policies of NexaCore Inc. The remaining 60%
equity interest in NexaCore Inc is held by two independent parties, and NexaCore Inc is managed under joint control pursuant to a shareholders'
agreement.

**Recent Developments**

***Recent Corporate Reorganization and Expansion of Subsidiary Structure***

Between January and April 2026, the Company significantly expanded its global corporate structure through the formation and acquisition of several wholly-owned subsidiaries to support its international operations. This reorganization included the incorporation of AGCC America Co., Ltd. in Delaware, AGCC (HK) Co., Limited in Hong Kong, and EJC Japan Co., Ltd. in Japan, alongside the establishment of several British Virgin Islands holding companies: AGCC Investment (Singapore) Co. Ltd, AGCC Investment (Malaysia) Co. Ltd, AGCC Investment (Indonesia) Co. Ltd, and three Thailand-focused investment vehicles (AGCC-One Investment (Thailand) Co. Ltd, AGCC-Two Investment (Thailand) Co. Ltd, and AGCC-Three Investment (Thailand) Co. Ltd). Utilizing this holding structure, the Company established key localized operational entities, including PT. AGCC AITECH Indonesia incorporated in Indonesia, AGCC Malaysia SDN. BHD. incorporated in Malaysia, and AGCC AITECH (Thailand) Co., Ltd. incorporated in Thailand. Additionally, through two of these Thailand-focused holding subsidiaries, the Company completed the 100% indirect acquisition of NX Data Co., Ltd., incorporated in Thailand, on March 24, 2026, for a purchase price of nil. Prior to the acquisition, NX Data Co., Ltd. (Thailand) had not commenced operations. These entities, which are all directly or indirectly wholly-owned or unilaterally controlled by the Company, provide the corporate framework for the Company's regional headquarters and expanding business activities across the United States, Japan, and Southeast Asia. For more information, see "Corporate History and Structure" in our Annual Report on Form 20-F and the updates disclosed elsewhere in this prospectus.

On May 11, 2026, the Company successfully incorporated its wholly-owned subsidiary, AGCC Singapore Pte. Ltd., as a private company limited by shares in the Republic of Singapore. AGCC Singapore Pte. Ltd. was formed with an initial issued share capital of SGD100,000, consisting of 100,000 ordinary shares held by AGCC Investment (Singapore) Co. Ltd. The primary business activities of this new subsidiary are presently registered as: (i) data centers; and (ii) data analytics, processing, hosting and related activities. This subsidiary will serve as the operational hub for our AI infrastructure initiatives in the region.

On June 8, 2026, NexaCore Inc was incorporated as a corporation under the laws of the State of Delaware. It is authorized to issue 1,500 shares of common stock with a par value of US$0.01 per share. AGCC America Co., Ltd, a wholly owned subsidiary of the Company, directly holds a 40% equity interest in NexaCore Inc, with the remaining 60% equity interest held by two independent parties. NexaCore Inc is managed under joint control pursuant to a shareholders' agreement.

***Strategic Expansion into AI Infrastructure***

Subsequent to the fiscal year ended December 31, 2025, the Company launched its AI computing infrastructure initiative to capitalize on global demand for high-performance processing power, focusing on the procurement of high-performance computing resources and the development of data center facilities in the United States, Japan, and Southeast Asia. The initial commercial and physical infrastructure activities under this initiative include:

● **High-Performance Computing Server Lease:** In January 2026, the Company entered into a non-binding framework letter of intent (LOI) with a supplier (Ricloud AI Inc., an independent third party) to lease servers configured with NVIDIA B300 / Blackwell Ultra GPU systems. The estimated potential transaction amount under the contemplated arrangement is approximately US$120.0 million, subject to the negotiation and execution of a definitive lease agreement. The Company paid a refundable deposit of US$3,500,000 in connection with this arrangement, which is refundable under specified conditions and, upon execution of a definitive lease agreement, is expected to be applied against future rental payments. As of the date of this prospectus, no definitive lease agreement has been entered into and no additional amounts have been paid.

● **Preliminary IT Load Capacity Reservations and Power Supply Arrangements:** To secure critical IT load capacity for our expanding infrastructure footprint, the Company paid a refundable deposit of US$1,650,000 in March 2026 to a data center supplier. The preliminary commercial arrangement remains subject to further mutual confirmation and the finalization of definitive terms, with the US$1,650,000 refundable deposit expected to be converted into a service deposit upon final agreement of relevant business terms; otherwise, it will remain refundable in accordance with the applicable arrangement. In addition, in April 2026 and again on June 11, 2026, the Company, through PT. AGCC AITECH Indonesia, entered into power purchase agreements with an Indonesian state-owned power enterprise to secure power supply for facilities expected to support our AI computing infrastructure initiative in Indonesia. For further details regarding the power supply arrangements, please see the discussion later in this section.

● **Entry into Land Purchase Option Agreement in the United States:** In March 2026, the Company paid a non-refundable deposit of US$3,000,000 and a fee of US$500,000 in connection with an exclusive marketing, leasing, and purchase option arrangement for premises in the United States. As of the date of this prospectus, this arrangement remains subject to further mutual confirmation and the finalization of definitive terms. The deposit may be applied against the purchase price if we exercise the purchase option and the property transfer is consummated. No additional amounts have been paid in connection with this arrangement as of the date of this prospectus.

● **Indonesia Data Center Land Acquisition:** To complement our high-performance hardware investments, in May 2026, our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, has entered into a binding land sale and purchase agreement to acquire a 50,000-square-meter land parcel in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13.4 million; as of the date of this prospectus, we have paid IDR75.1 billion or US$4,207,048 of the purchase price and a development deposit of IDR4.8 billion, or approximately US$268,821, which is refundable upon completion of construction, and title has not yet transferred. We intend to utilize the land for data center infrastructure.

***Indonesia Data Center Power Purchase Agreements***

On April 22, 2026, the Company, through the Company's wholly owned subsidiary, PT. AGCC AITECH Indonesia, entered into two separate independent power purchase agreements with an independent third party, the Indonesian state-owned electricity company, to secure electricity resources for facilities expected to support our AI computing infrastructure initiative in Indonesia. Subsequently, on June 11, 2026, AGCC Indonesia entered into additional power purchase agreements with the same power enterprise. Together with the previous arrangements, these latest agreements establish a dual-feed power supply configuration for the planned data center, with each feed rated at 55,400 kVA, to support a staged development targeting an approximately 40MW IT load requirement. In connection with these combined arrangements, AGCC Indonesia has agreed to pay an aggregate connection fee of approximately IDR69.9 billion (approximately US$4,000,000), alongside required customer guarantee deposits, ongoing variable electricity charges, and other customary charges. These agreements are non-fixed-price contracts under which electricity tariffs will fluctuate in accordance with actual usage, minimum payment requirements, and Indonesian government energy policies. As of the date of this prospectus, AGCC Indonesia paid initial connection fees of IDR35.0 billion (approximately US$2,000,000) and refundable deposits of IDR11.1 billion (approximately US$620,527). The contracted power capacity is expected to be commissioned in phases pursuant to the terms of the power purchase agreements, and the Company is subject to minimum billing charges based on contracted thresholds.

***Entry into a Five-Year AI Computing Technology Services Agreement in Singapore***

On May 12, 2026, the Company's wholly-owned subsidiary, AGCC Singapore Pte. Ltd., entered into a 60-month computing technology services agreement with a customer in the digital financial services sector. Under the agreement, AGCC Singapore Pte. Ltd. will provide AI computing cloud services, including GPU-based computing resources, network connectivity, and related technical support services. Based on the contractual pricing schedule and assuming full deployment and customer acceptance of the contemplated service capacity, the agreement represents an estimated maximum potential contract value of up to US$374.4 million, exclusive of applicable taxes, over the five-year contract term, subject to the satisfaction of specified performance obligations, service-level requirements, and other contractual conditions. Revenue under this agreement will be recognized only when the applicable services are rendered and performance obligations are satisfied in accordance with applicable accounting standards. As of the date of this prospectus, no amounts have been received from the customer. This agreement supports the Company's strategic expansion into AI computing infrastructure while it continues to operate its existing whisky import and distribution business.

***Change of Management***

On February 25, 2026, Mr. WONG Man Ue, Nick tendered his resignation as an executive director and chief financial officer of the Company, effective February 28, 2026.

On March 1, 2026, Mr. LIU Shihao was appointed as an executive director and chief financial officer of the Company.

On March 5, 2026, Mr. Patrick Man Shun WONG tendered his resignation as an independent director of the Company, effective March 5, 2026. Mr. Patrick Wong also stepped down from his positions as chairperson of the audit committee, member of the compensation committee, and member of the nominating and corporate governance committee.

On March 5, 2026, Mr. LI Cheuk Hang was appointed as an independent director of the Company, and as the chairperson of the audit committee, a member of the compensation committee, and a member of the nominating and corporate governance committee of the Company.

***PIPE Financing***

On March 27, 2026, the Company entered into a securities purchase agreement with certain individuals and entities named therein (each, a "PIPE Investor" and collectively, the "PIPE Investors"). Pursuant to the securities purchase agreement, the PIPE Investors agreed to subscribe for and purchase from the Company, and the Company agreed to issue and sell to the PIPE Investors, an aggregate of 2,910,000 Class A Ordinary Shares, par value US$0.00004 per share, through a private investment in public equity ("PIPE"), for a purchase price of US$5.00 per share, resulting in aggregate gross proceeds of US$14,550,000, before deducting any applicable fees and expenses. The proceeds are intended to be used for the development of AI computing center-related business in the United States, Japan and Southeast Asia. The closing of the PIPE was completed in April 2026.

***Loan and Financing Arrangements***

On April 1, 2026, the Company entered into a loan agreement with an independent third party, pursuant to which the lender agreed to advance an unsecured, interest-free loan in the principal amount of US$3,500,000 to the Company. The full principal amount of US$3,500,000 was drawn down on April 1, 2026. The loan matures one calendar month from the date of drawdown, unless extended by the lender in writing. The proceeds of the loan are intended to be used for our AI computing infrastructure initiative and general corporate purposes. The maturity date was subsequently extended to July 31, 2026, as agreed by both parties in writing. On June 10, 2026, the parties further amended the loan agreement to extend the maturity date by an additional three months to October 31, 2026, with interest accruing at a rate of 6% per annum effective August 1, 2026. As of the date of this prospectus, the outstanding principal balance is US$3,500,000.

On April 17, 2026, the Company entered into a Deed of Assignment and Set-Off with a third-party borrower and three lenders who are former shareholders. Pursuant to the deed, the Company assigned a loan receivable of US$12,000,000 to the three lenders in settlement of an equivalent amount of our outstanding borrowings. As the transaction involved the assignment of a financial asset in exchange for the extinguishment of debt, it constituted a non-cash financing activity and did not result in any cash inflow or cash outflow.

On April 22, 2026, the Company entered into a loan agreement with an independent third party, pursuant to which the lender agreed to provide an unsecured loan in the principal amount of US$6,500,000 to the Company. The full principal amount of US$6,500,000 was drawn down on April 22, 2026. The loan bears interest at 3% per annum and matures one calendar month from the date of the drawdown, unless extended by the Lender in writing. The proceeds of the loan are intended for our AI computing infrastructure initiative and general corporate and business purposes. A partial principal repayment of US$2,500,000 was made on May 12, 2026. The maturity date was subsequently extended to June 21, 2026, as agreed by both parties in writing. On June 10, 2026, the parties further amended the loan agreement to extend the maturity date by an additional three months to September 21, 2026, with interest accruing at an increased rate of 6% per annum effective June 22, 2026. As of the date of this prospectus, the outstanding balance (inclusive of accrued interest) is US$4,014,178.

***Results of the Extraordinary General Meeting and Separate Class Meetings***

On May 20, 2026, the Company held an Extraordinary General Meeting ("EGM") of shareholders, as well as separate respective Class Meetings for holders of Class A and Class B ordinary shares. All resolutions presented to the shareholders were approved, including:

● **Amendment to Authorized Share Capital:** A special resolution to increase the Company's authorized share capital from US$50,000 to US$200,000, divided into 2,500,000,000 Class A Ordinary Shares and 2,500,000,000 Class B Ordinary Shares, each of a par value of US$0.00004.

● **Modification of Class B Voting Rights:** A special resolution approved at both the EGM and the respective Class Meetings to increase the voting power of Class B Ordinary Shares from 10 votes to 100 votes per share.

● **Adoption of the Third Amended and Restated Memorandum and Articles of Association:** A special resolution to adopt updated governing documents to reflect the changes in capital structure and voting rights.

● **Issuance of Class B Shares to Controlling Shareholders:** A special resolution authorizing the immediate issuance of 5,000,000 Class B Ordinary Shares to Ping Shiang Business Ltd for an aggregate consideration of US$200. Following such approval, these shares were officially allotted and issued on May 20, 2026, as reflected in the Company's updated statutory records.

**Holding Company Structure**

Agencia Comercial Spirits Ltd is an exempted company incorporated in the Cayman Islands with no material operations of its own. We conduct our whisky business operations primarily through our indirect wholly owned subsidiary, namely Agencia Comercial Co., Ltd in Taiwan (the "Taiwan Operating Subsidiary"), while our equity interests in the Taiwan Operating Subsidiary are held through our direct wholly owned subsidiary, Ping Shiang Holding Ltd, a BVI holding company.

Beginning in early 2026, we significantly expanded our organizational structure to support our international growth. This expansion included the direct incorporation of AGCC America Co., Ltd in Delaware and AGCC (HK) Co., Limited in Hong Kong. Additionally, we established five regional investment holding companies incorporated in the British Virgin Islands, which in turn hold our operating subsidiaries in Indonesia, Japan, Malaysia, Singapore and Thailand. Through these five BVI holding companies, we maintain various localized operating entities incorporated directly within their respective jurisdictions to comply with local requirements and facilitate regional management.

As a result, our ability to pay dividends and to service any debt we may incur overseas largely depends upon dividends paid by our subsidiaries. If our subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

**Implications of Being an Emerging Growth Company**

As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements compared to those 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. 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 have elected to take advantage of such exemptions.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenue of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of our initial public offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of the Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications of Being a Foreign Private Issuer**

We are also considered as a "foreign private issuer." We 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 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.

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

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

As a company listed on the Nasdaq Capital Market, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. As a company incorporated in the Cayman Islands that is listed on The Nasdaq Capital Market, pursuant to the home country rule exemption set forth under Nasdaq Listing Rule 5615(a)(3)(A), which provides (with certain exceptions not relevant to the conclusions expressed herein) that a foreign private issuer may follow its home country practice in lieu of the requirements of the Nasdaq Listing Rules 5600 Series, 5250(b)(3) and 5250(d), the Company elected to be exempt from Nasdaq Listing Rule 5635, which sets forth (A) the circumstances under which shareholder approval is required prior to an issuance of securities in connection with: (a) the acquisition of the stock or assets of another company, (b) equity-based compensation of officers, directors, employees or consultants, (c) a change of control, and (d) transactions other than public offerings; (B) general provisions relating to shareholder approval; and (C) the financial viability exception to the shareholder approval requirement.

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

As of the date of this Prospectus, we are a "controlled company" within the meaning of the applicable rules of the Nasdaq because our Controlling Shareholders, through Ping Shiang Business Ltd, beneficially own 14,463,000 Class A Ordinary Shares, approximately 63.47% of our outstanding Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares (following the allotment of 5,000,000 Class B Ordinary Shares approved at our EGM held on May 20, 2026). Following approvals at the EGM and the separate respective Class Meetings for holders of Class A and Class B ordinary shares, the voting rights of our Class B Ordinary Shares were varied such that every holder of Class B Ordinary Shares shall have 100 votes for each Class B Ordinary Share (prior to which each Class B Ordinary Share entitled the holder to 10 votes). Consequently, our Controlling Shareholders, through Ping Shiang Business Ltd, currently represent approximately 99.58% of the aggregate total voting power of our total issued and outstanding share capital.

Upon completion of this offering, assuming the sale of all 20,000,000 Class A Ordinary Shares offered hereby, our Controlling Shareholders, through Ping Shiang Business Ltd, will beneficially own 14,463,000 Class A Ordinary Shares, approximately 33.80% of our outstanding Class A Ordinary Shares, and 19,500,000 Class B Ordinary Shares, which in aggregate represent 98.58% of the total voting power of our total issued and outstanding share capital. As a result, we will continue to be a "controlled company" within the meaning of the Nasdaq Stock Market Rules following this offering.

In addition, because of the one hundred-to-one voting ratio between our Class B and Class A Ordinary Shares, as approved at our EGM and the separate respective Class Meetings for holders of Class A and Class B ordinary shares on May 20, 2026, the Controlling Shareholders will continue to have the ability to determine all matters requiring approval by shareholders. This concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval. As a "controlled company," we are 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.

**THE OFFERING**

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| | |
|:---|:---|
| Issuer | Agencia Comercial Spirits Ltd |
| Class A Ordinary Shares offered by us: | Up to 20,000,000 Class A Ordinary Shares, par value US$0.00004 per share. |
| Assumed public offering price | The Class A Ordinary Shares are offered at an assumed public offering price of US$9.00-12.00 per Class A Ordinary Share, which represents a 16.67-37.50% discount to the last reported sale price of our Class A Ordinary Shares on the Nasdaq Capital Market on June 12, 2026. The mid-point of the offering price range is US$10.50. |
| Best efforts offering | We are offering the Class A Ordinary Shares on a best-efforts basis. |
| Class A and Class B Ordinary Shares outstanding immediately prior to this offering: | 22,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares. |
| Class A and Class B Ordinary Shares to be outstanding after this offering, assuming the sale of all of the Class A Ordinary Shares offered in this Offering: | 42,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares. |
| Use of proceeds: | We intend to use the net proceeds from this offering primarily to develop our AI computing center-related business in the United States, Japan and Southeast Asia, including server and hardware procurement, infrastructure expansion, and data center land developments, with the balance to be used for research and development, working capital, and general corporate purposes. Our management will have broad discretion in the allocation of the net proceeds. Pending use, we may hold the proceeds in interest-bearing accounts or short-term securities. For additional information, see "Use of Proceeds." |
| Dividend policy: | We have never declared or paid cash dividends on our Ordinary Shares and do not anticipate doing so in the foreseeable future. We intend to retain all available funds to finance the development and expansion of our business. Our board of directors has complete discretion on whether to pay dividends, subject to Cayman Islands law. As a holding company, our ability to pay dividends is dependent upon payments from our subsidiaries, which may be subject to local regulatory restrictions. |
| Risk factors: | Investing in the ordinary shares involves a high degree of risk. As an investor, you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 13 and "Item 3. Key Information – D. Risk Factors" in our 2025 Annual Report on Form 20-F. |
| Plan of Distribution: | We are offering the Class A Ordinary Shares on a "best efforts" basis directly through our officers and directors. No commissions or other remuneration will be paid to our officers or directors in connection with such sales. There is no underwriter for this offering and there is no minimum offering amount. We may hold one or more closings of this offering on a rolling basis. See "Plan of Distribution." |
| Trading market and symbol: | Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbols "AGCC". The Class A Ordinary Shares offered hereby will trade on the Nasdaq Capital Market under the symbol "AGCC." |
| Transfer agent and registrar: | The transfer agent and registrar for our Class A Ordinary Shares is VStock Transfer, LLC. |
| Payment and settlement: | We expect the delivery of the Class A Ordinary Shares for the initial closing to occur within two business days of payment therefor, following the purchase of the Class A Ordinary Shares. |

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**RISK FACTORS**

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

 **

***<u>Risks related to this offering and our Class A Ordinary Shares</u>***

 

***We are selling this offering without an underwriter and may be unable to sell any shares.***

This offering is self-directed, that is, we are not going to engage the services of an underwriter to sell the shares; we intend to sell them through our officers and members of the board of directors, who will receive no commissions. They will offer the shares to friends, relatives, acquaintances and business associates; however, there is no guarantee that they will be able to sell any of the shares. None of our officers and directors has any experience conducting a best efforts offering, which decreases the likelihood that the Offering will be successful.

***Investors in this offering will experience immediate and substantial dilution in the net tangible book value per share of the Class A Ordinary Shares as well as aggressive dilution of their relative voting power.***

Investors in this offering will experience immediate and substantial dilution in the net tangible book value per share of the Class A Ordinary Shares. The public offering price is expected to be substantially higher than the net tangible book value per share of our outstanding Class A Ordinary Shares. After deducting estimated offering expenses, our pro forma as-adjusted net tangible book value (giving effect to this offering) will be lower than the offering price. Accordingly, new investors will experience immediate dilution, while existing shareholders may see an increase in their net tangible book value per Class A Ordinary Shares primarily at the expense of the new investors.

Furthermore, because we are offering a substantial number of Class A Ordinary Shares (up to 20,000,000 shares) relative to our existing share capital, and because of the one hundred-to-one voting ratio between our Class B and Class A Ordinary Shares, purchasers in this offering will experience aggressive dilution of their voting power. Upon completion of this offering, the 20,000,000 Class A Ordinary Shares (assuming all sold) sold hereby will represent the vast majority of our outstanding Class A Ordinary Shares, yet will collectively represent only approximately 1.00% of the total voting power of our outstanding share capital. For a more detailed description, see "Dilution."

***The Company's Class A Ordinary Shares are currently listed on Nasdaq. However, there is no guarantee that the Company will be able to maintain the listing of its Class A Ordinary Shares on Nasdaq in the future, which could limit investors' ability to make transactions in the Class A Ordinary Shares and subject the Company to additional trading restrictions.***

In order to maintain the listing on Nasdaq, the Company is required to meet certain financial and share price criteria. The Company may be unable to meet these requirements in the future.

If the Company's Class A Ordinary Shares are delisted from Nasdaq and the Company is unable to list its shares on another national securities exchange, such shares may be quoted on an over-the-counter market in the United States. If this occurs, the Company could face significant adverse consequences, including:

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

● reduced liquidity for our Class A Ordinary Shares;

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

● a limited amount of news and analyst coverage; and

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

As of the date of this prospectus, our Class A Ordinary Shares are listed on Nasdaq. Under U.S. federal law, this listing preempts state-level regulation of their sale. However, states retain the authority to investigate companies if there is suspicion of fraud. If fraud is found, states may regulate or bar the sale of shares. If we were no longer listed on Nasdaq, we would be subject to state regulations in each jurisdiction where we offer our shares.

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***The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.***

The trading price of our Class A Ordinary Shares may be subject to wide fluctuations. Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility among recently public companies, especially those with relatively smaller public floats. As a company with a relatively small public float and market capitalization, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

Moreover, the trading price of our Class A Ordinary Shares may fluctuate due to broad market and industry factors, such as the performance and fluctuation of the market prices of other companies with business operations located mainly in Taiwan that are listed in the U.S. The trading performance of these Taiwanese companies may affect investor sentiment toward all companies from the region listed in the U.S., which may impact the trading performance of our Class A Ordinary Shares regardless of our actual operating performance.

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

● variations in our income, earnings and cash flow;

● announcements of new investments, acquisitions, strategic partnerships, or joint ventures;

● changes in financial estimates by securities analysts;

● detrimental adverse publicity about us, our services, or our industry;

● additions or departures of key personnel;

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

● potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A Ordinary Shares will trade. Furthermore, the stock market in general experiences price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. These broad market and industry fluctuations may adversely affect the market price of our Class A Ordinary Shares.

In addition, if the trading volume of our Class A Ordinary Shares is low, trading activity in relatively small quantities may easily influence the price of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. If high spreads between the bid and asked prices of our Class A Ordinary Shares exist at the time of purchase, the stock would have to appreciate substantially on a relative percentage basis for an investor to recoup their investment. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional Class A Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will be sustained. If an active market is not maintained, holders of our Class A 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 and results of operations.

***Our management will have broad discretion over the use of the net proceeds from this offering and you may not agree with how we spend them.***

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Our management will have significant flexibility in applying the net proceeds. You will be relying on the judgment of our management, and you will not have the opportunity to influence our spending decisions. We may invest the proceeds in ways that do not yield a favorable return or that fail to improve our financial condition, which could have a material adverse effect on our business and results of operations.

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

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

***Future sales or the issuance of additional Class A Ordinary Shares could adversely affect their market price and result in dilution to our shareholders.***

Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the market price of our Class A Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future.

As of the date of this Prospectus, we have 22,786,500 Class A Ordinary Shares outstanding. A significant portion of these shares is held by our directors, officers, and certain major shareholders. While these shares were previously subject to customary lock-up agreements in connection with our initial public offering, those restrictions have expired on April 21, 2026.

As these lock-up restrictions expire, a substantial number of shares may become eligible for sale in the public market, subject to compliance with Rule 144 under the Securities Act and other applicable regulations. In fact, in connection with the Form 144 filed with the SEC on June 1, 2026, Ping Shiang Business Ltd intends to sell 1,100,000 Class A Ordinary Shares in the open market, and as of June 8, 2026, Ping Shiang Business Ltd had sold 37,000 Class A Ordinary Shares in the open market. We cannot predict the effect, if any, that future market sales of securities held by significant shareholders or the availability of these securities for sale will have on the prevailing market price of our Class A Ordinary Shares. In addition, if we issue additional Class A Ordinary Shares in the future to raise capital or as stock-based compensation, our existing shareholders will experience further dilution. Any such issuances or the perception that such sales or issuances might occur, may adversely affect the price of our Class A Ordinary Shares and make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem appropriate.

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

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

Our board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value or even maintain the price at which you purchased the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares.

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***There can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class A Ordinary Shares to significant adverse U.S. federal income tax consequences.***

We will be classified as a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year if either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). We will be treated as owning our proportionate share of the assets and earnings of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock. Based upon our current and expected income and assets, including goodwill and other unbooked intangibles not reflected on our balance sheet (taking into account the proceeds from our initial public offering) and the market price of our Class A Ordinary Shares, we do not believe we were a PFIC for the taxable year ended December 31, 2025, and we do not expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be classified as a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to be classified as a PFIC for the current or subsequent taxable years. The determination of whether we will be classified as a PFIC will also depend, in part, on the composition of our income and assets. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in our initial public offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. It is also possible that the U.S. Internal Revenue Service, or the IRS could challenge our classification of certain income and assets as non-passive, which could result in our company being or becoming a PFIC for the current or future taxable years. Because PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are a PFIC in any taxable year, a U.S. Holder (as defined in "Taxation — U.S. Federal Income Tax Considerations") may incur significantly increased U.S. income tax on gain recognized on the sale or other disposition of the Class A Ordinary Shares and on the receipt of distributions on the Class A Ordinary Shares to the extent such distribution is treated as an "excess distribution" under the U.S. federal income tax rules, and such U.S. Holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Class A Ordinary Shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Class A Ordinary Shares, unless we were to cease to be a PFIC and the U.S. Holder were to make a "deemed sale" election with respect to the Class A Ordinary Shares. For more information, see "Taxation — U.S. Federal Income Tax Considerations — PFIC Rules."

***Our Third Amended and Restated Memorandum and Articles of Association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A Ordinary Shares.***

Our Third Amended and Restated Memorandum and Articles of Association contain provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of our Company in a tender offer or similar transaction. In particular, our dual-class share structure, which provides each Class B Ordinary Share with 100 votes (as approved at our EGM and the separate respective Class Meetings for holders of Class A and Class B ordinary shares held on May 20, 2026), concentrates voting power with our Controlling Shareholders. This concentration of control will limit your ability to influence corporate matters and may discourage others from pursuing any potential merger, takeover, or other change-of-control transactions that holders of Class A Ordinary Shares may view as beneficial. Furthermore, our board of directors has the authority, without further action by our shareholders, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated with our Class A Ordinary Shares. Class B Ordinary Shares could be issued quickly with terms calculated to delay or prevent a change in control of our company or make the removal of management more difficult. If our board of directors decides to issue Class B Ordinary Shares, the price of our Class A Ordinary Shares may fall and the voting and other rights of the holders of our Class A Ordinary Shares may be materially and adversely affected.

***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 an exempted company incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Third 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. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the U.S. In particular, the Cayman Islands has a less developed body of securities laws than the U.S. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the U.S.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our Third Amended and Restated Memorandum and Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but we are otherwise not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

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

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or our Controlling Shareholders than they would as public shareholders of a company incorporated in the U.S. For a discussion of significant differences between the provisions of the Companies Act (Revised) of the Cayman Islands and the laws applicable to companies incorporated in the U.S. and their shareholders, see "Certain Cayman Islands Company Considerations."

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

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We are a Cayman Islands exempted company and substantially all of our assets are located outside of the U.S. The majority of our current operations are conducted in Taiwan, and our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, has recently entered into a binding land sale and purchase agreement to acquire land in Indonesia, and entered into material agreements for our expansion into Indonesia and Singapore. We have also recently established subsidiaries in other jurisdictions, including the U.S., Hong Kong, Japan, Malaysia, and Thailand, though these entities have no business operations as of the date of this prospectus. In addition, some of our directors and officers are nationals and residents of countries and regions other than the U.S. Substantially all of the assets of these persons are located outside the U.S. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the U.S. 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, Taiwan, Indonesia, Singapore, Hong Kong, Japan, Malaysia, and Thailand may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, Taiwan, Indonesia, and Singapore, see "Enforceability of Civil Liabilities".

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

As a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the Nasdaq, impose various requirements on the corporate governance practices of public companies. Compliance with these rules and regulations has increased our legal and financial compliance costs and has made some corporate activities more time-consuming and costly. For example, operating as a public company has made it more difficult and more expensive for us to obtain director and officer liability insurance, and we have been required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we incur additional costs associated with our public company reporting requirements. It may also continue to be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are continually evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of future costs we may incur or the timing of such costs.

***The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.***

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

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

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

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

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

● the sections of the Exchange Act requiring insiders to file public reports of their 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 nonpublic information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we will furnish to the SEC on Form 6-K any material information that we make public in accordance with applicable law or stock exchange rules, including press releases relating to financial results and material events. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely than 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 are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

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Our Controlling Shareholders, through Ping Shiang Business Ltd, continue to own more than a majority of the voting power of our outstanding Ordinary Shares. Under the Nasdaq listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Currently, we do not utilize the exemptions available for controlled companies but instead rely on the exemptions available for foreign private issuers to follow our home country governance practices. Although we do not currently rely on the "controlled company" exemptions under the Nasdaq listing rules even if we are deemed a "controlled company", we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on these exemptions during the period we remain a "controlled company" and during any transition period following a time when we are no longer a "controlled company", you may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

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

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We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Under this structure, holders of Class A Ordinary Shares are entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares are entitled to one hundred (100) votes per share (as approved at our EGM and separate class meeting held on May 20, 2026). As of the date of this prospectus, our Controlling Shareholders, through Ping Shiang Business Ltd beneficially own 14,463,000 Class A Ordinary Shares, approximately 63.47% of our outstanding Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares (following the allotment of 5,000,000 Class B Ordinary Shares approved at such meetings), representing 99.58%, of the aggregate total voting power of our total issued and outstanding share capital.

Under our Third Amended and Restated Memorandum and Articles of Association, the rights attached to any class of shares may be varied or modified only with the sanction of a special resolution of holders of such shares passed at a separate class meeting. However, because our Controlling Shareholders hold 63.47% of our outstanding Class A Ordinary Shares, they possess the voting power to unilaterally approve or block any such variation or modification requiring a separate class meeting of the Class A Ordinary Shares.

Our Controlling Shareholders also have the ability to determine all matters requiring approval by shareholders. The interests of our Controlling Shareholders may not coincide with your interests, and they may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholders differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with our Controlling Shareholders. This ownership limits or precludes your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, which may adversely affect the trading price of our Class A Ordinary Shares.***

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Each Class B Ordinary Share is entitled to one hundred (100) votes per share (as approved at our EGM and separate class meeting held on May 20, 2026), and each Class A Ordinary Share is entitled to one (1) vote per share. As of the date of this prospectus, our Controlling Shareholders, through Ping Shiang Business Ltd, beneficially own 14,463,000 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares (following the allotment of 5,000,000 Class B Ordinary Shares approved at such meetings), representing 99.58% of the aggregate total voting power of our total issued and outstanding share capital. Accordingly, the Controlling Shareholders control all matters submitted to our shareholders for approval.

In addition, there is no restriction under our Third Amended and Restated Memorandum and Articles of Association for potential future issuances of Class B Ordinary Shares. If such issuances occurred, the voting power of the holders of the Class A Ordinary Shares would be further diluted.

The Controlling Shareholders have the ability to determine all matters requiring approval by shareholders, which may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. In addition, this concentrated control may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel are in your best interest as one of our shareholders. As a result, such concentrated control may adversely affect the market price of our Class A Ordinary Shares.

***We cannot predict the effect that our dual-class structure may have on the market price of our Class A Ordinary Shares.***

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We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple-class share structures to certain of its indices, such as the S&P 500, S&P MidCap 400 and S&P SmallCap 600. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices. However, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria.

Under these policies, the dual-class structure of our Ordinary Shares makes us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices do not invest in our Class A Ordinary Shares. It is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our Ordinary Shares, we are excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices precludes investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. Any such exclusion from stock indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the market price of our Class A Ordinary Shares.

***Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you have less protection than you would have if we were a domestic issuer.***

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Nasdaq listing rules require listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of certain Nasdaq requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of our Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our Company may decrease as a result. Additionally, Nasdaq listing rules mandate that U.S. domestic issuers establish a compensation committee, a nominating and corporate governance committee, and an audit committee, each composed solely of independent directors. As a foreign private issuer, we are not subject to these requirements. Nasdaq listing rules may also require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, as well as certain ordinary share issuances. Currently, we comply with the requirements of Nasdaq listing rules requiring that a majority of our board of directors consists of independent directors and that we have appointed a nominating and corporate governance committee. We may, however, consider following home country practice in lieu of the requirements under Nasdaq listing rules in the future with respect to certain corporate governance standards, which may afford less protection to investors.

***We are an "emerging growth company", and the reduced disclosure requirements applicable to emerging growth companies may make our Class A Ordinary Shares less attractive to investors.***

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We are an emerging growth company, as defined in the JOBS Act, and may remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the completion of our initial public offering. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed US$1.235 billion or we issue more than US$1.0 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period. For so long as we remain an emerging growth company, we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. We cannot predict whether investors will find our Class A Ordinary Shares less attractive if we rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and the trading price of our Class A Ordinary Shares may be reduced or more volatile.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies.

***Nasdaq may apply additional and more stringent criteria for our continued listing because our public float is relatively small and insiders hold a large portion of our listed securities.***

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Nasdaq Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion to apply additional or more stringent criteria for the continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for continued listing on Nasdaq. In addition, Nasdaq has used its discretion to apply additional and more stringent criteria in the instances, including but not limited to: (i) where the company engaged an auditor that has not been subject to an inspection by the Public Company Accounting Oversight Board ("PCAOB"), an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where the company has a small public float, resulting in insiders holding a large portion of the company's listed securities; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. Because our public float is relatively small, and our insiders hold a large portion of the company's listed securities, Nasdaq may apply more stringent criteria for our continued listing. If we fail to maintain compliance with Nasdaq's continued listing requirements, our Class A Ordinary Shares could be delisted, which may have a material adverse effect on the liquidity and market price of our Class A Ordinary Shares.

**RISKS RELATED TO OUR BUSINESS AND INDUSTRY**

***A decrease in consumer demand for alcoholic beverages could significantly and negatively impact our business, operations, and financial performance.***

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Our performance depends on consumers' demand for our products. Various factors can cause shifts in consumer preferences, such as:

● Changes in demographic or social trends

● Fluctuations in discretionary income

● Inflation-driven price changes in consumer products

● Evolving laws, regulations, and public health policies

● Altered leisure, dining, and beverage consumption patterns

To succeed, we must anticipate and effectively respond to these shifts. If consumer preferences move away from our products, our operations and financial results would be materially and adversely affected.

Factors that may reduce consumer demand for alcoholic beverages include:

● Economic or geopolitical downturns affecting discretionary income

● Declining on-premise consumption due to public health policies like smoking bans and stricter DUI laws

● Generational or demographic shifts towards alternatives such as hard seltzer, lower-calorie alcoholic beverages, and non-alcoholic options like soft drinks, sports drinks, and water

● Increased anti-alcohol activism and negative perceptions of alcohol consumption

● Health concerns related to alcoholic beverage consumption

● Adverse legal and regulatory changes, like higher taxes or duties on alcohol imports or sales

Our luxury alcoholic beverage portfolio is especially vulnerable to changing economic conditions and consumer tastes, spending habits, and preferences. This could reduce sales and profitability. Unanticipated changes in demand or preference could also impair our ability to forecast production needs and adapt to shifting consumer preferences, further negatively affecting our business, operations, and financial results.

***We face significant competition from an increasing number of products and market participants, which could materially and adversely affect our business, results of operations, and financial condition.***

Our whisky products face competition from a wide array of both domestic and international premium whiskies, as well as from more affordably priced generic options. Additionally, they compete against other alcoholic beverages and, to a lesser extent, non-alcoholic alternatives for consumer acceptance, brand loyalty, and visibility in retail environments and restaurant alcohol lists. Marketing attention from our distributors, many of whom maintain extensive portfolios of spirits and other beverages, further intensifies this competition. We strive to differentiate ourselves based on product taste and quality, brand image, pricing, service, and our capacity for innovation in response to evolving consumer preferences. This competitive landscape is shaped by both established players and new entrants, many of whom possess more substantial financial, technical, marketing, and distribution capabilities, as well as superior public relations resources. Consequently, we have experienced, and may continue to encounter, upward pressure on our selling, marketing, and promotional costs in light of our growth objectives. There is no guarantee that we will be able to effectively compete against our rivals in the future or that we will not face increased competition from other distilleries and beverage manufacturers.

Brand awareness and acceptance are also crucial factors in our competitive environment. Our business is substantially dependent upon the awareness and market acceptance of our whisky products and brands by our targeted consumers. Moreover, our success hinges on our independent distributors' acceptance of our brands as having the potential to provide incremental sales growth rather than cannibalizing their existing beverage sales. The extent to which our products and brands can achieve and sustain satisfactory levels of acceptance among independent distributors, retail customers, and consumers remains to be determined. Any failure to maintain or enhance brand acceptance and market penetration could have a materially adverse impact on our revenues and overall financial performance.

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***We invest significant time and resources in attracting and retaining key distributors and suppliers.***

Our marketing and sales strategy largely depends on the availability and performance of our independent distributors. Currently, we do not have, nor do we anticipate establishing in the future, long-term contractual commitments with our distributors. We normally enter into a framework sales agreement with our distributors from time to time. During the contract term, our distributors are entitled to place purchase orders with us for each of our products at the unit price, which is typically agreed at a fixed price per bottle, set forth in the distribution agreement. Moreover, these distributors may terminate their relationship with us on short notice. It's also important to note that some distributors handle multiple competitive products, and our products may constitute only a small part of their overall business.

Further, all of our distributors place purchase orders with us on an as-needed basis. There is no assurance that our customers will continue to place purchase orders with us in the future. In the event that any of our major distributors ceases to place purchase orders with us, reduces the amount of their purchase orders with us, or requests more favorable terms and conditions, our business, results of operations, financial conditions and future prospects may be adversely affected.

There is no assurance that our distributors will renew the framework sales agreement with us under similar terms and conditions, nor can we guarantee that we will maintain our existing distribution relationships or successfully establish and sustain new ones in different geographic areas. Additionally, we may need to incur additional costs to attract and retain key distributors in one or more of our geographic markets to effectively exploit these markets.

The marketing efforts of our distributors are vital to our success. If our brands fail to appeal to our current distributors, or if we are unable to attract additional distributors, or if our distributors do not prioritize the marketing and promotion of our products over those of our competitors, our business, financial condition, and results of operations could be adversely affected.

In the absence of long-term supply contracts, our suppliers have the potential to reduce the quantities or priority of our orders, or to terminate sales to us due to unforeseen circumstances or factors beyond our control. While we have not historically encountered significant or prolonged challenges in procuring our products, any potential reduction in supply or loss of established supplier relationships could disrupt our procurement operations, necessitating a considerable investment of time and effort to cultivate new supply connections. However, due to the abundance of competitive suppliers, our established ad hoc procurement practice based on prevailing market conditions, and our strong market position, we believe such disruption would likely be temporary, and we would be able to find suitable suppliers in a timely manner and establish relationships with suitable replacements over time. Nevertheless, if we fail to identify suitable replacement suppliers in a timely manner or with reasonable product pricing for the type of products we specialize in selling, our operations may be disrupted, and our net revenue, gross profit margin, and results of operations may be adversely and materially impacted.

***It is difficult to predict the timing and amount of our sales because our distributors and their accounts are not required to place minimum orders with us.***

Our independent distributors and their accounts are not obligated to place minimum monthly or annual orders of our products. To minimize inventory costs, these distributors generally follow a "just in time" ordering approach, purchasing products from us in quantities and at times based on the specific demand in their distribution areas. For higher-demand products, a minimum par level is typically maintained in the distributors' warehouses and reorders are only triggered when inventory falls below that level. As a result, we cannot accurately predict the timing or quantities that any of our independent distributors will purchase, nor can we be certain that they will continue to purchase our products at the same frequency and in the same quantities as they have in the past.

Moreover, our larger distributors and partners may place orders that exceed our historical order sizes. Any shortages in inventory levels, supply of raw materials, or other key supplies could have a negative impact on our ability to fulfill these larger orders, potentially affecting our business operations and customer relationships.

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***If we do not adequately manage our inventory levels, our operating results could be adversely affected.***

We need to maintain adequate inventory levels of whisky and other alcoholic beverages to be able to deliver products to distributors on a timely basis. Our inventory supply depends on our ability to accurately estimate demand for our products. However, estimating demand is inherently imprecise, particularly for new products, seasonal promotions, and new markets.

If we materially underestimate demand for our products, we might not be able to satisfy demand on a short-term basis, potentially leading to lost sales opportunities and damaged relationships with our distributors and retailers. Conversely, if we overestimate demand, we may end up with excess inventory, resulting in higher storage costs, increased trade spending, and the risk of inventory obsolescence.

Failure to properly manage our inventory to meet demand could not only damage our relationships with our distributors and retailers but also delay or lose sales opportunities, unfavorably impacting our future sales and adversely affecting our operating results. Additionally, if the inventory of our products held by our distributors and retailers is too high, they may reduce or cease placing orders for additional products, which would also unfavorably impact our sales and adversely affect our operating results.

***Geopolitical tensions or potential disruptions in the Strait of Hormuz could materially and adversely affect global shipping logistics, increase our freight costs, and disrupt our whisky supply chain.***

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Our bottled whisky business relies on the international transit of products sourced from Taiwan and the United Kingdom. Any geopolitical conflict or disruption to major shipping routes in the Strait of Hormuz region could severely impact the global commercial shipping networks and supply chains.

Although our primary routes do not pass through the Middle East, such widespread disruptions could result in the rerouting of commercial vessels, international port congestion, container shortages, and increased volatility in global energy prices. These factors could lead to higher ocean freight rates and fuel surcharges, as well as delays in receiving our inventory. If we are unable to manage increased transportation costs or shipping delays, our business and results of operations could be adversely affected.

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***If our inventory is lost due to theft, fire, or other damage, or becomes obsolete, our results of operations would be negatively impacted.***

We expect our inventory levels to fluctuate to meet customer delivery requirements for our products. There is always a risk of loss of this inventory due to theft, fire or other damage, and any such loss, whether insured or not, could cause us to fail to meet our orders and harm our sales and operating results.

In addition, our inventory may become obsolete as we introduce new products, cease to produce old products, or modify the design of our products' packaging, which would increase our operating losses and negatively impact our results of operations. For example, in the whisky industry, the aging process can result in losses known as the "angel's share," in which a portion of the liquid evaporates through the porous wood of the barrel. This natural loss, along with potential obsolescence due to changes in consumer preferences or packaging updates, can affect our inventory levels and profitability.

***Our business is subject to seasonality related to sales of our products.***

The whisky market experiences considerable seasonal fluctuations. Historically, a significant portion of net sales and earnings in the whisky industry occurs during the holiday season, particularly in November and December. This period is marked by increased social gatherings, family parties, and gift-giving, which drive higher demand for whisky. Additionally, the summer months, particularly June through August, also see a rise in sales due to outdoor activities and social events where whisky is a popular choice.

As a result, our operating results may fluctuate significantly from quarter to quarter, and the outcomes for any given quarter are not necessarily indicative of results for other periods. If our sales were to decline substantially below these seasonal norms for any reason, our annual revenues and earnings could be materially and adversely affected.

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***Our largest customers accounted for a significant portion of our total revenue for the year ended December 31, 2025.***

We derive a substantial portion of our revenue from a limited number of major customers. For the year ended December 31, 2025, our largest customer in aggregate accounted for approximately 40.0 % of our total revenue for the year. There is no assurance that any of our major customers will renew their framework sales agreements or continue to place purchase orders with us in the future. In the event that any of our major customers ceases to place purchase orders with our Group or reduces the amount of their purchase orders with us, our business, results of operations, financial condition and future prospects may be adversely affected.

***We depend on a limited number of customers for a high percentage of our revenue. If we cannot maintain our current relationships with customers, fail to sustain recurring sources of revenue with our existing customers, or if we fail to enter into new relationships, our future operating results will be adversely affected.***

For the fiscal year ended December 31, 2025, revenue from our largest customer accounted for approximately over 40.0% of our sales, of which they buy from us on a purchase order basis. The revenue attributable to our top customers has fluctuated in the past and may fluctuate in the future, which could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects. In addition, the termination of these relationships could result in a temporary or permanent loss of revenue.

Our future success depends on our ability to maintain these relationships, to increase our penetration among these existing customers and to establish new relationships. We engage in conversations with other brand owners and companies regarding potential commercial opportunities on an ongoing basis, which can be time consuming. There is no assurance that any of these conversations will result in a commercial agreement, or if an agreement is reached, that the resulting relationship will be successful. Speculation in the industry about our existing or potential commercial relationships can be a catalyst for adverse speculation about us and our products, which can adversely affect our reputation and our business. In addition, if our customers order our products but fail to pay on time or at all, our liquidity, financial condition, results of operations, cash flows and prospects could be materially and adversely affected.

***Contamination of our products and/or counterfeit or confusingly similar products could harm the image and integrity of, or decrease customer support for, our brands and decrease our sales.***

The success of our brands depends on consumers' positive perceptions of them. Any contamination, whether accidental or due to the intentional actions of third parties, or other incidents that compromise the integrity or consumer support of our brands could impact product demand. Contaminants in third-party raw materials or defects in the distillation and fermentation processes could result in poor beverage quality, causing illness or injury to consumers and potentially reducing sales of the affected brand or all of our brands.

Furthermore, if third parties sell counterfeit versions of our brands or brands that closely resemble ours, consumers may confuse our products with inferior alternatives. Additionally, we have no control over the usage of our whisky products, in particular the raw cask whisky If third parties utilize our whisky to produce counterfeit whisky products resembling other whisky brands, it could create the perception that we are complicit in these activities. This confusion may result in administrative or criminal investigations, which could further damage our reputation. Consequently, these issues could lead to consumers avoiding our brands in the future, generating negative media coverage, and ultimately harm our brand equity and adversely impacting our sales and overall business operations.

***Our inability to effectively manage growth or prepare for product scalability could negatively impact our employee efficiency, product quality, working capital levels, and results of operations.***

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Significant market growth for our products or our expansion into new markets may require an increase in our workforce for managerial, operational, financial and other functions. During periods of growth, we may experience challenges related to our operational and financial systems and controls, including quality control and delivery and service capabilities. We will also need to continue to expand, train and manage our employee base. Future growth will place significant additional responsibilities on our management team to identify, recruit, retain, integrate and motivate new employees.

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Beyond the complexities of human resource management, we may also face working capital issues. We will require increased liquidity to finance the marketing of our products and the hiring of additional staff. Our new AI computing infrastructure venture requires higher levels of upfront capital and liquidity compared to our traditional operations. Any failure to secure additional financing or manage the intensive cash requirements of server leases and data center construction could constrain our working capital and force us to delay or abandon our expansion plans. To manage growth effectively, we must continually improve our operational, management and financial systems and controls. Failure to do so could result in operational and financial inefficiencies that could adversely affect our profitability. We cannot guarantee that we will be able to timely and effectively meet increased demand while maintaining the quality standards expected by our existing and potential customers*.***

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***Our ability to successfully introduce new whisky products and services is uncertain.***

The success of developing, launching, selling, and supporting new or enhanced whisky products or services hinges on various factors. These include the timely and efficient completion of product design, bottling, packaging, labeling, development, and approval processes, as well as the effective implementation of these offerings in the market. Since commitments for new products and services are often made well in advance of actual sales, decisions must accurately anticipate shifts in the whisky industry. There is no guarantee that we will be successful in selecting, developing and marketing new whisky products and services or in enhancing our existing offerings. A failure in this regard could have a negative impact on our business, financial condition, and results of operations.

Moreover, the introduction of new whisky products or enhancements by our competitors, or their adoption of innovative packaging, branding, or distribution strategies, could lead to a decline in sales or a loss of market acceptance for our planned products and services. Specifically, competitors may introduce systems, products, or services that directly compete with our offerings, leveraging newer technology or pricing strategies that we cannot match. Depending on our existing customer arrangements, this could result in the loss of customers.

In addition, our new bottling, packaging, and proprietary brand whisky business depends on the performance of third-party distilleries, brand owners, and contract manufacturers. While the regulatory framework governing our whisky business covers production-related activities such as bottling and packaging, the Group does not operate its own distillery facilities. Instead, we conduct all bottling and packaging operations through local contract manufacturers in various jurisdictions. Consequently, the Company is not directly subject to regulatory risks arising from these production activities, but remains subject to operational risks from our reliance on third parties. If these third parties fail to supply products on time, maintain required quality standards, comply with applicable laws and regulations, or renew or honor brand authorization arrangements, we may experience delays, increased costs, product recalls, reputational harm, or loss of sales.

Our ability to launch and support these products also depends on our ability to comply with product labeling, import/export, excise tax, food and beverage, and alcoholic beverage regulations in multiple jurisdictions. Any failure to satisfy these requirements, or any product quality issues or customer complaints, could adversely affect our reputation, increase our costs, and materially and adversely affect our business, financial condition, and results of operations.

***Our expansion into the AI computing infrastructure business subjects us to severe hardware procurement risks, counterparty dependencies, and supply chain constraints.***

The market for high-performance AI computing hardware, particularly the NVIDIA B300 / Blackwell Ultra GPU platform, is characterized by intense global demand, production backlogs, and supply chain volatility. We face significant hardware allocation risks because component distribution is often managed through strict allocation frameworks favoring tier-one cloud providers and major original equipment manufacturers (OEMs). Because we intend to enter this business via a leasing arrangement with a counterparty rather than purchasing directly from the manufacturer, we are dependent on our counterparty's ability to secure and maintain its delivery slots in the distribution pipeline. Any manufacturing delays, packaging constraints, or shifts in allocation policies could disrupt our hardware timeline. A failure or delay in procuring these specific servers would prevent us from launching our AI cloud services on schedule, potentially trigger performance penalties under our commercial computing technology services agreement, and leave us unable to generate the cash flows necessary to offset our upfront deposits.

***We face substantial financial commitments, significant customer concentration, and operational risks under our commercial AI computing technology services agreement.***

Our expansion involves substantial financial obligations that represent a material commitment relative to our historical operations in the alcoholic beverage industry. We face severe customer concentration risk due to our reliance on a single 60-month computing technology services agreement, executed through our Singapore subsidiary (AGCC Singapore Pte. Ltd.), to provide specialized AI computing cloud services to a single customer in the digital financial services sector. If this principal customer defaults, delays payments, terminates the contract, or fails to accept the contemplated service capacity, we will remain burdened with fixed server lease liabilities and development costs. Furthermore, delivering services under this agreement subjects us to local regulatory frameworks, including Singapore's Personal Data Protection Act 2012 (PDPA), cybersecurity standards, and oversight by local authorities or regulators. Any compliance failure or operational default could halt our service delivery, trigger contractual liabilities and statutory penalties, and materially and adversely affect our financial condition, cash flows, and liquidity.

***Our data center development plans in Indonesia are subject to regulatory permitting, utility provisioning, and land title registration risks.***

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In May 2026, our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, entered into a binding land sale and purchase agreement to acquire land in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13.4 million. As of the date of this prospectus, we have paid IDR75.1 billion, or US$4,207,048 of the purchase price and a development deposit of IDR4.8 billion, or approximately US$268,821, which is refundable upon completion of construction.. The land title has not yet transferred, and until the official ownership certificate is successfully issued and registered in our name, we do not have absolute legal title to the property, which subjects us to heightened closing risks, transaction delays, and severe real estate development vulnerabilities, including:

● **Delayed Title and Ownership Risk:** Because the land ownership certificate remains outstanding despite the execution of the definitive agreement, any bureaucratic backlogs within the Indonesian National Land Agency (BPN), systemic challenges in verifying historical clear titles, or hidden disputes regarding local agrarian land rights could delay or block the issuance of our certificate. If a third party emerges with an overlapping ownership claim before the certificate is finalized, our contractual rights under the agreement may be compromised, and we could lose the property entirely.

● **Infrastructure Requirements:** Without the official land ownership certificate, our ability to secure strict municipal construction permits, environmental clearances, and industrial building approvals required to break ground on the AI data center may be completely frozen or delayed, disrupting our entire infrastructure timeline. Additionally, on April 22, 2026, PT. AGCC AITECH Indonesia entered into two power purchase agreements with the Indonesian state-owned electricity enterprise, which were subsequently expanded on June 11, 2026 through additional agreements to establish a dual-feed power supply configuration (with each feed rated at 55,400 kVA) to support a staged development targeting an approximately 40MW IT load requirement. Under these combined arrangements, we have agreed to pay an aggregate connection fee of approximately IDR 69.9 billion (approximately US$4,000,000), alongside required customer guarantee deposits, ongoing variable electricity charges, and other customary charges. These agreements do not provide for fixed-rate pricing, vary based on regulatory policies, and subject us to minimum billing/payment requirements regardless of actual utilization, which could cause us to incur significant infrastructure costs before the project generates corresponding customer revenue.

● **Non-Refundable Costs:** We have committed substantial, generally non-refundable deposits and transaction costs under the sale and purchase agreement. If we are unable to obtain the final land ownership certificate due to regulatory barriers or title defects, our expansion plans in Indonesia will be rendered unviable, and these significant capital outlays will be lost.

If we fail to integrate these high-performance computing assets with our planned Indonesian data center infrastructure, if we are unable to meet our operational milestones under the Singapore computing technology services agreement, or if the market for AI computing power shifts before we reach operational capacity, we may never realize a return on these significant investments, which could materially harm our business and operating performance.

***We have limited prior operating history in the technology or AI computing infrastructure sectors, and we rely heavily on key management personnel to execute this strategy.***

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Our historical operations have focused primarily on the whisky import and distribution business. Consequently, we have a limited corporate track record of deploying, optimizing, or maintaining advanced GPU clusters or commercial cloud data center infrastructure. Our success in this new sector depends significantly on the continued service and expertise of these key executives and our ability to recruit, onboard, and retain additional specialized personnel within a highly competitive labor market. If our management team is unable to effectively oversee these technically complex operations, or if we face difficulties hiring qualified personnel, we may experience deployment delays, operational inefficiencies, or a failure to meet client service-level requirements, any of which could adversely affect our business prospects, financial condition, and results of operations.

***We may periodically face litigation specifically targeting the alcoholic beverage industry, as well as other legal actions arising in the normal course of our business.***

Companies in our industry are occasionally exposed to class-action lawsuits or other private or governmental claims. These may pertain to product liability, marketing and advertising practices, distribution methods, issues related to alcohol abuse, or health concerns stemming from excessive alcohol consumption or misuse, such as underage drinking. Various groups and government agencies have occasionally voiced concerns about the harmful use of alcohol, including drinking and driving, underage drinking, and health issues related to alcohol use or misuse. Efforts have been made to link alcohol consumption to certain diseases, including various types of cancer. Such campaigns could heighten the risk of litigation against us and other industry players. In the past, lawsuits have been filed against alcoholic beverage companies alleging issues related to alcohol abuse, negative health effects, marketing or sales practices, and underage drinking. Although these lawsuits have generally been unsuccessful, future cases could potentially succeed.

In addition to industry-specific litigation, we may also be involved in other legal disputes in the ordinary course of our operations. This could include commercial disputes, enforcement actions by regulatory authorities such as tax, customs, competition, environmental, and anti-corruption agencies, or securities-related class-action lawsuits, especially following any significant drop in the value of our securities. Defending against such litigation can be costly and may result in damages, penalties, or fines, as well as reputational harm to our company and our spirits brands. It could also divert management's attention from other business matters. Moreover, adverse judgments could lead to increased future insurance premiums, and any uninsured judgments could result in substantial financial losses, potentially having a material adverse effect on our business, results of operations, and financial condition.

***Any damage to the reputation of the brands or the manufacturers of the alcoholic beverage products we sell could significantly and negatively impact our business and results of operations.***

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Brand prestige and reputation are crucial for the popularity and sales performance of premium alcoholic beverages. As a wholesaler specializing in these premium products, we depend on the established prestige of the brands and the reputation of the brand owners, as well as their market promotion efforts. Our focus is primarily on developing and maintaining sales channels. Consequently, our business success is heavily reliant on factors outside our control, namely the brand status and the initiatives of the brand owners.

***We must maintain effective systems of disclosure controls and internal control over financial reporting, and any failure to do so as we expand into new business sectors could adversely affect our business and the trading price of our Class A Ordinary Shares.***

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While management concluded that our disclosure controls and procedures and our internal control over financial reporting were effective in all material respects as of December 31, 2025, with no identified material weaknesses, we cannot guarantee that our internal controls will remain effective in the future. As a public company, we face ongoing demands to maintain robust financial, management, legal, and operational controls that comply with U.S. GAAP standards and SEC regulations.

Our recent rapid expansion from our traditional luxury alcoholic beverage operations into the highly capital-intensive AI computing cloud services and data center infrastructure business in Singapore and Indonesia adds significant complexity to our accounting and financial reporting functions. This new business line requires completely different financial tracking mechanisms, including the management of massive upfront hardware deposits, complex server lease liabilities, and multi-location, cross-border transactional accounting. Additionally, we have established subsidiaries in the United States, Hong Kong, Japan, Thailand, and Malaysia where business operations have not yet commenced, which will further increase our consolidated financial reporting duties.

To successfully manage this increased complexity, we may need to commit substantial financial resources to hire and retain additional qualified financial, legal, and accounting personnel on acceptable terms. If we face challenges in recruiting these specialized professionals, or if our existing personnel fail to adapt to the accounting requirements of our international technology ventures, we may experience difficulties collecting financial data and preparing timely financial statements. Any failure to maintain effective internal control over financial reporting could result in material misstatements in our public filings, cause us to fail to meet our reporting obligations, and severely damage investor confidence, which would negatively impact the market price of our Class A Ordinary Shares. Furthermore, pursuant to the JOBS Act, as an emerging growth company, we are exempt from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act, meaning our internal controls have not been subjected to the independent scrutiny of our outside auditors.

***Interruptions or failures that impair access to information technology systems could adversely affect our business.***

We rely on information technology systems to process, transmit, and store information related to our operations. These systems may be vulnerable to interruption due to various events beyond our control, such as natural disasters, telecommunications failures, computer viruses, hacking, and other security issues. The expansion into AI infrastructure increases our exposure to cybersecurity threats, including potential attempts to steal our software or gain access to our computing resources. Any breach of these systems could lead to legal liability, loss of sensitive data, and lasting damage to our reputation. Any significant interruptions or failures in these systems could cause disruptions in our business operations and may require substantial investments to update, remediate, or replace them with alternative systems. The costs and potential problems associated with supporting, maintaining, remediating, and upgrading our existing information technology systems, or with implementing new systems, could severely disrupt our business operations.

***If we are unable to offer premium products and services at attractive prices to meet customer needs and preferences, our business, financial condition, and results of operations may be materially and adversely affected.***

Our future growth depends on our ability to continue to attract new customers and increase the spending levels of existing customers. Ever-changing consumer preferences have affected and will continue to affect the Taiwanese market. We must stay abreast of emerging lifestyles and consumer preferences and anticipate product and service trends that will appeal to existing and potential future customers.

Our customers choose to purchase quality products or services from us due in part to the attractive prices and premium services that we offer, especially for limited edition products with less market availability. They may choose to shop elsewhere if we cannot match the prices, products, or services offered by our competitors. If our customers cannot find their desired products or services within our portfolio, they may stop purchasing our products or using our services, which in turn may materially and adversely affect our business, financial condition, and results of operations.

***The successful implementation of our business strategies is contingent upon the capabilities of our management team.***

Should our management team fail to effectively implement these strategies, our development, including the generation of revenues and our sales and marketing activities, could be materially and adversely affected. In addition, managing the budgeting, forecasting, and other process control aspects of potential future growth may present significant challenges.

We may need to augment or replace members of our management team to better align with our strategic objectives. Additionally, there is a risk that we could lose key members of our management team. In such cases, it may be difficult to attract new management talent with the requisite skills and experience, which could further impair our ability to implement our business strategies and achieve our growth objectives.

***We have limited operational insurance coverage, which could expose us to significant costs and business disruption.***

We maintain employment insurance, labor insurance, occupational accident insurance and national health insurance for our employees in accordance with applicable laws in Taiwan, as well as directors and officers liability insurance for our executive team and board members. However, the availability and adequacy of our insurance coverage are not guaranteed, and certain risks, such as war, force majeure, or specific business interruptions, may not be covered. Furthermore, our current insurance may not adequately cover risks specific to our AI business, such as hardware failure or data center service interruptions. Additionally, there is no assurance that we will be able to renew our current insurance policies on favorable terms when they expire, which could materially affect our business if claims are not covered or if policies cannot be renewed. It is also important to note that we do not have business disruption insurance, and any such event impacting our whisky operations or our AI infrastructure could lead to significant costs and divert our resources.

***We face economic, political and regulatory risks associated with doing business in Taiwan and our planned expansion in Indonesia, Singapore, and other international markets, particularly due to the geopolitical tensions and global trade restrictions that could negatively affect our business and hence the value of your investment.***

Our performance is affected by global economic conditions as well as geopolitical issues and other conditions with a global reach. While our principal executive offices and a majority of our current assets and revenues are anchored in Taiwan, we are rapidly expanding our global footprint. We have established subsidiaries in Hong Kong, Japan, the U.S., Thailand, and Malaysia, and have progressed past initial non-binding frameworks by entering into a binding land sale and purchase agreement to acquire land in Indonesia via PT. AGCC AITECH Indonesia and entering into a major 60-month revenue-generating computing technology services agreement via our Singapore subsidiary, AGCC Singapore Pte. Ltd.

Because our administrative headquarters, and historical cash flows remain based in Taiwan, any conflict or escalation of tensions between the PRC and Taiwan could severely disrupt our high-level corporate governance and financial liquidity. Specifically, a cross-strait crisis, trade blockade, or military conflict could block our whisky import supply chains, trigger emergency domestic capital controls, freezing our ability to convert local currency and repatriate cash outwards. This would materially impair our financial ability to fund, manage, and fulfill our US$120.0 million AI infrastructure purchase agreement to Ricloud AI Inc., an independent third party, which are vital to our global technology segment, even though those physical AI operations are targeted outside of Taiwan. The unique international political status of Taiwan and the "anti-secession" law of the PRC create sustained uncertainty. Past trade bans and export restrictions between the PRC and Taiwan have depressed economic activity for Taiwanese companies, and we cannot predict whether future escalations will lead to new tariffs, export bans, or military conflict that could jeopardize our central operations and halt funding to our overseas infrastructure projects.

Our active expansion into Indonesia, Singapore, and other jurisdictions where we have established subsidiaries, such as Hong Kong, Japan, the U.S., Thailand, and Malaysia, subjects us to significant regulatory and legal uncertainty. We are subject to the diverse governmental policies, foreign investment laws, data privacy standards, and taxation regimes of each of these jurisdictions. In particular, the legal systems in jurisdictions like Indonesia, Thailand, and Malaysia can be complex and subject to rapid, unpredictable changes that may hinder our ability to operate or legally protect our investments. Furthermore, our expanding international AI business is heavily dependent on the procurement of high-performance hardware, specifically the NVIDIA B300 platform. We are subject to stringent U.S. export controls and evolving trade restrictions, and any tightening of these regulations, or increased scarcity and pricing volatility in the global semiconductor market, could block our hardware supply chain, significantly increase our operating costs, or render our active AI infrastructure projects in Indonesia commercially unviable.

We face substantial operational pre-revenue risks in several of these new markets. While we have established corporate entities in Japan, the United States, and Malaysia, we have not yet commenced actual business operations in these regions. There is no guarantee that we will successfully launch these operations or achieve future profitability. Because the eventual nature of our business activities in these territories remains subject to management's discretion and shifting market conditions, investors may find it difficult to evaluate the long-term prospects of our international expansion.

Moreover, macroeconomic weakness and uncertainty, including the ongoing impact of global conflicts and resulting international sanctions, make it difficult for us to manage operations and forecast financial results. These events increase the volatility of global commerce and could increase China/Taiwan tensions and U.S./China trade friction. Any resulting new legal requirements or restrictions could increase regulatory scrutiny on our international business or result in one or more of our cross-border activities being deemed in violation of international sanctions frameworks.

***We have engaged in transactions with related parties, and such transactions present possible conflicts of interest that could have an adverse effect on our business and results of operations.***

We have entered into a number of transactions with related parties, including our significant stockholders, directors and executive officers, and their relatives. For example, we have entered into several transactions with our Chief Executive Officer and Shareholder in which Mr. Tsai Yi Yang and Ms. Lee Li Mei have or had a significant ownership interest, respectively. We may in the future enter into additional transactions with entities in which members of our board of directors and other related parties hold ownership interests.

Transactions such as loans and leases in which related parties hold ownership interests present potential conflicts of interest. The interests of the landlord entity and lender, along with their shareholders, may not align with the interests of our stockholders regarding the negotiation and certain other matters related to our lease or loan terms with that landlord entity or lender. For the avoidance of doubt, the unsecured financing arrangements executed by the Company in April 2026, specifically our US$3,500,000 interest-free facility (which was initially interest-free and subsequently amended on June 10, 2026, to extend the maturity date to October 31, 2026, with interest accruing at a rate of 6% per annum effective August 1, 2026), our US$6,500,000 3% interest facility (of which US$2,500,000 was repaid on May 12, 2026, and which was subsequently amended on June 10, 2026, to extend the maturity to September 21, 2026, with interest accruing at an increased rate of 6% per annum effective June 22, 2026), and our US$12,000,000 non-cash Deed of Assignment and Set-Off, were entered into exclusively with independent third parties or former shareholders, and do not constitute related-party transactions under U.S. GAAP. However, our legacy related-party transactions continue to persist. We may have achieved more favorable terms if such transactions had not been entered into with related parties, and these transactions, individually or in the aggregate, may have an adverse effect on our business and results of operations, or may result in government enforcement actions or other litigation.

***We are required to comply with extensive regulations and hold a number of permits and licenses to carry on our business across multiple jurisdictions. Our ability to obtain and maintain these regulatory approvals is uncertain, and future government regulation may place additional burdens on our efforts to import and distribute our alcoholic beverages or develop our AI infrastructure.***

We are a Taiwan-based whisky import and distribution company which is subject to extensive government regulation and supervision in Taiwan. The regulatory framework addresses all aspects of operating in the whisky distribution and brand-authorized bottling and packaging business, including import, registration, production-related activities such as bottling and packaging, distribution labelling, advertising, and licensing requirements and procedures, periodic renewal and reassessment processes and compliance. Our proprietary brand whisky packaging and distribution business involves sourcing bulk whisky from brand-owned distilleries and conducting bottling and packaging operations in Taiwan through local contract manufacturers, rather than operating our own distillery.

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The regulatory framework governing the alcoholic beverages distribution industry in Taiwan is subject to change and amendment from time to time. Any such change or amendment could materially and adversely impact our business, financial condition and prospects. The Taiwan government introduced the Tobacco and Alcohol Administration Act and regulations in 2000, especially imposing obligations on the alcohol importers to obtain an import permit for entry of the alcoholic beverages into Taiwan in 2014. Moreover, if we are unable to maintain regulatory compliance, regulatory approval that has been obtained may be lost and the various reform initiatives could give rise to regulatory developments, such as more burdensome administrative procedures, which may have an adverse effect on our business, financial condition and prospects. Additionally, our entry into the AI computing infrastructure business subjects us to entirely new regulatory frameworks.

Our expansion into the AI computing cloud services and infrastructure business subjects us to entirely new and complex regulatory frameworks, particularly in Singapore and Indonesia. Our wholly-owned subsidiary in Singapore, AGCC Singapore Pte. Ltd., has entered into a five-year agreement to provide AI computing cloud services, which involves navigating local regulations regarding data privacy, cross-border data transfers, electronic service provider registrations and the security of electronic systems. In Indonesia, where we have transitioned from initial non-binding frameworks to entering into a binding land sale and purchase agreement to acquire land via our subsidiary, PT. AGCC AITECH Indonesia, in Indonesia, we face heightened regulatory hurdles because the formal land ownership certificate has not yet been obtained. Our proposed development of AI computing infrastructure and a data center requires us to confirm clear land titles with the Indonesian National Land Agency (BPN) to avoid ownership disputes, secure specific permits for land use, industrial energy consumption, and foreign technology investment. Because we have already made significant financial commitments and outlays, including executed power purchase agreements and various deposits, any failure to obtain these new permits or a change in local data sovereignty laws could result in the forfeiture of our deployed capital and the termination of our expansion plans.

Additionally, we have established subsidiaries in the United States, Hong Kong, Japan, Thailand, and Malaysia where we have not yet commenced business operations. Consequently, we face significant uncertainty regarding the legal, tax, and regulatory requirements we will encounter in these markets. If we eventually choose to launch AI-related or other technology services in these regions, we may become subject to additional requirements mandating local data storage or restricted access to high-performance hardware. Our inability to anticipate or comply with these unknown future regulations could increase our operating costs, subject us to unexpected legal liabilities, or render our expansion into these specific markets commercially unviable.

***Our future success depends on our ability to attract, retain and motivate senior management.***

We are highly dependent on the expertise of the members of our principal members of our management. Agencia Cayman has entered into employment agreements with our executive officers, but each of them may terminate their employment with us at any time with prior written notice. In addition, we currently do not have "key-man" insurance for any of our executive officers or other key personnel.

From time to time, there may be changes in our senior management team resulting from the hiring or departure of executives, which could disrupt our business. The loss of the services of one or more of our senior management or other key employees for any reason could adversely affect our business, financial condition and operating results and require significant amounts of time, training and resources to find suitable replacements and integrate them within our business and could affect our corporate culture. If we fail to attract new personnel or fail to retain and motivate our current personnel, it could adversely affect our business and future growth prospects.

Recruiting, retaining and motivating experienced management, sales and marketing personnel will also be critical to our success. The loss of the services of our executive officers or other key employees could impede the achievement of our development and business objectives and seriously harm our ability to successfully implement our business strategy. Further, replacing executive officers and key employees may be difficult and may take an extended period of time because of the limited number of individuals in our industry with the breadth of skills and experience required to successfully develop the mutual trust with the suppliers. Competition to hire from this limited pool is intense, and we may be unable to hire, train, retain or motivate these key personnel on acceptable terms given the competition among numerous alcoholic beverages distribution companies for similar personnel. In addition, our management will be required to devote significant time to compliance initiatives from our status as a public company, which may require us to recruit more management personnel.

***We are subject to risks relating to our leased properties.***

We lease certain real properties in Taiwan from our founder and chief executive officer, Mr. Tsai Yi Yang, and his mother, Ms. Lee Li Mei. Additionally, we lease other properties in Taiwan and Hong Kong and Indonesia from third parties. These premises are used primarily as office space, warehouses and carpark. Subsequent to December 31, 2025, our local subsidiaries entered into several new operating lease arrangements to support our ongoing operations, including a one-year Taiwan carpark lease, a one-year Indonesia office lease, a one-year Japan premises lease, a one-year Thailand premises lease, a 22-month Hong Kong premises lease, a three-year Hong Kong office lease, and a five-year Taiwan office lease.

We may become involved in disputes with the property owners or any third parties who otherwise have rights to or interests in our leased properties. We can provide no assurance that we will be able to find suitable replacement sites on terms acceptable to us on a timely basis, or at all, or that we will not be subject to material liability resulting from third parties' challenges on our use of such properties. If any of our leases is terminated as a result of challenges by third parties or governmental authorities for lack of title certificates or proof of authorization to lease, we do not expect to be subject to any fines or penalties, but we may be forced to relocate the affected offices, stores or warehouses and incur additional expenses relating to such relocation.

We cannot guarantee that suitable alternative locations are readily available on commercially reasonable terms, or at all, and if we fail to relocate our operations in a timely manner, our business, financial condition and results of operations may be materially and adversely affected. For the avoidance of doubt, while we maintain these ordinary course administrative office leases in Indonesia, our primary real estate initiative in that jurisdiction is governed by a binding sale and purchase agreement to acquire absolute title to a 50,000-square-meter land parcel for our proposed data center infrastructure. The operational, permitting, and title risks associated with that property ownership transition are distinct from our standard commercial lease obligations.

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***Our employees, collaborators and contract manufacturers may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.***

We are exposed to the risk that our employees, collaborators and contract manufacturers may engage in fraud or other misconduct, including intentional failures to comply with the alcohol administration laws and regulations in Taiwan or similar regulations of comparable regulatory authorities, or to comply with manufacturing standards we have established. Such misconduct could result in regulatory sanctions and serious harm to our reputation. It is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws, standards or regulations. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, financial condition and results of operations, including the imposition of significant fines or other sanctions.

***The tax laws of the jurisdictions in which we operate may adversely affect our business and our tax results.***

The tax laws applicable to our business activities are subject to change and uncertain interpretation. Our tax position could be adversely impacted by changes in tax rates, laws, practices, treaties or regulations or changes in the interpretation thereof by the authorities in jurisdictions in which we do business. In particular, as we expand our AI computing cloud services and infrastructure into Singapore and Indonesia, we become subject to new and evolving tax regimes which may impose additional compliance costs or higher effective tax rates on our international operations. For example, our execution of a binding sale and purchase agreement in May 2026 to acquire a 50,000-square-meter land parcel in Indonesia via our subsidiary, PT. AGCC AITECH Indonesia, for an aggregate purchase price of approximately US$13.4 million subjects us to complex tax obligations that are completely distinct from our legacy operations.

Moreover, we conduct operations through our subsidiaries in various tax jurisdictions pursuant to transfer pricing arrangements between us and our subsidiaries. While we believe that we operate in compliance with applicable transfer pricing laws and intend to continue to do so, our transfer pricing procedures are not binding on applicable tax authorities. With the establishment of subsidiaries in the United States, Hong Kong, Japan, Thailand, and Malaysia, we face increased complexity in our intercompany transactions and a higher risk of audit by local tax authorities. Because our expansion into the AI business segment relies heavily on cross-border service provision through our Singapore subsidiary, AGCC Singapore Pte. Ltd., to a digital financial services customer under a US$374.4 million computing technology services agreement, local tax authorities may intensely scrutinize the allocation of technology profits, software licensing, and server infrastructure costs. If tax authorities in any jurisdiction in which we operate were to successfully challenge our transfer prices as not reflecting arm's length transactions, they could require us to adjust our transfer prices and thereby reallocate our income to reflect these revised transfer prices, which could result in a higher tax liability to us. Furthermore, a tax authority could assert that we are subject to tax in a jurisdiction where we believe we have not established a taxable connection, and such an assertion, if successful, could increase our expected tax liability in one or more jurisdictions. Such circumstances could adversely affect our financial condition, results of operations and cash flows.

***Our operating subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy their liquidity requirements and service our outstanding debt obligations.***

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands, structured as a holding company. We may rely on dividends and other distributions on equity from our subsidiaries to satisfy our liquidity requirements. Current Taiwan regulations permit our Taiwan subsidiary to pay dividends to its shareholders only out of its accumulated profits, if any, which shall first make up previous losses and set aside at least 10% of its accumulated profits as statutory reserve each year. These reserves are not distributable as cash dividends. Furthermore, if our Taiwan subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other payments to us. Any limitation on the ability of our Taiwan subsidiary to distribute dividends or to make payments to us may restrict our ability to satisfy our liquidity requirements. In addition, the dividend payments by our Taiwan subsidiary to us shall be subject to the withholding tax of 21% since Taiwan does not have a tax treaty with BVI or the Cayman Islands. Furthermore, as we expand our operations into Singapore, Indonesia, and other jurisdictions, we become subject to the dividend and repatriation laws of those specific markets. If our subsidiaries incur debt on their own behalf in the future, the instruments governing such debt may further restrict their ability to pay dividends or make other distributions to us.

***Taiwan, Indonesia and Singapore laws and regulations of loans to and direct investment in local entities by offshore holding companies may delay or restrict our ability to make loans or provide additional contributions to our operating subsidiaries, which could materially and adversely affect our ability to fund and expand our business.***

We are an offshore holding company conducting our operations across multiple business segments, including our high-quality whisky business, substantially in Taiwan through our Taiwan Operating Subsidiary, and our expanding AI infrastructure and cloud services business via international subsidiaries. To fund our operations, we may make loans to our operating subsidiaries, provide additional capital contributions to our Taiwan and international subsidiaries, establish new subsidiaries, or acquire offshore entities with existing operations in an offshore transaction.

These methods of internal funding are subject to Taiwan's foreign investment regulations and approvals or registrations. For example, investment, including lending long-term loans, in Taiwan entities requires Foreign Investment Approval from the Department of Investment Review, Ministry of Economic Affairs. Furthermore, foreign entities are restricted or prohibited from investing in some industries which are related to national security or public order, as specified in the negative list maintained by the Taiwan authorities.

Similar restrictions, capital registration rules, and approval requirements may apply to our rapidly developing AI business operations in Indonesia and/or Singapore. Funding our AI business segment requires transferring substantial capital cross-border to meet our US$120.0 million infrastructure agreement and fund data center land developments. Any failure to obtain necessary approvals from the relevant Indonesian and Singaporean authorities, or delays in registering inbound foreign capital, as may be applicable, could restrict our ability to fund our AI infrastructure projects or acquire local assets, materially harming our growth prospects.

Specifically, under our binding land sale and purchase agreement executed in May 2026 via our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, we are obligated to pay an aggregate purchase price of approximately US$13.4 million to acquire land in Indonesia. Concurrently, under our April 22, 2026 power purchase agreements, we face ongoing minimum billing charges based on contracted power thresholds. If administrative delays and regulatory processing backlogs in Indonesia delay our ability to inject offshore holding company funds to clear land title with the Indonesian National Land Agency (BPN), or if procedural banking and compliance registrations stall our subsidiary funding, we could face liquidity constraints. This could cause us to incur fixed contractual utility charges for an inactive site, forfeit our substantial deployed capital, or risk default under our US$374.4 million computing technology services agreement. Similarly, our expansion into other jurisdictions where we have active arrangements or established subsidiaries, such as the United States, Hong Kong, Japan, Malaysia, and Thailand, could involve significant regulatory hurdles that could delay or block our ability to provide capital to our subsidiaries.

***Our subsidiaries and operations are subject to foreign exchange controls and regulations in the jurisdictions in which we operate, which may restrict our ability to pay dividends, repatriate interest or make other payments to the holding company.***

We are subject to foreign exchange controls that vary significantly across the jurisdictions in which we operate. Currently, Taiwan regulates only those foreign exchange transactions that involve the conversion of the NTD into foreign currencies. Pursuant to the relevant provisions of the Taiwan Foreign Exchange Control Act, foreign exchange transactions of a value of NTD500,000 or more shall be declared to the Central Bank of the Republic of China (Taiwan) ("Taiwan CBC"). Further, for a remittance by a Taiwan company or a Taiwan branch of a foreign company as follows, relevant testimonials shall be submitted and such remittance shall be subject to the reporting to and/or approval of the Taiwan CBC: (i) a single remittance of an amount of US$1 million or more; or (ii) annual accumulated settlement amount of foreign exchange purchased or sold has exceeded US$100 million. Nevertheless, the Taiwan government may impose further foreign exchange restrictions in certain emergency situations, where the Taiwan government experiences extreme difficulty in stabilizing the balance of payments or where there are substantial disturbances in the financial and capital markets in Taiwan. If the dividend payments or other payments by our Taiwan Operating Subsidiary to us involve the currency conversion from New Taiwan Dollar to U.S. Dollar, such conversion would be subject to the foregoing foreign exchange control imposed by the Taiwan authority. Under certain circumstances as prescribed by the relevant Taiwan regulations, documentary evidence of such foreign exchange transactions shall be presented and such transactions shall be conducted at designated foreign exchange banks in Taiwan which have the licenses to carry out foreign exchange business. However, there is no assurance that these foreign exchange regulations will remain unchanged in the future. If the relevant Taiwan regulations change in the future and any required approval is not obtained, our Taiwan Operating Subsidiary's ability to make payments to us in foreign currency may be restricted, and our capital expenditure plans, business, operating results and financial condition may be materially and adversely affected.

Foreign exchange transactions for non-trade-related purposes or exceeding the applicable annual quota threshold would require special approval from Taiwan CBC, which will be at the discretion of and considered by Taiwan CBC on a case-by-case basis. Additionally, we may provide loans to our Taiwan Operating Subsidiary. If the term of the loan provided by us to our Taiwan Operating Subsidiary is one year or more, we shall obtain prior approval from the competent authorities before the loan can be remitted into Taiwan so that the Taiwan Operating Subsidiary could obtain the prior approval from the competent authorities for the conversion of the shareholders' loan into equity and our Taiwan Operating Subsidiary shall file a declaration of foreign debt to the competent authority when the loan is remitted into Taiwan to facilitate the repayment of loan in foreign currency.

Our expansion into Indonesia, Singapore, and other markets further complicates our foreign exchange risk. In Indonesia, we are subject to regulations requiring the use of the local currency for domestic transactions and strict documentation for foreign exchange purchases, and any future restrictions on capital repatriation could hinder our ability to fund our AI infrastructure or return profits to the holding company. Because we must convert offshore funds into IDR to satisfy these local operational debts, any sudden tightening of Indonesian foreign exchange mechanisms would trap liquidity or disrupt our mandatory payment timelines. While Singapore law does not currently impose foreign exchange controls, we remain subject to disclosure requirements, such as for large cross-border transfers. Additionally, in other jurisdictions such as Thailand and Malaysia, foreign exchange controls can be more stringent, often requiring specific evidence of inward investment before profits or funds can be repatriated. We cannot assure you that these regulations will remain unchanged. Any new restrictions or failure to obtain required approvals could materially restrict our subsidiaries' ability to make payments to us in foreign currency, adversely affecting our global capital expenditure plans and our ability to service our short-term debt obligations.

***Our business may be exposed to foreign exchange risks.***

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We distribute our whisky products in Taiwan and source the bottled whisky and raw cask whisky in multiple jurisdictions and thus we have expenses denominated in local currencies in multiple jurisdictions. Additionally, our expansion into AI computing and cloud services and infrastructure in Singapore and Indonesia, alongside our corporate presence in the United States, Hong Kong, Japan, Malaysia and Thailand, further complicates our currency exposure. As a result, we are exposed to foreign currency exchange risk, as our results of operations and cash flows are subject to fluctuations in foreign currency exchange rates. In accordance with our business decisions, our exposure to this type of risk could change depending on:

● the currencies chosen when agreements are signed, such as licensing agreements, co-marketing agreements, land purchase or purchase option agreements, or AI service agreements;

● the currency mix of our revenues and local operating expenses in Taiwan, Indonesia, Singapore, the United States, Hong Kong, Japan, Malaysia, and Thailand, which are denominated in USD or their respective local currencies;

● our expected payments for AI server leases, which are primarily denominated in USD; as well as our short-term note obligations denominated in USD, which have an aggregate outstanding balance of approximately US$8.00 million as of the date of this prospectus; and

● our corporate policy for insurance coverage.

Should any of these risks materialize, they could have a material adverse effect on our business, prospects, financial condition and results of operations.

Our high-quality whisky business is conducted in Taiwan, and while the books and records of our Taiwan Operating Subsidiary are maintained in NTD, the consolidated financial statements that we file with the SEC and provide to our shareholders are presented in USD. Consequently, changes in the exchange rates between NTD and USD affect the translated value of our assets and our whisky operations when presented in USD. The value of NTD against the USD fluctuates significantly based on local and international political and economic conditions, including changes in political relations between the PRC and Taiwan, and monetary policies in the U.S.

Furthermore, our AI infrastructure expansion introduces entirely separate currency risks and drastically increases our structural exposure to the USD, SGD, and IDR. We face an unhedged foreign exchange risk because our major AI server lease, infrastructure commitments, and data center land developments are denominated in USD, SGD, or IDR, while our only existing revenue-generating business operates independently in NTD. Because our NTD whisky revenues are generated within a separate domestic ecosystem and do not fund or naturally hedge our international AI expansion, any depreciation of the NTD, SGD, or IDR against the USD would effectively inflate our foreign procurement and operating costs, which could materially and adversely affect our cash flows, financial condition, and ability to meet our USD-denominated commitments. Consequently, because our April 2026 unsecured loan facilities require an aggregate repayment of approximately US$8.00 million in USD, any systemic devaluation of our operating currencies against the USD prior to note maturity would increase the cost of settling this short-term debt, thereby reducing our available liquidity reserves.

As of the date of this prospectus, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into more hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by local exchange control regulations in Taiwan, Indonesia, and other jurisdictions that restrict our ability to convert NTD into foreign currencies.

**RISKS RELATED TO OUR DEPENDENCE ON THIRD PARTIES**

***Our business is highly dependent on third-party distributors for selling our products to various accounts such as retailers, restaurants, bars, hotels, casinos, and entertainment venues.***

As we expand our wholesale distribution network, we expect that sales to distributors will represent an increasing portion of our future net sales. However, industry consolidation or the loss of a major distributor could have a material adverse effect on our business, financial condition and results of operations.

Our distributors also carry competing brands, including larger national and international brands. Their relationships with these competitors could influence their commitment to our products. If our independent distributors rely on a major competitor for a significant portion of their sales, they may be inclined to favor that relationship. There can be no assurance that our distributors will continue to effectively market and distribute our products in the future.

The loss of a distributor or the failure to promptly replace an underperforming distributor could impede our growth and have a material adverse effect on our business. Expanding our distribution network into new states where we do not currently have a presence may also present challenges. In addition, as we seek to increase our market share in existing markets or enter new markets, there can be no assurance that we will be successful in attracting new distributors.

The purchasing decisions of wholesalers, retailers and consumers are influenced by the perceived overall value of our products compared to competitive products, taking into account both quality and price. Unit and dollar sales may also be affected by pricing, purchasing, financing, operating, advertising or promotional decisions made by wholesalers, state and provincial government agencies and retailers. These decisions may affect the supply of, or consumer demand for, our products. In addition, we may experience higher than expected selling, general and administrative expenses if we need to increase personnel or advertising and marketing expenditures to maintain our competitive position.

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***Substantial disruption to operations at our warehouses or distribution facilities, or at facilities with which we contract or partner, could occur.***

A disruption in the operation of our warehouses or third-party facilities could have a material adverse effect on our business. In addition, a disruption could occur at any of our other facilities or those of our suppliers, bottlers, co-packers or distributors. The disruption could occur for a variety of reasons, including full production schedules at partner facilities, fire, natural disasters, adverse weather conditions, water shortages, manufacturing problems, disease outbreaks, labor strikes, transportation or supply chain disruptions, government regulations, cybersecurity attacks or acts of terrorism.

Alternative facilities with sufficient capacity or capabilities may not be readily available, may be significantly more expensive, or may take a significant amount of time to become operational. Any of these scenarios could adversely affect our business and financial performance.

***Disruptions within our supply chain, contract manufacturing, or distribution channels could have an adverse effect on our business, financial condition, and results of operations.***

The prices of packaging materials, glass bottles, and other containers fluctuate depending on market conditions, governmental actions, transportation costs, fuel prices, and other factors beyond our control. Substantial increases in the prices of these items, to the extent they cannot be recouped through increases in the prices of our finished whisky products, could increase our operating costs and reduce our profitability.

Increases in the prices of our finished products resulting from a higher cost of packaging materials, glass bottles, and other containers could affect affordability in some markets and reduce our sales. Additionally, some of our packaging containers, such as glass bottles, are available from a limited number of suppliers. We and our suppliers and co-packers may not be able to maintain favorable arrangements and relationships with these suppliers, and our contingency plans may not be effective in preventing disruptions that may arise from shortages of any packaging materials or containers that are available from a limited number of suppliers.

Events such as natural disasters, widespread outbreaks of infectious diseases (such as the COVID-19 pandemic), power outages, labor strikes, political uncertainties, governmental instability, or fluctuations in oil prices arising from geopolitical events (e.g., US–Middle East tensions) could impact the supply chain and distribution channels of our contracted manufacturers or suppliers. An increase in the cost, sustained disruption in supply or shortage of glass bottles and other containers or increases in tariffs, could negatively impact our net operating revenues and profits.

***We rely on the alcohol product brands' marketing materials when promoting our products.***

We have limited influence over the promotional materials utilized by alcoholic beverage manufacturers, which may not consistently reflect our branding or values. This lack of control can hinder our ability to differentiate our products from similar offerings by competing wholesalers representing the same brands, potentially leaving consumers without a compelling reason to choose our products over others. Consequently, our success in promoting our offerings is heavily reliant on the effectiveness of the manufacturers' marketing initiatives. If these efforts fall short, it could adversely affect our operational outcomes.

***We are dependent on our leasing counterparty, Ricloud AI Inc., to secure and maintain our AI computing infrastructure, and any operational or financial disruption affecting this counterparty would impact our business.***

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Rather than purchasing hardware directly from original equipment manufacturers, our technology segment relies on a leasing framework with Ricloud AI Inc., which we regard as an independent third-party. Mr. Li Qiang, our chairman, currently serves as Head of Data Center of Ricloud. However, based on information available to us, Mr. Li does not hold any equity or voting interest in Ricloud, is not a director, executive officer or member of senior management of Ricloud, and does not have authority to control, direct or participate in Ricloud's financial or operating policy decisions. Mr. Li also does not have authority to approve, amend or terminate Ricloud's contractual arrangements with us on behalf of Ricloud. Accordingly, we do not consider Ricloud to be a related party of the Company.

Consequently, our ability to deliver specialized computing services under our US$374.4 million computing technology services agreement depends on Ricloud's ongoing operational performance, financial condition, and logistical execution. If Ricloud encounters capital shortfalls, experiences logistical supply chain delays, or fails to maintain its position within the hardware distribution pipeline, we may face delays or failures in server delivery. Because we have deployed substantial upfront deposits to Ricloud, any material breach or structural disruption affecting this counterparty could result in the loss of our capital outlays, prevent us from meeting our obligations under our downstream customer agreements, and leave us without the assets required to operate our international cloud services segment.

***We expect to seek to establish collaborations and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development plans.***

We may form or seek strategic alliances, create collaborations, or enter into licensing arrangements with third parties that we believe will complement or augment our development efforts with respect to our cask-to-bottle and distribution business. Any of these relationships may require us to incur recurring or non-recurring expenses and other charges, increase our near and long-term expenditures, or disrupt our management and business.

If we are unable to enter into agreements with suitable collaborators on a timely basis, on acceptable terms or at all, we may require more time to process, repackage and bottle our proprietary brand whisky, reduce or delay its distribution, reduce the scope of our sales and marketing activities or increase our expenses and incur storage or transportation costs at our own expense. If we choose to seek another manufacturer to process our whisky products, we may need to obtain additional capital, which may not be available to us on acceptable terms or at all. If we do not enter into collaborations and do not have sufficient funds or expertise to perform the necessary bottling and packaging activities, we may not be able to deliver to our customers in a timely manner and generate product sales, which would harm our business, financial condition, results of operations and prospects.

**RISKS RELATED TO OUR INTELLECTUAL PROPERTY**

***If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our competitive position may be adversely affected.***

We may not be able to obtain trademark protection in territories that we consider of significant importance to us. In addition, any of our trademarks or trade names, whether registered or unregistered, may be challenged, opposed, infringed, cancelled, circumvented or declared generic, or determined to be infringing on other marks, as applicable. We may not be able to protect our rights to these trademarks and trade names, which we will need to build name recognition by potential collaborators or customers in our markets of interest. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, we may not be able to compete effectively and our business may be adversely affected.

We expect to rely on trademarks as one means to distinguish any of our whisky products from the products of our competitors. Once we select trademarks and apply to register them, our trademark applications may not be approved. Third parties may oppose our trademark applications, or otherwise challenge our use of the trademarks. In the event that our trademarks are successfully challenged, we could be forced to rebrand our products, which could result in loss of brand recognition and could require us to devote resources to advertising and marketing new brands. Our competitors may infringe our trademarks and we may not have adequate resources to enforce our trademarks.

***If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.***

We rely upon unpatented trade secrets and know-how to develop and maintain our competitive position. We seek to protect this trade secret and confidential information, in part, by entering into non-disclosure and confidentiality agreements with parties that have access to them, such as our employees, collaborators and other third parties.

However, any of these parties may breach such agreements and disclose our proprietary information, and we may not be able to obtain adequate remedies for such breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret can be difficult, expensive and time-consuming, and the outcome is unpredictable. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us and our competitive position would be harmed. In addition, we face the risk of cybercrime. For instance, someone could hack our information networks and gain illicit access to our proprietary information, including our trade secrets. Even if we are successful in prosecuting such claims, any remedy awarded may be insufficient to fully compensate us for the improper disclosure or misappropriation.

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**ENFORCEABILITY OF CIVIL LIABILITIES**

Our Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in 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. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the U.S. federal courts.

All of our operating subsidiaries' current operations are conducted outside of the United States and all of our current assets are located outside of the United States, with the majority of our operating subsidiaries' operations and current assets being located in Taiwan. While the majority of our operations and assets are currently located in Taiwan, we have recently entered into a binding land sale and purchase agreement to acquire land in Indonesia via our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, and have entered into material service agreements for our expansion into Indonesia and Singapore. All of the directors and executive officers of our Company reside outside the United States and substantially all of their assets are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or any such persons, or to enforce in the United States any judgment obtained in the U.S. courts against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.

We have appointed Cogency Global Inc., 122 E 42nd Street, 18th Floor, New York, New York 10168, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

Harney Westwood & Riegels, our legal counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would:

● recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or

● entertain original actions brought in the 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 Harney Westwood & Riegels 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), the Grand Court of the Cayman Islands will at common law enforce final and conclusive *in personam* judgments of state and/or federal courts of the United States of America (the "Foreign Court") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive *in personam* judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

**Taiwan**

Ownlyn has advised us that any United States final judgments obtained against us will be recognized by courts in Taiwan without further review of the merits, only if the court of Taiwan in which enforcement is sought is satisfied with the following:

● the court rendering the judgment has jurisdiction over the subject matter according to the laws of Taiwan;

● if the judgment was rendered by default by the court rendering the judgment, (i) we were duly served within a reasonable period of time within the jurisdiction of such court in accordance with the laws and regulations of such jurisdiction, or (ii) process was served on us with judicial assistance of Taiwan;

● the judgment and the court procedures resulting in the judgment are not contrary to the public order or good morals of Taiwan; and

● judgments of the courts of Taiwan are recognized in the jurisdiction of the court rendering the judgment on a reciprocal basis.

**Singapore** 

AEI Legal LLC, our legal counsel as to Singapore law, has advised us that there is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore.

In making a determination as to enforceability of a foreign judgment, and subject to the Singapore courts having jurisdiction over the judgment debtor, the Singapore courts have regard to whether the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment may be enforceable in Singapore unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to the public policy of Singapore, or the judgment would conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our directors and executive officers. The Singapore courts do not allow the enforcement of foreign judgments which amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws.

**Indonesia**

We have also been advised by Yang & Co., our legal counsel as to Indonesian law, that judgments of United States courts predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States will not be recognized or enforced by the courts of the Republic of Indonesia. Yang & Co. has further advised us that Indonesian courts will not entertain original actions brought in Indonesia against us, our subsidiary, or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

There is no treaty between the United States and the Republic of Indonesia providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. As a result, a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon U.S. federal securities laws, is unenforceable in the Republic of Indonesia. To enforce claims against us, our subsidiary PT. AGCC AITECH Indonesia, or our directors or officers in Indonesia, a claimant must file a new and independent civil lawsuit in an Indonesian district court.

In any such original action, a final and conclusive judgment rendered by a U.S. court will not be given the force of a judgment, but may be submitted to the Indonesian court strictly as written evidence of the underlying claim or legal facts. The Indonesian court will retain absolute discretion to re-examine the merits of the case from the beginning, evaluate the evidence independently, and may refuse to recognize the underlying claim if it determines that the U.S. proceedings violated local principles of due process, contradicted Indonesian public policy, or if the claims involve punitive damages or penalties which are contrary to the laws of the Republic of Indonesia.

**USE OF PROCEEDS** 

We estimate that the net proceeds from this offering will be approximately US$209.77 million, assuming a public offering price of US$10.50 per Class A Ordinary Share, the mid-point of the estimated range of the public offering price, after deducting the estimated offering expenses payable by us. We intend to use the net proceeds from this offering primarily to develop our AI-computing center-related business in the United States, Japan, and Southeast Asia, specifically for the procurement of servers and hardware, the expansion of our AI computing infrastructure, and the funding of data center land developments. The remaining funds will be used for research and development, general corporate purposes, and working capital to support our operations. We may also use a portion of the proceeds to acquire or invest in complementary technologies or businesses, though we have no current commitments for any such material acquisitions. As of the date of this Prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to us from this offering. Our management will have broad discretion in the application of these proceeds, and investors will be relying on the judgment of our management regarding the application of the proceeds. Pending such use, we may hold the proceeds in interest-bearing bank accounts or invest them in short-term interest-bearing securities.

**CAPITALIZATION** 

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

● on an actual basis, reflecting our audited annual financial results for the year ended December 31, 2025;

● on a pro forma basis, reflecting (i) issuance and sale of 2,910,000 Class A ordinary shares at US$5.00 per share under a Securities Purchase Agreement with certain investors on March 27, 2026, for aggregate gross proceeds of US$14,550,000 (the "PIPE Financing"); (ii) allotment of 5,000,000 Class B ordinary shares to Ping Shiang Business Ltd on May 20, 2026, for an aggregate consideration of US$200; and (iii) the loan arrangements entered into subsequent to December 31, 2025, and up to the date of this prospectus<sup>(2)</sup>; and

● on a pro forma as adjusted basis, to give effect to the sale of 20,000,000 Class A Ordinary Shares in this offering at an assumed offering price of US$10.50 per Class A Ordinary Share (the midpoint of the estimated price range set forth on the cover page of this prospectus), after deducting estimated offering expenses payable by us.

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "Use of Proceeds," "Selected Consolidated Financial and Other Data," and related notes included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Actual** | **Pro Forma<sup>(1)(2)</sup>** | **Pro Forma as <br> Adjusted<sup>(3)</sup>** |
|  | **US$** | **US$** | **US$** |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term loans | 18498 | 18498 | 18498 |
| &nbsp;&nbsp;&nbsp;Current portion of finance lease liabilities | 30534 | 30534 | 30534 |
| &nbsp;&nbsp;&nbsp;Amount due to related parties | 4812762 | 4812762 | 4812762 |
| &nbsp;&nbsp;&nbsp;Other borrowings | 12470000 | 7960406 | 7960406 |
|  | 17331794 | 12822200 | 12822200 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-current portion of finance lease liabilities | 51227 | 51227 | 51227 |
| Shareholder's equity |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Ordinary Shares, $0.00004 par value; 625,000,000 shares authorized\*; 19,876,500 shares issued and outstanding as of December 31, 2025 on an actual basis; 22,786,500 shares issued and outstanding on a pro forma basis; 42,786,500 shares issued and outstanding on a pro forma as adjusted basis | 795 | 911 | 1711 |
| &nbsp;&nbsp;&nbsp;Class B Ordinary Shares, $0.00004 par value; 625,000,000 shares authorized\*; 14,500,000 shares issued and outstanding as of December 31, 2025 on an actual basis; 19,500,000 shares issued and outstanding on a pro forma basis and pro forma as adjusted basis | 580 | 780 | 780 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 7517529 | 22067413 | 231833113 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2296319 | 2296319 | 2296319 |
| &nbsp;&nbsp;&nbsp;Statutory reserve | 162795 | 162795 | 162795 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive losses | (110127) | (110127) | (110127) |
| &nbsp;&nbsp;&nbsp;Total shareholder's equity | 9867891 | 24418091 | 234184591 |
| &nbsp;&nbsp;&nbsp;Total capitalization | 27250912 | 37291518 | 247058018 |

---

\* Subsequent to December 31, 2025, upon the approval at the Company's Extraordinary General Meeting and the separate respective Class Meetings for holders of Class A and Class B ordinary shares dated May 20, 2026, the authorised share capital of the Company was increased from US$50,000 divided into 1,250,000,000 ordinary shares of par value of US$0.00004 each, comprising (a) 625,000,000 Class A Ordinary Shares of par value of US$0.00004 each and (b) 625,000,000 Class B Ordinary Shares of par value of US$0.00004 each, to US$200,000 divided into 5,000,000,000 ordinary shares of par value of US$0.00004 each, comprising (a) 2,500,000,000 Class A Ordinary Shares and (b) 2,500,000,000 Class B Ordinary Shares.

(1) Reflects (i) issuance and sale of 2,910,000 Class A ordinary shares
at US$5.00 per Class A Ordinary Share under a Securities Purchase Agreement with certain investors on March 27, 2026, for aggregate gross
proceeds of US$14,550,000 (the "PIPE Financing"); and (ii) allotment of 5,000,000 Class B ordinary shares to Ping Shiang Business
Ltd on May 20, 2026, for an aggregate consideration of US$200. Immediately following such issuance and allotment, the Company had a total
of 22,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares issued and outstanding, each with a par value of US$0.00004.
For further details regarding our share capital and corporate structure, please refer to the section titled "Prospectus Summary
– Our Company – Corporate Structure" of this prospectus.

(2) Reflects the following loan arrangements entered into subsequent
to December 31, 2025, and up to the date of this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;(i) On April 1, 2026, the Company entered into a loan
agreement with an independent third party (the "Lender"), pursuant to which the Lender agreed to advance an unsecured, interest-free
loan in the principal amount of US$3,500,000. The full principal amount was drawn down on April 1, 2026. The loan matures one calendar
month from the drawdown date, unless extended by the Lender in writing. The proceeds are intended for general corporate purposes. The
maturity date was subsequently extended to July 31, 2026, as agreed by both parties in writing. On June 10, 2026, the parties further
amended the loan agreement to extend the maturity date by an additional three months to October 31, 2026, with interest accruing at a
rate of 6% per annum effective August 1, 2026. As of the date of this prospectus, the outstanding principal balance
is US$3,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) On
April 17, 2026, the Company entered into a Deed of Assignment and Set-Off with three existing lenders who are also former shareholders
of the Company (the "Three Lenders") and the existing borrower (the "Borrower"). Pursuant to this deed, the Company
assigned the US$12,000,000 outstanding principal receivable due from the Borrower to the Three Lenders in equal portions of US$4,000,000
each. In consideration for this assignment, the Company's outstanding principal borrowings due to the Three Lenders were reduced
by an aggregate of US$12,000,000 (US$4,000,000 per lender). Following this set-off, and as of the date of this prospectus, the total
outstanding balance due to the Three Lenders (inclusive of accrued interest) is US$446,228.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) On April 22, 2026, the Company entered into a
loan agreement with an independent third party (the "Lender"), pursuant to which the Lender agreed to provide an unsecured
loan in the principal amount of US$6,500,000. The full principal amount was drawn down on April 22, 2026. The loan bears interest at a
rate of 3% per annum and matures one calendar month from the drawdown date, unless extended by the Lender in writing. The proceeds are
intended for general corporate purposes. A partial principal repayment of US$2,500,000 was made on May 12, 2026. The maturity date was
subsequently extended to June 21, 2026, as agreed by both parties in writing. On June 10, 2026, the parties further amended the loan agreement
to extend the maturity date by an additional three months to September 21, 2026, with interest accruing at an increased rate of 6% per
annum effective June 22, 2026. As of the date of this prospectus, the outstanding balance (inclusive
of accrued interest) is US$4,014,178.

(3) Reflects, in addition to the adjustments on a pro forma basis, the
sale of Class A Ordinary Shares in this offering at an assumed offering price of US$10.50 per Class A Ordinary Share (the midpoint of
the estimated price range set forth on the cover page of this prospectus), after deducting the estimated offering expenses payable by
us. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the estimated offering expenses payable
by us. We estimate that such net proceeds will be approximately US$209.77 million. The pro forma as adjusted information is illustrative
only.

**DIVIDENDS AND DIVIDEND POLICY**

Our board of directors has discretion on whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that we are able to pay our debts as they become due in the ordinary course of business. Subject to the laws of the Cayman Islands and our Third Amended and Restated Memorandum and Articles of Association, holders of our Class A Ordinary Shares are entitled to receive such dividends as may be declared by our board of directors. In contrast, holders of our Class B Ordinary Shares will not be entitled to any dividends or distributions of our Company's assets in the event of winding up of our Company. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.

We have never declared or paid dividends on our Ordinary Shares. We do not have any present plan to declare any cash dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and grow our business.

We are a holding company incorporated in the Cayman Islands. We have not received and do not have any present plan to receive dividends paid by our subsidiaries in the British Virgin Islands, Taiwan, Singapore, Indonesia, Hong Kong, the United States, Japan, Malaysia, or Thailand. We have discretion as to whether such dividends are paid, subject to local law requirements and contractual restrictions in our various operating jurisdictions. Furthermore, any future dividend payments to us may be subject to applicable withholding taxes.

**DILUTION**

If you invest in our Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the assumed public offering price per Class A Ordinary Share and our net tangible book value per Class A Ordinary Share after this offering. Dilution results from the fact that the assumed public offering price per Class A Ordinary Share is substantially in excess of the book value per Class A Ordinary Share attributable to the existing shareholders for our presently issued and outstanding ordinary Class A Ordinary Shares. Because the Class B Ordinary Shares carry no rights to dividend distributions or to distributions upon winding-up, the Class B Ordinary Shares are excluded from the denominator in calculating net tangible book value per share, and all net tangible book value figures in this section are presented on a Class A-only basis.

As of December 31, 2025, our net tangible book value was approximately US$9.82 million, or US$0.49 per Class A Ordinary Share. Net tangible book value represents the total amount of our consolidated assets, less our total consolidated liabilities and intangible assets. Dilution represents the difference between an assumed offering price of US$10.50 per Class A Ordinary Share (the midpoint of the estimated price range set forth on the cover page of this prospectus) and the net tangible book value per Class A Ordinary Share on a pro forma as adjusted basis. The pro forma as adjusted net tangible book value reflects the additional proceeds we expect to receive from this offering, after deducting the estimated offering expenses payable by us.

After giving effect to the sale of 20,000,000 Class A Ordinary Shares in this offering at an assumed offering price of US$10.50 per Class A Ordinary Share (the midpoint of the estimated price range set forth on the cover page of this prospectus), and after deducting the estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of December 31, 2025 would have been US$234.10 million, or US$5.47 per Class A Ordinary Share. This represents an immediate increase in pro forma net tangible book value of US$4.40 per Class A Ordinary Share to our existing shareholders and an immediate dilution of US$5.03 per Class A Ordinary Share to new investors participating in this offering.

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

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| | |
|:---|:---|
|  | **Per Class A <br> Ordinary <br> Share** |
|  | **(US$)** |
| Assumed offering price per Class A Ordinary Share (the midpoint of the estimated price range set forth on the cover page of this prospectus) | 10.50 |
| Actual net tangible book value per Class A Ordinary Share as of December 31, 2025 | 0.49 |
| Pro forma net tangible book value per Class A Ordinary Share before this offering<sup>(1)</sup> | 1.07 |
| Increase in pro forma net tangible book value per Class A Ordinary Share attributable to payments by new investors in this offering | 4.40 |
| Pro forma as adjusted net tangible book value per Class A Ordinary Share after giving effect to this offering<sup>(2)</sup> | 5.47 |
| Amount of dilution in net tangible book value per Class A Ordinary Share to new investors in this offering | 5.03 |

---

(1) Reflects the actual net tangible book value per Class A Ordinary Share as of
December 31, 2025, adjusted to give effect to the following transactions that occurred subsequent to December 31, 2025, but prior to the
closing of this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The issuance and sale of 2,910,000 Class A Ordinary Shares at US$5.00 per share under a Securities Purchase Agreement with certain investors on March 27, 2026, for aggregate gross proceeds of US$14,550,000 (the "PIPE Financing");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The allotment of 5,000,000 Class B Ordinary Shares to Ping Shiang Business Ltd on May 20, 2026, for an aggregate consideration of US$200; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The net financial impact of the subsequent loan arrangements entered into up to the date of this prospectus, including (a) an unsecured, interest-free loan agreement dated April 1, 2026, in the principal amount of US$3,500,000, which was initially interest-free and subsequently amended on June 10, 2026, to extend the maturity date to October 31, 2026, with interest accruing at a rate of 6% per annum effective August 1, 2026; (b) a Deed of Assignment and Set-Off dated April 17, 2026, with three existing lenders who are also former shareholders of the Company, reducing outstanding principal borrowings by an aggregate of US$12,000,000; and (c) an unsecured 3% interest-bearing loan agreement dated April 22, 2026, in the principal amount of US$6,500,000 (of which US$2,500,000 was repaid on May 12, 2026), which initially bore interest at a rate of 3% per annum and was subsequently amended on June 10, 2026, to extend the maturity date to September 21, 2026, with interest accruing at an increased rate of 6% per annum effective June 22, 2026 (with an outstanding balance of US$4,014,178, inclusive of accrued interest, as of the date of this prospectus).

Immediately following the above adjustments, the Company had a total of 22,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares issued and outstanding. For further details regarding our share capital and corporate structure, please refer to the section titled "Description of Share Capital" of this prospectus.

(2) Reflects, in addition to the adjustments on a pro forma basis described
in Note (1) above, the further adjustment to give effect to the sale of 20,000,000 Class A Ordinary Shares in this offering at an assumed
offering price of US$10.50 per Class A Ordinary Share (the midpoint of the estimated price range set forth on the cover page of this prospectus),
after deducting the estimated offering expenses payable by us. Additional paid-in capital reflects the net proceeds we expect to receive,
which are estimated to be approximately US$209.77 million. The pro forma as adjusted information is illustrative only.

A US$1.00 increase (decrease) in the assumed offering price of US$10.50 per Class A Ordinary Share (the midpoint of the estimated price range set forth on the cover page of this prospectus), would increase (decrease) the pro forma as adjusted net tangible book value per Class A Ordinary Share by US$0.47 per Class A Ordinary Share, and increase (decrease) dilution to new investors by US$0.53 per Class A Ordinary Share, in each case assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated offering expenses payable by us.

The following table sets forth, on a pro forma as adjusted basis as of December 31, 2025, a summary of the differences between existing shareholders and new investors in terms of the number of Class A Ordinary Shares purchased from us in this offering, the total consideration paid, and the average price per Class A Ordinary Share. These figures are presented before deducting estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares <br> Purchased** | **Class A Ordinary Shares <br> Purchased** | **Total Consideration** | **Total Consideration** | |
|  | **Number** | **Percent** | **Amount <br> (in US$)** | **Percent** | **Average Price<br> Per Class A<br> Ordinary**<br>**Share<br> (in US$)** |
| Existing shareholders | 22786500<sup>(1)</sup> | 53.26% | 23855959 | 10.20% | 1.05 |
| New investors | 20000000 | 46.74% | 210000000 | 89.80% | 10.50 |
| **Total** | 42786500 | 100.00% | 233855959 | 100.00% | 5.47 |

---

(1) on a pro forma basis to reflect issuance and sale of 2,910,000
Class A ordinary shares at US$5.00 per Class A Ordinary Share under a Securities Purchase Agreement with certain investors on March 27,
2026, for aggregate gross proceeds of US$14,550,000 (the "PIPE Financing"). Immediately following such issuance, the Company
had a total of 22,786,500 Class A Ordinary Shares issued and outstanding, each with a par value of US$0.00004. For further details regarding
our share capital and corporate structure, please refer to the section titled "Prospectus Summary – Our Company – Corporate
Structure" of this prospectus.

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

**SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA**

The following summary consolidated statements of operations and cash flow data for the years ended December 31, 2025 and 2024 have been derived from our consolidated financial statements included in our 2025 Annual Report. You should read the summary consolidated financial data in conjunction with those financial statements and the accompanying notes set out in our 2025 Annual Report. Our consolidated financial statements are prepared and presented in accordance with United States generally accepted accounting principles, or U.S. GAAP, our consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the years presented.

The following table summarizes the results of our operations for the years ended December 31, 2025 and 2024, respectively, and provides information regarding the dollar and percentage change during such periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | | |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenue** | **US$** | **% of total<br> revenue** | **Amount<br> US$** | **%** |
| Revenue | 2537743 |  | 6206178 |  | 3668435 | 144.6% |
| Cost of revenue | (1272440) | 50% | (4317501) | 70% | (3045061) | 239.3% |
| Gross profit | 1265303 | 50% | 1888677 | 30% | 623374 | 49.3% |
| Operating expenses: |  |  |  |  |  |  |
| – General and administrative expenses | (205341) | 8% | (959589) | 15% | (754248) | 367.3% |
| – Sales and distribution expenses | (45378) | 2% | (145059) | 2% | (99681) | 219.7% |
| Total operating expenses | (250719) | 10% | (1104648) | 18% | (853929) | 340.6% |
| Income from operations | 1014584 | 40% | 784029 | 13% | (230555) | (22.7)% |
| – Interest income | 127 | 0% | 3297 | 0% | 3170 | 2496.1% |
| – Interest expense | (1741) | 0% | (2157) | 0% | (416) | 23.9% |
| – Foreign exchange gains, net | 234 | 0% | 3747 | 0% | 3513 | 1501.3% |
| – Sundry income | 5009 | 0% | 1163 | 0% | (3846) | (76.8)% |
| Total income before tax expense | 1018213 | 40% | 790079 | 13% | (228134) | (22.4)% |
| – Income tax expenses | (238935) | 9% | (180697) | 3% | 58238 | (24.4)% |
| Net income | 779278 | 31% | 609382 | 10% | (169896) | (21.8)% |

---

The following table summarizes our cash flow data in our audited financial statements for the years ended December 31, 2025 and 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Cash flows provided by (used in): |  |  |
| – Operating activities | (236837) | (7498413) |
| – Investing activity |  |  |
| – Financing activities | 191786 | 23325813 |
| Net (decrease) increase in cash | (45051) | 15827400 |

---

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus and our 2025 Annual Report on Form 20-F. This discussion and analysis and other parts of this prospectus contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.*

**Overview**

We, through our Taiwan Operating Subsidiary, are primarily engaged in the trading of whisky products, including procurement, distribution, and sale in both Taiwan and international markets. Through the Taiwan Operating Subsidiary, we import and sell a broad range of premium whisky products, which come from countries/regions such as Scotland.

Beginning in 2025, we diversified our business model by venturing into proprietary brand bottling, packaging, and sales under "Ninja Whisky" trademark. Under this new approach, we source raw cask whisky directly from renowned distilleries. We then conduct the bottling and packaging operations in Taiwan, leveraging the expertise of local contract manufacturers. The bottled products are sold under Ninja Whisky trademark. This proprietary brand model allows us to build and promote the brand identity, maintain quality control over the final product, and capture greater value from the bottling and sales process. By directly sourcing raw cask whisky and carrying out the bottling and packaging processes in Taiwan, we can offer a seamless end-to-end solution while maintaining control over the supply chain and product quality.

Since January 2026, we launched a new initiative to expand into AI computing cloud services and infrastructure, focusing on the leasing and procurement of advanced hardware, such as a non-binding letter of intent for a proposed lease arrangement involving NVIDIA B300 servers, and the development of data center facilities. Subsequently, we have advanced our infrastructure footprint through our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, by entering into a binding sale and purchase agreement in May 2026 to acquire a 50,000-square-meter land parcel in Indonesia and entering into power purchase agreements to secure IT power load capacity. Furthermore, on May 12, 2026, through our wholly-owned subsidiary, AGCC Singapore Pte. Ltd., we entered into a 60-month computing technology services agreement with a digital financial services customer to provide AI computing cloud services, including GPU-based computing resources, network connectivity and related technical support services, representing up to approximately US$374.4 million in estimated gross service fees, exclusive of applicable taxes. Looking ahead, we plan to leverage our cross-border operational expertise to further expand our business footprint across the United States, Japan, and Southeast Asia to meet the growing global demand for AI processing power.

Our financial performance for the year ended December 31, 2025, demonstrated significant growth compared to the year ended December 31, 2024. Revenue increased substantially from US$2,537,743 for the year ended December 31, 2024 to US$6,206,178 for the year ended December 31, 2025, representing a year-over-year growth of approximately 145%. This substantial revenue growth was primarily driven by strong demand for our whisky products across expanded international markets, particularly Hong Kong and Japan, as well as the successful introduction of our proprietary brand whisky packaging and distribution business. It was also fueled by our successful strategies to enhance capabilities, including strengthening brand recognition, improving customer experience, and expanding product offerings to meet diverse consumer preferences across a broader geographic footprint.

Consistent with the robust revenue growth, our gross profit increased from US$1,265,303 for the year ended December 31, 2024 to US$1,888,677 for the year ended December 31, 2025, representing a year-over-year growth of approximately 49%. This increase reflects the successful scaling of our operations and the contribution of our new proprietary brand packaging and distribution business.

Our revenue composition shifted significantly during 2025. Bottled whisky sales represented 86% of total revenue for the year ended December 31, 2025, compared to 64% for the year ended December 31, 2024. Our proprietary brand whisky packaging and distribution business, launched during 2025, contributed 14% of total revenue, demonstrating the successful diversification of our business model. During the year ended December 31, 2025, we did not generate revenue from the sale of raw casks, which accounted for 36% of total revenue in 2024. This was primarily due to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. We intend to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable.

Geographically, we achieved significant diversification during 2025. International sales expanded to represent 68% of total revenue for the year ended December 31, 2025, compared to 3% for the year ended December 31, 2024. In 2025, Hong Kong emerged as our largest market, contributing 49% of total revenue, followed by Japan with 13%, and other international markets including Canada, China, and Macau. Taiwan sales accounted for 32% of total revenue in 2025, compared to 97% for the year ended December 31, 2024, reflecting our successful geographic expansion strategy.

We reported net income of US$609,382 for the year ended December 31, 2025, compared to US$779,278 for the year ended December 31, 2024. The decrease in net income, despite robust revenue growth of 145%, reflects the impact of changes in revenue mix that resulted in lower gross margin, which decreased from 50% in 2024 to 30% in 2025, coupled with significant increases in operating expenses. General and administrative expenses rose to US$959,589 for the year ended December 31, 2025, compared to US$205,341 for the year ended December 31, 2024, reflecting increased professional fees associated with IPO preparation, staff costs for key leadership hires, and expenses related to the evaluation of new business opportunities, including the proposed AI infrastructure initiatives. Sales and distribution expenses increased to US$145,059 for the year ended December 31, 2025, compared to US$45,378 for the year ended December 31, 2024, driven by expanded headcount and distribution costs to support our geographic expansion into new international markets.

The gross profit improvement of 49% was driven by our proprietary brand whisky packaging and distribution business (59 % margin) and bottled whisky sales, while the operating expense increase reflected necessary public company readiness costs, investments in geographic expansion, and strategic initiatives.

Our financial condition and results of operations for the year ended December 31, 2025 reflect our strong market position, effective execution of growth and geographic expansion strategies, and successful diversification into value-added services. The sustained revenue growth for the year ended December 31, 2025 demonstrates the continued momentum of our business model and our ability to capitalize on opportunities in both domestic and international markets. These factors have positioned us favorably for continued growth and profitability in the future, as we continue to optimize our product mix, streamline international logistics as volumes mature, and grow our higher-margin proprietary brand services.

**KEY FACTORS AFFECTING OUR RESULTS OF OPERATIONS**

The key factors that we believe affect our financial condition and results of operations are discussed below.

**Market Demand and Customer Preferences**

Our revenue and future growth are directly tied to market demand across two distinct operating segments: consumer demand for our whisky products and demand for AI computing infrastructure and cloud services.

In our whisky business, performance depends on consumer preferences, such as shifts toward premium or craft spirits, which significantly impact our sales volumes and profitability. The Taiwan market remains a crucial revenue driver, where demand is heavily influenced by domestic economic conditions, disposable income levels, and cultural trends. Furthermore, as we execute our strategic transformation to aggressively grow international sales across Japan, China, Hong Kong, Canada, and Macau, our success depends on navigating highly competitive global spirits markets and accurately anticipating shifting consumer tastes. Failure to adapt to these trends or differentiate our brand could lead to a loss of market share.

Concurrently, our expansion into AI computing cloud services and infrastructure introduces exposure to enterprise technology spending cycles and rapid market shifts. Demand for our computing resources depends on the continued global adoption of AI applications and large language models, making us vulnerable to rapid technological advancements or changes in customer preferences toward alternative hardware configurations that could depress leasing rates for our planned server deployments or leave our data center capacity in Indonesia underutilized.

By closely monitoring both consumer beverage trends and global enterprise cloud dynamics, we aim to proactively adapt our offerings. However, a failure to effectively address shifts in demand or technological evolution in either business segment could adversely impact our aggregate sales volumes, revenue, and overall profitability.

**Supplier Relations and Procurement Costs**

As a trading company in the whisky industry, our ability to maintain strong relationships with reputable suppliers and secure favorable procurement terms is crucial to our success. We rely on a diverse network of suppliers from various whisky-producing regions, such as Scotland, to source premium and rare whisky products for our customers. Disruptions in our supplier relationships or changes in procurement costs can significantly impact our gross margins and profitability.

We strive to cultivate long-term partnerships with our suppliers, built on trust, transparency, and mutual understanding. Our procurement team works closely with suppliers to ensure a steady supply of high-quality products and to negotiate favorable pricing and payment terms. Additionally, our expertise in identifying and procuring unique and limited-edition whiskies from sought-after distilleries enhances our competitive advantage and enables us to command premium pricing in the market.

In 2025, we introduced our proprietary brand whisky packaging and distribution business under "Ninja Whisky" trademark. Under this model, we source bulk whisky directly from brand-owned distilleries. We then conduct bottling and packaging operations in Taiwan through local contract manufacturers, and the finished products are sold under Ninja Whisky trademark. This vertical integration allows us to maintain quality control while capturing additional value in the supply chain.

The cost of goods sold, which includes the purchase price of whisky products, import duties, and other associated costs, is a significant factor affecting our profitability. With the introduction of our proprietary brand whisky packaging and distribution business, our cost of goods sold now additionally incorporates the bottling and packaging costs. Fluctuations in the cost of goods sold can be influenced by various factors, such as global supply and demand dynamics, changes in import regulations, and currency exchange rates.

To mitigate the impact of cost fluctuations, we employ strategic inventory management practices, leveraging our industry knowledge and market intelligence to optimize our purchasing decisions. For our proprietary brand whisky packaging and distribution business, we have established long-term supply arrangements with brand partners and bottling manufacturers. We continuously explore opportunities to streamline our supply chain and logistics operations, including diversifying our supplier base for packaging materials across the Asia-Pacific region. These measures, with our existing cost management framework, help reduce operational costs and improve overall efficiency as we scale our premium whisky offerings.

Concurrently, our expansion into AI computing cloud services and infrastructure shifts our procurement profile to include highly specialized, capital-intensive technology assets, introducing critical hardware supply dependencies. Because the global supply chain for advanced computing hardware is characterized by severe capacity constraints, long manufacturing lead times, and intense procurement competition, any delivery delays, structural allocation cuts by manufacturers, or unexpected spikes in equipment pricing regarding our targeted deployment of high-performance architecture servers would directly delay the development of our Indonesian data center facilities, impair our ability to scale our cloud platform, and potentially prevent us from meeting our contractual deployment timelines under active client agreements.

**Maintenance of Key Personnel**

In our whisky business, our success is heavily dependent on the expertise, industry knowledge, and relationships cultivated by our key personnel. They possess valuable insights into the whisky industry, have established strong connections with suppliers and customers, and play a pivotal role in driving our strategic initiatives and growth objectives. Conversely, our expansion into AI computing cloud services and infrastructure requires attracting and retaining highly specialized technical talent.

Retaining and attracting top talent across both industries is crucial for maintaining our competitive edge. We strive to create a workplace environment that fosters professional growth, rewards performance, and provides opportunities for career advancement. Additionally, we strive to offer competitive compensation packages to motivate and retain our key personnel.

The loss of key personnel or the inability to attract and retain skilled professionals could adversely impact our operations, supplier relationships, technical deployments, and overall market position. As such, we prioritize succession planning and knowledge transfer initiatives to mitigate the risks associated with personnel changes and ensure business continuity.

Furthermore, we cultivate a strong corporate culture that promotes collaboration, innovation, and a shared passion. By fostering an engaging and inclusive work environment, we aim to enhance employee satisfaction and loyalty, contributing to the long-term retention of our valuable human capital.

**Fluctuation in Interest Rates**

As part of our financing strategy, we have obtained borrowings from a local bank in Taiwan. These borrowings are subject to fluctuations in interest rates, which can directly impact our financial expenses and profitability.

Rising interest rates can lead to an increase in the cost of servicing our debt, thereby reducing our net income. Conversely, a decline in interest rates can result in lower financing costs, positively impacting our profitability. Given the potential impact of interest rate fluctuations on our financial performance, we closely monitor market conditions and maintain a prudent approach to debt management.

To mitigate the risks associated with interest rate volatility, depending on the market situation, we may employ various strategies, such as negotiating fixed-rate borrowings or exploring hedging instruments like interest rate swaps. Additionally, we maintain a disciplined approach to capital allocation, ensuring that our borrowings are aligned with our operational requirements and growth objectives.

Our finance team regularly evaluates our debt portfolio, interest rate exposure, and potential refinancing opportunities to optimize our financing costs and maintain a healthy financial position. By proactively managing our interest rate risk, we aim to minimize the adverse effects of interest rate fluctuations on our results of operations and ensure long-term financial stability.

**Fluctuation in Exchange Rates**

As a company engaged in international trade, our operations are exposed to fluctuations in exchange rates. With customers and suppliers located in various countries, our revenue and expenses are denominated in multiple currencies.

Unfavorable movements in exchange rates can adversely impact our financial performance. For instance, an appreciation of the NTD against other currencies can make our products more expensive for international customers, potentially affecting our export sales and profitability. Conversely, a depreciation of the NTD can increase the costs of importing whisky products from our foreign suppliers, putting pressure on our gross margins.

As we expand into AI computing cloud services and infrastructure across the United States, Japan, and Southeast Asia, our anticipated future revenue and capital expenses will increasingly be denominated in several foreign currencies. This planned geographic diversification will subject our future operations to heightened foreign exchange risk.

Our finance team closely monitors currency markets and employs robust risk management practices to assess and manage our foreign exchange exposure proactively. By implementing these strategies, we aim to minimize the impact of currency fluctuations on our financial results and maintain a stable and predictable operating environment.

**Competitive Landscape**

The whisky trading industry is highly competitive, with numerous players offering similar products. Our ability to differentiate our offerings, maintain competitive pricing, and secure reliable suppliers will be critical to sustaining growth.

As we explore new markets, we may face challenges related to brand recognition, regulatory hurdles, and competition from established players, which could impact our revenue growth.

Simultaneously, the AI computing infrastructure and data center industry is evolving rapidly and is characterized by intense competition from established global cloud providers and specialized infrastructure operators. As we expand into AI computing cloud services and infrastructure business, our ability to secure market share depends on our capacity to deploy cutting-edge hardware efficiently, offer competitive service terms, and build brand recognition in a highly technical business-to-business ecosystem. Failure to differentiate our infrastructure capabilities or effectively navigate regulatory hurdles in new jurisdictions could materially restrict our revenue growth.

**Macroeconomic Conditions**

Our current results of operations are heavily influenced by global economic conditions, including inflation, recessionary pressures, and changes in consumer spending patterns. While our historical revenue is derived entirely from our traditional whisky operations, we have launched an initiative to expand into AI computing infrastructure and cloud services. Consequently, future economic downturns could simultaneously reduce consumer demand for our premium spirits and cause prospective enterprise clients to scale back, delay, or consolidate their planned investments in AI deployments, thereby adversely affecting our anticipated revenue streams.

For our existing operations, rising oil prices may adversely affect us by increasing freight and logistics costs associated with shipping our whisky products from Taiwan to customers across regions. These increased costs could lead to higher product prices, reduced consumer demand, compressed profit margins, or supply chain disruptions. Additionally, higher oil prices contribute to broader inflation, which reduces consumer disposable income and spending on premium goods.

Crucially, as we advance our plans to build out and run our AI computing infrastructure and cloud services, volatility in the petroleum market may expose our future operations to commercial electricity rate hikes driven by escalating global energy baselines and fuel adjustment surcharges. High-performance data center facilities are hyper-consumers of power. Once our AI infrastructure becomes fully operational, any oil-driven utility hikes will significantly elevate our cooling and processing costs. If we are unable to pass these heightened energy expenses through to our future infrastructure and cloud clients, our anticipated operating margins will be compressed. Any sustained increase in global oil and energy prices could therefore have a material adverse effect on our current revenue and our ability to successfully establish and operate our planned AI computing cloud services and infrastructure business.

**Cybersecurity, Data Security, and Infrastructure Resilience**

Our planned expansion into AI computing infrastructure and cloud services will inherently expose our future operations to severe cybersecurity threats, data breaches, and network disruptions. Once fully operational, our data centers and cloud platforms will host vast amounts of sensitive enterprise data, making them prime targets for cyber threats. A successful breach could cause critical infrastructure downtime, expose proprietary client data, and violate contractual service level agreements, triggering costly litigation. Furthermore, under the strict data protection frameworks of our planned expansion markets, such as Indonesia, any material security failure could result in heavy regulatory fines, mandatory operational suspensions, and permanent reputational damage.

Consequently, while we are actively integrating robust security protocols into our pre-operational design, any future compromise of our digital infrastructure could result in severe operational paralysis and materially disrupt our planned results of operations.

**KEY COMPONENTS OF OUR RESULTS OF OPERATIONS**

To assess the performance of our business, we consider a variety of financial and operating measures. The key financial performance indicators we use include revenue, cost of revenue, gross profit and gross margin, general and administrative expenses, sales and distribution expenses, and income tax expenses. Our review of these indicators reveals the results of our business performance and provides timely and meaningful feedback to key operating decisions and allows our business to respond promptly to competitive market conditions and different demands and preferences from our customers. The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater detail under "Results of Operations".

***Revenue***

Our revenue is generated through the sale and distribution of bottled whisky products across three core business lines: raw cask whisky sales, bottled whisky sales, and proprietary brand whisky packaging and distribution business. The raw cask whisky sales involve wholesale transactions of entire whisky barrels to distributors and retailers, while the bottled whisky sales focus on finished products sold through hospitality channels and corporate clients. Our proprietary brand whisky packaging and distribution business represents a vertically integrated model where we collaborate with established distilleries to bottle and package our product offerings under brand authorization, combining their heritage with our distribution expertise.

Revenue performance directly impacts our financial results through both top-line growth and product mix effects. Management prioritizes strategic balance between volume growth and product mix, as shifts in geographic markets or product categories can significantly influence profitability. We monitor how revenue composition affects gross margins, working capital requirements, and scalability across different business models.

We evaluate revenue performance through several key metrics: geographic market penetration (domestic vs. international), product category mix (raw cask vs. bottled vs. proprietary brand whisky packaging and distribution business), and trade volume relative to revenue growth. These measurements help assess pricing power, demand elasticity, and the effectiveness of distribution strategies. Management supplements this analysis with customer acquisition costs, channel profitability, and inventory turnover ratios to optimize our commercial operations.

***Cost of revenue***

Our cost of revenue primarily comprises the procurement costs of whisky products held for sale, including raw casks and bottled inventory, as well as direct expenses associated with import/export duties and processing fees. These costs are inherently significant in our business model due to the premium nature of our products, which require careful sourcing, aging, and handling throughout the supply chain. The composition of these costs varies across our products, with raw cask procurement, bottling operations, and international distribution each presenting distinct cost structures.

Cost of revenue directly impacts our profitability through gross margin, serving as a key indicator of our operational efficiency and pricing power. Management actively monitors procurement strategies, supplier relationships, and logistics networks to optimize these costs while maintaining product quality. Fluctuations in raw material pricing, trade tariffs, or transportation costs can materially affect margins, making cost control a critical focus area for sustaining profitability across economic cycles.

We evaluate the cost of revenue performance through several operational lenses, such as procurement efficiency, measured by cost per unit across product categories; supply chain optimization, including lead times and import/export cost structures; and economies of scale as production volumes grow. These metrics inform strategic decisions regarding supplier diversification, inventory management, and pricing adjustments to align with our premium market positioning.

***Gross profit and gross profit margin***

Gross profit represents the difference between revenue and the cost of goods sold, serving as a fundamental measure of our production and distribution efficiency. Gross profit margin, calculated as gross profit divided by revenue, indicates the portion of each revenue dollar retained after accounting for direct product costs, reflecting our pricing power and cost management effectiveness.

Gross profit and margin directly impact our results of operations by determining the funds available to cover operating expenses and generate operating income. Higher gross margins provide greater flexibility to invest in growth initiatives while maintaining profitability, while margin pressure may require operational adjustments or cost optimization measures. These metrics ultimately influence our bottom-line performance and capacity for strategic reinvestment.

Management monitors gross profit and margin by product line and distribution channel, analyzing trends in input costs, production efficiencies, and pricing strategies. We evaluate margin sustainability through regular reviews of procurement practices, inventory management, and product mix optimization, ensuring alignment with our product mix strategy and long-term profitability targets.

***General and administrative expenses***

General and administrative expenses consist primarily of staff costs (including salaries, messing, etc.), expenses related to trademarks, lease expenses, and professional fees (including audit fees for our consolidated financial statements). These expenses affect our results of operations by reducing operating income, as they are largely fixed in nature and do not fluctuate directly with sales volume. The level of general and administrative expenses relative to revenue influences our operating margins and overall profitability, requiring careful management to ensure the efficient allocation of resources while maintaining necessary corporate functions and strategic capabilities. Management monitors and controls these costs through regular budget reviews, operational efficiency assessments, and strategic resource allocation, while ensuring we maintain the necessary corporate governance, financial reporting capabilities, and operational support required for sustainable growth.

***Sales and distribution expenses***

Sales and distribution expenses consist primarily of employee-related costs for sales personnel, including salaries and benefits, along with warehouse expenses directly tied to revenue generation. These costs represent the necessary investments to maintain and grow our distribution network, sales channels, and customer relationships.

Sales and distribution expenses affect our results of operations by reducing operating profit, with their efficiency directly influencing our overall profitability. As semi-variable costs, they typically scale with business expansion but can be optimized through productivity improvements. Management monitors these expenses on a regular basis, ensuring we maintain an appropriate balance between market penetration and cost discipline. The effectiveness of our sales and distribution network is evaluated based on its ability to support revenue growth while maintaining competitive cost structures.

***Income tax expenses***

Income tax expenses represent the corporate income tax we are required to pay to the relevant tax authorities based on our taxable income. As a Taiwan-based company, we are subject to profit tax governed by local tax laws and regulations. The expense is calculated by applying applicable tax rates to taxable income, after accounting for all allowable deductions, credits, and adjustments under the tax code.

Income tax expenses directly impact our net income and overall profitability, as they represent the final allocation of pre-tax earnings to tax obligations. The effective tax rate, which may differ from statutory rates due to available incentives and deductions, serves as our primary performance metric for tax efficiency. Management actively monitors this rate through ongoing review of tax positions, compliance with regulatory changes, and optimization of available tax planning opportunities within legal frameworks.

**Results of Operations**

<u>For the years ended December 31, 2025 and 2024</u>

The following table summarizes the results of our operations for the years ended December 31, 2025 and 2024, respectively, and provides information regarding the dollar and percentage change during such periods.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | | |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenue** | **US$** | **% of total<br> revenue** | **Amount<br> US$** | **%** |
| Revenue | 2537743 |  | 6206178 |  | 3668435 | 144.6% |
| Cost of revenue | (1272440) | 50% | (4317501) | 70% | (3045061) | 239.3% |
| Gross profit | 1265303 | 50% | 1888677 | 30% | 623374 | 49.3% |
| Operating expenses: |  |  |  |  |  |  |
| – General and administrative expenses | (205341) | 8% | (959589) | 15% | (754248) | 367.3% |
| – Sales and distribution expenses | (45378) | 2% | (145059) | 2% | (99681) | 219.7% |
| Total operating expenses | (250719) | 10% | (1104648) | 18% | (853929) | 340.6% |
| Income from operations | 1014584 | 40% | 784029 | 13% | (230555) | (22.7)% |
| – Interest income | 127 | 0% | 3297 | 0% | 3170 | 2496.1% |
| – Interest expense | (1741) | 0% | (2157) | 0% | (416) | 23.9% |
| – Foreign exchange gains, net | 234 | 0% | 3747 | 0% | 3513 | 1501.3% |
| – Sundry income | 5009 | 0% | 1163 | 0% | (3846) | (76.8)% |
| Total income before tax expense | 1018213 | 40% | 790079 | 13% | (228134) | (22.4)% |
| – Income tax expenses | (238935) | 9% | (180697) | 3% | 58238 | (24.4)% |
| Net income | 779278 | 31% | 609382 | 10% | (169896) | (21.8)% |

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***Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Raw cask <br> whisky sales** | **Bottled <br> whisky sales** | **Proprietary<br> brand whisky<br> packaging and<br> distribution** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** |
| For the year ended December 31, 2024 |  |  |  |  |
| – Taiwan sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– Third parties | 901505 | 1325898 |  | 2227403 |
| &nbsp;&nbsp;&nbsp;– Related parties |  | 229412 |  | 229412 |
| – International sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– China (related parties) |  | 80928 |  | 80928 |
|  | 901505 | 1636238 |  | 2537743 |
| For the year ended December 31, 2025 |  |  |  |  |
| – Taiwan sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– Third parties |  | 1377427 | 497514 | 1874941 |
| &nbsp;&nbsp;&nbsp;– Related parties |  | 13768 | 89498 | 103266 |
| – International sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– China (third parties) |  |  | 167988 | 167988 |
| &nbsp;&nbsp;&nbsp;– Hong Kong (third parties) |  | 2940740 | 88462 | 3029202 |
| &nbsp;&nbsp;&nbsp;– Macau (third parties) |  | 32638 |  | 32638 |
| &nbsp;&nbsp;&nbsp;– Canada (third parties) |  | 183933 |  | 183933 |
| &nbsp;&nbsp;&nbsp;– Japan (third parties) |  | 814210 |  | 814210 |
|  |  | 5362716 | 843462 | 6206178 |

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We generated revenue of US$6,206,178 for the year ended December 31, 2025, marking a significant increase of 145% from US$2,537,743 for the year ended December 31, 2024. This growth was driven by expanded sales volumes, successful penetration into new international markets, and the introduction of our proprietary brand whisky packaging and distribution business.

Our primary revenue driver historically has been the market in Taiwan, which accounted for 97% of total revenue for the year ended December 31, 2024. For the year ended December 31, 2025, Taiwan sales represented 32% of total revenue, reflecting our successful expansion into international markets during the year. International sales expanded significantly, representing 68% of total revenue for the year ended December 31, 2025, compared to 3% for the year ended December 31, 2024. Hong Kong emerged as our largest market, contributing 49% of total revenue, followed by Japan with 13% of total revenue. Other international markets included Canada with 3% of total revenue, China with 3% of total revenue, and Macau with less than 1% of total revenue. The substantial increase in international sales was primarily driven by new distribution relationships established in Hong Kong and Japan during 2025, reflecting our successful execution of geographic expansion strategies.

A significant change occurred in our revenue composition by business areas. For the year ended December 31, 2025, bottled whisky sales represented 86% of total revenue, compared to 64% for the year ended December 31, 2024. Our proprietary brand whisky packaging and distribution business, which was introduced during 2025, represented 14% of total revenue. Raw cask whisky sales, which accounted for 36% of total revenue in 2024, represented 0% of total revenue for the year ended December 31, 2025. The absence of raw cask sales during the year was primarily attributable to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. We intend to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable. The introduction of our proprietary brand packaging and distribution business reflected our strategic shift toward higher-margin value-added services. Our focus on expanding bottled whisky offerings and strengthening our brand presence in key markets contributed significantly to revenue growth. Additionally, changing consumer preferences and growing demand for premium bottled whisky products in international markets have created favorable conditions for this strategic focus. The growth in bottled whisky sales and the introduction of proprietary brand services have allowed us to capture higher margins and forge stronger connections with our customers across a broader geographic footprint.

For the year ended December 31, 2025, we continued to implement selective pricing strategies across our product portfolio. Our whisky products are available across a wide range of price points, catering to diverse customer preferences and market demands. For the year ended December 31, 2025, selling prices ranged from US$26 to US$92,135, consistent with the prior year's range. This diverse portfolio includes both entry-level and premium offerings. The lower end of the price range, starting at US$26, represents our more accessible varieties, appealing to a broader consumer base seeking quality at reasonable prices. In contrast, the higher end, reaching up to US$92,135, encompasses our most exclusive offerings, targeting discerning collectors and connoisseurs.

The substantial increase in revenue reflects our successful geographic expansion efforts, improved market penetration, and the introduction of new business lines, supported by favorable market conditions and increased demand for whisky products across multiple international markets.

In addition to our revenue performance, we closely monitor our trade volume, which represents the number of bottles and raw cask whisky sold during a given period. Trade volume is a key metric that provides insights into the demand for our products and the effectiveness of our sales and distribution strategies.

For the year ended December 31, 2025, our total trade volume was 30,137 bottles, compared to 44,095 bottles for the year ended December 31, 2024. The decrease in trade volume from 2024 to 2025, despite significant revenue growth of 145%, reflects a strategic shift in our product mix toward higher-value offerings and the introduction of our proprietary brand whisky packaging and distribution business, which generates revenue through value-added services rather than bottle volume.

While our trade volume decreased by approximately 32% for the year ended December 31, 2025 compared to the prior year, our revenue growth substantially outpaced this volume decline. This disparity can be attributed to two primary factors. First, we continued to focus on offering more premium and higher-priced bottled whisky products, catering to the growing demand for luxury and artisanal spirits, which resulted in a higher average selling price per bottle. Second, the introduction of our proprietary brand whisky packaging and distribution business contributed US$843,462 in revenue during 2025. Additionally, we maintained targeted pricing strategies to optimize our revenue and profitability, which contributed to the higher revenue growth relative to trade volume.

The decrease in raw cask sales volume also contributed to the overall decline in trade volume, as wedid not generate revenue from the sale of raw casks. This was primarily due to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. We intend to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable

For the year ended December 31, 2025, we made significant strides in strengthening our market presence and expanding into new international markets. We successfully established distribution channels in Hong Kong, Japan, Canada, and Macau, allowing our products to reach a broader consumer base across multiple regions. We continued to introduce new whisky varieties and limited editions, catering to evolving consumer preferences and trends. This diversification strategy allowed us to capture a broader customer base and meet the growing demand for unique and premium whisky experiences across our expanded geographic footprint.

By combining improved market penetration with targeted geographic expansion efforts and the introduction of value-added services, we were able to capitalize on the growing demand for whisky products, driving significant revenue growth and solidifying our position as a prominent player in the industry, even as trade volume moderated in favor of higher-value offerings.

***Cost of revenue***

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| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Raw cask whisky sales | 392226 |  |
| Bottled whisky sales | 880214 | 3970207 |
| Proprietary brand whisky packaging and distribution business |  | 347294 |
|  | 1272440 | 4317501 |

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Our cost of revenue increased to US$4,317,501 for the year ended December 31, 2025, compared to US$1,272,440 for the year ended December 31, 2024, representing a 239% increase. This growth corresponded with total revenue growth of 145%, from US$2,537,743 in 2024 to US$6,206,178 in 2025. Cost of revenue as a percentage of sales increased from 50% in 2024 to 70% in 2025, reflecting changes in revenue composition and cost structure during the year.

For the year ended December 31, 2025, cost of revenue consisted of US$3,970,207 attributable to bottled whisky sales and US$347,294 attributable to our proprietary brand whisky packaging and distribution business. For the year ended December 31, 2024, cost of revenue consisted of US$880,214 attributable to bottled whisky sales and US$392,226 attributable to raw cask whisky sales.

For the bottled whisky sales, cost of revenue as a percentage of revenue generated from that business area was 74% for the year ended December 31, 2025, compared to 54% for the year ended December 31, 2024. This increase reflected shifts in product mix toward different bottled whisky varieties, increased procurement costs in certain supply categories, and the expansion of sales volumes across international markets, which initially carried higher per-unit logistics costs as new distribution channels were established.

There was no cost of revenue attributable to raw cask whisky sales for the year ended December 31, 2025, compared to US$392,226 for the year ended December 31, 2024. The absence of raw cask sales during the year was primarily attributable to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. We intend to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable.

For the proprietary brand whisky packaging and distribution business, which was introduced during 2025, cost of revenue represented 42% of revenue from that business area for the year ended December 31, 2025. This reflected the cost structure of our value-added services, including brand-authorized bottling, packaging, and sales, which leverage our operational expertise and established relationships within the industry.

At the consolidated level, the increase in cost of revenue as a percentage of sales from 50% in 2024 to 70% in 2025 was primarily attributable to significant changes in revenue mix. The proportion of bottled whisky sales increased from 64% of total revenue in 2024 to 86% in 2025, while raw cask whisky sales, which carried a cost structure of approximately 43% of revenue from that business area in 2024, were absent during the year. Additionally, the expansion into new international markets during 2025 involved higher initial logistics and distribution costs as we established new supply chain relationships and distribution channels. These factors contributed to the higher cost ratio compared to the prior year, partially offset by the introduction of our proprietary brand packaging and distribution business with its 42% cost structure.

Despite the increase in cost of revenue as a percentage of sales, we continue to benefit from strategic supplier relationships and operational efficiencies that support our ability to meet growing customer demand across an expanded geographic footprint. Management remains focused on optimizing product mix, evaluating procurement strategies, streamlining international logistics as volumes mature, and identifying cost-saving opportunities to improve our cost structure in future periods.

***Gross profit and gross margin***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **GP (US$)** | **GP (%)** | **GP (US$)** | **GP (%)** |
| Raw cask whisky sales | 509279 | 56% |  |  |
| Bottled whisky sales | 756024 | 46% | 1392509 | 26% |
| Proprietary brand whisky packaging and distribution business |  |  | 496168 | 59% |
|  | 1265303 | 50% | 1888677 | 30% |

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Our gross profit for the year ended December 31, 2025 increased to US$1,888,677, compared to US$1,265,303 for the year ended December 31, 2024, representing a 49% increase. This growth was driven by expanded sales volumes and the introduction of our proprietary brand whisky packaging and distribution business, partially offset by a shift in gross margin from 50% for the year ended December 31, 2024 to 30% for the year ended December 31, 2025.

The revenue mix shifted significantly year-over-year, with international sales representing 68% of total revenue for the year ended December 31, 2025 compared to 3% for the year ended December 31, 2024, while domestic sales accounted for 32% for the year ended December 31, 2025 versus 97% for the year ended December 31, 2024. This shift reflected our successful geographic expansion into new international markets, particularly Hong Kong and Japan, which contributed substantially to revenue growth but initially carried different margin profiles as new distribution channels were established.

For our bottled whisky sales, gross profit increased to US$1,392,509 for the year ended December 31, 2025, compared to US$756,024 for the year ended December 31, 2024, representing an 86% increase. Gross margin for this business area was 26% for the year ended December 31, 2025, compared to 46% for the year ended December 31, 2024. The margin compression reflected shifts in product mix toward different bottled whisky varieties, increased procurement costs in certain supply categories, and the expansion of sales volumes across international markets, which initially carried higher per-unit logistics costs as new distribution channels were established. Despite the margin decline, the bottled whisky sales achieved significant absolute gross profit growth driven by higher sales volumes.

There was no gross profit attributable to raw cask whisky sales for the year ended December 31, 2025, compared to US$509,279 for the year ended December 31, 2024, which represented a gross margin of 56%. The absence of raw cask sales during the year was primarily attributable to the absence of suitable commercial opportunities during the period, rather than a formal discontinuation of this business area. We intend to continue evaluating potential opportunities relating to raw casks and may pursue such opportunities if and when they arise and are considered commercially viable.

For our proprietary brand whisky packaging and distribution business, which was introduced during 2025, gross profit amounted to US$496,168 for the year ended December 31, 2025, representing a gross margin of 59%. This strong performance reflected the higher-margin nature of our value-added services, including brand-authorized bottling, packaging, and sales, which leverage our operational expertise and established relationships within the industry.

The gross margin compression at the consolidated level from 50% in 2024 to 30% in 2025 was primarily attributable to significant changes in revenue mix. The proportion of bottled whisky sales increased from 64% of total revenue in 2024 to 86% in 2025, while raw cask whisky sales, which carried a gross margin of 56% in 2024, were absent during the year. Additionally, the expansion into new international markets during 2025 involved higher initial logistics and distribution costs as we established new supply chain relationships and distribution channels. These factors contributed to the lower consolidated gross margin compared to the year ended December 31, 2024, partially offset by the introduction of our proprietary brand packaging and distribution business with its strong 59% gross margin.

Despite the decline in consolidated gross margin, we achieved significant absolute gross profit growth of 49%, demonstrating our ability to scale operations and generate increased profitability. The introduction of our proprietary brand packaging and distribution business, with its 59% gross margin, represents a strategic move toward higher-margin value-added services that we expect will contribute increasingly to our profitability as this business line grows.

Through a combination of geographic expansion, strategic product mix adjustments, and the introduction of new business lines, we continue to demonstrate our commitment to operational excellence and long-term profitability. Management remains focused on optimizing product mix, streamlining international logistics as volumes mature, and growing our higher-margin proprietary brand services to improve gross margin performance in future periods.

***General and administrative expenses***

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| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| General and administrative expenses |  |  |
| – Professional fees | 85687 | 357329 |
| – Staff costs | 40367 | 204190 |
| – Trademark | 30365 |  |
| – Lease expenses | 15268 | 104249 |
| – Insurance | 7296 | 78473 |
| – Others | 26358 | 215348 |
|  | 205341 | 959589 |

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For the year ended December 31, 2025, general and administrative expenses increased to US$959,589, representing a 367% increase from US$205,341 for the year ended December 31, 2024. As a percentage of revenue, these expenses rose from 8% for the year ended December 31, 2024 to 15% for the year ended December 31, 2025, reflecting continued strategic investments in organizational infrastructure, public company readiness, and expanded operations to support our geographic expansion and new business initiatives.

The significant increase was primarily attributable to higher professional fees, which rose to US$357,329 for the year ended December 31, 2025 compared to US$85,687 for the year ended December 31, 2024. These costs were associated with ongoing IPO preparation, including comprehensive audit, legal, and advisory services, as well as professional fees related to the evaluation of new business opportunities.

Staff costs increased substantially to US$204,190 for the year ended December 31, 2025, compared to US$40,367 for the prior year, reflecting key leadership hires and expanded administrative personnel to support our growing business operations, increased international activities, and enhanced corporate governance framework.

Lease expenses rose to US$104,249 for the year ended December 31, 2025, compared to US$15,268 for the prior year, primarily due to expanded office and operational facilities to accommodate our growing team and business activities. Insurance expenses increased to US$78,473 for the year ended December 31, 2025, compared to US$7,296 for the prior year, reflecting enhanced coverage associated with our expanded operations and public company preparedness.

Other expenses increased from US$26,358 in 2024 to US$215,348 in 2025. This increase was primarily driven by (i) higher marketing and promotion costs to support the launch of our proprietary brand and expansion into new international markets; (ii) increased entertainment and travel expenses for business development activities, including meetings with potential distributors, partners, and customers across target regions; and (iii) other administrative costs associated with our expanded operations and public company infrastructure.

While these expenditures temporarily increased our operating cost ratio, they were essential to establish the financial and operational foundation required to support our long-term growth objectives, including our geographic expansion into new international markets, the introduction of our proprietary brand whisky packaging and distribution business, and the evaluation of potential strategic diversification opportunities. The higher costs reflect our transition to a more scalable organizational structure capable of supporting our expanding operations, increased market presence, and future growth initiatives.

***Sales and distribution expenses***

Sales and distribution expenses increased to US$145,059 for the year ended December 31, 2025, compared to US$45,378 for the year ended December 31, 2024, representing a 220% increase. The majority of sales and distribution expenses consist of salaries for sales personnel and warehouse staff, reflecting our commitment to maintaining a skilled workforce to support business operations and customer relationships. The increase was primarily driven by expanded headcount to support our geographic expansion into new international markets, including Hong Kong and Japan, as well as higher distribution-related costs associated with increased sales volumes and new logistics channels.

As a percentage of total revenue, sales and distribution expenses accounted for approximately 2% for the year ended December 31, 2025, consistent with 2% for the year ended December 31, 2024. This stable percentage, despite significant revenue growth of 145%, reflects our continued strategic approach to sales and marketing, which emphasizes targeted efforts and efficient utilization of resources while supporting expanded trade volume and revenue growth across a broader geographic footprint.

Our sales strategy has been focused on cultivating long-term relationships with key corporate customers and industry partners, leveraging our brand reputation and quality products. We have continued to invest in building a skilled sales team with deep industry knowledge and strong relationships within our target markets, both in Taiwan and internationally. The increase in absolute expenses for the year ended December 31, 2025 corresponds with expanded business activities, new market entry costs, and the associated personnel required to support our operational growth and customer service commitments.

As our international operations mature and sales volumes in newer markets stabilize, we expect sales and distribution expenses to grow at a more moderate pace, further improving operating leverage over time.

***Income from Operations***

Income from operations was US$784,029 for the year ended December 31, 2025, compared to US$1,014,584 for the year ended December 31, 2024, representing a 23% decrease. This decline in operating income, despite significant revenue growth of 145%, reflects the impact of changes in revenue mix, increased cost of revenue as a percentage of sales, and higher operating expenses associated with our geographic expansion, strategic initiatives, and continued investments in organizational infrastructure.

Our revenue for the year ended December 31, 2025 reached US$6,206,178, representing a significant increase of 145% compared to the year ended December 31, 2024. However, our gross profit margin decreased from 50% for the year ended December 31, 2024 to 30% for the year ended December 31, 2025, primarily attributable to shifts in revenue mix toward bottled whisky sales, the temporary absence of higher-margin raw cask whisky sales, and higher initial logistics costs associated with entering new international markets.

Additionally, operating expenses increased substantially during the year. General and administrative expenses rose to US$959,589 for the year ended December 31, 2025, compared to US$205,341 for the year ended December 31, 2024, reflecting increased professional fees associated with IPO preparation, staff costs for key leadership hires, and expenses related to the evaluation of new business opportunities. Sales and distribution expenses increased to US$145,059 for the year ended December 31, 2025, compared to US$45,378 for the prior year, driven by expanded headcount and distribution costs to support our geographic expansion into new international markets.

The combination of lower gross margin and increased operating expenses contributed to the decrease in income from operations for the year ended December 31, 2025, despite robust revenue growth. While operating income declined in absolute terms, we remain focused on optimizing our product mix, streamlining international logistics as volumes mature, and growing our higher-margin proprietary brand packaging and distribution business to improve operating performance in future periods. The investments made during 2025 in organizational infrastructure, geographic expansion, and strategic initiatives position us for long-term growth and operational leverage as these initiatives mature.

***Income tax expenses***

Our income tax expense for the years ended December 31, 2025 and 2024 were US$180,697 and US$238,935, respectively. The decrease in income tax expense for the year ended December 31, 2025 was primarily attributable to changes in the composition of taxable income, including the impact of non-deductible expenses and other tax adjustments.

As a company operating in Taiwan, our income tax obligations are governed by the local tax authorities and regulations. We are subject to income tax only in Taiwan, where our business operations are based.

***Net Income***

We reported net income of US$609,382 for the year ended December 31, 2025, compared to US$779,278 for the year ended December 31, 2024, representing a 22% decrease.

The decline in net income, despite revenue growth of 145% to US$6,206,178, was primarily attributable to changes in revenue mix that resulted in lower gross margin, which decreased from 50% in 2024 to 30% in 2025, coupled with significant increases in operating expenses. General and administrative expenses rose to US$959,589 for the year ended December 31, 2025, compared to US$205,341 for the prior year, reflecting increased professional fees associated with IPO preparation, staff costs for key leadership hires, and expenses related to the evaluation of new business opportunities. Sales and distribution expenses also increased to US$145,059 for the year ended December 31, 2025, compared to US$45,378 for the prior year, driven by expanded headcount and distribution costs to support our geographic expansion into new international markets.

These factors were partially offset by a decrease in income tax expense, which amounted to US$180,697 for the year ended December 31, 2025, compared to US$238,935 for the year ended December 31, 2024.

While net income declined in absolute terms during 2025, the investments made during the year in organizational infrastructure, geographic expansion, and strategic initiatives position us for long-term growth and improved profitability as these initiatives mature and as we continue to optimize our product mix and cost structure.

**<u>cash flows</u>**

Our cash flow is primarily derived from our operating, investing, and financing activities.

For the year ended December 31, 2025, net cash used in operating activities was US$7,498,413, compared to US$236,837 for the year ended December 31, 2024. The significant increase in cash outflows from operations was primarily attributable to substantial growth in accounts receivables and prepayments and other receivables, reflecting expanded operational activity and advance payments made in connection with the evaluation of new business opportunities and supply chain expansion. These movements were partially offset by net income of US$609,382 and non-cash adjustments including depreciation and amortization.

For the year ended December 31, 2024, net cash used in operating activities was US$236,837. This negative operating cash flow was primarily attributable to the nature of our whisky trading business, which requires us to maintain significant inventory levels to meet customer demand and support the aging process of our whisky products. These cash outflows reflect our continued investment in the business as we pursue long-term growth and success.

There were no investing cash flows for the years ended December 31, 2025 and 2024.

For the year ended December 31, 2025, net cash provided by financing activities was US$23,325,813, a significant increase from US$191,786 provided for the year ended December 31, 2024. This substantial inflow was driven by proceeds from new borrowings of US$12,470,000 and proceeds from the issuance of shares totaling US$8,259,816. The share issuance proceeds included an initial capital contribution of US$1,000 from Controlling Shareholders, a subsequent issuance on May 28, 2025, amounting to US$1,085,760, and US$7,173,056 generated from the initial public offering (IPO). These inflows were partially offset by repayments to related parties and finance lease obligations.

For the year ended December 31, 2024, net cash provided by financing activities was US$191,786, primarily resulting from proceeds received from a related party to support our working capital needs and ongoing operations.

It is important to note that our cash flows from financing activities were impacted by offering costs incurred in connection with IPOs. For the year ended December 31, 2025, we incurred deferred IPO costs of US$760,361. For the year ended December 31, 2024, we incurred offering costs of US$150,151 related to IPOs. These offering costs reduced the net cash inflows from financing activities during each respective period.

We have established robust liquidity management processes, including cash flow forecasting, working capital optimization, and proactive inventory management strategies. These measures ensure that we maintain sufficient liquidity to meet our obligations as they come due. We are currently evaluating our business strategy, including potential adjustments to our product mix, pricing strategies, and market focus, to enhance profitability and access strategic diversification opportunities.

Please refer to the statements of cash flows in our audited financial statements for further details on our cash flow movements during the reporting periods.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
|  | **US$** | **US$** |
| Cash flows provided by (used in): |  |  |
| – Operating activities | (236837) | (7498413) |
| – Investing activity |  |  |
| – Financing activities | 191786 | 23325813 |
| Net (decrease) increase in cash | (45051) | 15827400 |

---

**<u>liquidity and capital resources</u>**

As of December 31, 2025, the Company's cash and cash equivalents totaled US$15,824,906, a substantial increase from US$54,752 at the end of 2024. This growth reflects the impact of significant financing activities during the year, which have substantially strengthened the Company's liquidity position and provided financial flexibility to support strategic initiatives and operational expansion.

Working capital improved considerably to US$9,678,590 as of December 31, 2025, compared to US$1,745,572 at December 31, 2024, driven primarily by increased cash reserves and current assets.

For the year ended December 31, 2025, net cash used in operating activities was US$7,498,413, a significant change from net cash used of US$236,837 in the prior year. The outflow was primarily attributable to increases in accounts receivable and prepayments and other receivables, reflecting higher operational activity and investments in advance payments related to the Company's evaluation of new business opportunities and supply chain expansion. These movements were partially offset by net income of US$609,382 and non-cash adjustments including depreciation and amortization.

Net cash provided by financing activities for the year ended December 31, 2025 totaled US$23,325,813, compared to US$191,786 used in financing activities during 2024. This increase was driven by proceeds from new borrowings of US$12,470,000 and the issuance of shares totaling US$8,259,816. The share issuance proceeds included an initial capital contribution of US$1,000 from Controlling Shareholders, a subsequent issuance on May 28, 2025, amounting to US$1,085,760, and US$7,173,056 generated from the initial public offering (IPO). These inflows were partially offset by repayments to related parties and finance lease obligations.

*Recent Developments Affecting Liquidity and Capital Resources*

 

Subsequent to the fiscal year ended December 31, 2025, we entered into various operating, investing and financing arrangements, certain of which were outside the ordinary course of our historical operations and are related to our planned expansion into AI computing infrastructure. The AI computing infrastructure initiative focuses on the procurement of high-performance computing resources and the development of data center facilities in the United States, Japan, and Southeast Asia. These arrangements have affected, and are expected to continue to affect, our liquidity, capital resources, cash requirements and planned strategic initiatives. Certain arrangements described below remain preliminary, non-binding or subject to the finalization of definitive terms. Accordingly, except to the extent that definitive agreements have been executed or deposits have been paid, there can be no assurance that such arrangements will be completed on the terms currently contemplated, or at all.

**Operating activities:** 

In January 2026, we entered into a non-binding framework letter of intent with a supplier in respect of the potential lease of servers configured with NVIDIA B300 / Blackwell Ultra GPU systems. The estimated potential transaction amount under the contemplated arrangement is approximately US$120.0 million, subject to the negotiation and execution of a definitive lease agreement. We have paid a deposit of US$3,500,000, which is refundable under specified conditions and, upon execution of a definitive lease agreement, is expected to be applied against future rental payments. As of the date of this prospectus, no definitive lease agreement has been entered into and no additional amounts have been paid in connection with this arrangement.

To secure IT load capacity for our AI computing infrastructure initiative, we paid a refundable deposit of US$1,650,000 in March 2026 to a data center supplier via our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia. This preliminary commercial arrangement remains subject to further mutual confirmation and the finalization of definitive terms. The US$1,650,000 refundable deposit is expected to be converted into a service deposit upon final agreement of the relevant business terms; otherwise, it will remain refundable in accordance with the applicable arrangement. As of the date of this prospectus, no additional amounts have been paid in connection with this arrangement.

In April 2026, we entered into two independent power purchase agreements with an Indonesian state-owned power enterprise via PT. AGCC AITECH Indonesia, to secure power supply for facilities expected to support our AI computing infrastructure initiative in Indonesia. Subsequently, on June 11, 2026, AGCC Indonesia entered into additional power purchase agreements with the same power enterprise. Together with the previous arrangements, these latest agreements establish a dual-feed power supply configuration for the planned data center, with each feed rated at 55,400 kVA, to support a staged development targeting an approximately 40MW IT load requirement. In connection with these combined arrangements, AGCC Indonesia has agreed to pay an aggregate connection fee of approximately IDR69.9 billion (approximately US$4,000,000), alongside required customer guarantee deposits, ongoing variable electricity charges, and other customary charges. These agreements are non-fixed-price contracts under which electricity tariffs will fluctuate in accordance with actual usage, minimum payment requirements, and Indonesian government energy policies. As of the date of this prospectus, AGCC Indonesia paid initial connection fees of IDR35.0 billion (approximately US$2,000,000) and refundable deposits of IDR11.1 billion (approximately US$620,527). The contracted power capacity is expected to be commissioned in phases pursuant to the terms of the power purchase agreements, and the Company is subject to minimum billing charges based on contracted thresholds.

In May 2026, we entered into a material AI computing technology services agreement with a customer via our wholly-owned subsidiary, AGCC Singapore Pte. Ltd. The maximum potential contract value is estimated to be up to US$374.4 million, exclusive of applicable taxes, over the five-year contract term, subject to the satisfaction of specified performance obligations, service-level requirements and other contractual conditions. Revenue under this agreement will be recognized only when the applicable services are rendered and the relevant performance obligations are satisfied in accordance with the terms of the agreement and applicable accounting standards. As of the date of this prospectus, no amounts have been received from the customer.

The commercial arrangements described above may require substantial additional cash outflows if the AI Computing Infrastructure Initiative proceeds as currently contemplated. Our ability to implement the initiative will depend on, among other things, the finalization of definitive agreements, the availability of high-performance computing equipment, construction and commissioning schedules, regulatory and utility approvals, customer demand, and our ability to obtain additional financing on acceptable terms.

**Capital and Financing activities:**

In March 2026, we paid a non-refundable deposit of US$3,000,000 and a fee of US$500,000 via our wholly-owned subsidiary, AGCC America Co., Ltd, in connection with an exclusive marketing, leasing and purchase option arrangement for premises in the United States. As of the date of this prospectus, the arrangement remains subject to further mutual confirmation and the finalization of definitive terms. The deposit may be applied against the purchase price if we exercise the purchase option and the property transfer is consummated. As of the date of this prospectus, no additional amounts have been paid in connection with this arrangement.

On March 24, 2026, we completed the acquisition of NX Data Co., Ltd. (Thailand) for zero consideration, pursuant to which NX Data became our indirect wholly-owned subsidiary. The results of operations and financial position of NX Data will be consolidated into our financial statements from the acquisition date.

On March 27, 2026, we completed the PIPE Financing, pursuant to which we issued 2,910,000 Class A ordinary shares at US$5.00 per share for aggregate gross proceeds of US$14,550,000, before deducting any applicable fees and expenses. The proceeds from the PIPE Financing are intended to be used for AI data center development in the United States, Japan and Southeast Asia. On May 20, 2026, we issued and allotted 5,000,000 Class B ordinary shares to Ping Shiang Business Ltd. for an aggregate consideration of US$200.

On April 17, 2026, we entered into a Deed of Assignment and Set-Off with a third-party borrower and three lenders who are former shareholders. Pursuant to the deed, we assigned a loan receivable of US$12,000,000 to the three lenders in settlement of an equivalent amount of our outstanding borrowings. As the transaction involved the assignment of a financial asset in exchange for the extinguishment of debt, it constituted a non-cash financing activity and did not result in any cash inflow or cash outflow.

In April 2026, we enhanced our working capital through two new short-term loan facilities with independent third parties. These facilities consisted of an interest-free loan of US$3,500,000 entered into on April 1, 2026 (which was initially interest-free and subsequently amended on June 10, 2026, to extend the maturity date to October 31, 2026, with interest accruing at a rate of 6% per annum effective August 1, 2026) and a loan of US$6,500,000 bearing interest at 3% per annum entered into on April 22, 2026 (of which US$2,500,000 was repaid on May 12, 2026, and which was subsequently amended on June 10, 2026, to extend the maturity to September 21, 2026, with interest accruing at an increased rate of 6% per annum effective June 22, 2026). The proceeds from these facilities are intended to be used for our AI computing infrastructure initiative and general corporate purposes.

To complement our high-performance hardware investments, in May 2026, we entered into a binding land sale and purchase agreement via PT. AGCC AITECH Indonesia to acquire a 50,000-square-meter land parcel in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13,400,000. As of the date of this prospectus, we have paid IDR75.1 billion or US$4,207,048 of the purchase price and a development deposit of IDR4.8 billion, or approximately US$268,821, which is refundable upon completion of construction. No additional amounts have been paid in connection with this arrangement and title has not yet transferred as of the date of this prospectus. We intend to utilize the land for data center infrastructure. Please refer to "Commitments and Contingencies" below for the commitment related to the unpaid purchase price thereof.

As of the date of this prospectus, our working capital was approximately US$15.71 million, and our cash and cash equivalents were approximately US$6.26 million. We continue to generate revenue and operating cash flows from our established whisky import and distribution business, and we maintain disciplined cash-flow forecasting, working-capital and inventory-management processes. Based on our current cash position, our existing financing arrangements, our expected cash flows from operations and the discretionary and scalable nature of our planned capital expenditures, we expect that we have sufficient working capital to fund our operations and to meet our obligations in the ordinary course of business for at least the next twelve months.

Our planned AI computing infrastructure initiative is a strategic and discretionary undertaking that we intend to implement in phases and to scale in line with available funding, customer demand and the execution of definitive agreements. As described herein, a number of the related arrangements remain non-binding, preliminary or subject to the finalization of definitive terms, and certain deposits that we have paid are refundable in accordance with their terms. Accordingly, we retain discretion to defer, to reduce the scope of, or not to proceed with elements of the initiative, and we are not obligated to commit capital under those arrangements that have not become binding. Our principal contractual cash commitments over the next twelve months consist of the remaining purchase price of approximately US$9,192,952 under our binding Indonesia land acquisition agreement, the repayment of approximately US$8.00 million of short-term loans, and connection fees and minimum-billing obligations under our Indonesia power purchase agreements. The maturities of our short-term loan facilities have been extended by the relevant lenders on two prior occasions, and we expect to repay, extend or refinance these facilities on or before their respective maturities.

We intend to fund the full implementation of our AI computing infrastructure initiative, including the satisfaction of our remaining land-acquisition commitment and the procurement and expansion of high-performance computing capacity, primarily from the net proceeds of this offering, supplemented as appropriate by cash flows from operations, customer prepayments and additional equity or debt financing. The full implementation of the initiative as currently contemplated will require capital in excess of our existing resources, and we therefore expect that we will require the net proceeds of this offering, or alternative sources of financing, to implement the initiative in full and on the currently contemplated timetable. If we do not complete this offering, or if we are unable to obtain alternative financing on acceptable terms, we expect that our existing cash resources and operating cash flows would nonetheless be sufficient to fund our ordinary-course operating requirements for at least the next twelve months; in that event, we would defer, reduce the scope of, or decline to proceed with the discretionary elements of the AI computing infrastructure initiative, and we would seek to extend or refinance our short-term loan facilities and to restructure or defer payments under our land-acquisition commitment, in each case in order to align our cash requirements with our available resources. There can be no assurance that additional financing will be available to us on acceptable terms, or at all, or that our lenders or counterparties will agree to any extension, refinancing, restructuring or deferral. See "Risk Factors."

**<u>commitments and contingencies</u>**

Other than as disclosed in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025, subsequent to December 31, 2025, we and our local subsidiaries entered into several operating lease arrangements, including a one-year Taiwan carpark lease, a one-year Indonesia office lease, a one-year Japan premises lease, a one-year Thailand premises lease, a 22-month Hong Kong premises lease, a three-year Hong Kong office lease, and a five-year Taiwan office lease. These leases are ordinary course commitments required to support our ongoing operations. The related lease payments are not individually material and are expected to be funded from operating cash flows. As of the date of this prospectus, the remaining lease payments under these arrangements are US$447,335 payable within one year, and US$419,572 payable after one year.

In April and June, 2026, our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, entered into the power purchase agreements described above in connection with our planned data center project in Indonesia. The actual amount and timing of the related cash requirements will depend on the commissioning schedule, applicable electricity tariffs and actual utilization of the contracted capacity.

In May 2026, PT. AGCC AITECH Indonesia entered into a binding land sale and purchase agreement to acquire a 50,000-square-meter land parcel in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13,400,000. As of the date of this prospectus, the remaining unpaid purchase price of approximately IDR164.9 billion (approximately US$9,192,952) represents our outstanding commitment under this land acquisition agreement.

In the ordinary course of business, we may be subject to legal proceedings regarding contractual relationships and a variety of liabilities. When a loss is assessed to be probable, and the amount of the loss is reasonably estimable, appropriate provisions are made in accordance with applicable accounting standards. As of December 31, 2024 and December 31, 2025 and through the date of this prospectus, we are not aware of any pending or threatened claims and litigation that could have a material impact on our financial position or results of operations.

We actively monitor and manage our commitments and contingencies to mitigate potential risks and liabilities. We maintain appropriate accounting policies and procedures to ensure that all significant commitments and contingencies are properly recognized, measured, and disclosed in our consolidated financial statements and related disclosures.

**<u>seasonality</u>**

While our whisky products enjoy consistent demand from a dedicated customer base of collectors, connoisseurs, and enthusiasts, we recognize that the broader whisky market experiences seasonal fluctuations. Historically, the industry sees heightened demand during the holiday season, particularly in November and December, driven by increased social gatherings, gift-giving, and celebratory consumption. Additionally, the summer months, typically June through August, may also see elevated sales due to outdoor events and social occasions where whisky is a popular choice.

Although we benefit from a stable core demand for premium whisky, these seasonal trends can influence our quarterly sales and operating results. As a result, our financial performance may vary from quarter to quarter, and the results of any single period may not be indicative of full-year performance. Should sales during these key seasonal periods fall below historical trends, our annual revenues and earnings could be adversely affected.

To mitigate the impact of seasonality, we employ strategic inventory management, marketing initiatives, and distribution planning to align with peak demand periods while maintaining sufficient supply to serve our year-round customer base. Nevertheless, fluctuations in consumer behavior, macroeconomic conditions, or other external factors could amplify or disrupt these seasonal patterns, potentially affecting our financial results.

**<u>tREND INFORMATION</u>**

Other than as described elsewhere in this prospectus, including in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material adverse effect on our revenue, income from continuing operations, profitability, liquidity or capital resources, or that would cause our reported financial information to not necessarily be indicative of future operating results or financial condition.

**<u>inflation</u>**

Our business operations and financial results can be influenced by inflationary pressures, which can impact various aspects of our cost structure and profitability. Inflation can lead to higher prices for raw materials, energy, transportation, and labor, potentially increasing our overall operating costs.

For the years ended December 31, 2024 and 2025, Taiwan experienced inflation rates of 2.2% and 1.7%, respectively, as measured by the Consumer Price Index (CPI). These inflationary pressures manifested in the form of higher prices for raw materials, energy, transportation, and labor, potentially increasing our overall operating costs. We experienced inflationary pressures on certain key input costs, including procurement costs of our whisky products and labor costs. These inflationary pressures resulted in an increase in our overall cost of goods sold and operating expenses.

We continuously review our operational processes and supply chain to identify opportunities for cost savings and efficiency improvements, helping offset the impact of rising input costs.

While inflationary pressures can have an adverse impact on our profitability, we remain committed to implementing proactive measures to manage these challenges effectively.

**<u>Market risks</u>**

***Currency risk***

As a company engaged in international trade, our operations are exposed to fluctuations in exchange rates. With customers and suppliers located in various countries, our revenue and expenses are denominated in multiple currencies. Fluctuations in exchange rates can have a direct impact on our reported financial results, cash flows, and overall profitability.

In addition to the transactional currency risks arising from our international trade operations, we are also exposed to translation risks due to the differences between our reporting currency, i.e. the U.S. dollar (USD), functional currency, i.e. New Taiwan dollar (NTD), and the currencies in which our transactions are denominated. While our functional currency is the NTD, which is the currency of the primary economic environment in which we operate, our consolidated financial statements are presented in USD for reporting purposes. Fluctuations in the exchange rate between the NTD and the USD can impact the translation of our financial results, leading to potential gains or losses on translation. These translation effects can influence our reported financial performance and position, even in the absence of any underlying changes in our operating results or cash flows denominated in NTD.

As we expand into AI computing cloud services and infrastructure across the United States, Japan, and Southeast Asia, our anticipated future revenue and capital expenses will increasingly be denominated in several foreign currencies. This planned geographic diversification will subject our future operations to heightened foreign currency risk.

While we continue to monitor and evaluate our exposure to foreign currency risk, as of the date of this prospectus, we have not implemented any formal hedging policy or entered into any derivative instruments to mitigate such risk. We may consider adopting appropriate risk management strategies in the future as our business operations and exposure to foreign exchange fluctuations evolve.

***Concentration and credit risks***

Financial instruments that potentially expose us to concentration of credit risk consist primarily of account receivables. We conduct credit evaluations of our customers and generally do not require collateral or other security from them. We evaluate our collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. We conduct periodic reviews of financial conditions and payment practices of our customers to minimize collection risk on account receivables.

<u>Concentration of customers</u>

We have the following customers accounted for 10% or more of sales for the financial years ended December 31, 2024 and 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **US$** | **%** | **US$** |  | **%** |
| Customer A | — \* | — \* | 2480000 |  | 39.96 |
| Customer B | 1051073 | 41.42% |  | # |  |
| Customer C | 448780 | 17.68% |  | # |  |

---

\* Less than 10% of the sales for the year ended December 31, 2024.

# Less than 10% of the sales for the year ended December 31, 2025.

We have the following customers accounted for 10% or more of account receivables as of December 31, 2024 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **US$** | **%** | **US$** |  | **%** |
| Customer A | — \* | — \* | 2180000 |  | 54.65 |
| Customer B | — \* | — \* | 439243 |  | 11.01 |
| Customer C | 250587 | 34.92% |  | # |  |
| Customer D | 105786 | 14.74% |  | # |  |
| Customer E | 104107 | 14.51% |  | # |  |
| Customer F | 73272 | 10.21% |  | # |  |

---

\* Less than 10% of the account receivables as of December 31, 2024.

# Less than 10% of the account receivables as of December 31, 2025.

<u>Concentration of suppliers</u>

We have the following suppliers accounted for 10% or more of purchases for the financial years ended December 31, 2024 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **US$** | **%** | **US$** |  | **%** |
| Supplier A | — \* | — \* | 2250000 |  | 53.48 |
| Supplier B | 191489 | 11.10% | 1049907 |  | 24.95 |
| Supplier C | 780339 | 45.23% |  | # |  |
| Supplier D | 262826 | 15.23% |  | # |  |

---

\* Less than 10% of the purchases for the year ended December 31, 2024.

# Less than 10% of the purchases for the year ended December 31, 2025.

We have the following suppliers accounted for 10% or more of account payables as of December 31, 2024 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **US$** | **%** | **US$** |  | **%** |
| Supplier A | 191200 | 57.22% |  | # |  |
| Supplier B | — \* |  | 79276 |  | 68.31 |
| Supplier C | — \* |  | 36780 |  | 31.69 |
| Supplier D | 142905 | 42.77% |  | # |  |

---

\* Less than 10% of the account payables as of December 31, 2024.

# Less than 10% of the account payables as of December 31, 2025.

***Interest rate risk***

As part of our financing strategy, we have obtained borrowings from a local bank in Taiwan as well as certain loan arrangements with independent third parties. While our third-party loans carry fixed interest rates, our bank borrowings are subject to variable interest rates; consequently, fluctuations in interest rates could directly impact our financial expenses and profitability. An increase in interest rates can lead to higher borrowing costs, while a decrease in interest rates can result in lower financing costs.

As of the date of this prospectus, we have not implemented any formal hedging policy or entered into any derivative instruments to mitigate our interest rate risk.

***Other market risks***

In addition to currency and interest rate risks, our business operations may be exposed to other market risks, such as commodity price fluctuations, changes in customer demand, or shifts in market conditions. We continuously monitor these risks and implement appropriate risk management strategies to mitigate their potential impact on our financial performance and operations.

**<u>critical accounting policies and estimates</u>**

Management uses estimates and assumptions in preparing these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

While all significant accounting policies are more fully described in Note 2 (Summary of significant accounting policies) in our audited consolidated financial statements set out in our 2025 Annual Report on Form 20-F, we believe that the following accounting estimates are critical to our business operations and understanding of our financial results.

***Expected credit losses on account receivables***

 ****

The determination of the appropriate level of expected credit loss on accounts receivables is a critical accounting estimate that requires significant judgment and consideration of various factors.

We recognize an allowance for expected credit losses on our accounts receivables based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. We use the simplified approach permitted by the accounting standards, which requires lifetime expected credit losses to be recognized from the initial recognition of the receivables.

In estimating the expected credit loss, we consider several factors, including the aging of the accounts receivables, the credit quality and payment history of our customers, current and forecasted economic conditions, and any specific customer or industry-related risks. We also evaluate the need for specific reserves against individual exposures based on the customer's creditworthiness, past collection history, and other relevant information.

The assessment of expected credit losses involves significant judgments and estimates, and actual results may differ from our estimates. We regularly review and update our assumptions and methodologies used in calculating the expected credit loss allowance to ensure they appropriately reflect changes in circumstances and economic conditions.

Given the inherent uncertainties and judgments involved in estimating expected credit losses, a change in our assumptions or estimates could result in a material adjustment to the allowance for credit losses and consequently impact our financial results.

As of December 31, 2024 and 2025, there was no expected credit loss on account receivables.

***Inventory Provision***

The determination of the appropriate level of inventory provision is a critical accounting estimate that requires significant judgment and consideration of various factors.

Our inventory consists primarily of aged whisky products, which are subject to potential obsolescence, deterioration, or other factors that may affect their net realizable value. We regularly review our inventory levels, aging, and turnover to identify slow-moving or obsolete items.

In estimating the inventory provision, we consider several factors, including:

● Aging and maturation of the whisky products: As whisky ages, it may become more valuable, but it is also susceptible to evaporation and other factors that could affect its quality and salability.

● Market demand and pricing trends: We assess the current and forecasted market demand for our whisky products, as well as pricing trends, to determine if any adjustments to the net realizable value are necessary.

● Physical condition and quality: We evaluate the physical condition and quality of our inventory, taking into account any issues related to storage conditions, packaging, or other factors that may impact the salability of the products.

● Historical and forecasted inventory turnover: We analyze historical inventory turnover rates and forecasted sales patterns to identify slow-moving or potentially obsolete inventory items.

The assessment of inventory provisions involves significant judgments and estimates, and actual results may differ from our estimates. We regularly review and update our assumptions and methodologies used in calculating the inventory provision to ensure they appropriately reflect changes in circumstances and market conditions.

Changes in our estimates and assumptions related to inventory provisions could have a material impact on our financial results. An increase in the inventory provision would decrease the carrying value of our inventory and result in a corresponding increase in cost of sales and a decrease in gross profit.

**<u>off-balance sheet arrangements</u>**

There were no off-balance sheet arrangements for the years ended December 31, 2024 and 2025, that have or that in the opinion of management are likely to have, a current or future material effect on our financial condition or results of operations.

**<u>Accounting standards and REcently accounting pronouncements</u>**

See Note 3 (Recent Accounting Pronouncements) in our audited consolidated financial statements included in our Annual Report on Form-20F for the year ended December 31, 2025 for a discussion of recent accounting pronouncements.

**MANAGEMENT**

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

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Li Qiang | 57 | Chairman of the Board of Directors and Executive Director |
| Tsai Yi-Yang | 35 | Executive Director and Chief Executive Officer |
| Liu Shihao | 31 | Executive Director and Chief Financial Officer |
| John Robert Fiore | 63 | Independent Director |
| Lee Su-Jung | 53 | Independent Director |
| Tian Yiding | 31 | Independent Director |
| Li Cheuk Hang | 36 | Independent Director |

---

The following is a brief biography of our executive officer, directors, and director nominees:

Mr. Li Qiang was appointed as Chairman of the Board and an Executive Director on December 11, 2025. He has over 20 years of experience in the data center and technology infrastructure industry. He led Trunbow Asia-Pacific Technology Co., Ltd. to a NASDAQ listing in 2011. Mr. Li previously served as Chairman of Global Switch Holdings Limited from 2016 to 2020, where he oversaw one of Europe's largest neutral third-party data center platforms, managing 10 hyperscale facilities across major global hubs including London, Paris, Frankfurt, Singapore and Sydney. He is currently Head of Data Center at Ricloud AI Inc.

Mr. Tsai Yi Yang is our founder and has been serving as our Executive Director and Chief Executive Officer since March 2025. Mr. Tsai brings over 10 years of experience in the alcoholic beverage distribution sector in Taiwan, and is responsible for the overall business management of our Company. Mr. Tsai graduated from National Dong Hwa University in Taiwan, where he majored in Financial Accounting. Since 2020, he has been the general manager of Agencia Comercial Co., Ltd where he leverages his expertise to drive growth and explore business opportunities. From January 2024, he held the position of representative director at 芳華株式會社. Since 2019, he has served as the representative of Xiamen Celtic Culture Communication focusing on distribution and marketing of alcoholic beverages. From 2017 to 2019, he held the position of managing director at Relaxandrinks Limited, where he was instrumental in implementing strategic initiatives. He was reappointed to the same position at Relaxandrinks Limited in 2020 and served until October 23, 2025. From 2014, Mr. Tsai worked as a sales representative at Ping Shiang Business Corporation. In 2017, he was promoted to the office of business manager, where he developed his skills in operational management and business strategy. In 2021, he became a shareholder of Ping Shiang Business Corporation.

Mr. Liu Shihao was appointed as an Executive Director and Chief Financial Officer effective from March 1, 2026. He has extensive experience in financial leadership and executive management across multiple industries. Prior to his appointment as Executive Director and Chief Financial Officer of the Company, he served as Executive Director at Cornerstone Financial Holdings Limited, a company listed on The Stock Exchange of Hong Kong, from September 2023. Previously, he served as Chief Financial Officer at Hong Kong Mars Culture Media Limited from July 2023 to July 2025, Executive Director at Windmill Group Limited, a company listed on The Stock Exchange of Hong Kong, from November 2021 to July 2023, and Executive Director at DeTai New Energy Group Limited, a company listed on The Stock Exchange of Hong Kong, from August 2021 to March 2022. Mr. Liu obtained his bachelor's degree in mechatronic engineering from Chongqing University in the People's Republic of China, and his Master's degree in Finance from City University of Hong Kong.

Mr. John Robert Fiore serves as an Independent Director. Since 2005, he serves as a president of Fiore & Company, an international law firm specializing in plaintiff's civil litigation, federal and state whistleblower claims, and international human rights claims. John graduated from Pennsylvania State University with a degree in political science and possesses a juris doctor degree awarded by University of Pennsylvania. He also served as an attorney at Kessler, Massey & Levy in Miami from 1995 to 2004, and at Horm, Kaplan & Goldberg in Philadelphia from 1991 to 1994. Since 2015, John has expanded his reach beyond his career as an attorney to become an author, audiobook producer, and narrator. Currently, John is licensed to legal practice in New York and Florida.

Ms. Lee Su-Jung serves as an Independent Director. Ms. Lee has held key positions in the spirits industry. She serves as Board Director at both Taiwan Taitung Chishang Distillery since November 2022 and Julee International Co. Ltd. since June 2021. Ms. Lee has also served as CEO at PICT International Co. Ltd. since August 2017. In 2013, Ms. Lee served at Conttingham Group Ltd. As representative vice president, and in the same year, she achieved a significant milestone by becoming the first female Keeper of the Quaich in Greater China. Since September 2007, she has been actively involved as an International Spirit Judge in prestigious competitions worldwide, including the International Wine and Spirit Competition in London, the Internationaler Spirituosen Wettbewerb in Germany, the San Francisco World Spirit Competition, the Las Vegas Global Spirit Awards and American Distilling Institute in the US.

Mr. Tian Yiding was appointed as an independent non-executive director effective from December 11, 2025. He has over 10 years of experience in corporate investment and international business development. He served as a director of Hezhan Group from January 2014 to January 2019, where he was involved in the group's external investment projects, including participation in the management and upgrade of the Qingzhou Yellow Huaxi District Scenic Spot in Shandong. He later founded and led Beijing Yidingshan Technology Co., Ltd. as general manager from September 2019 to June 2022. Since August 2022, Mr. Tian has served as Chairman of Yiding International Limited in Hong Kong, overseeing strategic planning and building an efficient operating model while partnering with state-owned enterprises to integrate resources and expand overseas markets. Since March 2023, he has also served as Chairman of Yiding Autos FZCO in Dubai, focusing on international market expansion and cross-border partnerships.

Mr. Li Cheuk Hang was appointed as an independent non-executive director effective from March 5, 2026. He is a member of the Hong Kong Institute of Certified Public Accountants and holds a Bachelor of Business Administration (Honours) in Accountancy from City University of Hong Kong. Mr. Li has substantial experience in accounting, auditing, financial management and corporate compliance. Since August 2017, Mr. Li has served as Financial Controller of HKUE Limited, where he has overseen a broad range of finance and corporate functions, including financial reporting, budgeting, treasury management, internal control systems, regulatory compliance and strategic corporate matters. In this role, he has developed substantial experience in financial oversight, operational discipline and corporate governance, which are particularly relevant to growth-oriented businesses. Prior to that, Mr. Li served as Financial Controller of Tophit Limited from January 2016 to July 2017. From 2011 to 2016, Mr. Li worked at Ernst & Young and BDO Limited between 2011 and 2016, gaining extensive audit and assurance experience across listed companies, private enterprises and multinational corporations in various sectors. He has also contributed to listing-related assignments and has developed notable familiarity with financial reporting standards and regulatory compliance matters, including exposure to U.S. GAAP and U.S. regulatory requirements.

**Family Relationships**

None of the directors, director appointees, or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

**Employment Agreements and Indemnification Agreements**

Agencia Cayman has entered into employment agreements with each of its executive officers. As of the date of this prospectus, our executive leadership comprises Mr. Tsai Yi Yang, who serves as Chief Executive Officer, and Mr. Liu Shihao, who serves as Chief Financial Officer. These agreements stipulate that employment shall continue unless terminated in accordance with their terms. Agencia Cayman retains the right to terminate an executive officer's employment for cause at any time without prior notice or remuneration in instances of willful disobedience of a lawful and reasonable order, misconduct inconsistent with the faithful discharge of duties, fraudulent or dishonest acts, habitual neglect of responsibilities, or any other grounds that would justify termination without notice under applicable common law. Additionally, the Company may terminate employment without cause by providing advance written notice or payment in lieu thereof, in which case severance payments will be made as required by the laws of the executive officer's jurisdiction. Conversely, executive officers may resign at any time by providing advance written notice.

Pursuant to their employment agreements, executive officers are obligated to maintain strict confidentiality regarding the Company's trade secrets, intellectual property, and other proprietary information both during their employment and for a period of two years following termination. They are expressly prohibited from using such information for personal benefit or disclosing it to third parties, except as necessary to fulfill their professional duties, with the Company's authorization, or as required by law. In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for six months following the last date of employment. During this time, they may not, directly or indirectly, solicit or attempt to divert any customer, supplier, or business contact of the Company with whom they engaged in the twelve months preceding termination. The same restriction applies to any managerial, executive, or sales personnel employed by the Company during that period, particularly those with whom the executive officer had material dealings or direct supervisory responsibilities.

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

**Compensation of Directors and Executive Officers**

In fiscal year ended December 31, 2025, we paid an aggregate of US$12,000 in cash to our executive officers, and US$60,895 in cash to our non-executive directors. In fiscal year ended December 31, 2024, we did not pay any compensation to our executive officers and non-executive directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers.

**Board of Directors**

Our board of directors consists of seven directors, including three executive directors and four independent directors. The powers and duties of our directors include convening general meetings and reporting our board's work at our shareholders' meetings, declaring dividends and distributions, determining our business and investment plans, appointing officers and determining the term of office of the officers, preparing our annual financial budgets and financial reports, formulating proposals for the increase or reduction of our authorized capital as well as exercising other powers, functions and duties as conferred by our articles of association. A director may exercise all the powers of our company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever money is borrowed or as security for any obligation of our company or of any third party. A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his interest at a meeting of our directors. A director may vote in respect of any contract or proposed contract or arrangement 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 the directors at which any such contract or proposed contract or arrangement is considered. A general notice given to the directors by any director to the effect that he is a member or officer of any specified company or firm and is to be regarded as interested in any contract or arrangement with that company or firm or a specified person who is connected with him shall be deemed a sufficient declaration of interest for the purposes of voting on a resolution in respect to a contract or transaction in which he has an interest, provided that no such notice shall be effective unless either it is given at a meeting of the board of directors or the director takes reasonable steps to secure that it is brought up and read at the next board meeting after it is given.

None of our directors has a service contract with us that provides for benefits upon termination of service.

**Board Committees**

Our board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of directors. We adopted a charter for each of the three committees. Each committee's members and functions are described below.

***Audit Committee.*** Our audit committee consists of Mr. John Robert Fiore, Ms. Lee Su-Jung, Mr. Tian Yiding, and Mr. Li Cheuk Hang, and is chaired by Mr. Li Cheuk Hang. Mr. John Robert Fiore, Ms. Lee Su-Jung, Mr. Tian Yiding, and Mr. Li Cheuk Hang satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Li Cheuk Hang qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of the consolidated financial statements of our company. The audit committee will be responsible for, among other things:

● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

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

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

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

● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;

● annually reviewing and reassessing the adequacy of our audit committee charter;

● meeting separately and periodically with management and the independent registered public accounting firm; and

● reporting regularly to the board of directors.

 ****

***Compensation Committee.*** Our compensation committee consists of Mr. John Robert Fiore, Ms. Lee Su-Jung, Mr. Tian Yiding, and Mr. Li Cheuk Hang, and is chaired by Ms. Lee Su-Jung. Mr. John Robert Fiore, Ms. Lee Su-Jung, Mr. Tian Yiding, and Mr. Li Cheuk Hang satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq. The compensation committee will assist the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

● reviewing the total compensation package for our executive officers and making recommendations to the board of directors with respect to it;

● approving and overseeing the total compensation package for our executives other than the two most senior executives;

● reviewing the compensation of our directors and making recommendations to the board of directors with respect to it; and

● periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans.

***Nominating and Corporate Governance Committee.*** Our nominating and corporate governance committee consists of Mr. John Robert Fiore, Ms. Lee Su-Jung, Mr. Tian Yiding, and Mr. Li Cheuk Hang, and is chaired by Mr. John Robert Fiore. Mr. John Robert Fiore, Ms. Lee Su-Jung, Mr. Tian Yiding, and Mr. Li Cheuk Hang satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● recommending nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board of directors;

● reviewing annually with the board of directors the current composition of the board of directors with regard to characteristics such as independence, age, skills, experience and availability of service to us;

● selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and

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

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. Our Company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached. In accordance with our Third Amended and Restated Memorandum and Articles of Association, our business shall be managed by our board of directors who may for that purpose exercise all the powers of our Company. The functions and powers of our board of directors include, among others, (i) convening shareholders' annual general meetings and reporting its work to shareholders at such meetings; (ii) declaring dividends and distributions; (iii) appointing officers and determining the term of the office of officers; and (iv) exercising the borrowing powers of our company and mortgaging the property of our company. In addition, in the event of a tie vote, the chairman of the meeting of the board of directors shall not be entitled to a second or casting vote. You should refer to "Share Capital — Differences in Corporate Law" for additional information on our standard of corporate governance under Cayman Islands law.

**Terms of Directors and Officers**

Our officers are elected by and serve at the discretion of the board. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the Company and the director, if any; but no such term shall be implied in the absence of express provision. Any director whose term of office expires shall be eligible for re-election at a meeting of the shareholders or re-appointment by the board. A director may be removed from office by ordinary resolution of the shareholders, notwithstanding anything in our Third Amended and Restated Memorandum and Articles of Association or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing to the Company; or (iv) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our Third Amended and Restated Memorandum and Articles of Association.

**Interested Transactions**

A director may, subject to applicable Nasdaq rules and disqualification by the chairman of the relevant board meeting, vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein, provided that the nature and extend of any material interest in such contract or transaction or proposed contract or transaction is disclosed by him or her at or prior to its consideration and any vote in that matter.

**Code of Business Conduct and Ethics**

We adopted a written code of business conduct and ethics that applies to our directors, officers and employees. A current copy of this code was posted on the Corporate Governance section of our website, which is located at https://www.agcctw.com. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

**Qualification**

There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.

**Insider Participation Concerning Executive Compensation**

Our board of directors will be making all determinations regarding executive officer compensation from the inception of the Company. When established, our compensation committee will determine regarding executive officer compensation.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor has any been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Except as set forth in our discussion below in "Related Party Transactions," our directors and officers have not been involved in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information concerning the beneficial ownership of our Ordinary Shares as of the date of this prospectus by:

● each of our directors and executive officers; and

● each person known to us to beneficially own more than 5% of our ordinary shares.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of Ordinary Shares beneficially owned by a person and the percentage ownership of that person, we have included Ordinary Shares that the person has the right to acquire within sixty (60) days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These Ordinary Shares, however, are not included in the computation of the percentage ownership of any other person.

The percentage of beneficial ownership of our Ordinary Shares prior to this offering is based on 22,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares issued and outstanding as of the date of this prospectus. Upon the completion of this offering, our Controlling Shareholders will continue to exercise significant control over the Company, although their combined percentage of total economic ownership will decrease as a result of the issuance of Class A Ordinary Shares in this offering. Unless otherwise noted, the business address for each of our directors and executive officers is No. 23-1, Shenzun Rd., Shengang Dist., Taichung City 429014, Taiwan (R.O.C.).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Beneficially Owned Immediately Prior to this Offering** | **Ordinary Shares Beneficially Owned Immediately Prior to this Offering** | **Ordinary Shares Beneficially Owned Immediately Prior to this Offering** | **Ordinary Shares Beneficially Owned Immediately Prior to this Offering** | **Ordinary Shares Beneficially Owned After this Offering<br> (assuming all Ordinary Shares are sold in this Offering)** | **Ordinary Shares Beneficially Owned After this Offering<br> (assuming all Ordinary Shares are sold in this Offering)** | **Ordinary Shares Beneficially Owned After this Offering<br> (assuming all Ordinary Shares are sold in this Offering)** | **Ordinary Shares Beneficially Owned After this Offering<br> (assuming all Ordinary Shares are sold in this Offering)** |
|  | **No. of<br> Class A<br> Ordinary Shares** | **Percentage of<br> beneficial<br> ownership** | **No. of<br> Class B<br> Ordinary<br> Shares** | **Voting<br> power** | **No. of<br> Class A<br> Ordinary Shares** | **Percentage of<br> beneficial<br> ownership** | **No. of<br> Class B<br> Ordinary<br> Shares** | **Voting<br> power** |
| **Directors and Executive Officers\*:** | | | | | | | | |
| Li Qiang |  |  |  |  |  |  |  |  |
| Tsai Yi Yang | 11859660 | 52.05% | 15990000 | 81.66% | 11859660 | 27.72% | 15990000 | 80.84% |
| Liu Shihao |  |  |  |  |  |  |  |  |
| John Robert Fiore |  |  |  |  |  |  |  |  |
| Lee Su-Jung |  |  |  |  |  |  |  |  |
| Tian Yiding |  |  |  |  |  |  |  |  |
| Li Cheuk Hang |  |  |  |  |  |  |  |  |
| **All Directors and Executive Officers as a Group** | 11859660 | 52.05% | 15990000 | 81.66% | 11859660 | 27.72% | 15990000 | 80.84% |
| **Principal Shareholders:** |  |  |  |  |  |  |  |  |
| Ping Shiang Business Ltd<sup>(1)</sup> | 14463000 | 63.47% | 19500000 | 99.58% | 14463000 | 33.80% | 19500000 | 98.58% |
| Tsai Yi Yang<sup>(1)</sup> | 11859660 | 52.05% | 15990000 | 81.66% | 11859660 | 27.72% | 15990000 | 80.84% |
| Lee Li Mei<sup>(1)</sup> | 2603340 | 11.42% | 3510000 | 17.92% | 2603340 | 6.08% | 3510000 | 17.74% |
| Glorious Hero Limited <sup>(2)</sup> | 1500000 | 6.58% |  | 0.08% | 1500000 | 3.51% |  | 0.08% |
| Momoe Limited<sup>(3)</sup> | 1400000 | 6.14% |  | 0.07% | 1400000 | 3.27% |  | 0.07% |

---

Notes:

† Beneficial ownership information disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder as determined in accordance with the rules and regulations of the SEC.

\* For each person and group included in this table, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of the total number of shares outstanding as of the date of this prospectus.

(1) Pursuant to the reorganization, Ping Shiang Business Ltd, a limited
liability company incorporated under the laws of the British Virgin Islands, is the record holder of the shares reported herein. Ping
Shiang Business Ltd is owned as to 82% by Mr. Tsai Yi Yang, our Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of
Mr. Tsai Yi Yang. By virtue of Mr. Tsai Yi Yang and Ms. Lee Li Mei's control over Ping Shiang Business Ltd, each of them
may be deemed to beneficially own shares held by Ping Shiang Business Ltd. In connection with the Form 144 filed with the SEC on June
1, 2026, Ping Shiang Business Ltd intends to sell 1,100,000 Class A Ordinary Shares in the open market. As of June 8, 2026, Ping Shiang
Business Ltd has sold 37,000 Class A Ordinary Shares in the open market. The registered office of Ping Shiang Business Ltd is located
at Mandar House, 3<sup>rd</sup> Floor Johnson's Ghut, Tortola, British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Glorious Hero Limited is a BVI business company incorporated under the laws of the British Virgin Islands and is owned by an independent third party.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Momoe Limited is a BVI business company incorporated under the laws of the British Virgin Islands and is owned by an independent third party.

**RELATED PARTY TRANSACTIONS** 

Set forth below are our related parties transactions for the years ended December 31, 2023, 2024 and 2025, and the period from January 1, 2026 to the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company had the following balances with related parties as of year-end date and the date of this prospectus:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of <br> the date <br> of this<br> prospectus** |
| **Name of related parties** | **Relationship** | **Nature** | **2023** | **2024** | **2025** |  |
|  |  |  | **US$** | **US$** | **US$** | **US$** |
| Mr. Tsai Yi Yang | Beneficial owner | Amount due to a related party<sup>(1)</sup> | 727775 | 1031203 | 597791 | 94284 |
| Mr. Tsai Yi Yang | Beneficial owner | Rental deposit paid<sup>(2)</sup> | 1630 | 1527 | 2549 | 2549 |
| Ms. Lee Li Mei | Beneficial owner | Amount due to a related party<sup>(3)</sup> |  |  | 154457 | 154457 |
| Ms. Lee Li Mei | Beneficial owner | Rental deposit paid<sup>(4)</sup> |  | 2320 | 3186 | 3186 |
| Ms. Leong Kah Yee | Shareholder of the Company | Amount due to a related party<sup>(10)</sup> |  |  | 4030000 | 3459132 |
| Xiamen Celtic Culture Communication | Common ultimate beneficial owner ("UBO") | Contract liabilities<sup>(5)</sup> | 82699 |  |  |  |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Account receivables<sup>(6)</sup> |  | 68488 |  | 5488 |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Accruals and other payables | 169 |  |  |  |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Amount due to a related party<sup>(7)</sup> |  |  | 30513 |  |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Deposit received |  |  | 7009 | 7009 |
| Ping Shiang Business Corporation | Common UBO | Account payables<sup>(8)</sup> |  |  | 79296 | 59239 |
| Ping Shiang Business Ltd | Shareholder of the Company | Allotment of Class B Ordinary Shares<sup>(11)</sup> |  |  |  | 200 (for 5,000,000 Class B Ordinary Shares) |
| 芳華株式会社 | Common UBO | Prepayments and other receivables<sup>(9)</sup> |  | 45044 |  |  |
| 芳華株式会社 | Common UBO | Trademark assets<sup>(9)</sup> |  |  | 50345 | 50345 |
| Ricloud Corp. | Common director<sup>(12)</sup> | Deposit paid<sup>(12)</sup> |  |  |  | 3000000 |

---

(1) As of December 31, 2023, December 31, 2024, December 31, 2025 and the
 date of this prospectus, the balance represented the working capital advance provided by Mr. Tsai Yi Yang. The balance was
 unsecured, interest-free and had no fixed repayment terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As of December 31, 2023, December 31, 2024, December 31, 2025 and the date of this prospectus, the balance represented the rental deposits paid to Mr. Tsai Yi Yang for the warehouse at No. 162-10, Shengang Rd., Shengang Dist., Taichung City, with the lease starting from January 1, 2023, and for the warehouse at No. 23-1, Shenzun Rd., Shengang Dist., Taichung City, with the lease starting from January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As of December 31, 2025 and the date of this prospectus, the balance
 represented the working capital advance provided by Ms. Lee Li Mei. The balance was unsecured, interest-free and had no fixed
 repayment terms.

&nbsp;&nbsp;&nbsp;&nbsp;(4) As of December 31, 2024, December 31, 2025 and the date of this prospectus, the balance represented the rental deposit paid to Ms. Lee Li Mei for the warehouse at No. 65-2, Shenlin Rd., Shengang Dist., Taichung City, with the lease starting on August 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(5) As of December 31, 2023, the balance represented the receipts in advance from Xiamen Celtic Culture Communication for whisky product sales. The whisky products were subsequently delivered, and the full amount was recorded as sales in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(6) As of December 31, 2024 and the date of this prospectus, the balance represented the accounts receivable from Ding Yi International Co., Ltd for whisky product sales.

&nbsp;&nbsp;&nbsp;&nbsp;(7) As of December 31, 2025, the balance represented the working capital
advance provided by Ding Yi International Co., Ltd. The balance was unsecured, interest-free and had no fixed repayment terms.

&nbsp;&nbsp;&nbsp;&nbsp;(8) As of December 31, 2025 and the date of this prospectus, the balance
represented the accounts payable to Ping Shiang Business Corporation for inventory purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(9) As of December 31, 2024, the balance represented the prepayment paid to 芳華株式会社 for licensing the "Ninja" trademark. The total agreement amount was JPY7,500,000 (equivalent to US$55,811), of which JPY6,700,000 (equivalent to US$45,044) was prepaid. The remaining balance was settled in February 2025. Upon the effectiveness of the license agreement, the amount was capitalized as an intangible asset in 2025, reflecting the fair value of the licensing rights acquired.

&nbsp;&nbsp;&nbsp;&nbsp;(10) As of December 31, 2025 and the date of this prospectus, the balance represented the amount due to a related party, Ms. Leong Kah Yee, for a loan used for general working capital purposes. The balance is unsecured, bears interest at a rate of 10% per annum, and is repayable in full within 36 months from the date of drawdown, provided that Ms. Leong retains an overriding right to demand repayment of all or any part of the outstanding indebtedness at any time at her absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(11) On May 20, 2026, following the approvals obtained at the Extraordinary General Meeting and the separate respective Class Meetings for holders of Class A and Class B ordinary shares held on the same day, the Company authorized and issued an aggregate of 5,000,000 Class B ordinary shares to Ping Shiang Business Ltd. Ping Shiang Business Ltd, a limited liability company incorporated under the laws of the British Virgin Islands, is owned as to 82% by Mr. Tsai Yi Yang, our Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang. Following the allotment of these shares, Ping Shiang Business Ltd's voting power in the Company increased from 95.06% to 99.58%, further concentrating the voting control of our Controlling Shareholders. For additional information regarding the specific terms, consideration, and voting structures of this share allotment, please refer to the Company's Report on Form 6-K, filed with the SEC on May 21, 2026.

(12) In March 2026, the balance represented a non-refundable
 deposit of US$3,000,000 made by our Group to Ricloud Corp., a corporation organized under the laws of the State of Delaware, in connection
 with an exclusive marketing, leasing and purchase option arrangement for premises in the United States. As of the date of this prospectus,
 the arrangement remains subject to further mutual confirmation and the finalization of definitive terms. The deposit may be applied against
 the purchase price if we exercise the purchase option and the property transfer is consummated. As of the date of this prospectus, no
 additional amounts have been paid in connection with this arrangement. Ricloud Corp. is a wholly-owned subsidiary of
 Yuxing InfoTech Investment Holdings Limited (8005.HK) ("Yuxing InfoTech"). The chairman and executive director of Yuxing InfoTech,
 Mr. Li Qiang, also serves as the Chairman and Executive Director of the Company; therefore, Ricloud Corp. is considered a related party
 of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) During the periods presented, the Company had the following transactions with related parties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **The<br> period from<br> January 1,<br> 2026 to the<br> date of this<br> prospectus** |
| **Name of related parties** | **Relationship** | **Nature** | **2023** | **2024** | **2025** |  |
|  |  |  | **US$** | **US$** | **US$** | **US$** |
| Xiamen Celtic Culture Communication | Common UBO | Sales<sup>(1)</sup> | 38295 | 80928 |  |  |
| Xiamen Celtic Culture Communication | Common UBO | Repayment from a related party<sup>(2)</sup> | 428822 |  |  |  |
| Ping Shiang Business Corporation | Common UBO | Purchase<sup>(3)</sup> |  | 191489 | 1049907 |  |
| Ping Shiang Business Corporation | Common UBO | Repayment from a related party<sup>(4)</sup> | 65220 |  |  |  |
| Ping Shiang Business Ltd | Shareholder of the Company | Allotment of Class B Ordinary Shares<sup>(16)</sup> |  |  |  | 200 (for 5,000,000 Class B Ordinary Shares) |
| Auchenbowie House | Common UBO | Sales<sup>(5)</sup> | 24083 |  |  |  |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Sales<sup>(6)</sup> |  | 229412 | 103266 | 29317 |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Deposit received<sup>(9)</sup> |  |  | 7071 |  |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Proceeds from a related party<sup>(7)</sup> |  |  | 40390 |  |
| Ding Yi International Co., Ltd | Controlled by an immediate family member of the beneficial owner | Repayment to a related party<sup>(8)</sup> |  | 169 |  | 30513 |
| Mr. Tsai Yi Yang | Beneficial owner | Rent paid<sup>(9)</sup> | 9636 | 9348 | 15427 | 5062 |
| Mr. Tsai Yi Yang | Beneficial owner | Expense paid on behalf<sup>(10)</sup> |  |  | 141647 | 61499 |
| Mr. Tsai Yi Yang | Beneficial owner | Repayment to a related party<sup>(11)</sup> | 127092 |  | 654967 | 565006 |
| Mr. Tsai Yi Yang | Beneficial owner | Proceeds from a related party<sup>(12)</sup> |  | 373007 | 30565 |  |
| Ms. Lee Li Mei | Beneficial owner | Rent paid<sup>(13)</sup> |  | 5920 | 15877 | 4809 |
| Mr. Tsai Yi Ting | Immediate family member of the beneficial owner | Salary paid |  |  | 30854 | 15185 |
| Ms. Leong Kah Yee | Shareholder of the Company | Proceeds from a related party<sup>(15)</sup> |  |  | 4030000 |  |
| Ms. Leong Kah Yee | Shareholder of the Company | Repayment to a related party<sup>(15)</sup> |  |  |  | 739003 |
| Ms. Leong Kah Yee | Shareholder of the Company | Interest expense<sup>(15)</sup> |  |  |  | 168135 |
| 芳華株式会社 | Common UBO | Prepayment for a trademark<sup>(14)</sup> |  | 48000 |  |  |
| Ricloud Corp. | Common director<sup>(18)</sup> | Deposit and fee paid<sup>(17)</sup> |  |  |  | 3500000 |

---

(1) For
the years ended December 31, 2023 and 2024, the amount represented the sales of bottled whisky products to Xiamen Celtic Culture Communication.

(2) For
the years ended December 31, 2023, the amount represented the repayment made from Xiamen Celtic Culture Communication for settling the
outstanding balance due to our Group.

(3) For
the years ended December 31, 2024 and 2025, the amount represented the purchases of bottled whisky products from Ping Shiang Business
Corporation.

(4) For
the year ended December 31, 2023, the amount represented the repayment made from Ping Shiang Business Corporation for settling the outstanding
balance due to our Group.

(5) For
the year ended December 31, 2023, the amount represented the sales of bottled whisky products to Auchenbowie House.

(6) For
the year ended December 31, 2024 and 2025, and the period from January 1, 2026 to the date of this prospectus, the amount represented
the sales of bottled whisky products to Ding Yi International Co., Ltd.

(7) For
the year ended December 31, 2025, the amount represented the proceeds from Ding Yi International Co., Ltd for providing additional working
capital advance to our Group, which was unsecured, interest-free and had no fixed repayment terms.

(8) For
the year ended December 31, 2024 and the period from January 1, 2026 to the date of this prospectus, the amount represented the repayment
made by our Group to Ding Yi International Co., Ltd for settling the outstanding balance due to Ding Yi International Co., Ltd.

(9) For
the years ended December 31, 2023, 2024 and 2025, and the period from January 1, 2026 to the date of this prospectus, the amount represented
operating lease expenses charged by Mr. Tsai Yi Yang for warehouses at No. 162-10, Shengang Rd., Shengang Dist., Taichung City and No.
23-1, Shenzun Rd., Shengang Dist., Taichung City.

(10) For
the year ended December 31, 2025 and the period from January 1, 2026 to the date of this prospectus, the amount represented the expenses
paid on behalf of our Group for operations.

(11) For
the years ended December 31, 2023 and 2025, and the period from January 1, 2026 to the date of this prospectus, the amount represented
the repayment made by our Group to Mr. Tsai Yi Yang for settling the outstanding balance due to Mr. Tsai Yi Yang.

(12) For
the years ended December 31, 2024 and 2025, the amount represented the proceeds from Mr. Tsai Yi Yang for providing additional working
capital advance to our Group, which was unsecured, interest-free and had no fixed repayment terms.

(13) For
the years ended December 31, 2024 and 2025, and the period from January 1, 2026 to the date of this prospectus, the amount represented
operating lease expenses charged by Ms. Lee Li Mei for the warehouse at No. 65-2, Shenlin Rd., Shengang Dist., Taichung City.

(14) For
the year ended December 31, 2024, the amount represented the prepayment to 芳華株式会社 for
licensing the "Ninja" trademark for use on whisky products, with a total agreement amount of JPY7,500,000 (equivalent to
US$53,120), of which JPY6,700,000 (equivalent to US$48,000) was prepaid. Upon the effectiveness of the license agreement, the amount
was capitalized as an intangible asset in 2025, reflecting the fair value of the licensing rights acquired.

(15) For the year ended December 31, 2025, the amount
 represented the loan proceeds from Ms. Leong Kah Yee for general working capital purposes. The balance is unsecured, bears interest at
 a rate of 10% per annum, and is repayable in full within 36 months from the date of drawdown, provided that Ms. Leong retains an overriding
 right to terminate or demand repayment of all or any part of the outstanding indebtedness at any time at her absolute discretion upon
 written notice. For the period from January 1, 2026 to the date
 of this prospectus, interest expense incurred on the balance due to Ms. Leong Kah Yee was US$168,135, and repayments made by our Group
 to Ms. Leong Kah Yee totaled US$739,003.

(16) On
May 20, 2026, following the approvals obtained at the Extraordinary General Meeting and the separate respective Class Meetings for holders
of Class A and Class B ordinary shares held on the same day, the Company authorized and issued an aggregate of 5,000,000 Class B ordinary
shares to Ping Shiang Business Ltd. Ping Shiang Business Ltd, a limited liability company incorporated under the laws of the British
Virgin Islands, is owned as to 82% by Mr. Tsai Yi Yang, our Chief Executive Officer and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai
Yi Yang. Following the allotment of these shares, Ping Shiang Business Ltd's voting power in the Company increased from 95.06%
to 99.58%, further concentrating the voting control of our Controlling Shareholders. For additional information regarding the specific
terms, consideration, and voting structures of this share allotment, please refer to the Company's Report on Form 6-K, filed with
the SEC on May 21, 2026.

(17) In March 2026, the amount represented a non-refundable
 deposit of US$3,000,000 and a fee of US$500,000 made by our Group to Ricloud Corp., a corporation organized under the laws of the State
 of Delaware, in connection with an exclusive marketing, leasing and purchase option arrangement for premises in the United States. As
 of the date of this prospectus, the arrangement remains subject to further mutual confirmation and the finalization of definitive terms.
 The deposit may be applied against the purchase price if we exercise the purchase option and the property transfer is consummated. As
 of the date of this prospectus, no additional amounts have been paid in connection with this arrangement. Ricloud Corp. is a wholly-owned subsidiary of
 Yuxing InfoTech Investment Holdings Limited (8005.HK) ("Yuxing InfoTech"). The chairman and executive director of Yuxing InfoTech,
 Mr. Li Qiang, also serves as the Chairman and Executive Director of the Company; therefore, Ricloud Corp. is considered a related party
 of the Company.

(18) Although Mr. Li Qiang, our chairman, currently serves as Head of Data Center of Ricloud AI Inc., we do not consider Ricloud AI Inc. to be a related party of the Company. Mr. Li does not hold any equity or voting interest in Ricloud AI Inc., is not a director, executive officer or member of senior management of Ricloud AI Inc., and does not have authority to control, direct or participate in Ricloud AI Inc.'s financial or operating policy decisions. Based on the foregoing, we do not believe that Ricloud AI Inc. is a party over which Mr. Li is able to exercise significant influence or a party that has a member of key management in common with the Company

The above transactions were made in the normal course of business.

**DESCRIPTION OF SHARE CAPITAL**

**General**

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act, and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$200,000 divided into 5,000,000,000 shares with a par value of US$0.00004 each, comprising of 2,500,000,000 Class A Ordinary Shares and 2,500,000,000 Class B Ordinary Shares. These figures reflect an increase from our previous authorized share capital of US$50,000, as approved by our shareholders at the Extraordinary General Meeting and the separate respective Class Meetings for holders of Class A and Class B ordinary shares held on May 20, 2026. As of the date of this prospectus, 22,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares are issued and outstanding.

**Securities Sold in this Offering**

We are offering up to 20,000,000 Class A Ordinary Shares in this offering. Our Class A Ordinary Shares are listed on the Nasdaq Capital Market and currently trade under the symbol "AGCC".

All of our issued and outstanding Class A Ordinary Shares are fully paid and non-assessable. Our Class A Ordinary Shares are issued in registered form and are issued when registered in our register of members. Unless the board of directors determines otherwise, each holder of our Class A Ordinary Shares will not receive a certificate in respect of such Ordinary Shares. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Class A Ordinary Shares.

Effective May 20, 2026, following approval at our Extraordinary General Meeting and the separate respective Class Meetings for holders of Class A and Class B ordinary shares, our authorized share capital was increased to US$200,000 divided into 5,000,000,000 shares with a par value of US$0.00004 each, comprising 2,500,000,000 Class A Ordinary Shares and 2,500,000,000 Class B Ordinary Shares. This represents an increase from our previous authorized share capital of US$50,000 divided into 1,250,000,000 shares. Subject to the provisions of the Companies Act of the Cayman Islands, and our existing articles of association regarding redemption and purchase of the shares, our 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. Such authority could be exercised by the Directors to allot shares which carry rights and privileges that are preferential to the rights attaching to Class A Ordinary Shares. No share may be issued at a discount except in accordance with the provisions of the Companies Act of the Cayman Islands. 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.

**CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS**

**Our Memorandum and Articles of Association**

The following are summaries of certain material provisions of our Third Amended and Restated Memorandum and Articles of Association and of the Companies Act, insofar as they relate to the material terms of our Ordinary Shares.

*Objects Of Our Company.* Under our Third Amended and Restated Memorandum and Articles of Association, the objects of our company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2) of the Companies Act.

*Ordinary Shares.* Our ordinary shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares. Our authorized share capital is US$200,000 divided into 5,000,000,000 shares with a par value of US$0.00004 each, comprising 2,500,000,000 Class A Ordinary Shares and 2,500,000,000 Class B Ordinary Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares, nor shall any Class B Ordinary Share be convertible into Class A Ordinary Shares.

*Dividends.* The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors; in contrast, holders of our Class B Ordinary Shares are not entitled to any dividends. Our Third Amended and Restated Memorandum and Articles of Association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Voting at any meeting of shareholders is by a poll. Every shareholder present shall have one (1) vote for every Class A Ordinary Share and one hundred (100) votes for every Class B Ordinary Share of which he is the holder. An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our memorandum and articles of association, a reduction of our share capital and the winding up of our company.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Third Amended and Restated Memorandum and Articles of Association provide that we shall in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. General meetings, including annual general meetings, may be held at such times and in any location in the world as may be determined by the Board. A general meeting or any class meeting may also be held by means of electronic communication facilities as to permit all persons participating in the meeting to communicate with each other.

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

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Third Amended and Restated Memorandum and Articles of Association provide that only a majority of our directors or the Chairman of the Board may call extraordinary general meetings.

*Transfer of Ordinary Shares.* Shareholders may transfer Class A Ordinary Shares via a standard instrument of transfer or in any form approved by our board or prescribed by Nasdaq. The board may, in its discretion, decline to register a transfer of shares that are not fully paid up or on which we have a lien.

*Liquidation.* Upon winding up, holders of Class A Ordinary Shares are entitled to participate in the distribution of surplus assets in proportion to their par value. Holders of Class B Ordinary Shares are not entitled to participate in any such distribution.

*Calls on Shares and Forfeiture of Shares.* The board may make calls on shareholders for unpaid amounts on their shares with at least 14 days' notice. Shares remaining unpaid following a call are subject to forfeiture.

*Redemption and Repurchase of Shares*.** We may issue shares subject to redemption at our option or the holder's option. We may also repurchase shares as approved by the board. Under the Companies Act, payments for redemption or repurchase may be made out of profits, share premium, or capital, provided the company remains solvent.

*Variations of Rights of Shares.* Rights attached to any class of shares may only be varied with the consent of a two-thirds majority of the votes cast or by a special resolution passed at a separate meeting of the holders of that class.

*Issuance of Additional Shares*.** The board is authorized to issue additional Ordinary Shares or establish a series of preference shares with specific rights (dividends, voting, redemption) without shareholder action. Such issuances may dilute the voting power of Class A shareholders.

*Inspection of Books and Record*s. Under Cayman Islands law, shareholders have no general right to inspect corporate records. However, our articles provide shareholders the right to receive annual audited financial statements. The register of members is open to inspection only at the discretion of the board.

*Anti-Takeover Provisions.* Our Third Amended and Restated Memorandum and Articles of Association contain provisions that may delay or prevent a change of control, including:

● Authority to issue preference shares without shareholder vote;

● Limitations on the ability of shareholders to requisition general meetings;

● The disparate voting rights and future issuance of Class B Ordinary Shares, which hold 100 votes per share, provide significant voting concentration to the holders thereof.

*Exempted Company.* As a Cayman Islands exempted company, we enjoy certain privileges, including exemptions from filing annual shareholder returns and holding annual general meetings. Liability of shareholders is limited to the amount unpaid on their shares.

**Differences in Corporate Law**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

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

Our Third Amended and Restated Memorandum and Articles of Association contain a provision by which our shareholders waive any claim or right of action that they may have, both individually and on our behalf, against any director in relation to any action or failure to take action by such director in the performance of his or her duties with or for our Company, except in respect of any fraud, willful default or dishonesty of such director.

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

In addition, we entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Third Amended and Restated Memorandum and Articles of Association.

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

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

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

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

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

The Companies Act 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 Third Amended and Restated Memorandum and Articles of Association provide that only a majority of our directors or the chairman of the Board may call extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

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

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Third Amended and Restated Memorandum and Articles of Association, a director may be removed from office by an ordinary resolution notwithstanding anything in our Third Amended and Restated Memorandum and Articles of Association or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing to the Company; or (iv) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our Third Amended and Restated Memorandum and Articles of Association.

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

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

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

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

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

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

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

***Cayman Islands Data Protection***

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

*Privacy Notice*

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

*Investor Data*

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

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

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

*Who this Affects*

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

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

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

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

*Why We May Transfer Your Personal Data*

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

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

*The Data Protection Measures We Take*

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

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

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

*Contacting the Company*

For further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please contact us through our website at <u>agcctw.com</u> or through the phone number +886-4-25614413.

***Anti-Money Laundering Matters***

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

The Company reserves the right to request such information as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, assuming we sell the maximum number of shares available for sale in this offering, we will have 42,786,500 Class A Ordinary Shares and 19,500,000 Class B Ordinary Shares issued and outstanding. All of the Class A Ordinary Shares sold in this offering by the Company will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. 19,674,000 of our Class A Ordinary Shares outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Class A Ordinary Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect prevailing market prices of our Class A Ordinary Shares. Our Controlling Shareholder, Ping Shiang Business Ltd, has filed a Form 144 with the SEC on June 1, 2026, pursuant to which it intends to sell 1,100,000 Class A Ordinary Shares in the open market. As of June 8, 2026, Ping Shiang Business Ltd has sold 37,000 Class A Ordinary Shares in the open market under this Form 144.

**Rule 144**

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

● 1.0% of the then outstanding Class A Ordinary Shares; or

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

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

**MATERIAL TAX CONSIDERATIONS**

The following summary of the material Cayman Islands, Taiwan, Singapore, Indonesia and U.S. federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this registration statement, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, Taiwan and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Harney Westwood & Riegels, our Cayman Islands counsel, and to the extent it relates to Taiwan tax law, it is the opinion of Ownlyn, our Taiwan counsel. To the extent it relates to Singapore tax law, it is the opinion of AEI Legal LLC, and to the extent it relates to Indonesian tax law, it is the opinion of Yang & Co.

**TAIWAN TAXATION**

The following is a general summary of the principal Taiwan tax implications of the ownership and disposition of our Class A Ordinary Shares (the holders of our Class A Ordinary Shares referred to herein as "Holders").

Holders should consult their tax advisors concerning the Taiwan tax consequences of holding our Class A Ordinary Shares and the laws of any relevant taxing jurisdiction to which they are subject.

**Capital gains from the sale or disposal of our Class A Ordinary Shares**

Sale or disposal of the Class A Ordinary Shares of a Cayman Islands company is generally not regarded as the sale of Taiwan securities; thus, any gains generated therefrom by Holders who are individual Taiwan tax residents are not subject to Taiwan income tax.

However, such capital gains may become subject to Taiwan Alternative Minimum Tax ("AMT") as overseas income. For further information, please see "*Taiwan Alternative Minimum Tax*" below.

In contrast, for Holders who are corporate Taiwan tax residents, such capital gains should still be included in their current-year corporate income tax ("CIT") returns and subject to 20% CIT rate.

**Dividends**

For Holders who are individual Taiwan tax residents, they may be subject to AMT for dividends received from the Company as overseas income. For further information, please see "*Taiwan Alternative Minimum Tax*" below.

For Holders who are corporate Taiwan tax residents, dividend income should be included in their current-year CIT return and subject to 20% CIT rate.

Furthermore, starting from January 1, 2024, Taiwan has started to enforce the Controlled Foreign Corporation ("CFC") regime on Taiwan tax residents. Specifically, under the CFC regime, if Holders who are Taiwan tax residents (either individuals or corporations) directly or indirectly hold 50% or more of the shares of the Company or have significant influence over the Company, the Company will constitute a CFC of such Holders. In this case, unless the Company carries out substantial operating activities in the Cayman Islands or its current-year earnings are below NTD7 million, the retained earnings of the Company would be deemed to distribute to the Holders. Such deemed dividends would be taxable based on the aforesaid methods.

**Taiwan Alternative Minimum Tax**

The AMT regime imposed under the Taiwan Income Basic Tax Act is a supplemental income tax which applies if the amount of regular income tax calculated pursuant to the Taiwan Income Tax Act and relevant laws and regulations is below the amount of basic tax prescribed under the Taiwan Income Basic Tax Act.

For individual Taiwan tax residents, if their current-year overseas income exceeds NTD 1 million, such income should be included in the AMT taxable income, together with other add-back items, and subject to a 20% AMT rate with an exemption amount of NTD 7.5 million. For corporate Taiwan tax residents, the AMT taxable income are taxed at 12% AMT after deducting an exemption amount of NTD 600,000.

Holders are strongly encouraged to consult their own tax advisors regarding the applicability and the consequences of the Taiwan AMT regime.

***Taiwan Securities Transaction Tax***

 ****

The sale of the Class A Ordinary Shares of a Cayman Islands company by Holders is generally not subject to the Taiwan securities transaction tax.

The Taiwan tax considerations summarized above are for general information only and not intended to provide any definitive tax representations to the Holders. Each Holder should consult his or her own tax advisor as to the particular tax consequences that may apply to such Holder.

**SINGAPORE TAXATION**

The following is a general summary of certain taxes in Singapore based on current tax laws and regulations in Singapore, all of which are subject to change, with or without retroactive effect, and to varying interpretations by the courts or authorities of Singapore. This summary is not intended to, and does not, constitute a complete or definitive analysis of any tax matters, nor constitute legal or tax advice. Holders should consult their own tax advisers as to the application of Singapore tax laws and regulations to their circumstances.

**Corporate Income Tax**

A company is regarded as tax resident in Singapore if the control and management of its business is exercised in Singapore. Control and management involve decisions on strategic matters, such as company policy and strategy. Generally, the location of the company's board meetings where strategic decisions are made is a key factor in determining where control and management are exercised. However, the holding of board meetings in Singapore alone may not always be sufficient, and other factors may be considered.

Corporate taxpayers who are Singapore tax residents are subject to Singapore income tax on income accrued in or derived from Singapore, and on foreign-sourced income received or deemed to be received in Singapore, subject to certain exceptions. Non-resident corporate taxpayers, with certain exceptions, are subject to Singapore income tax on income accrued in or derived from Singapore, and on foreign-sourced income received or deemed to be received in Singapore.

Foreign-sourced income is deemed to be received in Singapore when it is (a) remitted to, transmitted or brought into Singapore; (b) applied in or towards satisfaction of any debt incurred in respect of a trade or business carried on in Singapore; or (c) applied to purchase any movable property brought into Singapore.

The prevailing corporate income tax rate in Singapore is currently 17%, with certain partial tax exemptions available on the first SGD 200,000 of a company's annual normal chargeable income. Qualifying new companies will also, subject to certain conditions and exceptions, be eligible for tax exemption on three-quarters of up to the first SGD100,000 of the company's annual normal chargeable income, and one-half of up to the next SGD100,000, per year for each of the company's first three consecutive years of assessment. Any remaining chargeable income, after applicable exemptions, is taxed at the prevailing corporate income tax rate.

Foreign income in the form of branch profits, dividends and service income received or deemed received in Singapore by a Singapore tax resident corporate taxpayer are exempted from Singapore income tax if, amongst others: (i) the income is subject to tax of a similar character to income tax (by whatever name called) under the law of the territory from which such income is received; (ii) at the time the income is received in Singapore by the person resident in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) levied under the law of the territory from which such income is received on any gains or profits from any trade or business carried on by any company in that territory at that time is at least 15%; and (iii) the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the person resident in Singapore.

**Dividend Distributions**

Singapore resident companies operate under a one-tier corporate taxation system. This means that the income tax paid by a Singapore resident company on its profits is final, and resident companies can issue one-tier tax-exempt dividends. Shareholders who are paid such dividends by a Singapore resident company are not subject to Singapore income tax on the dividends.

Holders should consult their own tax advisers as to the tax laws of their respective countries of residence applicable to dividends and the applicability of any double taxation agreements.

**Withholding Taxes**

Singapore currently does not impose withholding tax on dividends paid to non-resident shareholders.

**Capital Gains**

Singapore does not impose a specific tax on capital gains. Gains derived from the disposal of shares are generally not taxable unless the gains are construed to be of an income nature. Gains derived from any trade, business, vocation or profession carried on by a person, if accrued in or derived from Singapore, may be taxable as revenue in nature. Gains from the disposal of shares may also be taxable if they constitute gains or profits of an income nature under Section 10(1)(g) of the Income Tax Act 1947 of Singapore ("**SITA**").

Under Section 13W of the SITA, gains derived by a company (divesting company) from the disposal of ordinary shares in another company (investee company) are generally exempt from tax if the divesting company has legally and beneficially owned at least 20% of the ordinary shares in the investee company for a continuous period of at least 24 months immediately prior to the disposal. Such exemption does not apply to certain disposals of shares, such as the disposal of shares the gains or profits of which are part of the income of a divesting company (as referred to in Section 26 of the SITA), and the disposal of shares by a partnership, limited partnership or limited liability partnership where one or more partners are companies.

Under Section 10L of the SITA, gains received in Singapore from the sale or disposal of any movable or immovable property outside Singapore by an entity of a relevant group will constitute income chargeable to tax under Section 10(1)(g) of the SITA under certain circumstances. Any registered shares, equity interests or securities will generally be deemed to be located outside Singapore if the register or principal register (if there is more than one register) is located outside Singapore regardless of where the company is incorporated. If our shares are deemed to be foreign assets, gains from the disposal of the shares will be subject to tax if an entity of a relevant group (other than an excluded entity) disposed of our shares on or after January 1, 2024. An entity is a member of a group if its assets, liabilities, income, expenses and cash flows are included in the consolidated financial statements of the parent entity of the group, or are excluded from the consolidated financial statements of the parent entity of the group solely on size or materiality grounds or on the grounds that the entity is held for sale. A group is a relevant group if the entities of the group are not all incorporated, registered or established in a single jurisdiction, or if any entity of the group has a place of business in more than one jurisdiction. An excluded entity includes a pure equity-holding company or any other entity with adequate economic substance in Singapore, in either case, satisfying the conditions enumerated in Section 10L of the SITA.

Holders should consult their own tax advisers on the applicable tax treatment if they receive gains in Singapore from the disposal of our shares.

**Goods and Services Tax (GST)**

The Goods and Services Tax, or GST, in Singapore is a broad-based consumption tax that is levied on the import of goods into Singapore, as well as nearly all supplies of goods and services in Singapore. The prevailing GST rate is 9%, which applies unless a specific exemption or zero-rating applies to the relevant goods and services. Our provision of AI computing cloud services intended to be provided in Singapore will be subject to GST at the prevailing rate once we register for GST or are required to register for GST, as applicable. We will be required to register for GST once our annual taxable turnover exceeds, or is expected to exceed in the next 12 months, the mandatory registration threshold of SGD1,000,000.

**INDONESIA TAXATION**

**Corporate Income Tax**

Our subsidiary in Indonesia is generally subject to a flat corporate income tax rate of 22%. As of the date of this Prospectus, our subsidiary in Indonesia has not yet generated any revenue or taxable income. Any future net tax losses may generally be carried forward for a period of five consecutive years.

**Withholding Tax**

Any future dividends paid by our Indonesian subsidiary to the Company (as a Cayman Islands entity) will generally be subject to a 20% withholding tax under the Indonesian Income Tax Law. This rate may be subject to reduction under applicable double tax treaties, provided the Company meets the "beneficial ownership" and tax residency requirements.

**Value Added Tax (VAT)**

The acquisition of land and related development services in Indonesia are subject to a standard VAT rate. Under prevailing regulations, the effective VAT rate for such transactions is 11%. Our AI computing infrastructure and cloud services intended to be provided in Indonesia will be subject to this standard VAT rate upon the commencement of commercial operations and reaching the mandatory VAT registration threshold.

**Land and Building Acquisition Tax** 

The acquisition of the land and building is subject to a transfer tax of 5% of the applicable tax base. Such tax is required to be paid no later than the date of execution of the Deed of Sale and Purchase.

**CAYMAN ISLANDS TAXATION**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of our Class A Ordinary Shares. 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 transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. Save and except that the Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010, the Cayman Islands are not party to any double tax treaties that are applicable to any payments made to or by the Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of Class A 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 Class A Ordinary Shares, nor will gains derived from the disposal of Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (Revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

**U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following is a discussion of the material U.S. federal income tax considerations relevant to the acquisition, ownership, and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that will hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the "Code"). This discussion is based upon applicable provisions of the Code, U.S. Treasury regulations promulgated thereunder, pertinent judicial decisions, interpretive rulings of the U.S. Internal Revenue Service, or the IRS, and such other authorities as we have considered relevant, all of which are subject to change, possibly with retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual investment circumstances, including investors subject to special tax and/or reporting rules (for example, certain financial institutions; insurance companies; broker-dealers; pension plans; regulated investment companies; real estate investment trusts; tax-exempt organizations (including private foundations); holders who are not U.S. Holders (as defined below); holders who own (directly, indirectly, or constructively) 10% or more of the voting power or value of our stock; investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for U.S. federal income tax purposes; investors that are traders in securities that have elected the mark-to-market method of accounting; or investors that have a functional currency other than the U.S. dollar), or holders that acquire Class A Ordinary Shares through the exercise of options or other convertible instruments or in connection with the provision of services, all of whom may be subject to tax rules that differ significantly from those discussed below.

In addition, this discussion does not address tax considerations relevant to U.S. Holders under any non-U.S., state or local tax laws, the Medicare tax on net investment income, the one-percent excise tax on stock repurchases, estate or gift tax, or the alternative minimum tax. Each U.S. Holder is urged to consult its tax advisors regarding the U.S. federal, state, local, and non-U.S. income and other tax considerations of an investment in Class A Ordinary Shares.

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

If you are a partner in a partnership (including any entity or arrangement treated or elects to be treated as a partnership for U.S. federal income tax purposes) that holds our Class A Ordinary Shares, your tax treatment generally will depend on your status and the activities of the partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes). Partners in a partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes) holding our Class A Ordinary Shares should consult their tax advisors regarding the tax consequences of an investment in the Class A Ordinary Shares.

We are a corporation organized under the laws of the Cayman Islands. As such, we believe that we are properly classified as a non-U.S. corporation for U.S. federal income tax purposes. Under certain provisions of the Code and U.S. Treasury regulations, however, if pursuant to a plan (or a series of related transactions), a non-U.S. corporation (such as our company) acquires substantially all of the properties constituting a trade or business of a U.S. corporation or partnership, and after the acquisition 80% or more of the stock (by vote or value) of the non-U.S. corporation (excluding stock issued in a public offering related to the acquisition) is owned by former stockholder or partners of the U.S. corporation or partnership by reason of their holding stock or a capital or profits interest in the U.S. corporation or partnership, the non-U.S. corporation will be considered a U.S. corporation for U.S. federal income tax purposes. You are urged to consult your tax advisor concerning the income tax consequences of purchasing, holding or disposing of Class A Ordinary Shares if we were to be treated as a U.S. corporation for U.S. federal income tax purposes. The remainder of this discussion assumes that our company is treated as a non-U.S. corporation for U.S. Federal income tax purposes.

**Dividends**

Subject to the PFIC rules discussed below, any cash distributions (including the amount of any other tax withheld) paid on our Class A Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in your gross income as dividend income on the day actually or constructively received by you. Because we do not intend to determine our earnings and profits under U.S. federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes by us. Dividends received by corporations on our Class A Ordinary Shares may be eligible for the dividends received deduction allowed to U.S. corporations under the Code.

Considering that the U.S. has not entered into an income tax treaty with Taiwan, in the event that we are deemed to be a Taiwan tax resident enterprise under Taiwan Tax Law, you may be subject to Taiwan withholding taxes on dividends paid on our Class A Ordinary Shares, as described under "— Taiwan Taxation."

A non-corporate U.S. Holder generally may be subject to tax at preferential tax rates applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) our stock is readily tradable on an established securities market in the United States, (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. U.S. holders are urged to consult their own tax advisors regarding the availability of the preferential rate for any dividends paid with respect to our Class A Ordinary Shares.

For U.S. foreign tax credit purposes, dividends generally will be treated as income from foreign sources and generally will constitute "passive" category income. Depending on your particular circumstances, you may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Shares. If you do not elect to claim a foreign tax credit for foreign tax withheld, you may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld, but only for a year in which you elect to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. You are urged to consult your tax advisor regarding the availability of the foreign tax credit under your particular circumstances.

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

Subject to the PFIC rules discussed below, you generally will recognize capital gain or loss upon the sale or other disposition of our Class A Ordinary Shares in an amount equal to the difference, if any, between the amount realized upon the disposition and your adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long-term capital gain or loss if you have held the Class A Ordinary Shares for more than one year, and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. If such income were treated as U.S.-source income for foreign tax credit purposes, you might not be able to use the foreign tax credit arising from any tax imposed on the sale, exchange, or other taxable disposition of our Class A Ordinary Shares unless such credit could be applied (subject to applicable limitations) against tax due on other income derived from foreign sources. The deductibility of a capital loss may be subject to limitations. You are urged to consult your tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under your particular circumstances.

**PFIC Rules**

A non-U.S. corporation, such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash is categorized as a passive asset and the company's goodwill associated with active business activity is taken into account as an active asset. We will be treated as owning our proportionate share of the assets and income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

Based on the projected composition of our assets and income, we do not anticipate being classified as a PFIC for our taxable year ending December 31, 2025. While we do not anticipate being classified as a PFIC, because the value of our assets for purposes of the PFIC asset test will generally be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or any subsequent taxable year. The determination of whether we will become a PFIC will also depend, in part, on the composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Whether we are a PFIC is a factual determination and we must make a separate determination each taxable year as to whether we are a PFIC (after the close of each taxable year). Accordingly, we cannot assure you that we will not be classified as a PFIC for our taxable year ending December 31, 2024 or any future taxable year. If we are classified as a PFIC for any taxable year during which you hold our Class A Ordinary Shares, we generally will continue to be treated as a PFIC, unless you make certain elections, for all succeeding years during which you hold our Class A Ordinary Shares, even if we cease to qualify as a PFIC under the rules set forth above.

If we are a PFIC for any taxable year during which you hold our Class A 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 our Class A 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 Class A 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 Class A Ordinary Shares;

● amounts allocated to the current taxable year and any taxable years in your holding period prior to the first taxable year in which we are classified as a PFIC (a "pre-PFIC year") will be taxable as ordinary income; and

● amounts allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to you for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to such years.

If we are classified as a PFIC for any taxable year during which you hold our Class A Ordinary Shares and any of our non-U.S. subsidiaries is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of each such non-U.S. subsidiary classified as a PFIC for purposes of the application of these rules.

Alternatively, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock of a PFIC to elect out of the tax treatment discussed in the two preceding paragraphs. If you make a valid mark-to-market election for the Class A Ordinary Shares, you will include in income each year an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of your taxable year over your adjusted basis in such Class A Ordinary Shares. You will be allowed a deduction for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. However, deductions will be allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gains on the actual sale or other disposition of the Class A Ordinary Shares, will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the Class A Ordinary Shares, as well as to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market election, tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us (except that the preferential rates for qualified dividend income 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. We expect that the Class A Ordinary Shares will be listed on the Nasdaq Capital Market, which is a qualified exchange for these purposes. If the Class A Ordinary Shares are regularly traded, and the Class A Ordinary Shares qualify as "marketable stock" for purposes of the mark-to-market rules, then the mark-to-market election might be available to you if we were to become a PFIC.

Because, as a technical matter, a mark-to-market election cannot be made for any lower-tier PFICs that we may own, you may continue to be subject to the PFIC rules with respect to your indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

We do not currently intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If you own our Class A Ordinary Shares during any taxable year that we are a PFIC, you must file an annual report with the IRS, subject to certain exceptions based on the value of the Class A Ordinary Shares held. You are urged to consult your tax advisor concerning the U.S. federal income tax consequences of purchasing, holding, and disposing of our Class A Ordinary Shares if we are or become a PFIC, including the possibility of making a mark-to-market election.

**Information Reporting and Backup Withholding**

You may be required to submit to the IRS certain information with respect to your beneficial ownership of our Class A Ordinary Shares if such Class A Ordinary Shares are not held on your behalf by certain financial institutions. Penalties also may be imposed if you are required to submit such information to the IRS and fail to do so.

Dividend payments with respect to Class A Ordinary Shares and proceeds from the sale, exchange or redemption of Class A Ordinary Shares may be subject to information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9 or by otherwise establishing an exemption.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. Federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. You are urged to consult your tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

The U.S. federal income tax discussion set forth above is included for general information only and may not be applicable depending upon a holder's particular situation. Holders are urged to consult their tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of our Class A Ordinary Shares and warrants, including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties and the possible effects of changes in U.S. or other tax laws.

**PLAN OF DISTRIBUTION**

This is a self-directed offering on a best-efforts basis. This prospectus is part of a registration statement that permits our officers and directors to sell the shares directly to the public, with no commission or other remuneration payable to any of them for any shares that are sold by them. We have not entered into any underwriting agreement, arrangement or understanding for the sale of the shares being offered. In the event we retain a broker who may be deemed an underwriter, we will file a prospectus with the SEC. This offering is intended to be made solely by the delivery of this prospectus and the accompanying subscription agreement to prospective investors. Our officers and directors will sell the shares and intend to offer them to friends, family members, business acquaintances, and interested parties. In offering the securities on our behalf, our directors and officers will rely on the safe harbor from broker dealer registration set out in Rule 3a4-1 under the Securities Exchange Act of 1934.

Rule 3a4-1 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. Those conditions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Our officers and directors are not subject to a statutory disqualification, as that term is defined in Section 3(a)(39) of the Act, at the time of their participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Our officers and directors will not be compensated in connection with their participation by the payment of commissions or other remuneration based either directly or indirectly on transactions in securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Our officers and directors are not, nor will they be at the time of their participation in the offering, an associated person of a broker-dealer; and

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

Our officers, directors, control persons and affiliates of the same do not intend to purchase any shares in this offering.

**Procedures for Subscribing**

If you decide to purchase any shares in this offering, you will be required to execute a purchase Agreement, substantially in the form attached hereto as Exhibit 1.1, and tender all funds in the form of checks, drafts, money orders or wire transfers to the non-interest-bearing bank account of the Company ("Company Account"). Upon the Company's receipt of such monies, they shall be credited to the Company Account. All checks delivered to the Company shall be made payable to the Company. The Company shall not be required to accept for credit to the Company Account or for deposit into the Company Account checks which are not accompanied by the appropriate subscription information. Wire transfers representing payments by prospective purchasers shall not be deemed deposited in the Company Account until the Company has received in writing the subscription information required with respect to such payments.

No interest will be available for payment to either us or the investors (since the funds are being held in a non-interest bearing account). We intend to complete one closing of this offering, but may undertake one or more closings on a rolling basis. Therefore, investor funds held in the Company Account may be accessed or utilized by us upon a closing, which may be conducted at our sole discretion at any time and without regard to meeting any minimum offering contingency. Any such funds that the Company receives shall be held in the Company Account until the applicable closing of the offering, and then used to complete securities purchases, or returned if this offering fails to close. Release of the funds to us is based upon the Company reviewing the records of the depository institution holding the funds to verify that the funds received have cleared the banking system prior to releasing the funds to us. All purchase information and purchase funds through checks or wire transfers should be delivered to the Company. Failure to do so will result in subscription funds being returned to the investor. In the event that the offering is terminated, all subscription funds from the Company Account will be returned to investors by noon of the next business day after the termination of the offering.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our Class A Ordinary Shares is VStock Transfer, LLC. The address for VStock Transfer, LLC is 18 Lafayette Place, Woodmere, NY11598, and its telephone number is (212) 828-8436.

**Listing**

Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the trading symbol "AGCC".

**Selling restrictions**

No action may be taken in any jurisdiction other than the United States that would permit a public offering of the Securities or the possession, circulation, or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, our securities may not be offered or sold, directly or indirectly, and neither the prospectus nor any other offering material or advertisements in connection with our securities may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules, and regulations of any such country or jurisdiction.

**EXPENSES RELATING TO THE OFFERING**

Set forth below is an itemization of the total expenses which are expected to be incurred by us in connection with the offer and sale of the Class A Ordinary Shares by us. With the exception of the SEC registration fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
| SEC registration fee | US$ | 33144 |
| Legal fees and expenses | US$ | 78500 |
| Accounting fees and expenses | US$ | 5000 |
| Financial advisory fees and expenses | US$ | 30000 |
| Miscellaneous and other expenses | US$ | 86856 |
| Total | US$ | 233500 |

---

These expenses will be borne by us.

**LEGAL MATTERS**

We are being represented by Concord & Sage PC with respect to certain legal matters as to United States federal securities and New York State law. The validity of the Class A Ordinary Shares offered in this offering will be passed upon for us by Harney Westwood & Riegels. Concord & Sage PC may rely upon Harney Westwood & Riegels with respect to matters governed by Cayman Islands law, Ownlyn with respect to matters governed by Taiwan law, AEI Legal LLC with respect to matters governed by Singapore law, and Yang & Co. with respect to matters governed by Indonesia law.

**EXPERTS**

The consolidated financial statements of Agencia Comercial Spirits Ltd, as of December 31, 2024 and 2025, and for the years ended December 31, 2024 and 2025 incorporated by reference in this prospectus from our 2025 Annual Report, have been audited by Enrome LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed a registration statement on Form F-1, including relevant exhibits, with the SEC under the Securities Act with respect to the Class A Ordinary Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read our registration statement and the exhibits and schedules thereto, as well as our 2025 Annual Report on Form 20-F and other filings with the SEC for further information with respect to us and our Class A Ordinary Shares.

We are subject to the periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC, including the registration statement, can be obtained over the Internet at the SEC's website at www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. As a foreign private issuer, we are required to file our annual report on Form 20-F within 120 days of the end of each fiscal year. However, we intend to furnish our annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders' meetings and other reports and communications that are made generally available to our shareholders.

**MATERIAL CHANGES**

Except as described below or otherwise disclosed in this prospectus or our reports of foreign issuer on Form 6-K filed or submitted under the Exchange Act and incorporated by reference herein, no reportable material changes have occurred since December 31, 2025.

**Strategic Expansion into AI Computing Infrastructure and Preliminary Equipment Sourcing**

Subsequent to December 31, 2025, the Company initiated its strategic AI Computing Infrastructure Initiative alongside its existing whisky business, entering into several preliminary and definitive commercial arrangements in preparation for the launch and development of this new AI business segment. These arrangements may require substantial additional cash outflows as the initiative progresses:

● **NVIDIA Blackwell Lease Framework (January 2026):** In January 2026, the Company entered into a non-binding framework letter of intent with a supplier for the potential lease of servers configured with NVIDIA B300 / Blackwell Ultra GPU systems. The estimated potential transaction amount is approximately US$120.0 million, subject to the negotiation and execution of a definitive lease agreement. The Company paid a deposit of US$3,500,000, which is refundable under specified conditions and is expected to be applied against future rental payments upon execution of a definitive agreement. As of the date of this prospectus, no definitive lease agreement has been entered into and no additional amounts have been paid.

● **IT Load Capacity Deposits (March 2026):** To secure IT load capacity for the AI initiative, the Company paid a refundable deposit of US$1,650,000 in March 2026 to a data center supplier. The preliminary arrangement remains subject to further mutual confirmation and the finalization of definitive terms. As of the date of this prospectus, no additional amounts have been paid in connection with the arrangement.

**Execution of Land Parcel Acquisition and Infrastructure Power Commitments**

To establish the physical footprint and utility pipeline required for its high-performance hardware, the Company executed a sequence of land and utility agreements across its targeted regions:

● **Exclusive Land Purchase Option Agreement in the United States (March 2026):** In March 2026, our wholly-owned subsidiary, AGCC America Co., Ltd, paid a non-refundable deposit of US$3,000,000 and a fee of US$500,000 in connection with an exclusive marketing, leasing, and purchase option arrangement for premises in the United States. The arrangement remains subject to further mutual confirmation, and the deposit may be applied against the final purchase price if the option is exercised.

● **Indonesian State-Owned Power Agreements (April 2026):** In April 2026, our 99.99%-owned subsidiary, PT. AGCC AITECH Indonesia, entered into two independent power purchase agreements with an Indonesian state-owned power enterprise to secure the power supply for its planned AI facilities. Subsequently, on June 11, 2026 , AGCC Indonesia entered into additional power purchase agreements with the same power enterprise. Together with the previous arrangements, these latest agreements establish a dual-feed power supply configuration for the planned data center, with each feed rated at 55,400 kVA, to support a staged development targeting an approximately 40MW IT load requirement. In connection with these combined arrangements, AGCC Indonesia has agreed to pay an aggregate connection fee of approximately IDR69.9 billion (approximately US$4,000,000), alongside required customer guarantee deposits, ongoing variable electricity charges, and other customary charges. These agreements are non-fixed-price contracts under which electricity tariffs will fluctuate in accordance with actual usage, minimum payment requirements, and Indonesian government energy policies. As of the date of this prospectus, AGCC Indonesia paid initial connection fees of IDR35.0 billion (approximately US$2,000,000) and refundable deposits of IDR11.1 billion (approximately US$620,527).

● **Definitive Land Parcel Acquisition in Indonesia (May 2026):** To complement our high-performance hardware investments, in May 2026, PT. AGCC AITECH Indonesia entered into a binding land sale and purchase agreement to acquire a 50,000-square-meter land parcel in Indonesia, under which we are obligated to pay an aggregate purchase price of approximately US$13.4 million; as of the date of this prospectus we have paid IDR75.1 billion or US$4,207,048 of the purchase price and a development deposit of IDR4.8 billion, or approximately US$268,821, which is refundable upon completion of construction, and title has not yet transferred. No additional amounts have been paid, and the remaining unpaid purchase price amounts to approximately IDR164.9 billion (approximately US$9,192,952). We intend to utilize the land for data center infrastructure.

**Entry into Material AI Computing Technology Services Agreement**

On May 12, 2026, the Company announced that its wholly-owned subsidiary, AGCC Singapore Pte. Ltd., entered into a 60-month computing technology services agreement with a customer in the digital financial services sector. Under the terms of the agreement, AGCC Singapore Pte. Ltd. will provide AI computing cloud services, including GPU-based computing resources, network connectivity and related technical support services. Based on the contractual pricing schedule and assuming full deployment and customer acceptance of the contemplated service capacity over the five-year term, the agreement represents up to approximately US$374.4 million in estimated gross service fees, exclusive of applicable taxes. This agreement marks a significant operational development, supporting the Company's strategic expansion into AI computing infrastructure while it continues to operate its existing whisky business.

**<u>Execution of PIPE Financing and Loan Arrangements</u>**

Subsequent to December 31, 2025, the Company executed a series of interconnected financing transactions to fund its working capital requirements and its strategic expansion into high-performance computing infrastructure. Specifically, the Company entered into a PIPE financing arrangement with institutional investors, pursuant to which the Company issued 2,910,000 Class A ordinary shares at US$5.00 per share for aggregate gross proceeds of US$14,550,000, before deducting any applicable fees and expenses. To support immediate cross-border operational liquidity ahead of the formal PIPE closing, the Company utilized short-term bridge financing, drawing down an aggregate of US$10,000,000 across two separate, unsecured loan facilities in April 2026, both carrying an initial maturity date of one calendar month from their respective drawdown dates. These facilities were subsequently amended by mutual written agreement. The US$3,500,000 facility, which was initially interest-free, was amended on June 10, 2026, to extend its maturity date to October 31, 2026, with interest accruing at a rate of 6% per annum effective August 1, 2026. For the US$6,500,000 facility, which initially carried a 3% interest rate, the Company repaid US$2,500,000 on May 12, 2026, and the remaining balance was subsequently amended on June 10, 2026, to extend the maturity to September 21, 2026, with interest accruing at an increased rate of 6% per annum effective June 22, 2026. Concurrently, as part of its repayment arrangements, the Company executed a definitive Deed of Assignment and Set-Off in April 2026 with a third-party borrower and three lenders who are former shareholders. Pursuant to the deed, the Company assigned a loan receivable of US$12,000,000 to the three lenders in settlement of an equivalent amount of its outstanding borrowings.

**Changes in Capital Structure and Class B Share Allotment**

Following the approvals obtained at an Extraordinary General Meeting of shareholders and separate respective Class Meetings for holders of Class A and Class B ordinary shares held on May 20, 2026, the Company executed a material restructuring of its authorized share capital and corporate governance framework. Specifically, the Company:

● Increased its Authorized Share Capital from US$50,000 to US$200,000, divided into 2,500,000,000 Class A Ordinary Shares and 2,500,000,000 Class B Ordinary Shares, each with a par value of US$0.00004.

● Modified Class B Voting Rights by increasing the voting power of the Class B Ordinary Shares from 10 votes to 100 votes per share, significantly intensifying the dual-class voting disparity between Class A and Class B shares.

● Adopted the Third Amended and Restated Memorandum and Articles of Association to formally reflect these revised capital and voting structures.

● Allotted and Issued 5,000,000 Class B Ordinary Shares to Ping Shiang Business Ltd (a British Virgin Islands limited liability company held by our controlling shareholders) for an aggregate consideration of US$200. These shares were officially issued into the Company's statutory records on May 20, 2026. Following this allotment and the implementation of the 100-votes-per-share modification, Ping Shiang Business Ltd's total voting power in the Company increased from 95.06% to 99.58%, further concentrating absolute voting control with our Controlling Shareholders.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to incorporate by reference much of the information that we file with the SEC, which means that we can disclose important information to you by referring you to those publicly available documents. The information that we incorporate by reference in this prospectus is considered to be part of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is continually updated, and those future filings may modify or supersede some of the information included or incorporated by reference in this prospectus. This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated by reference have been modified or superseded. This prospectus incorporates by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, except for information "furnished" to the SEC that is not deemed filed and not incorporated by reference into this prospectus (unless otherwise indicated below), until the termination of the offering of securities described in the applicable prospectus supplement or post-effective amendment:

● our 2025 Annual Report on [Form 20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/2060016/000121390026050040/ea0286788-20f_agencia.htm) for the fiscal year ended December 31, 2025 filed with the SEC on April 30, 2026;

● our Reports of Foreign Private Issuer on Form 6-K furnished to the SEC on [May 21, 2026](https://www.sec.gov/Archives/edgar/data/2060016/000121390026059838/ea0291817-6k_agencia.htm) , [May 12, 2026](https://www.sec.gov/Archives/edgar/data/2060016/000121390026054754/ea0290304-6k_agencia.htm) , [April 22, 2026](https://www.sec.gov/Archives/edgar/data/2060016/000121390026046406/ea0286246-6k_agencia.htm) , [March 30, 2026](http://www.sec.gov/Archives/edgar/data/2060016/000121390026035933/ea0283774-6k_agencia.htm) , [March 16, 2026](http://www.sec.gov/Archives/edgar/data/2060016/000121390026028032/ea0281800-6k_agencia.htm) , [March 6, 2026](http://www.sec.gov/Archives/edgar/data/2060016/000121390026024325/ea0280181-6k_agencia.htm) , [February 13, 2026](https://www.sec.gov/Archives/edgar/data/2060016/000121390026015831/ea0277008-6k_agencia.htm) , [December 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/2060016/000121390025124123/ea0268805-6k_agencia.htm) , [December 11, 2025](https://www.sec.gov/Archives/edgar/data/2060016/000121390025120393/ea0269288-6k_agencia.htm) , [October 31, 2025](https://www.sec.gov/Archives/edgar/data/2060016/000121390025104673/ea0263446-6k_agencia.htm) and [October 24, 2025](https://www.sec.gov/Archives/edgar/data/2060016/000121390025101872/ea0262272-6k_agencia.htm) ;

● the description of the Company's Class A Ordinary Shares contained in our Registration Statement on [Form 8-A12B](https://www.sec.gov/Archives/edgar/data/2060016/000121390025095976/ea0260036-8a12b_agencia.htm) , filed with the SEC on October 3, 2025, the description of securities contained in the [exhibit 2.1](https://www.sec.gov/Archives/edgar/data/2060016/000121390026050040/ea028678801ex2-1.htm) to the 2025 [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/2060016/000121390026050040/ea0286788-20f_agencia.htm) filed with the SEC on April 30, 2026; and

● any future filings made with the SEC under Section 13(a), 13(c) or 15(d) of the Exchange Act.

In addition, any reports on Form 6-K we submit to the SEC after the date of the initial registration statement and prior to effectiveness of the registration statement that we specifically identify in such forms as being incorporated by reference into the registration statement of which this prospectus forms a part and all subsequent Annual Reports on Form 20-F filed after the effective date of this registration statement and prior to the termination of this offering and any reports on Form 6-K subsequently submitted to the SEC, or portions thereof that we specifically identify in such forms as being incorporated by reference into the registration statement of which this prospectus forms a part, shall be considered to be incorporated into this prospectus by reference and shall be considered a part of this prospectus from the date of filing or submission of such documents.

The information relating to us contained in this prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated or deemed to be incorporated by reference in this prospectus.

As you read the above documents, you may find inconsistencies in information from one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on the statements made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes thereto, contained in the documents incorporated by reference herein.

We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of these filings, at no cost, upon written or oral request to us at the following address:

**AGENCIA COMERCIAL SPIRITS LTD**

No. 23-1, Shenzun Rd., Shengang Dist.

Taichung City 429014, Taiwan (R.O.C.)

Tel: +886-4-25614413

Attention: Mr. Tsai Yi Yang

Email: <u>Victsai@agcctw.com</u>

You also may access the incorporated reports and other documents referenced above on our website at agcctw.com. The information contained on, or that can be accessed through, our website is not part of this prospectus.

You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this prospectus, or such earlier date, that is indicated in this prospectus. Our business, financial condition, results of operations, and prospects may have changed since that date.

**Agencia Comercial Spirits Ltd**

**Up to 20,000,000 Class A Ordinary Shares**

**PRELIMINARY PROSPECTUS**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS**

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

In addition, we entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Third Amended and Restated Memorandum and Articles of Association.

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

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES** 

During the past three years, we have issued the following securities. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities and no underwriting commissions were paid in connection therewith.

On March 27, 2026, the Company issued and sold 2,910,000 Class A ordinary shares to eight investors at a purchase price of US$5.00 per share, for aggregate gross proceeds of US$14,550,000. No underwriters or placement agents were involved in this transaction. These shares were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation S promulgated thereunder.

The following table sets forth the sales of unregistered securities by the Company during the past three years, excluding the PIPE Financing described above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Purchaser** | **Date of<br> Issuance** | **Number and Class<br> of Securities** | **Consideration** | **Underwriting<br> Discount and<br> Commission** |
| McGrath Tonner Corporate Services Limited<sup>(1)</sup> | March 7, 2025 | 1 ordinary share | US$1.00 per share |  |
| Ping Shiang Business Ltd | March 7, 2025 | 999 ordinary shares | US$1.00 per share |  |
| Ping Shiang Business Ltd | May 21, 2025 | 500 Class A<br> Ordinary Shares | US$1.00 per share |  |
| Ooi Choon Hoi | May 21, 2025 | 28 Class A<br> Ordinary Shares | US$9,360.00 per share |  |
| Choong Kah Jun | May 21, 2025 | 29 Class A<br> Ordinary Shares | US$9,360.00 per share |  |
| Lee Yiee Jiunn | May 21, 2025 | 29 Class A<br> Ordinary Shares | US$9,360.00 per share |  |
| Leong Kah Yee | May 21, 2025 | 30 Class A<br> Ordinary Shares | US$9,360.00 per share |  |
| Ping Shiang Business Ltd | May 21, 2025 | 500 Class B<br> Ordinary Shares | US$1.00 per share |  |
| Ping Shiang Business Ltd | June 24, 2025 | 2,000,000 Class A Ordinary Shares | US$0.00004 per share |  |
| Ping Shiang Business Ltd | June 24, 2025 | 12,500,000 Class A Ordinary Shares | Nil<br> (1-for 25,000 stock split) |  |
| Ooi Choon Hoi | June 24, 2025 | 112,000 Class A<br> Ordinary Shares | US$0.00004 per share |  |
| Ooi Choon Hoi | June 24, 2025 | 700,000 Class A<br> Ordinary Shares | Nil<br> (1-for 25,000 stock split) |  |
| Choong Kah Jun | June 24, 2025 | 116,000 Class A<br> Ordinary Shares | US$0.00004 per share |  |
| Choong Kah Jun | June 24, 2025 | 725,000 Class A<br> Ordinary Shares | Nil<br> (1-for 25,000 stock split) |  |
| Lee Yiee Jiunn | June 24, 2025 | 116,000 Class A<br> Ordinary Shares | US$0.00004 per share |  |
| Lee Yiee Jiunn | June 24, 2025 | 725,000 Class A<br> Ordinary Shares | Nil<br> (1-for 25,000 stock split) |  |
| Leong Kah Yee | June 24, 2025 | 120,000 Class A<br> Ordinary Shares | US$0.00004 per share |  |
| Leong Kah Yee | June 24, 2025 | 750,000 Class A<br> Ordinary Shares | Nil<br> (1-for 25,000 stock split) |  |
| Ping Shiang Business Ltd | June 24, 2025 | 2,000,000 Class B Ordinary Shares | US$0.00004 per share |  |
| Ping Shiang Business Ltd | June 24, 2025 | 12,500,000 Class B Ordinary Shares | Nil<br> (1-for 25,000 stock split) |  |
| Ping Shiang Business Ltd<sup>(2)</sup> | May 20, 2026 | 5,000,000 Class B Ordinary Shares | US$0.00004 per share |  |

---

(1) Upon the incorporation of Agencia Comercial
 Spirits Ltd on March 7, 2025, Agencia Comercial Spirits Ltd issued 1,000 ordinary shares
 to two then shareholders in connection with the incorporation of the Company, among which
 1 ordinary share was issued to our registered office provider as the initial subscriber, who
 then transferred the subscriber share to Ping Shiang Business Ltd on the same day.

(2) On May 20, 2026, the Company authorized, allotted, and issued an aggregate of 5,000,000 Class B
 ordinary shares to Ping Shiang Business Ltd, an entity incorporated under the laws of the British Virgin Islands and held by our
 Controlling Shareholders, for an aggregate consideration of US$200. Ping Shiang Business Ltd is owned as to 82% by Mr. Tsai Yi Yang,
 our Chief Executive Officer, and 18% by Ms. Lee Li Mei, the mother of Mr. Tsai Yi Yang. No underwriters or placement agents were
 involved in this transaction. The issuance and sale of these Class B ordinary shares were exempt from registration under Section
 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation S promulgated thereunder.

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

(a) Exhibits

See "Exhibit Index" beginning on page II-4 of this registration statement.

(b) Financial Statement Schedules

All supplement schedules are omitted because of the absence of conditions under which they are required or because the data is shown in the financial statements or notes thereto.

**ITEM 9. UNDERTAKINGS**

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

The undersigned registrant hereby undertakes that:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1\* | [Form of Purchase Agreement](ea029288801ex1-1.htm) |
| 3.1\* | [Third Amended and Restated Memorandum and Articles of Association](ea029288801ex3-1.htm) |
| 5.1\* | [Opinion of Harney Westwood & Riegels regarding the validity of securities being registered](ea029288801ex5-1.htm) |
| 5.2\* | [Opinion of Ownlyn regarding Taiwan legal matters](ea029288801ex5-2.htm) |
| 5.3\* | [Opinion of Yang & Co regarding Indonesia legal matters](ea029288801ex5-3.htm) |
| 5.4\* | [Opinion of AEI Legal LLC regarding Singapore legal matters](ea029288801ex5-4.htm) |
| 8.1\* | [Opinion of Harney Westwood & Riegels regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea029288801ex5-1.htm) |
| 10.1\* | [Form of Sale and Purchase Agreement regarding the acquisition of a land parcel in Indonesia](ea029288801ex10-1.htm) |
| 10.2\* | [Form of Translation of Computing Cloud Services Agreement](ea029288801ex10-2.htm) |
| 10.3\* | [Form of Sale and Purchase Agreement regarding the purchase of power for data center](ea029288801ex10-3.htm) |
| 23.1\* | [Consent of Enrome LLP](ea029288801ex23-1.htm) |
| 23.2\* | [Consent of Harney Westwood & Riegels (included in Exhibits 5.1 and 8.1)](ea029288801ex5-1.htm) |
| 23.3\* | [Consent of Ownlyn (included in Exhibit 5.2)](ea029288801ex5-2.htm) |
| 23.4\* | [Consent of Yang & Co (included in Exhibit 5.3)](ea029288801ex5-3.htm) |
| 23.5\* | [Consent of AEI Legal LLC](ea029288801ex23-5.htm) |
| 24.1 | [Form of Power of Attorney (included on signature pages)](#poa_001) |
| 107\* | [Registration Fee Table](ea029288801ex-fee.htm) |

---

\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Taiwan, on June 17, 2026.

---

| | |
|:---|:---|
| AGENCIA COMERCIAL SPIRITS LTD | AGENCIA COMERCIAL SPIRITS LTD |
| By: | */s/ Tsai Yi Yang* |
| Name: | Tsai Yi Yang |
| Title: | Director and Chief Executive Officer<br> (principal executive officer) |

---

We, the undersigned directors of Agencia Comercial Spirits Ltd and executive officers of Agencia Comercial Spirits Ltd and its subsidiaries hereby severally constitute and appoint Tsai Yi Yang, singly (with full power to act alone), our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in him for him and in his name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement (or any other Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

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

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ Li Qiang* |
|  | Li Qiang |
|  | Chairman and Executive Director |

---

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ Tsai Yi Yang* |
|  | Tsai Yi Yang |
|  | Director and Chief Executive Officer |

---

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ Liu Shihao* |
|  | Liu Shihao |
|  | Director and Chief Financial Officer |

---

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ John Robert Fiore* |
|  | John Robert Fiore |
|  | Independent Director |

---

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ Lee Su-Jung* |
|  | Lee Su-Jung |
|  | Independent Director |

---

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ Tian Yiding* |
|  | Tian Yiding |
|  | Independent Director |

---

---

| | |
|:---|:---|
| Date: June 17, 2026 | */s/ Li Cheuk Hang* |
|  | Li Cheuk Hang |
|  | Independent Director |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in City of New York, United States of America on June 17, 2026.

---

| | |
|:---|:---|
| Cogency Global Inc | Cogency Global Inc |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**<u>SECURITIES PURCHASE AGREEMENT</u>**

**THIS SECURITIES PURCHASE AGREEMENT** (this "<u>Agreement</u>"), dated as of [●], 2026, is between AGENCIA COMERCIAL SPIRITS LTD, a company incorporated under the laws of the Cayman Islands, with headquarters located at No. 23-1, Shenzun Rd., Shengang Dist., Taichung City 429014, Taiwan (R.O.C) (the "<u>Compan</u>y"), and the investor as set forth on the signature page (each a "<u>Buyer</u>").

**<u>WITNESSETH</u>**

**WHEREAS**, the Company and each Buyer desire to enter into this transaction for the Company to sell and the Buyer to purchase the Class A Ordinary Shares (as defined below) of the Company pursuant to a registration statement on Form F-1 (File Number: 333-[●]) (together with all the amendments and supplements, the "Registration Statement") filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") on [●], 2026 and declared effective on [●], 2026;

**WHEREAS**, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Buyer(s), as provided herein, and the Buyer(s) shall purchase up to an aggregate of 20,000,000 of the Company's Class A Ordinary Shares, US$0.00004 par value per share (the "Class A <u>Ordinar</u>y <u>Shares</u>" or the "<u>Securities</u>"), at $[●] per Class A Ordinary Share (the "<u>Purchase Price</u>") in the respective amounts set forth on each Buyer's signature page hereof (the "<u>Subscription Amount</u>").

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

1. PURCHASE AND SALE OF SECURITIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of the Securities</u>. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 5 and 6 below, the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company at the Closing (as defined below) Securities in amounts corresponding with the Subscription Amount set forth on each Buyer's the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Closing Dates</u>. The date and time of the closing of the purchase of Class A Ordinary Shares by the Buyer(s) (the "Closing") shall be 10:00 a.m., New York time, within two (2) Business Days on which the conditions to the Closing set forth in Sections 5 and 6 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the "<u>Closing Date</u>"). As used herein "<u>Business Da</u>y" means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of Payment; Deliveries</u>. Subject to the satisfaction of the terms and conditions of this Agreement, on the Closing Date, (i) the Buyer shall deliver to the Company such aggregate proceeds for the Class A Ordinary Shares to be issued and sold to such Buyer at such Closing, minus the fees to be paid directly from the proceeds of such Closing as set forth in a closing statement, and (ii) the Company shall issue and deliver to each Buyer, the number of Class A Ordinary Shares which such Buyer is purchasing at such Closing in amounts on such Buyer's signature page hereof, duly executed on behalf of the Company.

2. BUYER'S REPRESENTATIONS AND WARRANTIES.

Each Buyer, severally and not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Authori</u>ty. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization, Enforcement</u>. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certain Trading Activities</u>. The Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with the Buyer, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving the Company's securities) during the period commencing as of the time that the Buyer first contacted the Company regarding the specific investment in the Company contemplated by this Agreement and ending immediately prior to the execution of this Agreement by such Buyer. The Buyer hereby agrees that it shall not directly or indirectly, engage in any Short Sales involving the Company's securities. "Short Sales" means all "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the "1934 Act") (as defined below). The Buyer is aware that Short Sales and other hedging activities may be subject to applicable federal and state securities laws, rules and regulations and the Buyer acknowledges that the responsibility of compliance with any such federal or state securities laws, rules and regulations is solely the responsibility of the Buyer.

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

The Company hereby makes the representations and warranties set forth below to The Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Company and each of its Subsidiaries is an entity duly formed, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated or formed, and has the requisite power and authority to own its properties and to carry on its business as now being conducted and as presently proposed to be conducted. The Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect (as defined below). As used in this Agreement, "<u>Material Adverse Effect</u>" means any material adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the Company and its Subsidiaries, taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered into by the Company in connection herewith or therewith or (iii) the authority or ability of the Company to perform any of its obligations under any of the Transaction Documents. "<u>Subsidiaries</u>" means any Person in which the Company, directly or indirectly, owns a majority of the outstanding capital stock having voting power or holds a majority of the equity or similar interest of such Person, and each of the foregoing, is individually referred to herein as a "<u>Subsidiary</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Enforcement; Validity</u>. The Company has the requisite power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Class A Ordinary Shares), have been duly authorized by the Company's board of directors and no further filing, consent or authorization is required by the Company, its board of directors or its shareholders or other governmental body. This Agreement has been, and the other Transaction Documents to which the Company is a party will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. "<u>Transaction Documents</u>" means, collectively, this Agreement, the Class A Ordinary Shares, and each of the other agreements and instruments entered into by the Company or delivered by the Company in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuance of Securities</u>. The issuance of the Securities are duly authorized and, upon issuance and payment in accordance with the terms of the Transaction Documents the Securities shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively "<u>Liens</u>") with respect to the issuance thereof. Upon issuance, the Securities, when issued, will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights or Liens with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflicts</u>. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Securities) will not (i) result in a violation of the memorandum of association, articles of association or other organizational documents of the Company or any of its Subsidiaries, or any shares, capital stock or other securities of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation, U.S. federal and state securities laws and regulations, the securities laws of the jurisdictions of the Company's incorporation or in which it or its subsidiaries operate and the rules and regulations of the Nasdaq (the "<u>Principal Market</u>") and including all applicable laws, rules and regulations of the Cayman Islands) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of (ii) and (iii) for any conflict, default, right or violation that would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Consents</u>. The Company is not required to obtain any material consent from, authorization or order of, or make any filing or registration with (other than any filings as may be required by any federal or state securities agencies and any filings as may be required by the Principal Market), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected on or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Class A Ordinary Shares in the foreseeable future. The Company has notified the Principal Market of the issuance of all of the Securities hereunder, which does not require obtaining the approval of the shareholders of the Company or any other Person or Governmental Entity, and the Principal Market has completed its review of the related Listing of Additional Share form. "<u>Governmental Entity</u>" means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a government or a public international organization or any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) <u>Equity Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Authorized and Outstanding Class A Ordinary Shares</u>. The Company is authorized to issue 2,500,000,000 Class A Ordinary Shares, US$0.00004 par value per share. As of June 12, 2026, there are 22,786,500 Class A Ordinary Shares issued and outstanding.

&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) <u>Valid Issuance; Available Shares</u>. All of such outstanding shares are duly authorized and have been validly issued and are fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Registration Statement and Prospectus</u>. The Class A Ordinary Shares are duly authorized and, when issued and paid for in accordance with the Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on [●], 2026 (the "Effective Date"), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus, Prospectus Supplement and any amendments or supplements thereto, at the time the Prospectus, Prospectus Supplement or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Incorporated Documents</u>. The documents incorporated by reference in the Registration Statement and the Prospectus, when they were filed with the Commission conformed in all material respects to the requirements of the Exchange Act, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Registration Statement and the Prospectus, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Compliance; No Stop Order</u>. No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus shall have been timely filed with the Commission under the Securities Act and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives.

4. COVENANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting Status</u>. The Company shall use its best efforts to file on a timely basis all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Use of Proceeds</u>. The Company shall use the proceeds from this offering for the purposes set forth in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Listing</u>. To the extent applicable, the Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the Class A Ordinary Shares (as defined below) upon each national securities exchange and automated quotation system, if any, upon which the Class A Ordinary Shares are then listed or designated for quotation (as the case may be, each an "<u>Eligible Market</u>"), subject to official notice of issuance, and shall use reasonable efforts to maintain such listing or designation for quotation (as the case may be) of all Securities from time to time issuable under the terms of the Transaction Documents on such Eligible Market for the Reporting Period. Neither the Company nor any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting or suspension of the Class A Ordinary Shares on an Eligible Market during the Reporting Period. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 4(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Conduct of Business</u>. The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect.

5. CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

The obligation of the Company hereunder to issue and sell the Class A Ordinary Shares to each Buyer at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price for the Class A Ordinary Shares being purchased by such Buyer at the Closing by wire transfer of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to such Closing Date.

6. CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

The obligation of each Buyer hereunder to purchase its Class A Ordinary Shares at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for each Buyer's sole benefit and may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party and the Company shall have duly executed and delivered to such Buyer such aggregate principal amount of Securities as set forth thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Class A Ordinary Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

7. TERMINATION.

In the event that the Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such Buyer shall have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate this Agreement under this Section 7 shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement to have been consummated by such date is the result of such Buyer's breach of this Agreement and (ii) the abandonment of the sale and purchase of the Securities shall be applicable only to such Buyer providing such written notice, provided further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the expenses described herein. Nothing contained in this Section 7 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

8. MISCELLANEOUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law; Jurisdiction; Jury Trial</u>. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company's obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer. **EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Headings; Gender</u>. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include" and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision in which they are found.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement, Amendments</u>. This Agreement supersedes all other prior oral or written agreements between the Buyer, the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the party to be charged with enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notices</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next-day international delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

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| | |
|:---|:---|
| If to the Company, to: | AGENCIA COMERCIAL SPIRITS LTD |
|  | No. 23-1, Shenzun Rd., Shengang Dist. |
|  | Taichung City 429014, |
|  | Taiwan (R.O.C) |
|  | Telephone: +886-4-25614413 |
|  | Email: Victsai@agcctw.com |

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If to a Buyer, to its address and e-mail address as set forth on the signature page hereof.

or to such other address, e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) electronically generated by the sender's e-mail service provider containing the time, date, recipient e-mail address or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, including any purchasers of any of the Securities. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Buyer. In connection with any transfer of any or all of its Securities, a Buyer may assign all, or a portion, of its rights and obligations hereunder in connection with such Securities without the consent of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

**[REMAINDER PAGE INTENTIONALLY LEFT BLANK]**

**IN WITNESS WHEREOF***,* each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed as of the date first written above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **AGENCIA COMERCIAL SPIRITS LTD** | **AGENCIA COMERCIAL SPIRITS LTD** |
| By: |  |
| Name: | Tsai Yi Yang |
| Title: | Director and Chief Executive Officer |
|  | (principal executive officer) |

---

**IN WITNESS WHEREOF***,* each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed as of the date first written above.

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| | |
|:---|:---|
| (Amount of Subscription in USD) | (Name of Buyer – Please type or print) |
|  | (Signature and, if applicable, Office) |
|  | (Address of Buyer) |
|  | (City, State/Province, Zip code/Postal Code of Buyer) |
|  | (Country of Buyer) |
|  | (Email Address of Buyer) |

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## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

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

**OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a Special Resolution passed on 20th May, 2026)

1. The name of the Company is Agencia Comercial Spirits Ltd.

2. The Registered Office of the Company will be situated at the offices of McGrath Tonner Corporate Services
Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other location within
the Cayman Islands as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

4. The Company shall have and be capable of exercising all the functions of a natural person of full capacity
irrespective of any question of corporate benefit as provided by the Companies Act.

5. The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.

6. The liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held by such
Shareholder.

7. The authorised share capital of the Company is US$200,000 divided into 5,000,000,000 ordinary shares of
par value of US$0.00004 each, comprising (a) 2,500,000,000 Class A Ordinary Shares of par value of US$0.00004 each and (b) 2,500,000,000
Class B Ordinary Shares of par value of US$0.00004 each. Subject to the Companies Act and the Articles, the Company shall have power to
redeem or purchase any of its Shares and to increase or reduce its authorised share capital 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 with or without any
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.

8. The Company has the power contained in the Companies Act to deregister in the Cayman Islands and be registered by way of continuation
in some other jurisdiction.

9. Capitalised terms that are not defined in this Memorandum of Association bear the same meanings as those given in the Articles of
Association of the Company.

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 419576* | &nbsp;&nbsp; ![](ea029288801_ex3-1img1.jpg)<br>*Filed: 27-May-2026 02:35 EST*<br>*Auth Code: H61107271378* |

---

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

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

**OF**

**Agencia Comercial Spirits Ltd**

(Adopted by a Special Resolution passed on 20th May, 2026)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent with the subject or context:

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| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of Directors"** and **"Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |
| **"Chairman"** | means the chairman of the Board of Directors; |

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| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | means an ordinary share of a par value of US$0.00004 in the capital of the Company, designated as a Class A Ordinary Shares and having the rights provided for in these Articles; |
| **"Class B Ordinary Share"** | means an ordinary share of a par value of US$0.00004 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means Agencia Comercial Spirits Ltd, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Class A Ordinary Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Stock Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |

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| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary Resolution"** | means a resolution: |

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(a) passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in
person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general
meeting of the Company held in accordance with these Articles (in computing the majority regard shall be had to the number of votes to
which each Shareholder is entitled by these Articles); or

(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in
one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the
date on which the instrument, or the last of such instruments, if more than one, is executed;

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|:---|:---|
| **"Ordinary Share"** | means a Class A Ordinary Share or a Class B Ordinary Share; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Shareholders (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Shareholder, a proxy which has been validly appointed by such Shareholder in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of members of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |

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| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of one or more Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |

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(a) passed by not less than two-thirds of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, 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; or

(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed;

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| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and any Person as the context
may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of
the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include" or "in particular"
or 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;(h) reference to "in writing" shall be construed as written or represented by any means reproducible
in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format
for storage or transmission for writing including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form of an electronic record
or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to execution or signature under the Articles, including the execution of the Articles
themselves, can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors see fit.

5. The Registered Office shall be at such address in the Cayman Islands as the Directors may from time to
time determine. The Company may in addition establish and maintain such other offices and places of business and agencies in such places
as the Directors may from time to time determine.

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6. The expenses incurred in the formation of the Company and in connection with the offer for subscription
and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and the
amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

7. The Directors shall keep, or cause to be kept, the Register at such place as the Directors may from time
to time determine and, in the absence of any such determination, the Register shall be kept at the Registered Office.

**SHARES**

8. Subject to these Articles and where applicable the Designated Stock Exchange Rules, all Shares for the
time being unissued shall be under the control of the Directors who may, in their absolute discretion and without the approval of the
Shareholders, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot, or otherwise dispose of Shares (including, without limitation, preferred shares) (whether in certificated form or non-certificated
form) to such Persons, in such manner, at such times and on such terms and having such rights and being subject to such restrictions as
they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant rights over Shares or other securities to be issued in one or more classes or series as they deem
necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching to such Shares or
securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of
which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such
times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants or similar instruments with respect thereto, at
such times and on such terms and having such rights and being subject to such restrictions as they may from time to time determine.

9. 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 and redemption rights), restrictions, preferences, privileges and payment obligations as between
the different Classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares
with such preferred or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms
as they may think appropriate. Notwithstanding Article 15, the Directors may issue from time to time, out of
the authorised share capital of the Company, series of preferred shares in their absolute discretion and without approval of the Shareholders;
provided, however, before any preferred shares of any such series are issued, the Directors may by resolution of Directors determine,
with respect to any series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares to constitute such series and the subscription
price thereof if different from the par value thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the preferred shares of such series shall have voting rights, in addition to any voting rights
provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if
so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends
shall bear to the dividends payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject to redemption by the Company, and, if so,
the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether the preferred shares of such series shall have any rights to receive any part of the assets available
for distribution amongst the Shareholders upon the liquidation of the Company, and, if so, the terms of such liquidation preference, and
the relation which such liquidation preference shall bear to the entitlements of the holders of shares of any other class or any other
series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject to the operation of a retirement or sinking
fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption
of the preferred shares of such series for retirement or other corporate purposes and the terms and provisions relative to the operation
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible into, or exchangeable for, shares of
any other class or any other series of preferred shares or any other securities and, if so, the price or prices or the rate or rates of
conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any preferred shares of such series are
outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition
by the Company of, the existing shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon the issue
of any additional shares, including additional shares of such series or of any other class of shares or any other series of preferred
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special rights, and any
qualifications, limitations and restrictions thereof; and, for such purposes, the Directors may reserve an appropriate number of Shares
for the time being unissued. The Company shall not issue Shares to bearer.

10. The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of
his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the
payment of cash or the lodgment of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also pay
such brokerage as may be lawful on any issue of Shares.

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11. 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 A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

12. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one
class on all resolutions submitted to a vote by the Shareholders. Each Class A Ordinary Share shall entitle the holder thereof to one
(1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof
to 100 votes on all matters subject to vote at general meetings of the Company. Holders of our Class B Ordinary Shares are not entitled
to any dividends nor distributions of our Company's assets in the event of winding up of the Company.

13. In no event shall (i) Class A Ordinary Shares be convertible into Class B Ordinary Shares (ii) Class B
Ordinary Shares be convertible into Class A Ordinary Shares.

14. Save and except for voting rights and conversion rights as set out in Articles 12
and 13 (inclusive), the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions.

**MODIFICATION OF RIGHTS**

15. Whenever the capital of the Company is divided into different Classes the rights attached to any such
Class may, subject to any rights or restrictions for the time being attached to any Class, only be materially and adversely varied with
the consent in writing of the holders of two-thirds of the issued Shares of that Class or with the sanction of a Special Resolution passed
at a separate meeting of the holders of the Shares of that Class. To every such separate meeting all the provisions of these Articles
relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the necessary
quorum shall be one or more Persons holding or representing by proxy at least one-third in nominal or par value amount of the issued Shares
of the relevant Class (but so that if at any adjourned meeting of such holders a quorum as above defined is not Present, those Shareholders
who are Present shall form a quorum) and that, subject to any rights or restrictions for the time being attached to the Shares of that
Class, every Shareholder of the Class shall have one vote for each Share of the Class held by him. For the purposes of this Article the
Directors may treat all the Classes or any two or more Classes as forming one Class if they consider that all such Classes would be affected
in the same way by the proposals under consideration, but in any other case shall treat them as separate Classes.

16. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially and
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 the Company. The rights of the holders of Shares shall not be deemed to be
materially and adversely varied by the creation or issue of Shares with preferred or other rights including, without limitation, the creation
of Shares with enhanced or weighted voting rights.

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**CERTIFICATES**

17. A Shareholder may only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be numbered or otherwise identified
and shall specify the Shares to which they relate. All 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 representing a like number of relevant Shares shall
have been surrendered and cancelled.

18. Every share certificate of the Company shall bear such legends as may be required under applicable laws,
including the Securities Act.

19. No certificate shall be issued representing shares of more than one class.

20. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed,
a new certificate representing the same Shares may be issued to the relevant Shareholder upon request, subject to delivery up of the old
certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit.

21. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person. In the event that Shares are held jointly by several Persons, any request may be made by any one of the joint holders and
if so made shall be binding on all of the joint holders.

**FRACTIONAL SHARES**

22. The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject
to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or
otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality
of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction of a Share of the
same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

**LIEN**

23. The Company has 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. The Company also has a first and paramount
lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he is the sole registered holder
of a Share or one of two or more joint holders) for all amounts owing by him or his estate to the Company (whether or not presently payable).
The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of this Article. The Company's
lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

24. The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Share
on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is
presently payable nor until the expiration of fourteen 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 for the time being of the
Share, or the Persons entitled thereto by reason of his death or bankruptcy.

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25. For giving effect to any such sale the Directors may authorise a Person to transfer the Shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer and he shall not be
bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity
in the proceedings in reference to the sale.

26. The proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company shall
be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to
the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

27. Subject to the terms of the allotment, the Directors may from time to time make calls upon the Shareholders
in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen calendar days'
notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares.
A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

28. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

29. If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof,
the Person from whom the sum is due shall pay interest upon the sum at the rate of eight percent per annum from the day appointed for
the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
or in part.

30. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account
of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

31. The Directors may make arrangements with respect to the issue of partly paid Shares for a difference between
the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

32. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all
 or any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so advanced
 may (until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the
 sanction of an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Shareholder paying the sum in advance
 and the Directors. No such sum paid in advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend
 declared in respect of any period prior to the date upon which such
sum would, but for such payment, become presently payable.

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**FORFEITURE OF SHARES**

33. 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, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

34. The notice shall name a further day (not earlier than the expiration of fourteen calendar days from the
date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

35. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which
the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

36. 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.

37. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the
amount unpaid on the Shares forfeited.

38. A certificate in writing under the hand of 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
Share.

39. The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to whom
the Share is sold or disposed of and that Person shall be registered as the holder of the Share and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in reference
to the disposition or sale.

40. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which
by the terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.

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**TRANSFER OF SHARES**

41. The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or partly paid up Share, or if so required by the Directors, shall also
be executed on behalf of the transferee and shall be accompanied by the certificate (if any) of the Shares to which it relates and such
other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferor shall
be deemed to remain a Shareholder until the name of the transferee is entered in the Register in respect of the relevant Shares. Subject
to these Articles, any Shareholder may transfer all or any of his shares by an instrument of transfer in the usual or common form or in
a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may be under hand or, if the transferor
or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine imprinted signature or by such
other manner of execution as the Board may approve from time to time.

42. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may in their absolute discretion decline to register any transfer of Shares which is not fully paid up or on which the
Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of
any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied
by the certificate for the Shares to which it relates and such other evidence as the Board may reasonably require to show the right of
the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one Class
of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a transfer to joint holders, the number of
joint holders to whom the Share is to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a fee of such maximum sum as the Designated Stock Exchange
may determine to be payable, or such lesser sum as the Board of Directors may from time to time require, is paid to the Company in respect
thereof.

43. The registration of transfers may, after compliance with any notice required by the Designated Stock Exchange
Rules, be suspended and the Register closed at such times and for such periods as the Directors may, in their absolute discretion, from
time to time determine, provided always that such registration of transfer shall not be suspended nor the Register closed for more than
thirty calendar days in any calendar year.

44. All instruments of transfer that are registered shall be retained by the Company. If the Directors refuse
to register a transfer of any Shares, they shall within two calendar months after the date on which the transfer was lodged with the Company
send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

45. The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised
by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors or
survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised by the Company as having
any title to the Share.

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46. Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the Share or, instead of being registered himself, to make such transfer of the Share as the deceased or bankrupt Person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

47. A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that he shall not,
before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by membership
in relation to meetings of the Company, provided however, that the Directors may at any time give notice requiring any such Person to
elect either to be registered himself or to transfer the Share, and if the notice is not complied with within ninety calendar days, the
Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

48. The Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of
every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other
instrument.

**ALTERATION OF SHARE CAPITAL**

49. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into Shares of such Classes and amount, as the resolution shall prescribe and with such rights, priorities and privileges annexed
thereto, as the Company in general meeting may determine.

50. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of such amount as it thinks appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;(c) divide its Shares into several classes and without prejudice to any special rights previously conferred
on the holders of existing Shares attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions
or such restrictions which in the absence of any such determination by the Company in general meeting, as the Directors may determine
provided always that, for the avoidance of doubt, where a Class of Shares has been authorised by the Company, no resolution of the Company
in general meeting is required for the issuance of Shares of that Class and the Directors may issue Shares of that Class and determine
such rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further provided that where the Company issues
shares which do not carry voting rights, the words "non-voting" shall appear in the designation of such Shares and where the
equity capital includes shares with different voting rights, the designation of each Class of Shares, other than those with
the most favourable voting rights, must include the words "restricted voting" or "limited voting";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide its Shares, or any of them, into Shares of an amount smaller than that fixed by the Memorandum,
provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be
the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that, 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.

51. All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, Liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital. The Board may settle as it considers expedient any difficulty which arises in relation to any
consolidation and division under the preceding Article and in particular but without prejudice to the generality of the foregoing may
arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses
of such sale) in due proportion amongst the Shareholders who would have been entitled to the fractions, and for this purpose the Board
may authorise some person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to
the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will
his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

52. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorised by the Companies Act.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

53. Subject to the provisions of the Companies Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or
the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined, before the issue of such
Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner and terms as
have been approved by the Board, or are otherwise authorised by these Articles; and

&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 permitted by the
Companies Act, including out of capital.

54. The purchase of any Share shall not oblige the Company to purchase any other Share other than as may be
required pursuant to applicable law and any other contractual obligations of the Company.

55. The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s)
(if any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
thereof.

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56. The Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

57. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be held as a Treasury
Share.

58. The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they think proper (including,
without limitation, for nil consideration).

**GENERAL MEETINGS**

59. All general meetings other than annual general meetings shall be called extraordinary general meetings.

60. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall in each calendar year hold a general meeting as its annual general meeting and shall specify the meeting as such
in the notices calling it. The annual general meeting shall be held at such time and place as may be determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

61. The Chairman or a majority of the Directors (acting by a resolution of the Board) may call general meetings.

**NOTICE OF GENERAL MEETINGS**

62. At least ten (10) clear days' notice shall be given for any general meeting. Every notice shall
be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the
day and the hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned or in such
other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice
specified in this Article has been given and whether or not the provisions of these Articles regarding general meetings have been complied
with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all the Shareholders (or their proxies) entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by holders of two-thirds of the Shareholders having a
right to attend and vote at the meeting Present or, in the case of a corporation or other non-natural person, represented by its duly
authorised representative or proxy.

63. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by
any Shareholder shall not invalidate the proceedings at any meeting.

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**PROCEEDINGS AT GENERAL MEETINGS**

64. No business except for the appointment of a chairman for the meeting shall be transacted at any general
meeting unless a quorum of Shareholders is Present at the time when the meeting proceeds to business. Two Shareholders holding Shares
which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to all Shares in issue and entitled
to vote at such general meeting Present shall be a quorum for all purposes.

65. If within half an hour from the time appointed for the meeting a quorum is not Present, the meeting shall
be dissolved.

66. If the Directors wish to make this facility available for a specific general meeting or all general meetings
of the Company, attendance and participation in any general meeting of the Company may be by means of Communication Facilities. Without
limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting. The notice
of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the Communication
Facilities that will be used, including the procedures to be followed by any Shareholder or other participant of the meeting who wishes
to utilise such Communication Facilities for the purposes of attending and participating in such meeting, including attending and casting
any vote thereat.

67. The Chairman, if any, shall preside as chairman at every general meeting of the Company. If there is no
such Chairman, or if at any general meeting he is not Present within fifteen minutes after the time appointed for holding the meeting
or is unwilling to act as chairman of the meeting, any Director or Person nominated by the Directors shall preside as chairman of that
meeting, failing which the Shareholders Present shall choose any Person Present to be chairman of that meeting.

68. The chairman of any general meeting shall be entitled to attend and participate at any such general meeting
by means of Communication Facilities, and to act as the chairman of such general meeting, in which event the following provisions shall
apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Communication Facilities are interrupted or fail for any reason to enable the chairman of the meeting
to hear and be heard by all other Persons participating in the meeting, then the other Directors Present at the meeting shall choose another
Director Present to act as chairman of the meeting for the remainder of the meeting; provided that if no other Director is Present at
the meeting, or if all the Directors Present decline to take the chair, then the meeting shall be automatically adjourned to the same
day in the next week and at such time and place as shall be decided by the Board of Directors.

69. The chairman of any general meeting at which a quorum is Present may with the consent of the meeting (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 meeting,
or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall be given as in the case of
an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned meeting.

70. The Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting,
except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason
or for no reason, upon notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the
Directors may determine.

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71. At any general meeting a resolution put to the vote of the meeting shall be decided by poll.

72. The result of the poll shall be deemed to be the resolution of the meeting.

73. All questions submitted to a meeting shall be decided by an Ordinary Resolution except where a greater
majority is required by these Articles or by the Companies Act. In the case of an equality of votes, the chairman of the meeting shall
be entitled to a second or casting vote.

**VOTES OF SHAREHOLDERS**

74. Subject to any rights and restrictions for the time being attached to any Share, every Shareholder Present
in person or represented by its duly authorised representative or proxy shall have one (1) vote for each Class A Ordinary Share and 100
votes for each Class B Ordinary Share of which such Shareholder is the holder.

75. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy (or,
if a corporation or other non-natural person, by its duly authorised representative or proxy) shall be accepted to the exclusion of the
votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register.

76. Shares carrying the right to vote that are held by a Shareholder of unsound mind, or in respect of whom
an order has been made by any court having jurisdiction in lunacy, may be voted by his committee, or other Person in the nature of a committee
appointed by that court, and any such committee or other Person may vote in respect of such Shares by proxy.

77. No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any,
or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been paid.

78. Votes may be given either personally or by proxy.

79. Each Shareholder, other than a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)),
may only appoint one proxy. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly
authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an officer or attorney duly authorised.
A proxy need not be a Shareholder.

80. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

81. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place
 as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company not less
 than 48 hours before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to
 vote, provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company,
 direct that the instrument appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or
 adjourned meeting) at the Registered Office
or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by
the Company. The chairman of the meeting may in any event at his discretion direct that an instrument of proxy shall be deemed to have
been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

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82. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as
valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

83. Any corporation which is a Shareholder or a Director 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 of any meeting of holders of
a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder or Director.

**DEPOSITARY AND CLEARING HOUSES**

84. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder
of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such Person(s) as it
thinks fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders 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 Person
is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing house (or its nominee(s))
or depositary (or its nominee(s)) could exercise if it were an individual Shareholder holding the number and Class of Shares specified
in such authorisation, including the right to vote individually.

**DIRECTORS**

85. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less
than two (2) Directors, the exact number of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairman by a majority of the Directors then in office.
The period for which the Chairman will hold office will also be determined by a majority of all of the Directors then in office. The Chairman
shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman is not present at a meeting of the Board
of Directors within fifteen minutes after the time appointed for holding the same, the attending Directors may choose one of their number
to be the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may by Ordinary Resolution appoint any person to be a Director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, by the affirmative vote of a simple majority of the remaining Directors present and voting
at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board or as an addition to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Any Director whose term of office expires shall be eligible for re-election at a meeting of the Shareholders or re-appointment
by the Board.

86. A Director may be removed from office by an Ordinary Resolution, notwithstanding anything in these Articles
or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). A vacancy

vote of a simple majority of the remaining Directors present and voting at a Board meeting. The notice of any meeting at which a resolution
to remove a Director shall be proposed or voted upon must contain a statement of the intention to remove that Director and such notice
must be served on that Director not less than ten (10) calendar days before the meeting. Such Director is entitled to attend the meeting
and be heard on the motion for his removal.

87. The Board may, from time to time, and except as required by applicable law or Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company and determine on various
corporate governance related matters of the Company as the Board shall determine by resolution of Directors from time to time.

88. A Director shall not be required to hold any Shares in the Company by way of qualification. A Director
who is not a Shareholder of the Company shall nevertheless be entitled to attend and speak at general meetings.

89. The remuneration of the Directors may be determined by the Directors or by Ordinary Resolution.

90. The Directors shall be entitled to be paid for their travelling, hotel and other expenses properly incurred
by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of
the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in respect thereof as may
be determined by the Directors from time to time, or a combination partly of one such method and partly the other.

**ALTERNATE DIRECTOR OR PROXY**

91. Any Director may in writing appoint another Person to be his alternate and, save to the extent provided
otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director,
but shall not be required to sign such written resolutions where they have been signed by the appointing director, and to act in such
Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every such alternate
shall be entitled to attend and vote at meetings of the Directors as a Director when the Director
appointing him is not personally present and where he is a Director to have a separate vote on behalf of the Director he is representing
in addition to his own vote. A Director may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate
shall be deemed for all purposes to be a Director and shall not be deemed to be the agent of the Director appointing him. The remuneration
of such alternate shall be payable out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between
them.

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92. Any Director may appoint any Person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

93. Subject to the Companies Act, these Articles and any resolutions passed in a general meeting, the business
of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may
exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors
that would have been valid if that resolution had not been passed.

94. Subject to these Articles, the Directors may from time to time appoint any natural person or corporation,
whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company,
including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice presidents, treasurer,
assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation
in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person
or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number
to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases
for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

95. The Directors may appoint any natural person or corporation to be a Secretary (and if need be an assistant
Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers
as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company
by Ordinary Resolution.

96. The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

97. The Directors may from time to time and at any time by power of attorney (whether under Seal or under
hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors,
to be the attorney or attorneys or authorised signatory (any such Person
being an "Attorney" or "Authorised Signatory", respectively) of the Company for such purposes and with such powers,
authorities and discretion (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and
subject to such conditions as they may think fit, and any such power of attorney or other appointment may contain such provisions for
the protection and convenience of Persons dealing with any such Attorney or Authorised Signatory as the Directors may think fit, and may
also authorise any such Attorney or Authorised Signatory to delegate all or any of the powers, authorities and discretion vested in him.

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98. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

99. The Directors from time to time and at any time may establish any committees, local boards or agencies
for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of such committees or
local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural person or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. The Directors from time to time and at any time may delegate to any such committee, local board, manager
or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment
or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time
remove any natural person or corporation so appointed and may annul or vary any such delegation, but no Person dealing in good faith and
without notice of any such annulment or variation shall be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. The Directors may from time to time at their discretion exercise all the powers of the Company to raise
or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof,
to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or
obligation of the Company or of any third party.

**THE SEAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors
provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form
confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary)
or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every
instrument to which the Seal is so affixed in their presence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always
that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming
a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors
shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed
in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal
had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence
of any one or more Persons as the Directors may appoint for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

106. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is removed from office pursuant to the law or any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. The Directors may meet together (either within or outside the Cayman Islands) for the despatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy or alternate shall be
entitled to one vote. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. A Director may,
and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors
of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating
in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. The quorum necessary for the transaction of the business of the Board may be fixed by the Directors, and
unless so fixed the presence of two (2) Directors then in office shall constitute a quorum. A Director represented by proxy or by an alternate
Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any
meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for
consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine
and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his
tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered
into by or on behalf of the Company in which any Director is in any way interested be liable to be avoided, nor shall any Director so
contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by
reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest,
may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office
or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment
or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Any Director may act by himself or through his firm in a professional capacity for the Company, and he
or his firm shall be entitled to remuneration for professional services as if he were not a Director; provided that nothing herein contained
shall authorise a Director or his firm to act as auditor to the Company.

113. The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. When the chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed
to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical
defect in the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled
to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided
otherwise in the terms of appointment of the alternate Director, being entitled
to sign such a resolution on behalf of his appointer), shall be as valid and effectual as if it had been passed at a duly called and constituted
meeting of Directors or committee of Directors, as the case may be. When signed a resolution may consist of several documents each signed
by one or more of the Directors or his duly appointed alternate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their
number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors
may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may
elect a chairman of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present within fifteen minutes
after the time appointed for holding the meeting, the committee members present may choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations
imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes of the committee members present
and in case of an equality of votes the chairman shall have a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting
as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director
or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed
and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. A Director who is present at a meeting of the Board of Directors at which an action on any Company matter
is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless
he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment
thereof 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 such action.

**DIVIDENDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from
time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same
out of the funds of the Company lawfully available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary
Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors, be
applicable for meeting contingencies or for equalising dividends or for any other purpose to which those funds may be properly applied,
and pending such application may in the absolute discretion of the Directors, either be employed in the business of the Company or be
invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Any dividend payable in cash to the holder of Shares may be paid in any manner determined by the Directors.
If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed to such person and at such
addresses as the holder may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable
to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect
of such Shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute
a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. The Directors may determine that a dividend shall be paid wholly or partly by the distribution of specific
assets (which may consist of the shares or securities of any other company) and may settle all questions concerning such distribution.
Without limiting the generality of the foregoing, the Directors may fix the value of such specific assets, may determine that cash payment
shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such terms as the Directors
think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall
be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares
dividends may be declared and paid according to the par value of the Shares. No amount paid on a Share in advance of calls shall, while
carrying interest, be treated for the purposes of this Article as paid on the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. If several Persons are registered as joint holders of any Share, any of them may give effective receipts
for any dividend or other moneys payable on or in respect of the Share.

128. No dividend shall bear interest against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Any dividend 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.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. The books of account shall be kept at the Registered Office, or at such other place or places as the Directors
think fit, and shall always be open to the inspection of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. The Directors may from time to time determine whether and to what extent and at what times and
 places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection
 of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right to inspect any account or book
 or document of the Company except as
conferred by law or authorised by the Directors, provided that the Shareholders shall receive the annual audited financial statements
of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. The accounts relating to the Company's affairs shall be audited in such manner and with such financial
year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall not be audited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. The Directors may appoint an auditor of the Company who shall hold office until removed from office by
a resolution of the Directors and may fix his or their remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. The 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 annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. The Directors in each calendar year shall prepare, or cause to be prepared, an annual return and declaration
setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

**CAPITALISATION OF RESERVES**

138. Subject to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid
on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued Shares or debentures of a nominal
amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits 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 Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised
reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors may deal
with the fractions as they think fit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company
providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Shareholders respectively, credited
as fully paid, of Shares or debentures to which they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Shareholders
(by the application of their respective proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts
remaining unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Notwithstanding any provisions in these Articles and subject to the Companies Act, the Directors may resolve
to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption reserve and profit
and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares to be allotted and
issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees (including Directors) or service providers of the Company or its Affiliates upon exercise or
vesting of any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement which relates
to such persons that has been adopted or approved by the Directors or the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trustee of any trust or administrator of any share incentive scheme or employee benefit scheme to
whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme or employee benefit
scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Shareholders.

**SHARE PREMIUM ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. The Directors shall in accordance with the Companies Act establish a Share Premium Account and shall carry
to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference
between the nominal value of such Share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

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**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Except as otherwise provided in these Articles, any notice or document may be served by the Company or
by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or a recognised courier service
in a prepaid letter addressed to such Shareholder at his address as appearing
in the Register, or by electronic mail to any electronic mail address such Shareholder may have specified in writing for the purpose of
such service of notices, or by facsimile to any facsimile number such Shareholder may have specified in writing for the purpose of such
service of notices, or by placing it on the Company's Website should the Directors deem it appropriate. In the case of joint holders
of a Share, all notices shall be given to that one of the joint holders whose name stands first in the Register in respect of the joint
holding, and notice so given shall be sufficient notice to all the joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Notices sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
courier service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Any Shareholder Present at any meeting of the Company shall for all purposes be deemed to have received
due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

145. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five calendar days after the time when the letter containing
the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of
a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic means, shall be deemed to have been served immediately (i) upon the time of the transmission
to the electronic mail address supplied by the Shareholder to the Company or (ii) upon the time of its placement on the Company's
Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Any notice or document delivered or sent by post to or left at the registered address of any Shareholder
in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not
the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of
such Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or document have been removed
from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or
document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shareholders holding Shares with the right to receive notice and who have supplied to the Company
an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for
his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Subject to the relevant laws, rules and regulations applicable to the Company, no Shareholder shall be
entitled to require discovery of any information in respect of any detail of the Company's trading or any information which is or
may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the
opinion of the Board would not be in the interests of the Shareholders of the Company to communicate to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Subject to due compliance with the relevant laws, rules and regulations applicable to the Company, the
Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its affairs
to any of its Shareholders including, without limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Every Director (including for the purposes of this Article any alternate Director appointed pursuant to
the provisions of these Articles), Secretary, assistant Secretary, or other officer for the time being and from time to time of the Company
(but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified Person")
shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud,
in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings
concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. To the extent permissible under applicable
laws, the Shareholders waive any claim or right of action that they may have, both individually and on the Company's behalf, against
any Director in relation to any action or failure to take action by such Director in the performance of his or her duties with or for
the Company, except in respect of any dishonesty, willful default or fraud of such Director.

151. No Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the
Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on account of the insufficiency of any security in or upon which any money of the Company shall be invested;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss incurred through any bank, broker or other similar Person; or

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 419576* | &nbsp;&nbsp;![](ea029288801_ex3-1img1.jpg) <br>*Filed: 27-May-2026 02:35 EST*<br>*Auth Code: H61107271378* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement
or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge
of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each calendar year and shall begin on 1 January in each calendar year.

**NON-RECOGNITION OF TRUSTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. No Person shall be recognised by the Company as holding any Share upon any trust and the Company shall
not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any
other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register.

**WINDING UP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the
Company and any other sanction required by the Companies Act, divide amongst the Shareholders in species or in kind the whole or any part
of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets
and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may,
with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as
the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any asset upon which
there is a liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Subject to Article 12, if the Company shall be wound up, and the assets available
for distribution amongst the Shareholders 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 Shareholders in proportion to the par value of the Shares held by them.
If in a winding up the assets available for distribution amongst the Shareholders shall be more than sufficient to repay the whole of
the share capital at the commencement of the winding up, the surplus shall be distributed amongst the Shareholders in proportion to the
par value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which
there are monies due, of all monies payable to the Company for unpaid calls or otherwise. This Article is without prejudice to the rights
of the holders of Shares issued upon special terms and conditions.

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 419576* | &nbsp;&nbsp;![](ea029288801_ex3-1img1.jpg) <br>*Filed: 27-May-2026 02:35 EST*<br>*Auth Code: H61107271378* |

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**AMENDMENT OF ARTICLES OF ASSOCIATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Subject to the Companies Act, the Company may at any time and from time to time by Special Resolution
alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide that the Register shall
be closed for transfers for a stated period which shall not exceed in any case thirty calendar days in any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date
for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the Shareholders
and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within
ninety calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. If the Register is not so closed and no record date is fixed for the determination of those Shareholders
entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment
of a dividend, the date on which notice of the meeting is posted 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 Shareholders. When a determination of those Shareholders
that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance
of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister
the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and
may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

**DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The Directors, or any service providers (including the officers, the Secretary and the registered office
provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority
any information regarding the affairs of the Company including without limitation information contained in the Register and books of the
Company.

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 419576* | &nbsp;&nbsp;![](ea029288801_ex3-1img1.jpg) <br>*Filed: 27-May-2026 02:35 EST*<br>*Auth Code: H61107271378* |

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## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ea029288801_ex5-1img1.jpg) | Harney Westwood & Riegels <br> 14th Floor, Alexandra House |
| ![](ea029288801_ex5-1img1.jpg) | 18 Chater Road |
| ![](ea029288801_ex5-1img1.jpg) | Central <br> Hong Kong |
| ![](ea029288801_ex5-1img1.jpg) | Tel: +852 5806 7800 |
| ![](ea029288801_ex5-1img1.jpg) | Fax: +852 5806 7810 |

---

17 June 2026

raymond.ng@harneys.com

+852 5806 7883<br> 065990-0004-RLN

Agencia Comercial Spirits Ltd

Genesis Building, 5<sup>th</sup> Floor

Genesis Close, PO Box 446

Cayman Islands, KY1-1106

Dear Sir or Madam

**Agencia Comercial Spirits Ltd (the *Company*)**

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form F-1 (the ***Registration Statement***), including all amendments or supplements thereto, and accompanying prospectus filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***), relating to the offering by the Company (the ***Offering***) of up to 20,000,000 class A ordinary shares of par value US$0.00004 each (the ***Offer Shares***).

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which we regard as necessary in order to issue this opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

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| | |
|:---|:---|
| 1 | **Existence and Good Standing**. The Company is an exempted company duly incorporated with limited liability, and is validly existing and in good standing under the laws of the Cayman Islands. It is a separate legal entity and is subject to suit in its own name. |

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| | |
|:---|:---|
| 2 | **Authorised Share Capital**. Based on our review of the M&A (as defined in Schedule 1), the authorised share capital of the Company will be US$200,000 divided into 5,000,000,000 shares of par value US$0.00004 each, comprising (1) 2,500,000,000 class A ordinary shares of par value US$0.00004 each and (ii) 2,500,000,000 class B ordinary shares of par value US$0.00004 each. |

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| | |
|:---|:---|
| 3 | **Valid Issuance of the Offer Shares.** The allotment and issue of the Offer Shares as contemplated by the Registration Statement have been duly authorised and the Offer Shares will, when allotted, issued and fully paid for in accordance with the Registration Statement, and when the names of the shareholders are entered in the register of members of the Company, be validly issued, fully paid and non-assessable. |

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| | |
|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is<br> an independently owned and controlled Jersey law firm.<br> Resident Partners: M Chu \| Y Fan \| SG Gray \| IC Groark \| SO Karolczuk \| PM Kay \| MW Kwok<br> WPT Lee \| IN Mann \| BP McCosker \| R Ng \| PJ Sephton | Anguilla \| Bermuda \| British Virgin Islands <br> Cayman Islands \| Cyprus \| Dubai \| Hong Kong \| Jersey<br> London \| Luxembourg \| Shanghai \| Singapore <br> harneys.com |

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| | |
|:---|:---|
| 4 | **Cayman Islands Law**. The statements under the headings "Material Tax Considerations – Cayman Islands Taxation", "Enforceability of Civil Liabilities – Cayman Islands", and "Description of Share Capital" in the prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Registration Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration Statement under the headings "Enforceability of Civil Liabilities – Cayman Islands", "Material Tax Considerations – Cayman Islands Taxation" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands. <br>Yours faithfully

![](ea029288801_ex5-1img2.jpg)

**Harney Westwood & Riegels**

**SCHEDULE 1**

List of Documents Examined

1 A copy of the certificate of incorporation of the Company dated 7 March 2025.

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| | |
|:---|:---|
| 2 | A copy of the third amended and restated memorandum and articles of association of the Company adopted by a special resolution of the Company passed on 20 May 2026 (the ***M&A***). |

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| | |
|:---|:---|
| 3 | A copy of the written resolutions of the directors of the Company dated 16 June (the ***Resolutions***). |

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4 A copy of the certificate of incumbency in respect of the Company issued by the registered office provider of the Company, McGrath Tonner Corporate Services Limited, dated 8 June 2026.

5 A copy of the certificate of good standing in respect of the Company issued by the Registrar of Companies dated 28 May 2026.

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| | |
|:---|:---|
| 6 | The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands (the Court Register) via the Court's Digital System (as defined in Schedule 3) conducted on 16 June 2026 (the ***Court Search Date***). |

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| | |
|:---|:---|
| 7 | A copy of the certificate issued by a director of the Company dated 16 June, a copy of which is attached hereto (the ***Director's Certificate***). |

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8 A copy of the Registration Statement filed with the Commission on or about the date of this opinion.

(1 to 6 above are the ***Corporate Documents***, and 1 to 8 above are the ***Documents***).

**SCHEDULE 2**

Assumptions

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| | |
|:---|:---|
| 1 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, and all copies of Documents are true and correct copies. |

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| | |
|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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| | |
|:---|:---|
| 3 | **Director's Certificate**. The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion. |

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| | |
|:---|:---|
| 4 | **No Steps to Wind-up**. The director(s) and shareholder(s) of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company. |

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| | |
|:---|:---|
| 5 | **Resolutions**. The Resolutions passed as written resolutions have been duly executed (and where executed by a corporate entity, such execution has been duly authorised if so required) by or on behalf of each director, and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

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| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement. |

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**SCHEDULE 3**

Qualifications

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| | |
|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

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| | |
|:---|:---|
| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion. |

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| | |
|:---|:---|
| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

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| | |
|:---|:---|
| 4 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Law have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Law. |

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| | |
|:---|:---|
| 5 | **Court Search**. The search of the Court has been undertaken on a digital system made available through the Grand Court of the Cayman Islands (the ***Court's Digital System***), and through inadvertent errors or delays in updating the digital system (and/or the Register from which the digital information is drawn) may not constitute a complete record of all proceedings as at the Court Search Date and in particular may omit details of very recent filings. The Court Search of the Court Register would not reveal, amongst other things, an Originating Process filed with the Grand Court which, pursuant to the Grand Court rules or best practice of the Clerk of the Courts' office, should have been entered in the Court Register but was not in fact entered in the Court Register (properly or at all), or any Originating Process which has been placed under seal or anonymised (whether by order of the Court or pursuant to the practice of the Clerk of the Courts' office). |

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**Annex**

**Director's Certificate**

**AGENCIA COMERCIAL SPIRITS LTD**

**incorporated in the Cayman Islands**

**Company No. 419576**

(the ***Company***)

**DIRECTOR'S CERTIFICATE**

This certificate is given by the undersigned in his/her capacity as a duly authorised director of the Company to Harney Westwood & Riegels in connection with a legal opinion in relation to the Company (the ***Legal Opinion***). Capitalised terms used in this certificate have the meaning given to them in the Legal Opinion.

1 Harney Westwood & Riegels may rely on the statements made in this certificate as a basis for the Legal Opinion.

2 I, the undersigned, am a director of the Company duly authorised to issue this certificate. Under the constitutional documents of the Company, the business and affairs of the Company are conducted by the board of directors of the Company.

3 I, the undersigned, confirm in relation to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the third amended and restated memorandum and articles of association of the Company adopted by a special
resolution of the Company passed on 20 May 2026 remain in full force and effect and are otherwise unamended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the unanimous written resolutions of the board of directors dated [16 June] 2026 were executed by
 all the directors in the manner prescribed in the articles of association of the Company, the signatures and initials thereon are
 those of a person or persons in whose name the resolutions have been expressed to be signed, are in full force and effect at the
 date hereof and have not been amended, varied or revoked in any respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is no contractual or other prohibition (other than as arising under Cayman Islands law) binding
on the Company prohibiting it from allotting and issuing the Offer Shares or otherwise performing its obligations under the Registration
Statement.

You may assume that all of the information in this certificate remains true and correct unless and until you are notified otherwise in writing.

[*Signature page to follow*]

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| | |
|:---|:---|
| ![](ea029288801_ex5-1img3.jpg) | 16 June 2026 |
| Name: | Date: |
| Director |  |

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## Exhibit 5.2

**Exhibit 5.2**

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| | |
|:---|:---|
| ![](ea029288801_ex5-2img1.jpg) | ![](ea029288801_ex5-2img2.jpg)106臺北市大安區新生南路一段93號3樓之1<br> T +886-2-27781798, F +886-2-27782718<br> www.ownlyn.com |

---

June 17, 2026

**Agencia Comercial Spirits Ltd**

No. 23-1, Shenzun Rd., Shengang Dist., Taichung City 429014, Taiwan (R.O.C.)

Dear Sirs or Madams,

OWNLYN ATTORNEYS-AT-LAW ("us" or "we") are qualified lawyers of Taiwan, the Republic of China ("Taiwan") and as such are qualified to issue this legal opinion ("Opinion") on Taiwan Laws, as defined below.

We have acted as the Taiwan counsel to Agencia Comercial Spirits Ltd, an exempted company incorporated in the Cayman Islands (the "Issuer") in connection with a registration statement on Form F-1 filed dated 17 June 2026, including all exhibits, amendments or supplements thereto and prospectus contained therein (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Securities Act of 1933 (as amended), and the rules and regulations promulgated thereunder and the 17 June 2026, in the form filed with the SEC pursuant to Rule 433 (the "Prospectus") relating to the offering of up to 20,000,000 Class A Class A Ordinary Shares, par value US$0.00004 per share, of the Issuer, whose Class A Class A Ordinary Shares are listed on the Nasdaq Capital Market under the trading symbol "AGCC" (the "Offering"). We have been instructed by the Issuer to provide this opinion on the operations of the Issuer's indirect subsidiary, Agencia Comercial Co., Ltd. incorporated under the laws of Taiwan (the "Company"), regarding the Company's incorporation and certain other Taiwan law matters related to the Company, as stated herein (this "Opinion").

In rendering this Opinion, we have reviewed or examined copies of the Registration Statement and other documents as we have considered necessary or advisable for the purpose of rendering this Opinion, including but not limited to originals or copies of the due diligence documents provided to us by the Issuer and the Company and such other documents, corporate records and certificates issued by the Governmental Agencies (as defined below) (collectively the "Documents"). Where certain facts were not independently established and verified by us, we have relied upon certificates or statements issued or made by competent Governmental Agencies or appropriate representatives of the Company.

For the purposes of rendering this Opinion, the Documents we have examined are limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the Registration Statement and Prospectus;

Page 1 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the documents as disclosed to us by the Company as listed in Annex 1 attached to this Opinion;

(iii) the results of an online corporate search obtained on the Company's particulars registered in the
online database of the Ministry of Economic Affairs on 16 June 2026, the print-out of the result is attached as Annex 2 (the "Online
Company Search");

(iv) the results of an online search of secured transactions registered against the Company with the Ministry of Economic Affairs on 16 June
2026, the print-out of the result is attached as Annex 3 (the "Online STFO Search");

(v) the results of an online search of violation of labor law by the Company with the Ministry of Labor on
16 June 2026, the print-out of the result is attached as Annex 4 (the "Online Labor Search");

(vi) the results of an online search of violation of environmental law by the Company with the Ministry of
Environment on 16 June 2026, the print-out of the result is attached as Annex 5 (the "Online Environment Search");

(vii) the online check carried out on the Intellectual Property Office under the Ministry of Economic Affairs
in relation to any registration and/or application by the Company of any patent or trademark in Taiwan on 16 June 2026 (the "Online
IP Check"), the print-out of the result is attached as Annex 6;

(viii) the online check carried out on the Judicial Yuan in relation to any judgement against the Company in
Taiwan on 16 June 2026 (the "Online Litigation Check"), the print-out of the result is attached as Annex 7; and

(ix) a Director's Certificate dated 16 June 2026, from a director of the Company confirming the factual
circumstances as stated therein attached hereto as Annex 8 (the "Company's Confirmation").

We have not undertaken any searches or enquiries, other than the Online Company Search, the Online STFO Search, the Online Labor Search, the Online Environment Search, the Online IP Check, and the Online Litigation Check, and we have not undertaken any physical inspection of any object, asset or property of the Company.

For the purposes of this Opinion, we have reviewed and examined the Documents and we have considered such laws, regulations and practices as we have deemed necessary to consider in this regard.

In rendering this Opinion, we have assumed without independent investigation that (the "Assumptions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that each of the Documents is legal, valid, binding and enforceable in accordance with their respective
governing laws (other than Taiwan Laws) in any and all respects;

(b) that the Documents that were presented to us up to the date of this Opinion remain in full force and effect
on the date of this Opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications
or other changes have been made, and no revocation or termination has occurred, with respect to any of the Documents after they were submitted
to us for the purposes of this Opinion;

(c) that all Documents submitted to us as originals are authentic and that all Documents submitted to us as
copies conform to their authentic originals;

Page 2 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that all Documents have been validly authorized, executed and delivered by all of the parties thereto
(other than the Company) and such parties to the Documents have full power and authority to enter into, and have duly executed and delivered
such Documents to which it is a party in accordance with the laws of its jurisdiction of organization or incorporation or the laws to
which it/she/he is subject;

(e) that the signatures, seals and chops on the Documents submitted to us are genuine, and each signature
on behalf of a party thereto is that of a person duly authorized by such party to execute the same;

(f) that each of the parties (other than the Company) to the Documents is duly organized and validly existing
under the laws of its jurisdiction of organization and/or incorporation, and has been duly approved and authorized where applicable by
the competent Governmental Agencies of the relevant jurisdiction to carry on its business and to perform its obligations under the Documents
to which it is a party;

(g) that all factual information provided to us is correct, complete and accurate and that all factual matters
in each of the covenants, representations and warranties in the representation letter or other similar documents are and remain accurate
and true in all respects;

(h) that the laws of jurisdictions other than the Taiwan which may be applicable to the execution, delivery,
performance or enforcement of the Documents are complied with.

Our Opinion is limited to the Taiwan Laws of general application on the date hereof. We do not purport to be experts on and do not purport to be generally familiar with or qualified to express Legal Opinions on any laws other than the laws of the Taiwan and accordingly express no Legal Opinion herein on any laws of any jurisdiction other than the Taiwan.

If any evidence comes to light that would indicate any of the Documents or materials referred to is incomplete, inaccurate or defective or if any of the assumptions upon which this Opinion are based prove to be incorrect, we reserve the right to revise any relevant expression or conclusion contained in this Opinion and/or issue a supplementary Legal Opinion, interpretation or revision to this Opinion according to further certified facts as of that date.

In addition to the terms defined in the context of this Opinion, the following capitalized terms used in this Opinion shall have the meanings ascribed to them as follows:

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| | |
|:---|:---|
| **"Governmental Agency"** | means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the Taiwan, or any court or arbitral body in the Taiwan. |
| **"Company"** | Agencia Comercial Co., Ltd. (Chinese name: 品香文化股份有限公司), a company limited by shares incorporated under the laws of Taiwan with unified business number 83676232. |
| **"Taiwan Laws"** | means all applicable national, provincial and local laws, regulations, rules, notices, orders, decrees and judicial interpretations of the Taiwan currently in effect and publicly available on the date of this Opinion. |

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Capitalized terms not otherwise defined herein shall be as defined in the Registration Statement.

Page 3 of 10

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| | |
|:---|:---|
| **1** | **Opinions** |

---

Based on our review of the Documents and subject to the Assumptions and the Qualifications (as defined below), it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *<u>Company Organization</u>* . Based on our understanding of the current Taiwan Laws and to the best
of our knowledge after due inquiry, the Company is a company limited by shares that has been duly incorporated, formed or organized, and
is validly existing under the Taiwan Laws, and has the requisite corporate power and authority to own, lease or operate all of its properties
and assets and to conduct its business as it is now being conducted. To the best of our knowledge after due inquiry, the Company itself
does not have any overseas subsidiaries.

1.2 *<u>Constituent Documents</u>* . The articles of incorporation and change registration form of the
Company are consistent and in compliance with, and do not conflict with or violate any applicable Taiwan Laws and are in full force and
effect and in good standing. The articles of incorporation of the Company have been duly adopted, approved by or filed with the relevant
Government Agency, are in full force and effect and binding upon the Company.

1.3 *<u>Capitalization</u>* . The Company is authorized to issue 5,000,000 ordinary shares, par value
New Taiwanese Dollar 1 per share (the "Company Shares"). All of the issued and outstanding shares of the Company have been
duly authorized and validly issued, are fully paid and nonassessable and, to our knowledge, were not issued in violation of, and are not
subject to any preemptive rights of any past or present shareholder of the Company. Based on the official records and registry of shareholders
and records reviewed by us, all 5,000,000 shares of the Company are owned by Ping Shiang Holding Ltd, a B.V.I. company ("PSH"),
in compliance with Taiwan Laws. To the best of our knowledge after due inquiry, all 5,000,000 shares of the Company are clear of all liens,
charges, restrictions upon voting or transfer or any other encumbrances, voting agreements or trusts, equities or claims, constituting
100% of the Company's outstanding capital. To our knowledge, the Company has not granted any options, warrants, convertible notes
or securities, or any other rights to purchase, subscribe for or otherwise acquire any shares of or equity interests in the Company to
any person. Based on the Documents reviewed by us, all approvals, authorizations, consents, orders, filings and registrations required
under Taiwan Laws in connection with PSH's investment in, and ownership of 100% of the issued and outstanding shares of, the Company
have been obtained or completed.

1.4 *<u>Ownership Structure</u>* . The ownership structure of the Company as described in the Registration
Statement is complete and accurate in all material respects and in compliance with Taiwan Laws.

1.5 *<u>Licenses and Permits</u>* . Based on the best of our knowledge after due inquiry, the Company
has obtained the licenses, permits and registrations from the relevant Government Agencies in Taiwan necessary ("Government Authorizations")
for its business operations in the Taiwan as described in the Registration Statement.

Page 4 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *<u>No Restrictions</u>* . The Government Authorizations which the Company possesses or is subject
to contain no materially burdensome restrictions or conditions not described in the Registration Statement. We have no reason to believe
that any regulatory body is considering modifying, suspending or revoking any such Government Authorizations of the Company, and the Company
is in compliance with the provisions of all such Government Authorizations.

1.7 *<u>Guarantees</u>* . To our knowledge after due inquiry, there are no outstanding guarantees or contingent
payment obligations of the Company in respect of indebtedness or obligations of third parties.

1.8 *<u>Compliance with Laws and Regulations (excluding tax laws)</u>* . To the best of our knowledge
after due inquiry, the Company is not currently in material non-compliance with the applicable Taiwan Laws; provided however that we do
not express or purport to express any Opinion herewith regarding compliance with tax laws and regulations.

1.9 *<u>Compliance with Constituent Documents and Material Contracts</u>* . To the best of our knowledge
after due inquiry, the Company is not in breach or violation of, or in default under, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1 its Articles of Incorporation, business license, permits, or any other constituent documents governed
by Taiwan Law;

1.9.2 any material obligation, agreement, covenant or condition in any indenture, mortgage, deed of trust, bank
loan or credit agreement or other evidence of indebtedness governed by Taiwan Law;

1.9.3 any material obligation, license, lease, contract or other agreement or instrument governed by Taiwan
Law to which the Company is a party or by which it or any of its properties may be bound or affected;

1.9.4 any Law, regulation, guideline, notice or rule of Taiwan or any decree, judgment or order of any court
in Taiwan applicable to the Company; or

1.9.5 any approval, consent, waiver, authorization, exemption, permission, endorsement or license granted by
any governmental agency in Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 *<u>Title to Properties and Lease Agreements</u>* . To the best of our knowledge after due inquiry,
the Company has valid title to all of its properties and assets, in each case, free and clear of all liens, charges, encumbrances, equities,
claims, defects, options or restrictions. Each lease agreement to which the Company is a party is duly executed and legally binding. The
leasehold interests of the Company are fully protected by the terms of the lease agreements, which are valid, binding and enforceable
in accordance with their respective terms under Taiwan Law.

1.11 *<u>Labor Compliance</u>* . To the best of our knowledge after due inquiry, no pending or threatened
labor problem or dispute, work stoppage, slowdown or other conflict with the employees of the Company exists, and the Company is in compliance
with applicable Taiwan labor laws.

Page 5 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 *<u>Material Contracts</u>* . We have reviewed all material contracts of the Company that are governed
by Taiwan laws, and are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 all of the material contracts have been duly authorized, executed and delivered by the Company, and the
Company has taken all necessary corporate actions to authorize the performance thereof;

1.12.2 the Company had the corporate power and capacity to enter into and perform its obligations under such
contracts; and

1.12.3 such contracts are legal, valid and binding on the Company and are enforceable under Taiwan laws.

1.12.4 After due inquiry, we are not aware of any material contracts, agreements or other instruments of the
Company governed by Taiwan Laws which should be described or referred to in the Registration Statement other than those described or referred
to therein, and, in all material respects, the descriptions thereof or references thereto are correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 *<u>Intellectual Property Rights</u>* . To the best of our knowledge after due inquiry, the Company
owns or otherwise has the legal right to use the trademarks, service marks and trade names currently employed by it in connection with
its business. Except as otherwise disclosed in the Registration Statement, to our knowledge after due inquiry, the Company has not received
any notice of infringement of or conflict with asserted rights of others with respect to any of the foregoing, which, individually or
in the aggregate, if the subject of any unfavorable decision, ruling or finding, would result in a material adverse effect.

1.14 *<u>Trade Secrets and Intellectual Property</u>* . The statements in the Registration Statement that
describe the trade secrets, trademarks, service marks or other proprietary information or materials of the Company in the Taiwan ("Taiwan
Intellectual Property"), to the extent that they constitute matters of law, summaries of legal matters or legal proceedings, or
legal conclusions, have been reviewed by us and are accurate and complete statements or summaries of the matters therein set forth, fairly
represent the matters disclosed therein and do not contain an untrue statement of material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has a valid
right to use the Taiwan Intellectual Property currently used or as currently contemplated to be used by the Company, in each case, as
described in the Registration Statement; except as otherwise stated in the Registration Statement, to our knowledge, all such Taiwan Intellectual
Property have been properly licensed to the Company, and the Company does not lack the ability to obtain any rights or licenses to use
all such Taiwan Intellectual Property; the Taiwan Intellectual Property have been duly maintained and are in full force and in effect;
none of the Taiwan Intellectual Property has been adjudged invalid or unenforceable in whole or in part, and we are not aware of any facts
which form a basis for a finding of unenforceability or invalidity of any of the Taiwan Intellectual Property.

Page 6 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 *<u>No Infringement of Taiwan Intellectual Property</u>* . To our knowledge after due inquiry, no
person or entity is engaging in any activity that infringes, misappropriates or violates the Taiwan Intellectual Property of the Company.
To our knowledge after due inquiry, the Company is not infringing, misappropriating, or violating any Taiwan Intellectual Property of
any third party in Taiwan; and no Taiwan Intellectual Property is subject to any outstanding decree, order, injunction, judgment or ruling
restricting the use of such Taiwan Intellectual Property that would impair the validity or enforceability of such Taiwan Intellectual
Property. To our knowledge after due inquiry, no security interests or other liens have been created with respect to any of the Taiwan
Intellectual Property.

1.16 *<u>Legal or Governmental Proceedings or Disputes</u>* . To the best of our knowledge after due inquiry,
the Company is not currently implicated in any other legal proceedings or disputes with any Governmental Agency or third parties in Taiwan.

1.17 *<u>Immunity</u>* . The Company can sue and be sued in its own name in Taiwan courts, and is not currently
entitled at law to any form of legal immunity or protection that would exempt it from legal liability or criminal prosecution.

1.18 *<u>Enforceability of Judgments</u>* . Any United States judgments obtained against the Company will
be enforced by courts in Taiwan without further review of the merits only if the court of Taiwan in which enforcement is sought is satisfied
with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18.1 the court rendering the judgment has jurisdiction over the subject matter according to the laws of Taiwan;

1.18.2 if the judgment was rendered by default by the court rendering the judgment, (i) we were duly served within
a reasonable period of time within the jurisdiction of such court in accordance with the laws and regulations of such jurisdiction, or
(ii) process was served on the Company with judicial assistance of Taiwan;

1.18.3 the judgment and the court procedures resulting in the judgment are not contrary to the public order or
good morals of Taiwan; and

1.18.4 judgments of the courts of Taiwan are recognized in the jurisdiction of the court rendering the judgment
on a reciprocal basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 *<u>Bankruptcy, insolvency, or winding-up proceedings</u>* . To the best of our knowledge after due inquiry, no winding up or liquidation proceedings
have been commenced against the Company and no proceedings have been commenced for the purpose of and no judgment has been rendered declaring
the Company bankrupt or in any insolvency proceeding.

1.20 *<u>Approvals from the Taiwan government in connection with the Offering</u>* . Based on our understanding
of the current Taiwan Laws and to the best of our knowledge after due inquiry, no specific approvals are required from any Governmental
Agency in Taiwan in order for the Issuer to engage in this Offering.

Page 7 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 *<u>Taiwan Laws</u>* . The statements in the Registration Statement and the Prospectus under the captions
"Prospectus Summary," "Risk Factors — Risks Related to our Business and Industry," "Enforceability
of Civil Liabilities," "Management's Discussion and Analysis of Financial Condition and Results of Operations,"
"Legal Matters Material Changes" and each case solely to the extent that they describe or summarize matters of Taiwan Laws
or the legal status, corporate authority, ownership structure, licenses, permits or Taiwan operations of the Company, have been reviewed
by us and are accurate in all material respects and fairly summarize the Taiwan legal matters described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.22* *<u>No Conflict with Taiwan Laws</u>* . Based on our review of the Documents and subject to the Assumptions
and Qualifications set forth herein, the conduct of the business and operations of the Company in Taiwan as described in the Registration
Statement does not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) conflict with or result in a breach or violation of any provision of the Articles of Incorporation, business
licenses, permits or other constituent documents of the Company governed by Taiwan Laws;

(2) conflict with or result in a breach or violation of, or constitute a default under, any material contract
governed by Taiwan Laws to which the Company is a party or by which the Company or any of its material properties or assets in Taiwan
is bound, based on the Documents reviewed by us; or

(3) result in any violation of any Taiwan Law, regulation, order, judgment or decree of any Governmental Agency
or court in Taiwan applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 The execution and delivery by the Issuer of, and the performance by the Issuer of its obligations under
the Registration Statement in connection with the Offering and the consummation by the Issuer of the transactions contemplated therein,
and the conduct of the business and operations of the Company as described in the Registration Statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) do not and will not conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the
Company is a party or by which the Company is bound or to which any of the properties or assets of Company is bound or to which any of
the properties or assets of the Company is subject,

(5) do not and will not result in any violation of the provisions of the Article of Incorporation, business
licenses or any other constituent document of the Company,

(6) do not and will not result in any violation of any provision of Taiwan Law or statute or any Taiwan regulation,
and

(7) do not and will not result in a violation of any statute, order, rule or regulation of any governmental
or regulatory agency or any court in the Taiwan.

Page 8 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 *<u>Reporting Obligations on Equity Owners</u>* . There are no reporting obligations under Taiwan
Law on non-Taiwan holders of the Class A Ordinary Shares issued by the Issuer in relation to the Offering. There are no reporting obligations
under Taiwan Law on non-Taiwan holders of the shares or ownership interests of the Company in relation to the Offering.

1.25 *<u>No Personal Liability of Shareholders</u>* . As a matter of Taiwan Law, no holder of the Class
A Ordinary Shares or of any shares of the Company, will be subject to any personal liability, or be subject to a requirement to be licensed
or otherwise qualified to do business or be deemed domiciled or resident in the Taiwan, by virtue only of holding such Class A Ordinary
Shares or by virtue of owning shares of the Company. There are no limitations under Taiwan Law on the rights of holders of the Class A
Ordinary Shares to vote or transfer their securities nor any statutory pre-emptive rights or transfer restrictions applicable to the Class
A Ordinary Shares.

1.26 *<u>Dividends and Distributions</u>* . Except as otherwise disclosed in the Registration Statement,
all cash dividends and other distributions declared and payable on the shares of the Company to PSH may under the current laws and regulations
of the Taiwan be payable in the official currency of Taiwan and may be freely converted into foreign currency and transferred out of the
Taiwan by PSH.

---

| | |
|:---|:---|
| **2** | **Qualifications** |

---

Our Opinion expressed above is subject to the following qualifications (the "Qualifications"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Our Opinion is limited to the Taiwan laws of general application on the date hereof. We have made no investigation
of, and do not express or imply any views on, the laws of any jurisdiction other than the Taiwan. We disclaim any obligation to update
this Opinion letter for events occurring or coming to our attention after the date hereof.

2.2 This Opinion is limited to Taiwan law matters relating to Agencia Comercial Co., Ltd., the Taiwan Operating
Subsidiary. We express no opinion on the laws of Indonesia, Singapore, the Cayman Islands, the British Virgin Islands, the United States,
or on any contracts, assets, liabilities or operations of any group company other than the Company, including PT. AGCC AITECH Indonesia
and AGCC Singapore Pte. Ltd.

2.3 The Taiwan Laws referred to herein are laws and regulations publicly available and currently in force
on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof, will
not be changed, amended or revoked in the future with or without retrospective effect.

2.4 Our Opinion is subject to the effects of (i) certain legal or statutory principles under Taiwan laws affecting
the enforceability of contractual rights generally under the concepts of public interest, social ethics, national security, good faith,
fair dealing, and applicable statutes of limitation, (ii) any circumstance in connection with formulation, execution or performance of
any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions
with a lawful form, (iii) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or
defenses, or calculation of damages, and (iv) the discretion of any competent Taiwan legislative, administrative or judicial bodies in
exercising their authority in the Taiwan.

2.5 This Opinion is issued based on our understanding of the current Taiwan Laws. For matters not explicitly
provided under the current Taiwan Laws, the interpretation, implementation and application of the specific requirements under Taiwan Laws
are subject to the final discretion of competent Taiwan legislative, administrative and judicial authorities, and there can be no assurance
that the Government Agencies will ultimately take a view that is not contrary to our Opinion stated above.

Page 9 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and Taiwan government officials. We have assumed the genuineness
of all signatures, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted
to us as copies and the authenticity of the originals of all such latter documents. We have also assumed the accuracy of the factual matters
contained in the documents we have examined.

2.7 As used in this Opinion, the expression "to the best of our knowledge after due inquiry" or
similar language with reference to matters of fact refers to the current actual knowledge of the attorneys of this firm who have worked
on matters for the Company in connection with the Offering and the transactions contemplated thereby after reasonable investigation and
inquiry. We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations
of responsible officers of the Company and Governmental Agencies.

---

| | |
|:---|:---|
| **3** | **Reliance and Consent** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 This Opinion is intended to be used in the context which is specifically referred to herein and each paragraph
should be looked at as a whole and no part should be extracted and referred to independently.

3.2 This Opinion is addressed to the Issuer solely in connection with the Registration Statement and the Offering
and may be relied upon by the Issuer's United States and offering counsel (including Concord & Sage) for the purpose of rendering
their own opinions in connection with the Registration Statement and the Offering. It is not to be transmitted to, nor is it to be relied
upon, by any other person or for any other purpose or quoted or referred to in any public document or filed with any governmental agency
or other person without our prior written consent, save as expressly provided below.

Notwithstanding the above, we hereby consent for the Issuer and the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 provide copies of this Opinion to the SEC in connection with the Offering, if so requested by SEC; and/or

3.2.2 file this Opinion as an exhibit to the Registration Statement,

3.2.3 permit other counsel to rely on this opinion in rendering their own opinions in connection with the Registration
Statement and the Offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 There is no legal obligation and undertaking for us to update this opinion for any change of information
or laws of the Taiwan or applied practice which occurs or becomes known to us or came into force after the date of this Opinion.

3.4 This opinion is strictly limited to the matters stated in it and does not apply by implication to any
other matter.

3.5 We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration
Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come
within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations
promulgated thereunder.

*/s/ Lin Yu-Chu*

Lin, Yu-Chu

Attorney-at-law 【律師證書 (95)臺檢證字第6881號】

3F.-1, No. 93, Sec. 1, Xinsheng S. Rd., Da'an Dist., Taipei City 106, Taiwan (R.O.C.)

T +886-2-27781798, F +886-2-27782718

![](ea029288801_ex5-2img3.jpg)

Page 10 of 10

## Exhibit 5.3

**Exhibit 5.3**

No. Ref.: 24/Y&C/VI/2026

Jakarta, 17 June 2026

To:

**Agencia Comercial Spirits Ltd.** 

Shenzun Road No. 23-1

Shengang District, Taichung City

Taiwan, 429014

By e-mail

Attn: **Board of Directors**

Re.: **Registration Statement Opinion**

To whom it may concern,

**1.** **Introduction** 

We are lawyers qualified in the Republic of Indonesia and authorized to issue legal opinions on Indonesian regulations. We act as an independent Indonesian counsel to Agencia Comercial Spirits Ltd. ("**Corporation**"), the parent company to PT AGCC AITECH Indonesia (the "**Company**"), a company duly incorporated and validly existing under Indonesian laws. The Corporation shall submit Form F-1 filed on 17 June 2026, under the Securities Act of 1933 for the secondary offering of the Corporation at Nasdaq Stock Market, including all exhibits amendments or supplements thereto and prospectus contained therein ("**Registration Statement**"), which require *inter alia* a legal opinion for the Company's legal existence based on the Indonesian laws where the Company was set up.

**2.** **Applicable Law** 

This opinion is confined solely to the laws of Republic of Indonesia, as applicable, at the date of this opinion. Accordingly, we express no opinion with regard to any system of law other than the applicable laws of Republic of Indonesia. This opinion is to be construed in accordance with the laws of Republic of Indonesia. We do not undertake to advise you of any change in facts or law relevant to this opinion or the opinions expressed herein after the date hereof.

**3.** **Assumptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For
 the purpose of giving this legal opinion ()"**Opinion** "), we have examined
 the documents provided by the Company, as the Indonesian subsidiary of the Corporation, and
 obtained other relevant documents as we deemed necessary or advisable for the purpose of
 rendering this Opinion. Where certain facts were not independently established and verified
 by us, we have relied upon statements issued or made by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. We
 made inquiries as to other facts and questions of law as we deem necessary when rendering
 this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We
 have obtained statement letter from the relevant courts and arbitration body, stating that
 there are no pending legal cases of the Company, its Board of Directors and Board of Commissioner,
 and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In
 rendering this Opinion, we have, without any further enquiry or independent verifications,
 made the following assumptions ()"**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 signatures, seals and chops are genuine, each signature on behalf of a party thereto is that
 of a person duly authorized by such party to execute the same, all documents ()"**Documents** ")
 submitted to us as originals are authentic, and all Documents submitted to us as certified
 or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 of the parties (other than the Company) to the Documents, (a) if a legal person or other
 entity, is duly organized and is validly existing in good standing under the laws of its
 jurisdiction of organization and/or incorporation; or (b) if an individual, has full capacity
 for civil conduct; each of them, has full power and authority to execute, deliver and perform
 its/her/his obligations under such Documents to which it is a party in accordance with the
 laws of its jurisdiction of organization or incorporation or the laws that it/she/he is subject
 to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Documents remain in full force and effect on the date of this Opinion and have not been revoked,
 amended or supplemented, and no amendments, revisions, supplements, modifications or other
 changes have been made, and no revocation or termination has occurred, with respect to any
 of such Documents after they were submitted to us for the purposes of this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 accuracy and completeness of all factual representations, whether oral or written instructions,
 provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 laws of jurisdictions other than the laws of Republic of Indonesia which may be applicable
 to the execution, delivery, performance or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 instructions and information provided by the Company to us are true and accurate to our best
 belief; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there
 has been no change in the information contained in the latest records of the Company and
 the companies involved made up to the issuance of this Opinion.

**4.** **Opinion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject
 to the Assumptions and the Qualifications (as defined below), we are of the opinion that
 the Company was established in Indonesia and validly existing and in good standing under
 the laws of Indonesia. The Company is operating its businesses legally and is not facing
 any material legal proceedings or any material legal, governmental, arbitrative proceedings,
 actions, decisions, demands or orders before any competent court, government agency or arbitration
 body in Indonesia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 statements set forth in the Registration Statement under the section related to "PROSPECTUS
 SUMMARY", "RISK FACTORS", "ENFORCEABILITY OF CIVIL LIABILITIES",
 "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS",
 "MATERIAL CHANGES", in each case insofar as such statements purport to describe
 or summarize the Indonesia legal matters stated therein as at the date hereof, are true and
 accurate in all material respects, and fairly present and summarize in all material respects
 the Indonesia legal matters stated therein as at the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We
 have reviewed all material contracts of the Company that are governed by Indonesia laws,
 and are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
 of the material contracts have been duly authorized, executed and delivered by the Company,
 and the Company has taken all necessary corporate actions to authorize the performance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 Company had the corporate power and capacity to enter into and perform its obligations under
 such contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. such
 contracts are legal, valid and binding on the Company and are enforceable under Indonesia
 laws.

After due inquiry, we are not aware of any material contracts, agreements or other instruments of the Company governed by Indonesia Laws which should be described or referred to in the Registration Statement other than those described or referred to therein, and, in all material respects, the descriptions thereof or references thereto are correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 statements set forth in the Registration Statement under the section related to "Legal
 Matters" are true and accurate in all material respects and that such statements constitute
 our Opinion.

**5.** **Qualifications** 

Our Opinion expressed above is subject to the following qualifications ("**Qualifications**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Our
 Opinion is limited to the laws of Republic of Indonesia on the date hereof. We have made
 no investigation of, and do not express or imply any views on, the laws of any jurisdiction
 other than the laws of Republic of Indonesia. Accordingly, we express or imply no opinion
 directly or indirectly on the laws of any jurisdiction other than the laws of Republic of
 Indonesia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 laws of Republic of Indonesia referred to herein are laws and regulations publicly available
 and currently in force on the date hereof and there is no guarantee that any of such laws
 and regulations, or the interpretation or enforcement thereof, will not be changed, amended
 or revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Our
 Opinion is subject to the effects of (a) certain legal or statutory principles affecting
 the enforceability of contractual rights generally under the concepts of public interest,
 social ethics, national security, good faith, fair dealing, and applicable statutes of limitation;
 (b) any circumstance in connection with formulation, execution or performance of any legal
 documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary
 or concealing illegal intentions with a lawful form; (c) judicial discretion with respect
 to the availability of specific performance, injunctive relief, remedies or defenses, or
 calculation of damages; and (d) the discretion of any competent Indonesian legislative, administrative
 or judicial bodies in exercising their authority in Indonesia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This
 Opinion is issued based on the laws of Republic of Indonesia that are currently in effect.
 For matters not explicitly provided under the laws of Republic of Indonesia, the future interpretation,
 implementation and application of the specific requirements under the laws of Republic of
 Indonesia are subject to the final discretion of competent Indonesian legislative, administrative
 and judicial authorities, and there can be no assurance that the government agencies will
 not ultimately take a view that is contrary to our Opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. We
 may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem
 proper, on certificates and confirmations of responsible officers of the Company and searches
 conducted in Indonesia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This
 Opinion is intended to be used in the context which is specifically referred to herein. It
 should be read as a whole and each paragraph of the Opinion should not be read independently;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. As
 used in this Opinion, the expression with reference to matters of fact refers to the current
 actual knowledge of the counsel of this firm who have worked on matters for the Company in
 connection with the secondary offering of the Corporation. We have not undertaken any independent
 investigation to determine the existence or absence of any fact, and no inference as to our
 knowledge of the existence or absence of any fact should be drawn from our representation
 of the Company or the rendering of this Opinion.

**6.** **Consent** 

We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under the applicable regulations, or the regulations promulgated thereunder.

Regards,

**Yang & Co**

---

| |
|:---|
| */s/ Saniah Widuri* |
| **Saniah Widuri, SH. LL.M** |

---

## Exhibit 5.4

**Exhibit 5.4**

![](ea029288801_ex5-4img1.jpg)

---

| | | |
|:---|:---|:---|
| Our reference: | ACYL/LBL/SLKY/202617040 | **BY EMAIL** |
| Your reference: | To be advised |  |

---

17 June 2026

**Agencia Comercial Spirits Ltd.**

No. 65, Ln. 114, Xishi Rd., Xi'an Vil.,

Fengyuan Dist. Taichung City 42061, Taiwan (R.O.C.)

Dear Sirs

**AGENCIA COMERCIAL SPIRITS LTD. – LEGAL OPINION**

1. We act as Singapore legal counsel to
 Agencia Comercial Spirits Ltd. (the "**Company** ")
 in connection with a proposed self-directed best efforts offering of up to 20,000,000 of
 the Company's Class A Ordinary Shares on the Nasdaq Capital Market (the "**Transaction** ").
 We are qualified to practise law in Singapore and to advise on Singapore law, and accordingly
 are qualified to issue this legal opinion ()"**Opinion** ").

2. This Opinion is provided to the Company
 only, in connection with the Transaction and the Company's registration statement on
 Form F-1, as may be amended from time to time (the "**Registration Statement**") and to be initially filed with the Securities and Exchange Commission
 on 17 June 2026 under the United States Securities Act of 1933, as amended, relating to the
 Transaction.

3. Based upon and subject to the matters set out in paragraphs 4 to 7, we
 are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the statements set forth in the Registration
 Statement under the captions "Our Company", "Recent Developments",
 "Risks Related to Our Business and Industry", "Enforceability of Civil
 Liabilities" and "Singapore Taxation", insofar as such statements constitute
 summaries of Singapore laws, fairly summarise the matters referred to therein as at 16 June
 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. AGCC Singapore Pte. Ltd. ()"**AGCC Singapore**") is duly incorporated and validly existing as a private company
 limited by shares under the laws of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. AGCC Singapore has a sole registered member,
 AGCC Investment (Singapore) Co. Ltd., which holds the entire issued and paid-up share capital
 of AGCC Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. based on the Searches (as hereinafter
 defined), AGCC Singapore is not a party to any litigation proceedings in Singapore, or to
 any insolvency proceedings in Singapore for the winding up, dissolution, judicial management,
 administration or liquidation of AGCC Singapore or for the appointment of any liquidator,
 receiver or equivalent officers in respect of the assets of AGCC Singapore; and

**AEI LEGAL LLC** (UEN: 201806065C)

1 Phillip Street, #05-01 Royal One Phillip, Singapore 048692

![](ea029288801_ex5-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. AGCC Singapore has executed the Computing
 Technology Services Agreement (as hereinafter defined) to which it is a party, and the execution
 and delivery of the Computing Technology Services Agreement by AGCC Singapore do not breach
 the provisions of the Constitution (as hereinafter defined) or the laws of Singapore.

4. Unless otherwise stated herein, this
 Opinion is confined to the laws of Singapore of general application as at the date of this
 Opinion as applied by the Singapore courts, and is given on the basis that it will be governed
 by and construed in accordance with the laws of Singapore. We do not purport to be an expert
 on, generally familiar with, or qualified to express legal opinions based on, any laws other
 than Singapore law and accordingly we express no opinion with respect to the laws of any
 other jurisdiction. Insofar as any law other than the laws of Singapore may be relevant to
 this Opinion, we have taken no account of, and have made no investigation of, such law and
 have assumed that no such law would affect the opinion stated herein. Furthermore, there
 is no guarantee that any Singapore law will not be changed, amended or replaced in the immediate
 future or in the longer term with or without retrospective effect, and we undertake no responsibility
 to notify the Company of such change in Singapore law after the date of this Opinion.

5. For the purposes of giving this Opinion,
 we have examined the originals, copies or translations of the documents as listed in Schedule
 1 ()"**Documents** ").
 In rendering this Opinion, we have with your consent and without any further enquiry assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the genuineness of all signatures,
 chops and seals, the authenticity and completeness of all Documents provided to us as originals
 and the conformity to the originals of all Documents provided to us as copies, and that any
 unsigned Documents supplied to us have been executed in the form supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the truthfulness, accuracy and completeness
 of all factual statements in the Documents and all other factual information provided to
 us by the Company and its representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. each of the Documents provided to us remains
 in full force and effect up to the date hereof and has not been varied, amended, cancelled,
 or revoked;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. all parties to the Documents (and any
 other relevant arrangement) had all necessary legal capacity, power and authority and all
 necessary action was taken to enable the respective parties to enter into each Document in
 question and to perform their respective obligations under it in accordance with its terms,
 and all such parties other than AGCC Singapore are duly incorporated and validly existing
 under the laws of their respective countries of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. none of the executed Documents is void,
 voidable or unenforceable for any reason, including (i) *non est factum* (i.e., circumstances in which one party executes an agreement believing
 it to be an essentially different agreement and that party was not careless in so doing);
 (ii) a corporate party taking an action which is *ultra vires*; (iii) a party to it having been induced to enter into it by duress, fraud
 or misrepresentation or on the basis of a mistake of fact or law; or (iv) a party to it having
 become bankrupt or insolvent. It is impossible to state whether there have been any extraneous
 circumstances affecting enforceability of any of the documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. all Documents are up-to-date, and constitute
 legal, valid, binding and enforceable obligations on the parties thereto under the laws (other
 than Singapore laws) by which they are expressed to be governed, and the laws (other than
 Singapore laws) which may be applicable to the execution, delivery, performance or enforcement
 of the Documents were complied with;

**AEI LEGAL LLC** (UEN: 201806065C)

1 Phillip Street, #05-01 Royal One Phillip, Singapore 048692

![](ea029288801_ex5-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. the Searches and the Register of Members
 (as hereinafter defined) revealed all matters required by law to be notified to the relevant
 authorities, and that the information disclosed by the Searches is and remains accurate,
 complete and up-to-date in all respects and does not fail to disclose any information which
 had been submitted for filing or registration but was not disclosed or, as the case may be,
 did not appear in, the Searches. Please note that (i) any search of public registries conducted
 is at a fixed point of time and may not reveal information filed prior to that time but not
 entered on the register, or after that time; (ii) searches carried out in the Supreme Court
 and State Courts registries do not reflect proceedings brought in other courts or tribunals
 in Singapore including the Small Claims Tribunal, Employment Claims Tribunal and the Singapore
 International Commercial Court, or proceedings commenced by way of arbitration or mediation,
 or proceedings commenced outside Singapore; and (iii) searches carried out in the Supreme
 Court and State Courts registries are not always accurate in revealing whether or not a winding-up
 petition has been presented as notice of a winding-up order or resolution passed or a receiver
 or judicial manager appointed may not be filed immediately; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. there are no other documents or information
 which are relevant to or may affect our opinion herein which have not been provided to us.

6. No confirmation, information or clarification
 has been sought or received from the counterparties to the documents, agreements or arrangements
 reviewed nor from any other third party as to the status of such documents, agreements or
 arrangements or on the relationship between the parties to them or otherwise. No independent
 verification of the Documents has been conducted, except on the basis of the information
 publicly available from the Searches. No representation, warranty or undertaking is made
 as to the accuracy, reasonableness or completeness of or any omission of the information
 on which this Opinion is based. This Opinion is strictly limited to the matters stated in
 it and does not apply by implication to other matters, only covers matters considered by
 us from a legal perspective and does not purport to assess any matter from an accounting,
 taxation, financial, statistical, business, industry, audit, technological or other perspective.

7. This Opinion is solely for the Company's
 own benefit in relation to the Transaction and except with our prior written consent, is
 not to be transmitted, disclosed to, used or relied upon by any other person, or used or
 relied upon for any other purpose. This Opinion does not in any way whatsoever constitute
 a recommendation as to how any person should act, including in relation to the Transaction.

Yours faithfully

![](ea029288801_ex5-4img2.jpg)

**AEI LEGAL LLC**

**AEI LEGAL LLC** (UEN: 201806065C)

1 Phillip Street, #05-01 Royal One Phillip, Singapore 048692

![](ea029288801_ex5-4img1.jpg)

**SCHEDULE 1**

**DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Copy of the latest draft Registration Statement dated 16 June 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Copy of the certificate confirming the incorporation of AGCC Singapore
 dated 11 May 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copy of the certificate of good standing of AGCC Singapore dated 16 June
 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Copy of the constitution of AGCC Singapore dated 7 May 2026 (the "**Constitution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Copy of the Accounting and Corporate
 Regulatory Authority of Singapore ()"**ACRA** ")
 business profile of AGCC Singapore dated 16 June 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Copy of the electronic register of members
 of AGCC Singapore kept and maintained by ACRA dated 16 June 2026 ()"**Register of Members** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Copy of the share certificate issued
 by AGCC Singapore to AGCC Investment (Singapore) Co. Ltd. dated 11 May 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Copy of the computing technology services
 agreement executed by AGCC Singapore on 12 May 2026, in relation to, *inter alia*, the provision of cloud computing services by AGCC Singapore to the other
 party to the agreement over a 60-month service period (the "**Computing Technology Services Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An Insolvency (including Judicial Management)
 Search on the public records of the Supreme Court of Singapore in respect of AGCC Singapore
 on 16 June 2026 for the years 2024, 2025 and 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) An Appeal Cases Search on the public records
 of the Supreme Court and the State Courts of Singapore in respect of AGCC Singapore on 16
 June 2026 for the years 2024, 2025 and 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A Civil Cases Search on the public records
 of the Supreme Court and the State Courts of Singapore in respect of AGCC Singapore on 16
 June 2026 for the years 2024, 2025 and 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) An Enforcement Search on the public records
 of the Supreme Court and the State Courts of Singapore in respect of AGCC Singapore on 16
 June 2026 for the years 2024, 2025 and 2026, (items (i) to (l), collectively, the "**Searches** ").

**AEI LEGAL LLC** (UEN: 201806065C)

1 Phillip Street, #05-01 Royal One Phillip, Singapore 048692

## Exhibit 10.1

**Exhibit 10.1**

![](ea029288801_ex10-1img1.jpg)

![](ea029288801_ex10-1img2.jpg)

untuk dan atas nama PT AGCC AITECH INDONESIA, selanjutnya disebut sebagai "PEMBELI". PENJUAL dan PEMBELI selanjutnya bersama-sama disebut sebagai "PARA PIHAK" dan selanjutnya sen di ri-sendiri disebut sebagai "PIHAK". PARA PIHAK menerangkan terlebih dahulu: • • • BAHWA, PENJUAL adalah pemilik dan/atau pengembang/pengelola suatu Kawasan lndustri di KOTA DELTAMAS, berlokasi di Kabupaten Bekasi, Provinsi Jawa Barat, dengan nama "GREENLAND INTERNATIONAL INDUSTRIAL CENTER (GIIC)" atau disebut "GIIC". BAHWA, PEMBELI telah menyetujui untuk membeli dari PENJUAL atas sebagian tanah di GIIC, berdasarkan Proposal for GIIC ("LOI") tanggal 3 February 2026, dengan tujuan peruntukkan tanah sebagaimana dimaksud dalam Pasal 5 Ayat 5.1 Perjanjian ini. BAHWA, PENJUAL telah menyetujui dengan adanya pembelian atas sebagian tanah di GIIC (sebagaimana didefinisikan di bawah) oleh PEMBELI maka PEMBELI memiliki hak untuk mendirikan dan menjalankan usaha dalam Kawasan lndustri milik PENJUAL. Berdasarkan keterangan tersebut di atas, PARA PIHAK dengan ini sepakat untuk mengadakan Perjanjian m1 menurut syarat-syarat dan ketentuan sebagai berikut: PASAL1 PENGIKATAN JUAL BELi 1.1 PENJUAL dengan m1 berjanji dan mengikatkan diri untuk menjual kepada PEMBELI dan PEMBELI dengan ini berjanji dan mengikatkan diri untuk membeli dari PENJUAL atas bidang tanah dengan total luas tanah sekitar 50.000 M2 {lima puluh ribu GIIC-SPA00068 INDONESIA, hereinafter referred to as the "BUYER". The SELLER and the BUYER hereinafter referred to as the "PARTIES" and individually hereinafter referred to as a "PARTY". The PARTIES hereby firstly state: • • • WHEREAS, the SELLER is the owner and/or developer/manager of an Industrial Estate in KOTA DELTAMAS, located in Bekasi Regency, West Java Province, under the name of "GREENLAND INTERNATIONAL INDUSTRIAL CENTER (GIIC}" or called as the "GIIC". WHEREAS, the BUYER has agreed to purchase a part of land in GIIC from the SELLER pursuant to the Proposal for GIIC ("LOI") dated February 3, 2026, with the purposes of business activities on the plot of land, mentioned in Article 5 Paragraph 5.1 of this Agreement. WHEREAS, the SELLER hereby agrees that, upon the BUYER's acquisition of a part of land in GIIC, {as defined below), the BUYER shall be entitled to establish and conduct its business activities within the Industrial Estate owned by the SELLER. NOW, THEREFORE, in consideration of the premises, the PARTIES hereby agree to enter into this Agreement under the following terms and conditions: ARTICLE 1 BINDING OF SALE AND PURCHASE 1.1 The SELLER hereby agrees to bind itself to sell to the BUYER and the BUYER hereby agrees to bind itself to purchase from the SELLER of the plot of land with total area of land approximetely 50.000 M2 {fifty thousand square meters), located in

![](ea029288801_ex10-1img3.jpg)

meter persegi) yang terletak di GREENLAND INTERNATIONAL INDUSTRIAL CENTER (GIIC) Blok BC Nomor 9, Desa Sukamahi, Kecamatan Cikarang Pusat, Kabupaten Bekasi, Provinsi Jawa Barat, berada dalam kawasan Kota Deltamas, (selanjutnya disebut "Bidang Tanah". Lokasi Bi dang Tanah tersebut sebagaimana ternyata dalam gambar peta lokasi dalam LAMPIRAN-1 Perjanjian ini. 1.2 PEMBELI dengan ini menerangkan telah mengetahui dan menyetujui keadaan fisik dan lokasi Bidang Tanah dimaksud dalam Ayat 1.1 di atas. 1.3 Bidang Tanah tersebut sesuai dengan bukti Sertifikat Hak Guna Bangunan (HGB) sebagaimana terlampir dalam LAMPIRAN-1, selanjutnya disebut "HGB lnduk" yang mencakup pula luasan area di luar batas Bidang Tanah yang terdaftar atas nama Penjual. Luas Bidang Tanah akan disesuaikan dengan hasil pengukuran resmi yang dilakukan oleh Badan Pertanahan Nasional (BPN) (selanjutnya disebut "Pengukuran Resmi") sebagimana tercantum dalam pecahan Sertifikat HGB ("HGB Bidang Tanah"). Segera setelah ditandatanganinya Perjanjian ini PENJUAL wajib memproses pemecahan HGB lnduk menjadi 6 (enam) HGB baru sesuai cakupan area yang dinyatakan dalam LAMPIRAN-1 sebagai Blok BC/9 (selanjutnya disebut "HGB Bidang Tanah") pada Kantor Tanah (Kantor Sadan Pertanahan Nasional or BPN) pada Kabupaten Bekasi dengan biaya yang ditanggung oleh PENJUAL. Para Pihak sepakat bahwa tidak ada penggabungan/amalgamasi yang dipersyaratkan untuk setiap sertifikat HGB atas setiap bagian dari Bidang Tanah, atau yang dipersyaratkan dalam rangka penandatanganan AJB GIIC-SPA00068 GREENLAND INTERNATIONAL INDUSTRIAL CENTER (GIIC) Block BC Number 9, Sukamahi Village, Central Cikarang Subdistrict, Bekasi Regency, Province West Java, within the area of KOTA DELTAMAS, (hereinafter referred to as "Plot of Land"). The location of the Plot of Land is as set forth in the site map in APPENDIX-1 of this Agreement 1.2 The BUYER hereby declares to have known and agreed the physical condition and location of the Plot of Land referred to in Paragraph 1.1 above. 1.3 The Plot of Land is evidenced from the Right to Build certificates (HGB) listed as referred to in ATTACHMENT-1, hereinafter referred to as the "Master HGB", also includes land areas that fall outside the boundaries of the Plot of Land, register under thename of the Seller. The land size of the Plot of Land will be adjusted to the results of official measurements carried out by the National Land Agency (Badan Pertanahan Nasional/BPN) (hereinafter referred to as "Official Measurement") as stated in the HGB Certificate fragment ("HGB The Plot of Land"). Immediately after signing this Agreement the SELLER must process the splitting of the Master HGB into 6 (six) new HGBs under the name of the SELLER to cover the area shown on the ATTACHMENT-1 as Block BC/9 (hereinafter referred to as the "Plot of Land HGBs") to the Land Office (Kantor Badan Pertanahan Nasional or BPN) of Bekasi Regency at the SELLER'S cost. The Parties agree that there shall be no amalgamation required for any HGB certificate for any part of the Plot of Land or for the purposes of the AJB signing.

![](ea029288801_ex10-1img4.jpg)

1.4 PEMBELI wajib mematuhi ketentuan umum untuk pendirian bangunan pabrik dan/atau ketentuan lainnya yang ditetapkan oleh instansi yang berwenang pada saat pembangunan didirikan di atas Bidang Tanah sebagai berikut • • • • • Koefisien Casar Bangunan (KDB): Maksimum 60% (enam puluh persen); Koefisien Lantai Bangunan (KLB): Maksimum 1,8 (satu koma delapan) kali; Jumlah Lantai Maksimum 4 (empat) lantai; Ketinggian Bangunan Maksimum 30 M (tiga puluh meter) dari batas permukaan, namun, ketentuan atas ketinggian bangunan ini tidak berlaku tanpa melalui persetujuan PENJUAL dan pemerintah yang berwenang; dan Garis Sepadan Bangunan (GSB) sebagaimana ternyata dalam Gambar Peta Lokasi yang dimaksud dalam LAMPIRAN-1, namun, ketentuan atas garis sepadan bangunan ini tidak berlaku tanpa melalui persetujuan PENJUAL dan pemerintah yang berwenang. PENJUAL dibebaskan dari segala tanggung jawab dan/atau resiko yang timbul apabila terdapat kesalahan oleh PEMBELI dalam perhitungan pendirian bangunan di atas Bidang Tanah di luar ketentuan yang berlaku/ditetapkan tersebut. PEMBELI wajib mematuhi Tata Tertib GIIC (yang terlampir pada LAMPIRAN-2 Perjanjian ini), termasuk tetapi tidak terbatas pada ketentuan pendirian pagar, tata letak, lintas kendaraan, papan nama dan iklan termasuk perubahan GIIC·SPA00068 1.4 The BUYER shall comply with following general provisions for construction of plant building and/or other provisions stipulated by the authorized agency when it constructs its plant on the Plot of Land: • • • • • Building Coverage Ratio (BCR): Maximum 60% (sixty percent); Floor Area Ratio {FAR): Maximum 1.8 (one point eight) times; Number of Floor: Maximum 4 (four) floors; Building Height: Maximum 30 M (thirty meters) from ground level, provided, however, that this building height provision does not apply with the consent of both the SELLER and the governmental authoritiese; and Building Set Back (GSB): As evidenced from the drawing of location map in ATTACHMENT-1 hereto, provided, however, that this building set back provision does not apply with the consent of both the SELLER and the governmental authoritiese. The SELLER shall hereby be held harmless from any incurring liabilities and/or risks should there be any BUYER's fault in calculation on construction of building on the Plot of Land out of the prevailing / prescribed provisions. The BUYER shall comply with the Rules of GIIC (which is attached to this Agreement as ATTACHMENT-2), including but not limited to, rules regarding the construction of fence, landscape, vehicle traffic, sign board, and r

![](ea029288801_ex10-1img5.jpg)

dan/atau tambahan. Dalam hal terjadi perubahan dan/atau penambahan atas ketentuan Tata Tertib GIIC yang dapat mempengaruhi PEMBELI maka PENJUAL wajib melakukan pemberitahuan kepada PEMBELI atas perubahan dan/atau penambahan atas ketentuan tersebut. Namun demikian, Para Pihak sepakat, apabila peraturan perundang-undangan yang berlaku atau persyaratan dari otoritas yang berwenang menetapkan standar yang lebih longgar atau berbeda dari yang diatur di atas, maka peraturan perundang undangan yang berlaku atau persyaratan dari otoritas yang berwenang tersebut yang akan berlaku. PASAL2 HARGAJUAL DANJADWAL PEMBAYARAN 2.1 Total Harga Jual atas Bidang Tanah dimaksud Pasal 1.1 di atas adalah Rp_____ , belum termasuk Pajak Pertambahan Nilai ("PPN") (selanjutnya disebut "Harga Jual"). Harga Jual dihitung berdasarkan satuan harga yang disepakati sebesar Rp_____ . Harga Jual ini belum termasuk pajak, biaya dan pengeluaran yang berlaku sebagaimana diatur dalam Pasal 8 Perjanjian ini. Harga Jual aktual akan ditentukan berdasarkan HGB Bidang Tanah dari hasil Pengukuran Resmi yang dilakukan BPN, apabila setelah Pengukuran Resmi mengakibatkan perubahan pada luas Bidang Tanah, maka Harga Jual akan disesuaikan secara proporsional berdasarkan luasan HGB Bidang Tanah dikalikan dengan Harga Per Unit ("Harga Jual Aktual"). Atas perubahan tersebut akan dilakukan penyesuaian melalui addendum Perjanjian yang ditandatangani oleh Para Pihak. GIIC·SPA0O068 advertisement, including amendment and/or addition thereto. Provided, however, that in case of any amendment and/or addition to the Rules of GIIC and such amendment and/or addition could affect the BUYER, the SELLER shall notify the BUYER after such amendment and/or addition. For the avoidance of doubt, if the applicable laws or requirements of the competent authorities provide for more lenient or different standards than those set out above, such applicable laws or requirements of the competent authorities shall prevail. ARTICLE 2 SELLING PRICE AND PAYMENT SCHEDULE 2.1 The total Selling Price for the Plot of Land referred to in Article 1.1 above is IDR_____ , excluding Value Added Tax ("VAT") (hereinafter referred to as the "Selling Price"). The Selling Price is calculated based on the agreed unit price of IDR_____ . This Selling Price excludes applicable taxes, fees, and expenses as stipulated in Article 8 of this Agreement. The actual Selling Price will be determined based on the HGB of the Plot of Land from the results of the Official Measurement conducted by the BPN, if after the Official Measurement results in changes to the area of the Plot of Land , the Selling Price will be adjusted proportionally based on the area of the HGB of the Plot of Land multiplied by the Price Per Unit ("Actual Selling Price"). Such changes will be adjusted through an addendum to the Agreement signed by the Parties.

![](ea029288801_ex10-1img6.jpg)

2.2 Kecuali Pajak Penjual sebesar 2,5% dari Harga Jual Aktual yang harus ditanggung oleh PENJUAL, Biaya-biaya berikut ini adalah di luar Harga Jual tersebut di atas dan menjadi tanggungan PEMBELI, yaitu: a. Biaya Pejabat Pembuat Akta Tanah (PPAT), yang meliputi : (i) (ii) PPembuatan Akta Jual Beli (AJB); PPengurusan dan pendaftaran balik nama Sertifikat HGB Bidang Tanah ke atas nama PEMBELI; Biaya PPAT tersebut ditetapkan 1% (satu persen) dari Aktual Harga Jual, atau Nilai Jual Objek Pajak atau NJOP), mana yang lebih tinggi; b. Bea Perolehan Hak Atas Tanah dan/atau Bangunan (Bea Perolehan Hak Atas Tanah dan/atau Bangunan/BPHTB); c. Bea Penerimaan Negara Bukan Pajak (PNBP) dengan dasar Zona Nilai Tanah (ZNT) dari Kantor Pertanahan Kabupaten Bekasi; d. Biaya Perizinan, seperti : lzin Peralihan Hak Guna Bangunan dari Kantor Pertanahan untuk Perpindahan Sertifikat HGB, Persetujuan Bangunan Gedung (PBG), pengurusan dan pembuatan Site Plan (Rencana Tapak) dan Blok Plan atas nama PEMBELI, maupun izin-izin lainnya terkait dengan penggunaan dan/atau pembangunan di atas Bidang Tanah, serta sebagai persyaratan AJB; GIIC·SPA00068 2.2 Except for the Seller's tax in the amount of 2.5% of the Actual Purchase Price, which shall be borne by the SELLER, The following costs are excluded from the Selling Price mentioned above and shall be borne by the BUYER: a. Fees of the Land Deed Official (Pejabat Pembuat Akta Tanah or PPAT) which covers the following items: (i) (ii) Drawing up of the Sale and Purchase Deed (Akta Jual Beli or AJB); Handling and registering the Plot of Land Certificate HGBs into the name of the BUYER; The Fees of the PPAT is determined to be 1% (one percent) from the Actual Selling Price, or the Taxable Object Sale Value (Nilai Jual Objek Pajak or NJOP), whichever is higher; b. . The Duty on the Acquisition of Title on Land and Building (Bea Perolehan Hak Atas Tanah dan/atau Bangunan/ BPHTIB); c. Non-Tax Revenue (Bea Penerimaan Negara Bukan Pajak /PNBP) subject to Zone Rate of Land (Zona Nilai Tanah/ZNT) from Bekasi Regency Land Office; d. The permit costs, such as : permit from Land Office for the transfer of Certificate of HGB to become under the name of the BUYER (lzin Peralihan Hak Guna Bangunan), Building Permit (PBG), handling and preparation of Site Plan and Block Plan under the name of the BUYER, as well as any other permits relating to the use and/or development of the Plot of Land;

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e. Biaya penyambungan dan pembangunan sarana/infrastruktur di area Bidang Tanah seperti: instalasi listrik, telepon, air bersih dan air limbah; f. Uang Jaminan Pembangunan (sebagaimana dimaksud dalam Pasal 4 Ayat 4.6 Perjanjian ini); dan g. Pajak Bumi dan Bangunan ("PBB") atas area Bidang Tanah sebagaimana dimaksud Pasal 1.1 Perjanjian ini, terhitung sejak tanggal penandatangan AJB; dan h. 11% PPN (Pajak Pertambahan Nilai atau "PPN") dan pajak lainnya, retribusi dan bea lainnya sesuai dengan peraturan perundang-undangan yang berlaku di Negara Republik Indonesia. 2.3 Apabila dikemudian hari terjadi perubahan peraturan atau kebijakan pemerintah yang mengakibatkan peningkatan biaya lain-lain tersebut di atas, dan dikenakannya pajak atau pungutan lain atau terjadi peningkatan tarif pajak, retribusi, atau pungutan lainnya atas transaksi yang diatur dalam Perjanjian ini (tidak termasuk kenaikan biaya, pajak atau retribusi yang harus ditanggung oleh PE NJ UAL berdasarkan ketentuan Pasal 2 Ayat 2.3), maka kekurangan dan beban tambahan pajak tersebut harus ditanggung oleh PEMBELI dan harus dibayar dalam jangka waktu 7 (tujuh) Hari Kerja sejak pemberitahuan tertulis oleh PENJUAL. "Hari Kerja" berarti hari dimana bank buka untuk melakukan transaksi bisnis perbankan secara normal di Jakarta, Indonesia. 2.4 Pembayaran Harga Jual atas Bidang Tanah dari PEMBELI kepada PENJUAL sebagaimana dimaksud dalam Ayat 2.1 GIIC·SPA00068 e. The costs for connecting and developing the facilities/ infrastructures in area of the Plot of Land, such as: installation of: electricity, telephone, cleans water and waste water; f. Security Deposit of Development (as defined in Article 4 Paragraph 4.6 of this Agreement); and g. The Land and Building Tax ("PBB") of the Plot of Land area as stipulated in Article 1.1 in this Agreement, on and after the sigining date of AJB; and h. 11% VAT (Value Added-Tax or "PPN") and other taxes, levies and duties in accordance with the prevailing laws and regulations of the Republik of Indonesia. 2.3 In the event there is any amendment to regulation or policy of government in the future which results in the increase of other costs referred to in the above, the imposition of other taxes or levies or the increase of tariff of tax, retribution, or levies upon transaction which is stipulated in this Agreement (excluding the increase of costs, taxes or levies to be borne by the SELLER pursuant to Article 2 Paragraph 2.3), thenthe shortage and extra charges of such tax shall be borne by the BUYER and shall be paid within 7 (seven) Business Days after written notification by the SELLER. "Business Day" shall mean any day on which banks are open for the transaction of normal banking business in Jakarta, Indonesia. 2.4 The payment of the Selling Price of the Plot of Land from the BUYER to the SELLER as

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Pasal ini dengan jadwal pembayaran sebagai berikut a. Uang Tanda Jadi sebesar Rp_____ belum termasuk PPN, telah dibayarkan oleh PEMBELI kepada PENJUAL pada tanggal _____; b. sebesar Uang Muka c. Rp _____ belum wajib termasuk PPN, dibayarkan selambat-lambatnya 3 (tiga) hari kerja setelah Perjanjian ini ditandatangani; Sisa Pembayaran sebesar Rp_____ , belum termasuk PPN, wajib dibayarkan selambat- lambatnya pada saat penandatangan Akta Jual Beli (AJB) dan telah diselesaikannya pengukuran resmi dari BPN berdasarkan HGB Bidang Tanah yang telah dikeluarkan oleh BPN. Untuk menghindari keraguan, nominal pembayaran dalam tahap ini akan merujuk pada Harga Jual Aktual sebagai mana dimaksud Pasal 2.1 Perjanjian ini 2.5 Setiap pembayaran Harga Jual beserta jumlah uang lain yang harus dibayar oleh PEMBELI kepada PENJUAL berdasarkan Perjanjian ini harus ditransfer ke rekening PENJUAL berikut: referred to in Paragraph 2.1 of this Article, with the schedule payment as follows a. Booking Fee in the amount of IDR_____ excluding VAT, has been paid from BUYER to SELLER on _____; b. Down Payment in the amount of IDR_____ Excluding VAT, shall be paid no later than three (3) Business Days after the execution of this Agreement.; c. Balance Payment in the amount of IDR_____ , Excluding VAT, must be paid at the same date with the signing ofthe Deed of Sale and Purchase (AJB) and the completion of the official measurement from BPN, based on the HGB of the Plot of land issued by the BPN. For the avoidance of doubt, the payment amount at this stage shall refer subject to Actual Selling Price as contemplated in Article 2.1 of this Agreement. 2.5 Any payment of the Selling Price including any other amount of monies which shall be paid by the BUYER to the SELLER under this Agreement shall be transferred to the following SELLE R's account: Bank Cabang / Branch Nomor Rekening Account Number Penerima / Favorin Swift Code Pembayaran akan dianggap sah dan diterima setelah PEMBEU mengirimkan bukti transfer kepada PENJUAL. Apabila GIIC-SPA00068 The payment will be considered valid and received upon the BUYER's submission of proof of transfer to the SELLER. Upon the

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dana yang bersangkutan efektif diterima oleh PENJUAL maka PENJUAL wajib mengeluarkan kwitansi resmi sebagai bukti penerimaan dana. 2.6 Setiap pembayaran dalam Perjanjian ini harus dilakukan secara penuh dan tanpa potongan apapun, kecuali untuk pajak pajak yang timbul atas Perjanjian ini. 2.7 Setiap kegagalan PEMBELI dengan alasan apapun untuk memenuhi kewajiban kewajiban pembayaran kepada PENJUAL berdasarkan Jadwal Pembayaran yang ditetapkan dalam Ayat 2.3 Perjanjian ini,. yang cukup dibuktikan dengan lewatnya batas waktu sehingga tidak ada surat panitera atau surat lain yang serupa dengannya diperlukan, maka PEMBELI akan dikenakan denda keterlambatan pembayaran sebesar 0,1% (nol koma satu persen) per hari dari jumlah yang wajib dibayar kepada PENJUAL. Untuk menghindari keraguan, perhitungan denda keterlembatan akan didasarkan pada nominal yang tertera dalam Jadwal Pembayaran yang mana sedang dilaksanakan oleh Para Pihak . 2.8 Tanpa mengurangi ketentuan pada Ayat tersebut di atas, apabila PEMBELI gagal untuk memenuhi dan/atau melanggar jadwal kewajiban-kewajiban pembayaran kepada PENJUAL berdasarkan Perjanjian ini, berikut denda-denda (jika ada), maka PENJUAL akan memberitahukan melalui 3 (tiga) surat peringatan secara tertulis dalam kurun waktu 1 {satu) bulan kepada PEMBELI. Apa bi la setelah surat pemberitahuan dan/atau peringatan terakhir dari PENJUAL, PEMBELI tetap gaga I dan/atau melanggar untuk memenuhi kewajiban -kewajiban pembayaran dalam Perjanjian ini, berikut denda-denda {jika ada), maka PENJUAL berhak untuk memutuskan secara sepihak Perjanjian ini sebagaimana diatur dalam Pasal 11 Perjanjian ini. GIIC-SPA0O068 effective receipt of the relevant funds by the SELLER, the SELLER shall issue an official receipt immediately as evidence of suet payment. 2.6 Any payment under this Agreement shall be made in full and without any deduction whatsoever, except for any incurring taxes due to this Agreement. 2.7 Any failure by the BUYER for any reason whatsoever to fulfill the payment obligations to the SELLER based on the Payment Schedule specified in Paragraph 2.3 of this Article, which failure shall be adequately proven by the lapse of time so that no letter of bailiff or any other letter similar thereto is required, shall subject the BUYER to a penalty of delay payment of 0.1% (zero point one percent) per day from the amount payable to the SELLER. For the avoidance of doubt, the calculation of such late payment penalty shall be based on the amount specified in the applicable Payment Schedule being performed by the Parties. 2.8 Without prejudice to the prov1s1on of Paragraph above, if the BUYER fails to fulfill and/or breaches the payment obligations to the SELLER under this Agreement, including the penalties (if any), then the SELLER shall provide 3 (three) written notifications within 1 (one) month period to the BUYER. If after the last notification and/or warning letter from the SELLER, the BUYER remains in failure and/or breachof its payment obligations under this Agreement, including the penalties (if any), then the SELLER shall have the right to unilaterally terminate this Agreement in accordance with Article 11 of this Agreement.

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PASAL3 PENYERAHAN FISIK BIDANG TANAH 3.1 PENJUAL berjanji untuk menyerahkan sementara Bidang Tanah kepada PEMBELI setelah penandatanganan Perjanjian ini dan pembayaran Uang Muka telah dilakukan oleh Pembeli dalam rangka pelaksanaan Pendirian Bangunan (selanjutnya disebut "Penyerahan Sementara Fisik Bidang Tanah"). Selanjutnya PENJUAl berjanji menyerahkan Bidang Tanah secara keseluruhan pada saat penandatangan AJB (selanjutnya disebut "Penyerahan Fisik Bidang Tanah"), di mana pada saat itu PARA PIHAK telah menandatangani Perjanjian ini dan seluruh Harga Jual sebagaimana diatur dalam Pasal 2 Ayat 2.4 dan denda Uika ada) telah dilunasi oleh PEMBELI kepada PENJUAL. 3.2 Dengan tidak mengurangi ketentuan Ayat 3.1 di atas, Penyerahan Fisik Bidang Tanah tersebut akan dilakukan dengan menandatangani Serita Acara Serah Terima ("BAST") dalam bentuk yang ditetapkan oleh PENJUAL. Sebelum Penyerahan Fisik Bidang Tanah tersebut dilakukan, PENJUAL akan terlebih dahulu mengirimkan pemberitahuan secara tertulis kepada PEMBELI. 3.3 Apabila PEMBELI tidak menandatangani Serita Acara Serah Terima (BAST) dalam waktu 14 (empat be]as) hari kalender sejak diberitahukan oleh PENJUAL tanpa alasan apapun yang sah dan dapat diterima oleh PENJUAL, maka Penyerahan Fisik Bidang Tanah akan dianggap telah dilakukan oleh PENJUAL berdasarkan pemberitahuan yang telah disampaikan kepada PEMBELI, dan oleh karenanya pemberitahuan dari PENJUAL tersebut sudah merupakan bukti cukup untuk menganggap bahwa Penyerahan Fisik Bidang Tanah tersebut telah dilakukan secara otomatis (Serah Terima Otomatis) sejak 14 (empat betas) GIIC·SPA00068 ARTICLE 3 PHYSICAL DELIVERY OF THE PLOT OF LAND 3.1 The SELLER undertakes to grant temporary possession of the Plot of Land to the BUYER after the execution of this Agreement and upon payment of the Down Payment by the BUYER, for the purpose of construction (hereinafter referred to as the "Temporary Physical Delivery of the Plot of Land"). Thereafter, the SELLER undertakes to deliver full possession of the Plot of Land to the BUYER at the time of the execution of the Deed of Sale and Purchase (AJB} (hereinafter referred to as the "Physical Delivery of the Plot of Land"), provided that the PARTIES have executed this Agreement and the entire Selling Price as stipulated in Article 2 Paragraph 2.4, as well as any penalties (if any), have been fully paid by the BUYER to the SELLER. 3.2 Without prejudice to provisions of Paragraph 3.1 above, the Physical Delivery of the Plot of Land shall be made by signing the Minutes of Physical Delivery ("Berita Acara Serah Terima/BAST"), in the form determined by the SELLER. Prior to the Physical Delivery of the Plot of Land, the SELLER shall provide a written notification to the BUYER. 3.3 If the BUYER has not signed the Minutes of Physical Delivery (Serita Acara Serah Teri ma/BAST) within 14 (fourteen) calendar days since being notified by the SELLER without any valid and acceptable reasons, the Physical Delivery of the Plot of Land shall be deemed to have been carried out by the SELLER based on the notification submitted to the BUYER, and therefore the notification of the SELLER shall form adequate evidence to consider that the Physical Delivery of the Plot of Land has been automatically carried out (Automatic Deliver) in 14 {fourteen) calendar days after such notification is submitted.

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hari kalender setelah pemberitahuan tersebut disampaikan. 3.4 Sejak Penyerahan Fisik Bidang Tanah yang dimaksud Ayat 3.2 atau Ayat 3.3 Pasal ini, maka setiap dan semua resiko, serta kewajiban apapun atas Bidang Tanah, telah beralih dari PENJUAL kepada PEMBELI. PEMBELI dengan ini melepaskan PENJUAL dari segala tuntutan/gugatan atas kondisi Bidang Tanah, kecuali untuk kewajiban penandatanganan Akta Jual Beli (AJB) atas Bidang Tanah sebagaimana dimaksud Pasal 10 Perjanjian ini. 3.5 Dalam hal terjadi Bidang Tanah tidak siap untuk diserahkan dalam keadaan siap bangun pada jadwal yang telah ditetapkan dengan Ayat 3.1 Pasal ini, maka PENJUAL akan membayar kerugian yang harus dibayarkan kepada PEMBELI sebesar 0,1% (nol koma satu persent) untuk setiap hari keterlambatan yang diperhitungkan dari Harga Jual (tidak termasuk PPN) yang telah dibayarkan PEMBELI kepada PENJUAL, dengan denda maksimum ditentukan sebesar 2% (dua persen) dari Harga Jual (tidak termasuk PPN). Ketentuan denda ini tidak dapat diberlakukan kepada PENJUAL bilamana terjadi karena kondisi (i) telah terjadi Keadaan Kahar (sebagaimana dimaksud dalam Pasal 12 Ayat 12.1 Perjanjian ini), dan/atau (ii) PEMBELI melanggar/lalai memenuhi kewajiban membayar Harga Jual, berikut denda (jika ada) sebagaimana diatur dalam Pasal 2 Ayat 2.4 dan/atau Ayat 2.7 Perjanjian ini. PASAL4 PENDIRIAN BANGUNAN 4.1 PENJUAL akan menjamin bahwa kegiatan pendirian bangunan, termasuk pabrik, fasilitas dan infrastruktur yang diperlukan untuk kegiatan usaha PEMBELI dapat segera dilaksanakan setelah PENJUAL menyetujui rancangan dan/atau gambar bangunan yang diajukan oleh PEMBELI untuk pengajuan izin pendirian bangunan. GIIC-SPA00068 3.4 Since the Physical Delivery of the Plot of Land as referred to in Paragraph 3.2 or Paragraph 3.3 above, any and all risks as well as any obligation whatsoever on the Plot of Land shall be transferred to the BUYER from the SELLER. The BUYER hereby holds the SELLER harmless from any claim/suit against the physical condition of the Plot of Land, except for the execution of the Sale and Purchase Deed (AJB) as contemplated in Article 10 of this Agreement. 3.5 In case that the Plot of Land is not ready to be delivered in a ready-to-build condition on the schedule that has been determined pursuant to Paragraph 3.1 of this Article, the SELLER shall pay to the BUYER liquidated damages as much as 0.1% (zero point one percent) of the Selling Price (excluding VAT) that has been paid by the BUYER to the SELLER for each day of delay, provided that the maximum penalty under this paragraph shall be as much as 2% (two percent) of the Selling Price (excluding VAT) that has been paid by the BUYER to the SELLER. The penalty to the SELLER as mentioned in this paragraph shall be exempted in case (i) due to the Force Majeure (as defined in Article 12 Paragraph 12.1 of this Agreement) having been occurred, and/or (ii) the BUYER breaches its payment obligations, including penalties (if any), as referred to in Article 2 Paragraph 2.4 and/or Article 2 Paragraph 2. 7 of this Agreement. ARTICLE 4 BUILDING CONSTRUCTION 4.1 The SELLER shall ensure that activities of construction of buildings, including plants, facilitiesand utilities which are necessary for the designated business of the BUYER can be carried out immediately after The SELLER approves the design and/or building drawings submitted by the BUYER for the

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4.2 Sehubungan dengan ketentuan Pasal 4.1 PEMBELI wajib memenuhi segala persyaratan dalam Peraturan GIIC dan peraturan yang berlaku terkait dengan online single submission (055), Fasilitas KUK (sebagaimana berlaku), dan persetujuan bangunan gedung (PBG), termasukperijinan berkaitan dengan pendirian bangunan dan sarana prasarana lain yang diperlukan dan wajib menanggungseluruh biaya-biaya terkait. Dengan in, PEMBELI membebaskan PENJUAL dari segala tuntutan berupa apapun berkenaan dengan perijinan untuk pendirian bangunan tersebut, dalam hal ini PENJUAL akan bekerja sama sepenuhnya dengan PEMBELI dalam memperoleh perijinan seperti di atas. PENJUAL akan memberikan dukungannya (jika diperlukan) kepada PEMBELI pada saat melakukan pengurusan perijinan bangunan, berikut fasilitas dan infrastrukturnya. 4.3 lnformasi utama atas proses pembangunan di atas Bidang Tanah sejak tahap perencanaan sampai pada saat pelaksanaan pembangunan wajib diberi tahu oleh PEMBELI kepada PENJUAL, sepanjang diperlukan secara wajar untuk memenuhi kepatuhan terhadap peraturan perundang-undangan yang berlaku dan peraturan kawasan, termasuk tetapi tidak terbatas pada rancangan dan gambar konstruksi bangunan, serta pemilihan kontraktor yang akan melaksanakan pendirian bangunan di atas Bidang Tanah. Apabila setelah rancangan dan gambar konstruksi bangunan telah memperoleh persetujuan dari PENJUAL dan instansi lain yang berwenang dan PEMBELI masih menghendaki suatu perubahan atau penambahan atas bangunan tersebut, maka segala resiko serta biaya atau kerugian yang timbul berkenaan dengan perubahan atau penambahan tersebut menjadi beban dan tanggung jawab PEMBELI. GIIC-SPA00068 purpose of applying for a building construction permit. 4.2 According with Article 4.1, the BUYER shall fulfill all requirements in the Rules of GIIC and prevailing Law, relating to online single submission (OSS), KUK Facility (as applicable), and building permitting (PBG) permits relating to construction of buildings and other necessary facilities and utilities, and shall bear all costs related to it. the BUYER hereby holds the SELLER harmless from any form of claim in relation to licensing for construction of the building, provided that the SELLER shall fully cooperate with the BUYER in obtaining such permits. The SELLER will support (if nessessary) the BUYER to process the permit for the construction of buildings, facilities and utilities. 4.3 Key information on development process in the Plot of Land from the planning stage up to and during the development implementation shall be provided by the BUYER to the SELLER, to the extent reasonably required for compliance with applicable laws and the estate regulations, including design and building construction drawing, selection of the contractor that will carry out construction of the building on the Plot of Land. If after the design and building construction drawing has been approved by the SELLER and other authorized agency and the BUYER still wants to make changes or additions to it, all risks and costs or losses arising in relation to such changes or additions shall be borne by and become the responsibility of the BUYER.

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4.4 Sehubungan dengan pendirian dan pelaksanaan pembangunan oleh PEMBELI, PEMBELI dengan ini terikat dan harus mentaati ketentuan Tata Tertib GIIC dan/atau peraturan pemerintah yang berlaku, termasuk tetapi tidak terbatas pada ketentuan tentang ordonansi gangguan dan pengendalian pencemaran lingkungan. Setiap pelanggaran atau penyimpangan atas ketentuan-ketentuan tersebut menjadi beban dan tanggung jawab sepenuhnya PEMBELI. 4.5 Dalam hal diwajibkan berdasarkan jenis usaha, PEMBELI dapat membangun cerobong asap/uap (chimney) di lokasi pabrik dengan penunjukkan lokasi dan desain yang diusulkan PEMBELI telah mendapat persetujuan PENJUAL dan instansi atau pemerintah yang berwenang. PEMBELI wajib mengikuti ketentuan yang diatur berdasarkan Undang Undang Lingkungan Hidup dan ketentuan Peraturan dan Tata Tertib di KOTA DELTAMAS dan Tata Tertib GIIC, termasuk namun tidak terbatas pada ketentuan tinggi maksimum 30 M (tiga puluh meter) dari batas permukaan tanah dan ketentuan atas arsitektur. PEMBELI wajib mengkonsultasikan standar teknis 4.6 pendirian cerobong asap/uap (chimney) tersebut kepada PENJUAL terlebih dahulu. Sebelum pembangunan dilakukan, PEMBELI wajib menyerahkan uang jaminan pembangunan kepada PENJUAL sebagai jaminan kegiatan pendirian bangunan yang dilakukan PEMBELI atau kontraktor, selanjutnya disebut "Uang Jaminan Pembangunan". Adapun Uang Jaminan Pembangunan yang diserahkan PEMBELI kepada PENJUAL adalah sebesar Rp_____ sesuai ketentuan yang diatur dalam Tata Tertib GIIC. Uang Jaminan Pembangunan tersebut akan disimpan dan dikembalikan kepada PEMBELI tanpa perhitungan bunga setelah proses pembangunan dianggap telah GIIC·SPA00068 4.4 With respect to the construction and development implementation by the BUYER, the BUYER is bound by and shall comply with the Rules of GIIC and/or the prevailing government regulations, including but not limited to the provisions on ordinance of nuisance and control of environmental pollution. Any breach or deviation of such provisions shall be solely for the account and at the expense of the BUYER. 4.5 If required based on type of business, the BUYER shall build a chimney at factory location with designation of location in accordance with those determined by the SELLER or based on approval/reference from the authorized government. The BUYER shall comply with Law of Environment and provisions provided in Regulation and Procedure of KOTA DEL TAMAS and the Rules of GIIC, including but not limited to the provisions of maximum height of 30 M (thirty meters) from ground level and provisions on architecture. The BUYER shall first consult technical standard of the chimney construction with the SELLER. 4.6 Before the construction of the building has started, the BUYER shall deliver security deposit of construction to the SELLER as a guarantee of construction by the BUYER or contractors, hereinafter referred to as the "Security Deposit of Development". The Security Deposit of Development shall be deposited by the BUYER to the SELLER amounting to IDR_____ in compliance with the Rules of GIIC. The Security Deposit of Development shall be kept and refunded without interest to the BUYER upon the final inspection for the completion of construction of the building by the BUYER and the SELLER; provided that

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selesai oleh PEMBELI dan PENJUAL; asalkan tidak ada kerusakan/tuntutan yang timbul akibat kegiatan pembangunan yang dilakukan PEMBELI berdasarkan verifikasi yang dilakukan oleh PENJUAL. Bilamana terjadi pengurangan Uang Jaminan Pembangunan akibat dari pembangunan yang dilakukan PEMBELI, maka kekurangan tersebut wajib dibayarkan seketika dan sekaligus lunas kepada PENJUAL. 4.7 Jika PEMBELI dan/atau kontraktor mengakibatkan kerusakan atau gangguan terhadap sarana dan prasarana yang ada dan disediakan oleh PENJUAL akibat kegiatan pendirian bangunan yang dilakukan PEMBELI dan/atau kontraktor, PEMBELI wajib memperbaiki segala kerusakan atau gangguan dalam waktu 7 (tujuh) Hari Kerja terhitung sejak adanya teguran tertulis dari PENJUAL. Apabila dalam jangka waktu tersebut PEMBELI dan/atau kontraktor belum juga memulai memperbaiki kerusakan yang dimaksud, maka PENJUAL akan memperbaiki kerusakan tersebut atas biaya yang diambil dari Uang Jaminan Pembangunan. 4.8 PEMBELI harus bertanggung jawab sepenuhnya atas segala resiko dan kewajiban serta kerugian yang mungkin timbul sehubungan dengan pendirian Bangunan selama berlangsungnya aktivitas pembangunan. 4.9 Dalam waktu 5 (lima) tahun terhitung sejak tanggal penandatanganan Perjanjian ini, sesuai dengan peraturan pemerintah dan/atau peraturan perundang-undangan yang berlaku untuk kawasan industri di Indonesia, PEMBELI diwajibkan untuk memulai kegiatan Pembangunan untuk kegiatan usaha sebagaimana tercantum dalam Pasal 5 Perjanjian ini. Jangka waktu ini tetap berlaku dan mengikat bahkan jika Bidang Tanah telah dialihkan kepada pihak ketiga oleh PEMBELI sebagaimana diatur dalam Perjanjian ini. GIIC-SPA00068 there are no damages/claims caused by the construction activities of the BUYER based on the verification by the SELLER. In case of any reduction of the Security Deposit of Development as caused by the activity of the construction by the BUYER, such shortage of the Security Deposit of Development shall be paid immediately and fully to the SELLER. 4.7 If the BUYER and/or contractor causes damages or disruptions to facilities and infrastructures that are existing and made available by the SELLER by building construction activities done by the BUYER and/or contractor, the BUYER shall start repairing such damages or disruptions within 7 (seven) Business Days after written notice thereof is given by the SELLER. If within such period the BUYER has not yet started reparnng such damages or disruptions, the SELLER will repair such damages or disruptions at the expense of the BUYER deducting such expense from the Security Deposit of Development. 4.8 The BUYER shall fully bear and be responsible for any and all risks and liabilities as well as the loss that may occur relating to the construction activities on the Plot of Land during the building(s) construction. 4.9 Within the period of 5 {five) years since the signing date of this Agreement, in accordance with prevailing government regulations and/or the law for industry area in Indonesia, the BUYER shall obligation to start the building construction for the business activities as stipulated in Article 5 in this Agreement. This period shall continue to be applicable and binding even if the Plot of Land has been transferred to the third party from the BUYER as provided in this Agreement.

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4.10 Apabila PEMBELI tidak memulai pembangunan setelah 3 (tiga) bulan terhitung sejak berakhirnya jangka waktu sebagimana ditegaskan dalam Ayat 4.9 di atas, maka segala konsekuensi dan segala akibat yang timbul adalah mejadi tanggung jawab PEMBELI atau pihak ketiga yang menerima pengalihan hak atas Bidang Tanah dari PEMBELI. PASALS PENGGUNAAN BANGUNAN DAN TATA LETAK 5.1 PEMBELI wajib mentaati ketentuan Perjanjian ini untuk menggunakan Bidang Tanah berikut bangunannya tersebut dengan jenis bidang usaha untuk kegiatan pusat data (data center business) sesuai dengan bidang usaha yang disetujui oleh PENJUAL dan ijin usaha yang dikeluarkan oleh instansi yang berwenang, maka segala akibat yang timbul karena penggunaannya yang tidak sesuai dengan tujuan dan peruntukkan dimaksud dalam ketentuan ini maka hal tersebut menjadi resiko dan tanggungan PEMBELI sendiri dan dengan ini PEMBELI melepaskan PENJUAL dari segala akibat yang ditimbulkan tersebut. 5.2 Sebelum dilakukan Perubahan dan/atau penambahan jenis-jenis industri oleh PEMBELI, PEMBELI harus mendapat persetujuan tertulis dari PENJUAL, yang penolakan atas persetujuannya harus dengan alasan yang dapat diterima. Perubahan dan/atau penambahan tersebut harus mengacu pada ketentuan instansi yang berwenang. Seluruh biaya perubahan tersebut ditanggung oleh PEMBELI. 5.3 Sehubungan dengan penggunaan bangunan di atas Bidang Tanah sebagaimana dimaksud Ayat 5.1 Perjanjian ini, PEMBELI terikat dan harus mentaati Tata Tertib GIIC dan/atau peraturan pemerintah yang berlaku, termasuk tetapi tidak terbatas pada ketentuan tentang ordonansi gangguan dan pengendalian pencemaran lingkungan. Setiap pelanggaran atau GIIC-SPA00068 4.10 The BUYER has not started the building construction after 3 (three) months as of the end of period as mentioned in Paragraph 4.9 above, any arising consequences shall be for the responsibility of the BUYER or the third party who has accepted the transfer of the Plot of Land from the BUYER. ARTICLE 5 USE OF BUILDING AND LAYOUT 5.1 The BUYER is obliged to comply with the provisions of this Agreement to use the Plit of Land and its buildings with the type of business field for data center business activities (data center business) in consistence with business field as approved by the SELLER and business permit as issued by the respective authorized agency, and all consequences arising from the use that is not in accordance with the purpose and designation referred to in these provisions shall be for the risk and account of the BUYER and the BUYER hereby holds the SELLER harmless from any such consequences. 5.2 Prior to any changes and/or additions of types of industry by the BUYER, the BUYER shall obtain a written consent from the SELLER, which consent will not be withheld without reasonable reasons. Such changes and/or additionsshall comply with the provisions of authorized agency. All expenses of such changes and additions shall be borne by the BUYER. 5.3 With respect to the use of building(s) on the Plot of Land as referred to in Paragraph 5.1 of this Article, the BUYER shall be bound and obliged to comply with the Rules of GIIC and/or the prevailing government regulations, including but not limited to provisions on ordinance of nuisance and control of environmental pollution. The BUYER shall fully bear and be responsible for

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penyimpangan atas ketentuan-ketentuan tersebut menjadi beban dan tanggung jawab sepenuhnya dari PEMBELI. 5.4 PEMBELI dilarang membuat sumur bor atau sejenisnya kecuali untuk pemeriksaan tanah dan PEMBELI diwajibkan untuk menggunakan air yang telah disediakan PENJUAL atau pihak lain yang ditunjuk oleh PENJUAL (apabila PENJUAL tidak dapat menyediakan air). Segala kewajiban dan biaya yang timbul sebagai akibat dari penyediaan air yang disediakan oleh PENJUAL atau pihak yang ditunjuk oleh PENJUAL adalah merupakan tanggung jawab dari PENJUAL termasuk segala pelanggaran terhadap ijin lingkungan dan/atau peraturan pemerintah yang berlaku. PASAL 6 PEMELIHARAAN/PERAWATAN PEMBUANGAN LIMBAH DAN TATA LETAK 6.1 PENJUAL akan menentukan proses pembuangan limbah yang ditetapkan dalam Tata Tertib GIIC dengan mengacu pada Analisis Dampak Lingkungan (ANDAL), Rencana Kelola Lingkungan Rinci (RKL Rinci), dan Rencana Pemantauan Lingkungan Rinci (RPL Rinci) di GIIC dan/atau menurut peraturan perundang undangan yang berlaku di Indonesia. 6.2 Jika PEMBELI memproduksi Limbah Bahan Beracun dan Berbahaya {83) dalam bisnis/kegiatan usahanya, maka PEMBELI harus bertanggung jawab sesuai dengan hukum serta peraturan yang berlaku, termasuk tetapi tidak terbatas pada Peraturan Pemerintah Nomor 22 Tahun 2021 mengenai Penyelenggaraan Perlindungan dan Pengelolaan Lingkungan Hidup. 6.3 PEMBELI memahami bahwa RKL Rinci dan RPL Rinci (atau dokumen lingkungan sejenisnya) adalah salah satu syarat mutlak untuk mengajukan lzin Mendirikan GIIC-SPA00068 any violation or deviation from such provisions. 5.4 The BUYER is prohibited from making of the drilled well or other activitiesof the same type except for soil survey and the BUYER shall be obliged to use water that has been provided by SELLER or other party appointed by the SELLER (in case that the SELLER cannot provide the water). Any form of liability and costs caused by the water provided by the SELLER or its appointed party hereunder shall be solely for the account and at the expense of the SELLER including for any violation or deviation to the environmental licenses and/or any prevailing government regulations. ARTICLE 6 MAINTENANCE/TREATMENT OF WASTE DISPOSAL AND LAYOUT 6.1 The SELLER shall determine the process of waste disposal as provided in the Rules of GIIC based upon the Environmental Impact Analysis (ANDAL), Detail Environmental Management Plan (Detail RKL) and Detail Environmental Monitoring Plan (Detail RPL) of GIIC and/or in accordance with the prevailing laws and regulations in Indonesia. 6.2 If the BUYER produces Toxic and Hazardous Material (83) waste in its business/business activities, the BUYER shall be responsible in accordance with the prevailing laws and regulations, including but not limited to Government Regulation Number 22 of 2021 on Environmental Protection and Management. 6.3 The BUYER understands that the Detail RKL and Detail RPL (or other similar types of environmental documents) are one of the absolute requirements to apply for the

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Bangunan (1MB) atau Persetujuan Bangunan Gedung (PBG), sebagaimana mengacu pada ketentuan pemerintah yang berlaku untuk perijinan tersebut. Oleh karenanya, PEMBELI wajib mempunyai RKL Rinci dan RPL Rinci (atau dokumen lingkungan sejenisnya) yang telah disetujui oleh PENJUAL selaku pengelola kawasan industri. Pada saat RKL dan RPL Rinci telah disetujui, maka PEMBELI wajib memberikan salinannya kepada PENJUAL secara langsung atau melalui Estate Management GIIC. 6.4 PEMBELI wajib mentaati Tata Tertib GIIC dan semua peraturan yang berkaitan dengan polusi dan pengelolaan lingkungan termasuk tapi tidak terbatas pada peraturan yang berkaitan antara lain dengan kriteria atas kualitas limbah cair, kualitas limbah padat, kualitas emisi udara dan gangguan suara. 6.5 Selain kriteria polusi berkenaan dengan Perjanjian ini, PEMBELI wajib memenuhi persyaratan yang berkaitan dengan pengawasan dan pemeliharaan lingkungan dan pembuangan limbah yang diatur oleh Peraturan Pemerintah Daerah/Propinsi Jawa Barat dan Tata Tertib GIIC. 6.6 Jika PEMBELI melanggar salah satu ketentuan mengenai pembuangan limbah dalam Pasal ini, maka PENJUAL harus mengirimkan surat peringatan kepada PEMBELI. Jika PEMBELI tidak segera melakukan tindakan yang tepat untuk memperbaiki pelanggaran tersebut dalam kurun waktu 2 (dua) Hari Kerja sejak pemberitahuan/peringatan tertulis dari PENJUAL, maka PENJUAL, tanpa persetujuan dari PEMBELI dapat langsung menutup saluran air dan saluran pembuangan limbah, dan untuk keperluan tersebut PEMBELI dengan ini memberi kuasa penuh kepada PENJUAL untuk menutup saluran air bersih dan saluran pembuangan limbah. GIIC-SPA0O068 Building Permit (lzin Mendirikan Bangunan (1MB) or (PBG)) pursuant to the prevailling government regulations for such permits. Therefore, the BUYER shall possess Detail RKL and Detail RPL (or other similar types of environmental documents) approved by the SELLER as the manager of the industrial estate. Once the RKL and RPL Detail (or other similar types of environmental documents) have been approved, the BUYER shall provide a copy of such UKL and UPL to the SELLER directly or through the Estate Management of the GIIC. 6.4 The BUYER shall comply with the Rules of GIIC and all regulations relating to the pollution and the environmental management, including but not limited to regulations relating, among others, to the criteria on quality of liquid waste, solid waste, air emission and nuisance. 6.5 In addition to the pollution criteria with respect to this Agreement, the BUYER shall meet requirements with respect to the supervision and maintenance of environment and waste disposal under the regulation of the Regional Administration/ West Java Province and the Rules of GIIC. 6.6 If the BUYER violates any of the provisions pertaining to the waste disposal in this Article, then the SELLER should send a warning letter to the BUYER. If the BUYER does not take any effective actions to fix such violation within 2 (two) Business Days, then the SELLER may, without any approval of the BUYER, immediately close the clean water pipeline and sewerage channel, and for such purpose the BUYER shall hereby fully empower the SELLER to close the clean water pipeline and sewerage channel.

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6.7. PARA PIHAK setuju untuk turut memelihara Lingkungan di GIIC agar tetap asri dan serasi serta menjaga agar para penghuni di Kawasan GIIC dapat menikmati lingkungan dengan baik. 6.8. PEMBELI wajib membayar biaya pemeliharaan sarana dan prasana/ infrastruktur dan peralatan lainnya sebagaimana dimaksud dalam Pasal 8 setiap bulannya kepada PENJUAL atau melalui Estate Managemen GIIC atau pihak yang ditunjuk oleh PENJUAL. Apabila PEMBELI menunggak membayar biaya biaya dimaksud dalam Pasal 8 Ayat 8.2.b, Ayat 8.2.c, Ayat 8.2.d dan/atau Ayat 8.2.e berdasarkan ketentuan Tata Tertib GIIC maka PENJUAL berhak untuk menghentikan pelayanan fasilitas-fasilitas atas sarana dan prasarana tersebut sampai dengan PEMBELI melaksanakan kewajiban dan melunasi tunggakan kepada PENJUAL, termasuk dendanya (jika ada). PASAL7 JAMINAN PENJUAL PENJUAL menjamin kepada PEMBELI setiap pernyataan dalam Pasal 7 ini, yakni berlaku sejak tanggal Perjanjian ini sampai dilakukannya penandatanganan AJB, bahwa: 7.1 Bidang Tanah dimaksud dalam Pasal 1 Ayat 1.1 adalah sepenuhnya milik PENJUAL, telah bebas dari berbagai jaminan (termasuk dalam hal ini bebas dari hak tanggungan apapun), tidak terlibat dalam perkara apapun, bebas dari penyitaan apapun, tidak pernah dijual dan tidak dalam kondisi dijual kepada pihak lain. 7.2 PENJUAL menjamin bahwa PENJUAL memiliki kewajiban untuk menyelesaikan proses pemecahan dari HGB lnduk sampai dengan diterbitkannya HGB Bidang Tanah sebagaimana diatur dalam Pasal 1 sebelum tanggal penandatanganan AJB. Untuk menghindari keraguan, penandatanganan GIIC·SPA00068 6.7 The PARTIES agree to maintain the Environment in the GIIC Estate to remain beautiful and harmonious and keeps the occupants of the GI IC Estate able to properly enjoy the environment. 6.8 The BUYER shall pay the expenses of maintenance of facilities/infrastructures and any other utilities as contemplated by Article 8 every month to the SELLER directly or through the Estate Management GIIC orthe other parties appointed by the SELLER. If the BUYER fails to pay the expenses as contemplated by Article 8 Paragraph 8.2.b, Paragraph 8.2.c, Paragraph 8.2.d,and/or Paragraph 8.2.e based on the provisions of the Rules of GIIC shall have the right to discontinue the service on the facilities/infrastructure until the BUYER has fully paid such expenses to the SELLER, including penalty (if any). ARTICLE 7 WARRANTY OF THE SELLER The SELLER warrants to the BUYER that each of the items in Article 7, is valid as of the date of this Agreement and as of the signing of AJB, that: 7.1 The Plot of Land as referred in Article 1 Paragraph 1.1 is fully owned by the SELLER, clear of all encumbrances (including clear of any mortgage rights), not involved in any dispute, free from any confiscation, and has never been sold or has never agreed to sell to any other party. 7.2 The SELLER guarantess that it shall be obligated to complete the process of subdividing the Master HGB until the issuance of the Plot of Land as stipulated in Article 1, prior to the execution of the Deed of Sale and Purchase (AJB). For the avoidance of doubt, the execution of the AJB

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AJB akan dilakukan apabila HGB Bidang Tanah yang baru telah diterbitkan oleh BPN. 7.3 PENJUAL menjamin hak PEMBELI untuk mendirikan dan menjalankan usaha di Kawasan lndustri milik PENJUAL secara bebas tan pa ada intervensi dari pihak ketiga manapun serta menjamin hak PEMBELI untuk dapat menjalankan haknya secara bebas sebagaimana tercantum dalam Perjanjian ini. 7.4 PENJUAL menjamin untuk menyediakan dan membuat instalasi dan sambungan air (air bersih dan air limbah) hingga batas luar Bidang Tanah berdasarkan kebutuhan pasokan air dari PEMBELI dengan beban biaya ditanggung oleh PEMBELI sebagaimana ditentukan dalam Pasal 8 Perjanjian ini. Untuk itu PEMBELI wajib mengajukan permohonan tertulis kepada PENJUAL selambat-lambatnya 6 (enam) bulan sebelum dimulainya pengoperasian usaha oleh PEMBELI. 7.5 PENJUAL akan membantu setiap dokumen dokumen yang diperlukan berkaitan dengan Bidang Tanah (bimanana diperlukan) terkait atas Bidang Tanah, pada saat PEMBELI mengajukan permohonan penyaluran listrik ke PLN (Perusahaan Listrik Negara) dan/atau Janngan telekomunikasi ke instansi/ perusahaan komunikasi dengan biaya-biaya ditanggung sepenuhnya oleh PEMBELI. PASAL8 BIAVA- BIAVA 8.1 Kecuali ditentukan lain dalam Perjanjian ini, terhitung sejak penandatangan BAST, maka semua pajak, iuran dan biaya- biaya lainnya sehubungan dengan Bidang Tanah tersebut menjadi beban dan tanggung jawab PEMBELI. GIIC-SPA0O068 shall be carried out only after the Plot of Land HGBs has been issued by the National Land Agency (BPN). 7.3 The SELLER guarantees the BUYER's right to establish and operate a business within the Industrial Estate owned by the SELLER freely without any interference from any third party and guarantees the BUYER's right to exercise its rights freely as set out in this Agreement. 7.4 The SELLER guarantees to provide and develop of water installation and water connection (clean water and waste water) up to the border of the Plot of Land based on the requirement of water supply of the BUYER and the cost will be borne by the BUYER as determined in Article 8 of this Agreement. For that purpose, the BUYER is obliged to request the SELLER to let above be ready in writing to the SELLER bythe latest 6 (six) months prior to the commencement of business operastions by the BUYER. 7.5 The SELLER shall support any other documents related to the Plot of Land (when necessary) when the BUYER apply for the electricity supply to PLN and/or telecomunicationt network to the agency/company of telecommunications with all expenses shall be borne by the BUYER. ARTICLE 8 EXPENSES 8.1 Unless otherwise stipulated in this Agreeement, since the signing of BAST, all taxes, contributions and other expenses with respect to the Plot of Land shall be borne and responsible by the BUYER.

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8.2 Biaya - biaya dan / atau pengeluaran pengeluaran yang menjadi tanggung jawab PEMBELI adalah sebagai berikut: a. Biaya instalasi air (tergantung ukuran standar pipa, sebagai berikut: i. ii. 2 (dua) inci standar pipa setara dengan Rp 150.000.000, (seratus llma puluh juta rupiah), belum termasuk PPN; atau 3 (tiga) inci standar pipa setara dengan Rp 165.000.000, (seratus enam puluh lima juta rupiah}, belum termasuk PPN; atau iii. 4 (empat) inci standar pipa setara iv. dengan Rp 180.000.000,- (seratus delapan puluh juta rupiah), belum termasuk PPN; atau ukuran pipa lainnya keperluan PEMBELI sesuai dengan persetujuan dan biaya sesuai dengan ketentuan PENJUAL. b. Biaya penggantian pemakaian Air Bersih (PPA} berslh setara dengan Rp14.750, /M3 (empat belas ribu tujuh ratus lima puluh Rupiah per meter kubik) belum termasuk PPN dan biaya abudemen per bulan adalah sama dengan Rp3.000.000,- (tiga juta rupiah), belum termasuk PPN, yang akan berlaku efektlf sejak PEMBELI menggunakan air bersih. PENJUAL akan mengenakan biaya minimum sebesar 80% (delapan puluh persen) dari kebutukan pasokan air harian yang diberitahukan oleh PEMBELI berdasarkan pemberitahuan pasokan, dengan tunduk pada ketentuan dan jangka waktu yang akan ditentukan lebih lanjut dalam suatu perjanjian pasokan air yang terpisah. Biaya PPA dan biaya abudemen per bulan, yang akan berlaku efektif sejak GIIC-SPA00068 8.2 Following expenses and / or costs shall be borne by the BUYER as follows a. Water installation costs (depending on the type of pipe), as follows: b. i. ii. 2 (two) inches pipe standard is equal to IOR 150,000,000 (one hundred fifty million Rupiah), excluding of VAT; or 3 (three) inches pipe standard is equal to IOR 165,000,000 (one hundred sixty five million Rupiah), excluding of VAT; or iii. 4 (four) inches pipe standard is equal to IDR 180,000,000 (one hundred eighty million Rupiah), excluding of VAT; or iv. other size pipe as necessary by the BUYER with the approval and it costs comply from the SELLER. Clean water usage fee (PPA) is equal to IDR14,750/M3 {fourteen thousand seven hundred fifty Rupiah per cubic meter), excluding of VAT and its monthly fee of charge is equal to IDR3,000,000 {three million Rupiah) per month, excluding of VAT, and will be effective after the Physical Delivery of the plot of Land or temporary Hand Over (if any). The SELLER shall apply a minimum charge equal to 80% (eighty percents) of the daily water demand notified by Buyer pursuant to a Supply Notice, subject to the terms and duration to be further specified in a separate water supply agreement. PPA and its monthly fee, which will be effective when the BUYER has started to use clean water on the Plot of Land;

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PEMBELI menggunakan air bersih pada Bidang Tanah. c. Biaya pengelolaan limbah adalah sebesar Rpl2.000,-/M3 (dua belas ribu rupiah per meter kubik) belum termasuk PPN, diperhitungkan dari 80% (delapan puluh persen) pemakaian air bersih yang menjadi tanggungan PEMBELI sejak tanggal mulai menggunakan air bersih di Bidang Tanah; d. Penggantian Pemeliharaan Lingkungan (PPL) adalah sebesar Rpl.320,-/M2 (seribu tiga ratus dua puluh rupiah per meter persegi) per bulan, belum termasuk PPN, dan sejak serah terima fisik Bidang Tanah atau serah terima sementara (jika ada). e. Biaya pengangkutan sampah domestik (non produksi) adalah sama dengan Rp70.000,-/M3(tujuh puluh ribu rupiah per meter kubik), belum termasuk PPN. f. Pengecekan air limbah sebesar Rp750.000,- per titik per bulan, belum termasuk PPN; g. Besaran tarif huruf (a) sampai (f) tersebut akan disesuaikan berdasarkan ketentuan Peraturan Kawasan GIIC dan/atau berdasarkan perubahan situasi ekonomi yang terjadi pada saat itu. h. Setiap biaya, pembebanan utilitas dan pengeluaran yang wajar terkait atas Bidang Tanah di waktu mendatang sesuai dengan Tata Tertib GIIC dan peraturan yang berlaku di Republik Indonesia. i. Pajak, retribusi dan kewajiban lainnya terkait dengan Bidang Tanah yang menjadi beban PEMBELI mengacu pada GIIC-SPA0O068 C. d. Waste water charge is IDR12,000/M3 (twelve thousand Rupiah per cubic meter), excluding of VAT, calculated from 80% (eighty percent) of the clean water usage which will be borne by the BUYER from the date it has started to use clean water on the Plot of Land; Maintenance charge (Penggantian Pemeliharaan Lingkungan {PPL)) is equal to IDR1,320,-/M2 (one thousand three hundred twenty Rupiah per square meter) per month, excluding of VAT, will be after physical delivery of the Plot of Land or temporary Hand Over (if any). e. Solid domestic garbage (non production) transportation charge is equal to IDR70,000,-/M3 (seventy thousand Rupiah per cubic meter), excluding of VAT. f. Waste water Test charge is IDR750.000,- per month, excluding VAT; g. All the above expenses in (a) to (f) will be reviewed based on the Rules of GIIC and/or any material change caused by the economic situation. h. Any reasonable future expenses, utilities charges and fees incurred inrelation to the Plot of Land in accordance with the prevailing Rules of GIIC and the prevailing regulations of the Republic of Indonesia. i. Other taxes, levies and duties incurred by the BUYER inrelation to the Plot of Land in accordance with the prevailing

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peraturan yang berlaku di Republik Indonesia. 8.3 PPN atas bangunan (-bangunan) yang didirikan di atas Bidang Tanah menjadi beban dan tanggungan PEMBELI sesuai dengan peraturan perundang-undangan yang berlaku di Republik Indonesia. 8.4 Seluruh biaya dan/atau pajak sebagaimana dimaksud dalam Pasal ini harus dibayar oleh PEMBELI dalam jangka waktu 7 (tujuh) Hari Kerja terhitung sejak adanya tagihan terkait yang diberikan oleh PENJUAL. PASAL9 PENGALIHAN 9.1 Selama Harga Jual, termasuk denda-denda (jika ada), belum dilunasi seluruhnya, dan Akta Jual Beli (AJB) di hadapan Pejabat Pembuat Akta Tanah (PPAT) belum dilaksanakan, PEMBELI tidak berhak mengalihkan atau memindahkan seluruh atau sebagian hak dan kewajibannya kepada pihak ketiga manapun atau melakukan perbuatan hukum lainnya untuk mengalihkan Bidang Tanah tanpa pemberitahuan dan persetujuan tertulis terlebih dahulu dari PENJUAL. 9.2 Apabila ketentuan Ayat 9.1 di atas dilanggar oleh PEMBELI, maka Perjanjian ini dapat dibatalkan secara sepihak oleh PENJUAL dan Bidang Tanah tetap menjadi milik PENJUAL dan semua jumlah uang yang sudah dibayarkan oleh PEMBELI kepada PENJUAL sepenuhnya menjadi milik PENJUAL dan tidak dapat ditarik kembali oleh PEMBELI. Uang tersebut disepakati oleh PARA PIHAK sebagai kompensasi atas kerugian nyata yang dialami oleh PENJUAL 9.3 Apabila PEMBELI ingin mengalihkan hak dan kewajiban PEMBELI dalam Perjanjian m1 kepada pihak lain sebelum penandatangan Akta Jual Beli (AJB) antara PENJUAL dan PEMBELI di hadapan Pejabat GIIC-SPA0O068 laws and regulations of the Republic of Indonesia. 8.3 VAT on the building(s) constructed on the Plot of Land shall be for the account and at the expense of the BUYER according to the prevailing laws and regulations of the Republic of Indonesia. 8.4 Expenses and/ or taxes as referred to in this Article shall be paid by the BUYER within 7 (seven) Business Days from receipt of related invoice given by the SELLER. ARTICLE 9 TRANSFER 9.1 As long as the Selling Price, including penalties (if any), has not been fully paid, and the Sale and Purchase Deed (AJB) has not been executed before a Land Deed Official (PPAT), the BUYER shall have no right to transfer or assign its rights and obligations hereof to any third party, in whole or in part or to take any other legal actions to transfer the Plot of Land without a prior written notification to and consent of the SELLER. 9.2 If the provision of Paragraph 9.1 above is breached, this Agreement may be unilaterally annulled by the SELLER and the Plot of Land remains to be the property of the SELLER and all amounts of money that have been paid by the BUYER to the SELLER become the property of the SELLER and cannot be withdrawn by the BUYER. The money is agreed by the PARTIES as compensation for real losses suffered by the SELLER 9.3 In the event that the BUYER wishes to transfer the rights and obligations of the BUYER under this Agreement to any third partyprior to the signing of Sale and Purchase Deed (AJB) between the SELLER

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Pembuat Akta Tanah (PPAT), PEMBELI wajib mendapatkan persetujuan tertulis terlebih dahulu dari PENJUAL. Jika PEMBELI mengalihkan hak dan kewajibannya dalam Perjanjian ini kepada pihak lain setelah memperoleh ijin tertulis dari PENJUAL, maka untuk setiap pengalihan dimaksud PEMBELI wajib membayar biaya administrasi pengalihan sebesar 2,5% (dua koma lima persen) dari Harga Jual (tidak termasuk PPN) kepada PENJUAL, termasuk denda-denda (jika ada). Seluruh biaya, pajak yang timbul akibat pengalihan tanah dan/atau bangunan tersebut ditanggung oleh PEMBELI. 9.4 Dalam hal terjadi pengalihan hak dan kewajiban dalam Perjanjian ini atas keinginan PEMBELI yang telah disetujui oleh PENJUAL sebagaimana dimaksud Ayat 9.3 di atas, maka pihak ketiga yang menerima pengalihan hak dan kewajiban tersebut harus menandatangani suatu perjanjian pengalihan hak ("Perjanjian Pengalihan") dengan PEMBELI dan PENJUAL. Dengan ditandatanganinya Perjanjian Pengalihan tersebut oleh pihak pihak terkait, maka dengan ini pihak ketiga setuju untuk terikat dengan Perjanjian ini. Untuk menghindari keraguan, PEMBELI memiliki hak untuk menerima pertimbangan dalam pengalihan hak dan kewajiban dalam Perjanjian ini dari pihak ketiga. 9.5 Pada saat ditandatanganinya Perjanjian Pengalihan Hak sebagaimana ditegaskan dalam Ayat 9.4 di atas, maka PEMBELI wajib membawa dan menyerahkan asli Perjanjian ini kepada PENJUAL. 9.6 Dalam hal terjadi pengalihan hak dan kewajiban dalam Perjanjian m1 dari PEMBELI setelah dilakukannya penandatanganan Akta Jual Beli (AJB), PEMBELI dengan ini membuat pihak ketiga setuju untuk terikat dengan kewajiban yang berkaitan dengan Bidang Tanah dalam Perjanjian ini dan mematuhi ketentuan Tata Tertib GIIC, ketentuan hukum dan GIIC·SPA00068 and the BUYER in front of the Land Deed Official (PPAT), the BUYER shall obtain a prior written consent from the SELLER. If the BUYER transfers its rights and obligations under this Agreement to such third party after having obtained the written consent from the SELLER, the BUYER has to pay the administration transfer fee of 2.5% (two point five percent) from the Selling Price (exclusive of VAT) to the SELLER, including penalties (if any). Any other costs, taxes related to the transfer of land and/or building shall be borne by the BUYER. 9.4 In the event that the BUYER wishes to transfer its rights and obligations under this Agreement after having obtained consent of the SELLER as referred to in Paragraph 9.3 above, the BUYER shall have the transferee sign an agreement to transfer the rights and obligations (the "Transfer Agreement") with the BUYER and the SELLER. The signing of the Transfer Agreement by the relevant transferee shall render the relevant transferee to agree to be bound by this Agreement. For the avoidance of doubt, the BUYER shall have the right to receive consideration for the transfer of its rights and obligations under this Agreement from the transferee. 9.5 At the time of the signing of the Transfer Agreement as confirmed in Paragraph 9.4 above, then the BUYER shall bring and submit the original of this Agreement to the SELLER. 9.6. In the event that the BUYER transfers its rights and obligations under this Agreement after the Sale and Purchase Deed (AJB) has been executed, the BUYER cause the transferee to agree to be bound by the relevant obligations regarding the Plot of Land in this Agreement and comply with the Rules of GIIC, the laws and prevailing regulations in Indonesia.

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10.1 peraturan pemerintah yang berlaku saat itu di Indonesia. PASAL10 AKTA JUAL BELi (AJB) PENJUAL dan PEMBELI harus menandatangani AJB atas Bidang Tanah di hadapan Pejabat Pembuat Akta Tanah {PPAT) yang ditunjuk oleh PENJUAL (rekanan PENJUAL), selambat-lambatnya 12 (dua belas) bulan sejak penandatanganan Perjanjian ini dengan ketentuan telah terpenuhinya persyaratan AJB sebagai berikut: a. HGB atas Bidang Tanah telah diperoleh dan diterima oleh PENJUAL dari instansi berwenang dan tercatat atas nama PENJUAL; b. PEMBELI sudah melunasi seluruh Harga Jual termasuk denda-denda Uika ada) dan kewajiban lain yang menjadi tanggungan PEMBELI dalam Perjanjian ini, termasuk tetapi tidak terbatas pada biaya Akta Jual Beli (AJB) dan balik nama HGB Bidang Tanah menjadi atas nama PEMBELI, administrasi dan Bea Perolehan Hak Atas Tanah dan/atau Bangunan (BPHTB), PNBP dan/atau biaya-biaya lainnya di luar Harga Jual sebagai akibat Perjanjian ini. 10.2 Apabila PEMBELI tidak menandatangani Akta Jual Beli (AJB) tersebut dalam waktu 14 {empat betas) Hari Kerja sejak adanya surat pemberitahuan tertulis dari PENJUAL, maka segala resiko, berikut perubahan biaya-biaya maupun pajak pajak yang muncul akibat tertundanya penandatanganan Akta Jual Beli (AJB) {jika ada} akan sepenuhnya menjadi tanggung jawab PEMBELI. GIIC-SPA0O068 ARTICLE 10 SALE AND PURCHASE DEED {AJB} 10.1 The SELLER and BUYER shall sign the AJB in the presence of PPAT which appointed by the SELLER (Partner of the SELLER), no later than 12 (twelve) months from the signing of this Agreement provided that the following AJB requirements have been fulfilled as follows: a. The Plot of land HGBs has been obtained and received by the SELLER from the authorized agency and registered in the name of SELLER; b. The BUYER has fully paid the Selling Price, including penalties (if any} and any other obligations to be borne by the BUYER under this Agreement, including, but not limited to cost of the Sale and Purchase Deed (AJB) and transfer of certificates of The Plot of Land HGBs to become under the name of the BUYER the duty on the acquisition of title on the Plot of Land and the buildings on the Plot of Land (BPHTB), PNBP, and/or other costs other than the Selling Price as a result of this Agreement. 10.2 If the BUYER has not signedthe Sale and Purchase Deed (AJB) within 14 (fourteen} Business Days since the date of notification letter from the SELLER, any risks, additional expenses and taxes (if any} incurred due to the delay of the signing of the Sale and Purchase Deed (AJB) shall be fully borne by and become the full responsibility of the BUYER.

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10.3 Apabila PENJUAL tidak menandatangani Akta Jual Beli (AJB) tersebut dalam waktu 14 (empat belas) Hari Kerja sejak kondisi dimaksud Ayat 10.1 Pasal ini, maka segala resiko karena tertundanya penandatanganan Akta Jual Beli (AJB) berikut perubahan biaya-biaya maupun pajak-pajak Oika ada), menjadi beban dan tanggung-jawab PENJUAL sepenuhnya. PASAL 11 PEMBATALAN 11.1 Perjanjian ini tidak dapat dibatalkan oleh salah satu dari PARA PIHAK, kecuali karena sebab-sebab yang secara tegas disebutkan dalam Perjanjian ini. 11.2 PENJUAL dapat secara sepihak membatalkan Perjanjian ini atas wanprestasi PEMBELI dengan alasan dimaksud Pasal 2 Ayat 2.8 dan/atau Pasal 9 Ayat 9.2 Perjanjian ini. Sebagai konsekuensi atas pembatalan Perjanjian ini, maka semua jumlah uang yang sudah dibayarkan oleh PEMBELI kepada PENJUAL sepenuhnya menjadi milik PENJUAL dan tidak dapat ditarik kembali oleh PEMBELI. Uang tersebut disepakati oleh PARA PIHAK sebagai kompensasi atas kerugian nyata yang dialami oleh PENJUAL. . 11.3 PEMBELI dapat secara sepihak membatalkan Perjanjian tnl atas wanprestasi yang dilakukan oleh PENJUAL apabila PENJUAL tidak dapat menjalankan kewaijbannya sebagaimana tercantum dalam Pasal 7 Perjanjian ini. Sebagai konsekuensi atas [Pembatalan Perjanjian ini, maka seluruh [Pembayaran yang telah diterima oleh IPENJUAL wajib dikembalikan seluruhnya oleh PENJUAL kepada PEMBELI dikurangi dengan jumlah kerugian nyata yang dialami oleh PENJUAL dan telah disetujui oleh IPEMBELI. GIIC-SPA00068 10.3 If the SELLER has not signed the Sale and Purchase Deed (AJB) within 14 (fourteen) Business Days since the conditions contemplated by Paragraph 10.1 of this Article are satisfied, any risks, additionalexpenses and taxes (if any) incurred due to the delay of the signing of the Sale and Purchase Deed {AJB) shall be fully borne by and become the full responsibility of the SELLER. ARTICLE 11 CANCELLATION 11.1 This Agreement shall not be cancelled by either of the PARTIES, unless expressly mentioned in this Agreement. 11.2 The SELLER shall be entitled to cancel this Agreement due to the material default of the BUYER as stipulated in Article 2 Paragraph 2.8 and/or Article 9 Paragraph 9.2 of this Agreement. As the consequence of such cancellation of this Agreement, all amounts of money that have been paid by the BUYER to the SELLER become the property of the SELLER and cannot be withdrawn by the BUYER. The money is agreed by the PARTIES as compensation for real losses suffered by the SELLER. all payments that have been received by the SELLER shall be refunded in full by the SELLER to the BUYER, after deducting any actual losses incurred by the SELLER as agreed by the BUYER. 11.3 The BUYER shall be entitled to cancel this Agreement due to the material default of the SELLER, if the SELLER fails to perform its obligations as set out in Article 7 of this Agreement. As a consequence of such termination, all payments that have been received by the SELLER shall be refunded in full by the SELLER to the BUYER, after deducting any actual losses incurred by the SELLER as agreed by the BUYER

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11.4 Bilamana terjadi kondisi sebagaimana tercantum dalam Ayat 11.2 Pasal ini, maka PEMBELI wajib menyerahkan kembali Bidang Tanah dalam keadaan kosong/tidak dikuasai oleh siapapun juga kepada PENJUAL selambat-lambatnya 14 (empat belas) Hari Kalender sejak tanggal pemberitahuan pembatalan terjadi, dengan ketentuan bahwa biaya-biaya dan pengeluaran-pengeluaran untuk penyerahan tersebut menjadi beban PEMBELI. Namun, sebaliknya apabila terjadi kondisi sebagaimana dalam Ayat 11.3 Pasal ini, maka PEMBELI berhak untuk tidak mengembalikan dan/atau menyerahkan Bidang Tanah kepada PENJUAL sampai dengan PENJUAL menjalankan kewajiban dalam Ayat 11.3 Pasal ini dan dengan ketentuan bahwa biaya-biaya serta pengeluaran-pengeluaran untuk penyerahan tersebut menjadi beban PENJUAL. 11.5 Apabila terjadi kondisi sebagimana dalam ayat 11.4 Pasal ini, Pihak yang melakukan wanprestasi tidak menjalankan kewajibannya maka Pihak yang wanprestasi dikenakan denda sebesar Rp 1.000.000, (satu juta Rupiah) untuk setiap hari keterlambatan dan denda tersebut harus dibayar dalam waktu 3 (tiga) hari kalender kepada Pihak yang tidak wanprestasi terhitung sejak 14 hari dari tanggal pemberitahuan sampai dengan prestasi telah selesai dilaksanakan. 11.6 Sehubungan dengan pembatalan Perjanjian ini, PARA PIHAK setuju untuk mengesampingkan persyaratan persyaratan Pasal 1266 dan Pasal 1267 Kitab Undang-Undang Hukum Perdata Indonesia. PASAL12 KEADAAN MEMAKSA 12.1 Tidak dipenuhinya kewajiban salah satu PIHAK menurut Perjanjian ini tidak dapat GIIC-SPA00068 11.4 In the event that the conditions as set out in Clause 11.2 of this Article occur, the BUYER shall return to the SELLER the Plot of Land in vacant condition/uncontrolled by anyone no later than 14 (fourteen) Calender Days since the date of cancellation notification, provided that any costs and expenses for such surrender shall be borne by the BUYER. However, conversely, in the event that the conditions as set out in Clause 11.3 of this Article occur, the BUYER shall have the right not to return and/or hand over the Land to the SELLER until the SELLER has fulfilled its obligations as stipulated in Clause 11.3 of this Article, provided that all costs and expenses related to such return shall be borne by the SELLER. 11.5 In the event that the conditions as referred to in Clause 11.4 of this Article occur, and the defaulting Party fails to perform its obligations, such defaulting Party shall be imposed penalty of IDR 1,000,000 (one million Rupiah) for each day of delay, and the penalty shall be paid within 3 (three) calendar days to the non-defaulting Party, calculated from fourteen (14) days from the date of the notice, until the relevant obligations have been fully performed. 11.6 With respect to cancellation of this Agreement, the PARTIES agree to waive the rights stipulated in the provisions of Articles 1266 and 1267 of Civil Code of the Indonesian Civil Code. ARTICLE 12 FORCE MAJEURE 12.1 Each PARTY shall not be liable for any delay in the fulfillment of any of the obligations

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dianggap sebagai wanprestasi atau pelanggaran atas Perjanjian jika hal itu disebabkan peristiwa di luar kekuasaan para PIHAK (selanjutnya disebut "Keadaan Memaksa"), yakni berupa: a. b. c. bencana alam seperti banjir, topan, gempa bumi; kebakaran, pemogokan sabotase, perang (baik yang diumumkan atau tidak), kerusuhan, tindakan militer; Pergantian kebijakan dari Pemerintah Republik Indonesia atau ketentuan hukum publik lainnya yang memiliki dampak merugikan secara material terhadap pelaksanaan kewajiban berdasarkan Perjanjian ini, termasuk kebijakan moneter yang sangat mengguncang kegiatan ekonomi pada umumnya yang diumumkan secara langsung dan tidak langsung oleh Pejabat Pemerintah. 12.2 Dalam hal terjadi Keadaan Memaksa tersebut di atas yang mengakibatkan salah satu PIHAK tidak dapat memenuhi kewajibannya berdasarkan Perjanjian ini, maka PARA PIHAK sepakat untuk melakukan penyelesaian kewajiban akibat Keadaan Memaksa tersebut secara musyawarah. 12.3 Atas kejadian sebagaimana dimaksud tersebut PIHAK yang mengalaminya wajib memberitahukan secara tertulis kepada PIHAK lainnya selambat-lambatnya dalam waktu 14 (empat betas) hari kalender sejak adanya kejadian Keadaan Memaksa tersebut. PASAL13 PENYELESAIAN PERSELISIHAN Setiap perselisihan yang mungkin timbul akibat Perjanjian 1rn akan diselesaikan secara musyawarah dan apabila tidak tercapai mufakat, GIIC·SPA00068 stated in this Agreement which is caused by any action or which may arise or result from event which is beyond the control of such PARTY (hereinafter referred to as the "Force Majeure"), such as: a. b. c. natural disaster, such as flood, typhoon, earthquake; fire, sabotage strike, war (whether declared or otherwise), riot, military action; Change of policy of the Government of the Republic of Indonesia or the provisions of other public law that has a material adverse effect on the performance of the obligations under this Agreement, including the monetary policy vehemently shaking the economic activities in general, announced by any Government Official. 12.2 In the event that a Force Majeure condition results in the inability of either PARTY to perform any or all of its obligations under this Agreement, both PARTIES agree to hold an amicable discussion on the impact of the Force Majeure condition on this Agreement. 12.3 The occurrence of the aforesaid condition shall be notified by the PARTY concerned in writing to the other PARTY at the latest 14 (fourteen) calendar days after the occurrence of the Force Majeure condition. ARTICLE 13 SETTLEMENT OF DISPUTE Any dispute arising from this Agreement shall be settled in deliberation for a consensus and failing this mode of settlement, the dispute shall be

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maka perselisihan tersebut akan diselesaikan di Pengadilan Negeri Okarang, Kabupaten Bekasi. PASAL 14 PEMBERITAHUAN 14.1 Setiap pemberitahuan, surat-menyurat, tawaran, permintaan, persetujuan dan lain sebagainya sehubungan dengan Perjanjian mi (selanjutnya disebut sebagai "Pemberitahuan") harus dibuat secara tertulis dan dikirimkan secara langsung, melalui faksimili atau dengan pos tercatat ke alamat-alamat sebagai berikut: settled in the District Court of Cikarang, Bekasi Regency. ARTICLE 14 NOTICE 14.1 Any notification, correspondence, offer, request, approval and so forth in relation to this Agreement (hereinafter referred to as "Notification") shall be made in writing and delivered directly, through facsimile or by registered mail to the following addresses: P ENJUAL / the SELLER Alam at/ Address Telepon/Phone U.p./ Attn. PEMBELI / the BUYER Ala mat/ Address Telepon/Phone Email U.p./Attn. PT PEMBANGUNAN DELTAMAS PT AGCC AITECH INDONESIA GIIC - ZONA B, Jalan Bougenville I Blok BC / 9, Deltamas, Kelurahan Sukamahi, Kecamatan Cikarang Pusat, Kabupaten Bekasi, Provinsi Jawa Barat - Pemberitahuan dianggap telah diterima (i) apabila dikirimkan langsung, pada saat diterima, atau (ii) apabila dikirimkan melalui pos tercatat, pada hari ketiga setelah diposkan, atau (iii) apabila dikirimkan melalui faksimili, pada saat ditransmisikan dibuktikan dengan lembar transmisi faksimili. 14.2 Setiap perubahan alamat wajib diberitahukan secara tertulis kepada PIHAK lainnya selambat-lambatnya 10 (sepuluh) Hari Kerja sejak perubahan tersebut dibuat. Segala risiko yang timbul akibat perubahan alamat yang tidak diberitahukan secara tertulis menjadi tanggung jawab PIHAK yang membuat perubahan tersebut. GIIC-SPA00068 - Notification shall be deemed to have been received (i) if delivered personally, at the time of its receipt, or (ii) if sent via registered mail, on the third day after being mailed, or (iii) if sent via facsimile, at the time of transmission, proven with facsimile transmission sheet. 14.2 Any change of address shall be informed in writing to the other PARTY at the latest 10 (ten) Business Days since the change is made. All risks arising due to change of address that is not informed in writing shall be borne by the PARTY that makes such change.

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PASALlS KETENTUAN-KETENTUAN LAIN 15.1 Perjanjian m1 menggantikan seluruh kesepakatan PARA PIHAK baik yang dibuat secara tertulis maupun lisan yang telah ada sebelumnya dan memuat seluruh kesepakatan PARA PIHAK tentang penjualan Bidang Tanah ini, dan Perjanjian ini hanya dapat diubah dengan kesepakatan tertulis oleh dan antara PARA PIHAK. 15.2 Perjanjian ini tunduk pada ketentuan hukum yang berlaku di Indonesia. 15.3 Apabila ada ketentuan dalam Perjanjian ini yang batal karena hukum atau dibatalkan karena sebab apapun, PARA PIHAK sepakat bahwa pembatalan tersebut tidak akan mengakibatkans atau pembatalan ketentuan-ketentuan lain dalam Perjanjian ini. 15.4 Perjanjian ini tidak berakhir karena salah satu pihak dibubarkan dan mengikat (para) pengganti hak masing-masing pihak. Dalam hal PEMBELI atau PENJUAL dibubarkan sebelum kewajiban-kewajiban dalam Perjanjian ini dilaksanakan seluruhnya, maka para pengganti hak PEMBELI yang sahwajib dalam jangka waktu 40 (empat puluh) hari kalender sejak dibubarkannya PEMBELI memberikan bukti penggantian hak yang sah dan dalam bentuk yang disetujui oleh PENJUAL. 15.5 Selama belum terjadi pengalihan hak yang telah disetujui oleh PENJUAL sesuai ketentuan Pasal 9 Perjanjian ini, PENJUAL hanya mengakui PEMBELI sebagai pihak dalam Perjanjian ini dan tidak mengakui pihak lain yang mengakui sebagai yang turut berhak atas pembelian Bidang Tanah berdasarkan Perjanjian ini. GIIC-SPA0O068 ARTICLE 15 MISCELLANEOUS PROVISIONS 15.1 This Agreement shall constitute the entire agreement and supersede all previous agreements between the PARTIES. This Agreement can only be amended bywritten agreement by and between the PARTIES. 15.2 This Agreement shall be governed by and construed and interpreted under the laws of Indonesia. 15.3 If any of the provisions in this Agreement becomes invalid by law or is cancelled due to any cause whatsoever, the PARTIES agree that such cancellation will not affect validity of the other provisions in this Agreement. 15.4 This Agreement shall not end even if the BUYER or the SELLER is dissolved and shall bind the assignee(s) of each PARTY. In case that the BUYER or the SELLER is dissolved before its obligations in this Agreement are entirely carried out, the assignees of the BUYER or the SELLER shall, within 40 (forty) calendar days since dissolution, submit proof of the succession that is valid. All costs or taxes that arise and will arise in relation thereto shall be fully borne by the assignees of the BUYER or the SELLER. 15.5 As long as assignment that has been approved by the SELLER has not yet happened in accordance with provision of Article 9 of this Agreement, the SELLER shall acknowledge only the BUYER as a party to this Agreement and not acknowledge other party that also claims to have the right to the Plot of Land pursuant to this Agreement.

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15.6 Semua lampiran pada Perjanjian ini dan segala perubahannya, merupakan suatu kesatuan yang tidak terpisahkan dengan Perjanjian ini. 15.7 Perjanjian ini ditandatangani dalam versi Bahasa lnggris dan Bahasa Indonesia. Jika terdapat inkonsistensi antara versi Bahasa lnggris dengan Versi Bahasa Indonesia, PARA PIHAK wajib menafsirkan kedua versi tersebut dengan itikad baik untuk mencerminkan makna yang sama, dan versi bahasa lnggris akan digunakan sebagai acuan untuk penafsiran DEMIKIANLAH, PARA PIHAK telah menandatangani Perjanjian ini dalam rangkap 2 {dua), masing masing bermeterai cukup dan memiliki kekuatan hukum yang sama. The SELLER PT PEMBANGUNAN DEL TAMAS Nama/Name :- Jabatan/Position : Nama/Name : Jabatan/Position : GIIC-SPA00068 15.6 All attachments to this Agreement and amendments thereto form an inseparable part hereof. 15. 7 This Agreement is executed in English and Bahasa Indonesia version. In case of inconsistency between the English and Bahasa Indonesia version, the Parties shall interpret both versions in good faith to reflect the same meaning, and the English version shall be used as a reference for interpretation. IN WITNESS WHEREOF, the PARTIES have signed this Agreement in 2 {two) duplicate, each with sufficient stamp duty and have the same legal force. The BUYER PT AGCC AITECH INDONESIA Nama/Name : MONIKA'TANGEL Jabatan/Position : Direktur / Director 301 Page

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## Exhibit 10.2

**Exhibit 10.2**

English Translation

**Computing Power Technical Service Agreement**

Party A:

Registered Address:

Contact Person:

Email:

Telephone:

Party B: AGCC SINGAPORE PTE. LTD

Registered Address: 91 BENCOOLEN STREET, #12-03, SUNSHINE PLAZA, SINGAPORE 189652

Contact Person:

Email:

Telephone:

Whereas Party A intends to use Party B's computing power technical services, Party A and Party B, on the principle of equality and mutual benefit, in accordance with the provisions of relevant laws and regulations and after friendly consultation, have reached this Agreement in respect of Party A's engagement of Party B to provide computing power technical services, and both parties shall jointly observe and perform this Agreement.

**Article 1 Service Contents**

1.1 Service Term: The service term of this Agreement shall be 60 months (5 years). In order to lock in the service term, Party A and Party B agree that the service instances shall be delivered in batches and that delivery and acceptance shall be completed before September 30, 2026. Any change shall be subject to the written confirmed order sent by Party A to Party B.

1.2 Service Scope: During the service term agreed in this Agreement, Party B shall provide Party A with computing power cloud services, including computing power resources and network product services such as cloud services and dedicated-line-related services. The details, quantities, unit prices and total prices of the relevant services are set out in Appendix I (Service Details and Prices) to this Agreement; the total scale, specific service scope, delivery specifications and operation and maintenance technical standards of the computing power cloud services agreed in this Agreement are set out in Appendix II (Technical Service Specifications) to this Agreement, and the delivery schedule and specific requirements are set out in Appendix III (Delivery Schedule Confirmation) to this Agreement.

1.3 Delivery Method and Location: Party B shall deliver in batches in the form of cloud node access in accordance with Appendix III.

1.4 Party B shall, in accordance with the appendices to this Agreement, cooperate with Party A to expand or reduce the bandwidth and quantity of dedicated lines according to actual needs, and the price for the relevant change shall be separately negotiated and determined by both parties.

**Article 2 Service Fees and Payment**

2.1 The unit prices and total prices of the computing power cloud services under this Agreement shall be as agreed in Appendix I (Service Details and Prices) to this Agreement, and settlement shall be paid in U.S. dollars.

2.2 This Agreement is a 5-year locked-in contract. The prices shown in Appendix I shall apply only to the service fees for the supply scope agreed in this Agreement. For demand changes such as expansion/reduction, both parties shall communicate separately on prices according to the changed demand.

2.3 Party A shall pay service fees to Party B on a quarterly basis according to Appendix I (Service Details and Prices) to this Agreement. In each quarter, both parties shall determine the final settlement amount for that quarter according to the actual accepted and qualified usage of that month and service deductions (if any). The quarterly payment amount = actual usage for that quarter \* unit price - deductions for failure to meet SLA in that month (if any). Party B shall provide the bill for the current quarter to Party A by email after the end of each quarterly service period. After Party A determines the payable amount for that quarter within three working days, Party B shall submit the online online acceptance process in Party A's supplier system () according to the amount confirmed by Party A and Party B. After acceptance is successful, Party B shall issue an official invoice to Party A according to the invoicing information automatically provided by the system, and Party A shall pay the service fees to Party B within 10 working days after receipt of the invoice. The above working days refer to statutory working days of the People's Republic of China. If Party A makes late payment, it shall bear liability for breach of contract in accordance with Article 10 of this Agreement. Each batch of computing power services purchased by Party A shall commence billing from the time when Party B opens the complete permissions for Party A and Party A has passed testing and acceptance. The delivery scope and SLA are set out in Appendix II (Technical Service Specifications).

2.4 Party A and Party B shall each bear their own taxes and fees and shall comply with the tax laws of their respective countries.

2.5 Party A shall pay the amounts to the bank account reserved by Party B in Party A's supplier system. If Party B changes its receiving account, it shall update the latest account information in Party A's supplier system 10 working days in advance. Party A shall make payment according to the account information retained by Party B in Party A's supplier system (). If payment is made to the wrong account or other issues arise due to Party A's failure to update the information in a timely manner, all liabilities arising therefrom shall be borne by Party B itself. The settlement currency shall be U.S. dollars.

2.6 After the expiration of the cooperation under this Agreement, for the same computing power cloud services, Party A shall have the first priority right to renew, expand or reduce the services, and Party B shall cooperate with Party A to complete the deployment simultaneously. The business terms after expiration shall be flexibly negotiated and determined by both parties.

**Article 3 Rights and Obligations of Party A**

3.1 When using Party B's services, Party A shall strictly comply with any applicable laws and regulations. The activities conducted using Party B's services shall have obtained recognition, approval and filing from the relevant administrative authorities (if applicable), and Party A shall not use Party B's services to engage in any illegal or criminal activities. Party B only acts as a neutral technical service cloud service provider. If Party A uses Party B's services to engage in any illegal or criminal activities, all legal consequences, expenses and losses arising therefrom shall be borne by Party A.

3.2 Party A shall itself adopt reasonable and secure technical measures in respect of all types of data and other information stored on Party B's servers as a result of using the services provided by Party B, so as to ensure their security and integrity, and shall bear full responsibility for the results caused by the relevant actions taken by Party A itself (including but not limited to fee arrears, self-installed software, adoption of encryption measures or other security measures, etc.).

3.3 Party A confirms and agrees that data actively deleted by Party A cannot be recovered, and that when Party B's provision of services results in the decommissioning of the entire server due to expiration of the service term or due to reasons under Article 12 of this Agreement, Party B will carry out data clearing work, and the relevant data will not be recoverable.

3.4 The data already owned by Party A before the commencement of the cooperation between Party A and Party B, as well as the data processed, stored, uploaded, downloaded and distributed by Party A through the services provided by Party B, shall all be Party A's data. Party A shall have full ownership thereof. Party A shall complete the backup, migration, destruction and other work for Party A's data within 30 calendar days after the end of the project cooperation. If Party A requires Party B to cooperate in handling the backup, migration or destruction of relevant data, Party B shall cooperate with Party A. If Party A fails to release the resources of Party B occupied by Party A as agreed, Party A shall pay Party B resource occupation fees in the amount of the service fees actually incurred according to the actual period of resource occupation and at the rates agreed in this Agreement.

3.5 Party A shall be responsible for the security of the system or equipment accounts and passwords handed over by Party B, and shall independently operate and control such system accounts. If Party A discovers any illegal use of its account, it shall immediately notify Party B, and Party B shall cooperate in a timely manner to safeguard the independence and stability of Party A's use.

3.6 Party A shall pay fees to Party B according to the time and amount agreed in this Agreement, and if payment milestones are agreed, Party A shall perform according to the agreed milestones. At the same time, Party A shall provide Party B with necessary materials and cooperation matters required for the performance of this Agreement to ensure that Party B can normally provide services and complete delivery.

3.7 Party A shall have the right, in accordance with Appendix II (Technical Service Specifications), to supervise and inspect Party B's maintenance services, spare parts inventory and SLA achievement status, and Party B shall cooperate.

3.8 If Party B's services are delayed, cannot be delivered or service failures occur due to Party A's own reasons, such as incomplete provision of materials, untimely cooperation or improper operation, Party A shall bear full responsibility.

**Article 4 Rights and Obligations of Party B**

4.1 Party B shall provide Party A with stable and compliant computing power services and after-sales technical support in accordance with this Agreement and the appendices, including providing consulting design, solution planning and other services in response to Party A's needs, and shall ensure the continuous optimization and improvement of subsequent services and strictly comply with all operation and maintenance standards agreed in Appendix II (Technical Service Specifications).

4.2 Party B undertakes that the services provided by Party B shall not contain any viruses, Trojan horses, malicious codes/software, and shall ensure the overall security of the cluster networking used by Party A for the services.

4.3 Party B shall not access or process Party A's data without Party A's written authorization, and shall not use Party A's data or any content containing Party A's data for any purpose other than those agreed in this Agreement.

4.4 When Party A requires the assistance of Party B's technical personnel, or when Party B's technical personnel need to enter the system or equipment to perform operations due to system debugging, maintenance upgrades or other reasons, Party B may only perform such operations after receiving Party A's written authorization notice. The operation process shall be subject to Party A's supervision, and complete operation records shall be retained for Party A's inspection.

4.5 Party B shall advance the delivery work according to the batches and schedule agreed in this Agreement and Appendix III, and ensure that all service instances are delivered in batches, cluster networking is completed and Party A's acceptance is completed before September 30, 2026. Late delivery shall be deemed a breach of contract by Party B, and Party B shall bear the liability for breach of contract agreed in Clause 10.3 of this Agreement.

4.6 Party B shall, in strict accordance with Appendix II (Technical Service Specifications) to this Agreement, provide Party A with 7x24-hour technical support, spare parts in advance, fault repair, periodic inspection, maintenance reports and other services; establish a complete spare parts/spare machine inventory; ensure the stability and continuity of the computing power services and dedicated line services; and meet all SLA indicator requirements.

4.7 Party B shall, in accordance with Appendix II, submit monthly maintenance reports to Party A each month and annual reports each fiscal year, organize a monthly computing power service communication meeting between both parties each month, and conduct an annual service summary each fiscal year to synchronize information such as service progress, spare parts levels and SLA compliance status.

4.8 If Party B violates any provision of Clauses 4.1 to 4.7 of this Agreement, it shall be deemed a material breach by Party B, and Party A shall have the right to require Party B to compensate Party A for all losses caused thereby, including reasonable expenses such as litigation fees, arbitration fees, preservation fees, preservation insurance fees, attorney fees, notarization fees, appraisal fees and evidence collection fees incurred as a result of Party B's breach.

4.9 Party B shall cooperate with Party A, according to actual business needs, to promptly expand or reduce the bandwidth and quantity of dedicated lines, and shall not delay or refuse without reason. The prices and service standards for the relevant changes shall be separately negotiated by both parties.

4.10 Party B shall, in accordance with Appendix II, provide a non-return service for hard disk media by destroying on site the storage media replaced during repair, so as to ensure the security of Party A's data.

4.11 After the price under this Agreement is confirmed, Party B shall not delay/refuse delivery due to changes in market prices or other reasons. If the project cannot be launched according to the delivery cycle agreed in Appendix III, Party A shall have the right to make a claim for breach of contract. After the price under this Agreement is confirmed, Party B shall provide a performance bond in the amount of USD1 million with Party A as beneficiary as performance guarantee. If Party B has not launched the contract after more than 30 calendar days from the launch date agreed in Appendix III, Party A shall have the right to terminate the contract on the basis of the claim.

**Article 5 Intellectual Property**

5.1 Any proprietary rights involved in the trademarks, patents, copyrights or any other relevant materials of the other party that either party is authorized to access or use due to performance of its obligations under this Agreement shall not be deemed as a transfer of ownership of such rights, and the ownership of such rights shall belong to the provider.

5.2 Without the prior written consent of the other party, neither party may use or copy the other party's trademarks, marks, business information, technologies and other materials without authorization. Any intellectual property authorization license obtained by either party from the other party shall not be used for any purpose other than the purposes and scope agreed in this Agreement.

5.3 The technical achievements arising during the performance of this Agreement shall, unless otherwise agreed by both parties, belong to the party that completes them. If one party uses the other party's intellectual property, it shall obtain the other party's written authorization in advance and pay the corresponding license fees (unless otherwise agreed by both parties).

**Article 6 Confidentiality**

6.1 Without the written permission of the other party or unless otherwise agreed in this Agreement, neither party shall disclose to any third party unrelated to the performance of this Agreement any content of the terms of this Agreement, the signing and performance of this Agreement, or any information of the other party and its affiliates learned through the signing and performance of this Agreement. However, for the purpose of performing this Agreement, either party may disclose the foregoing information to its legal, accounting, commercial and other advisers and authorized employees (Receiving Party Representatives), and the Receiving Party Representatives shall agree to assume confidentiality obligations identical to or stricter than those provided in this Agreement.

6.2 This confidentiality clause shall continue to have legal effect during the term of this Agreement and for three years after termination. In case of any violation, the breaching party shall bear all losses caused thereby to the non-breaching party, including direct losses, indirect losses and all reasonable expenses incurred in pursuing losses.

6.3 Without the prior written permission of the other party, neither party shall make any public statement regarding this Agreement.

6.4 If either party discovers that the other party has violated Article 6 of this Agreement, including but not limited to either party receiving notice from relevant administrative authorities or judicial authorities requiring corresponding measures to be taken against the other party, or either party learning that relevant administrative authorities or judicial authorities have taken corresponding disposal or punishment measures against the other party, or either party receiving a lawful rights claim from a third-party right holder against the other party, the non-breaching party shall have the right to immediately suspend or terminate all or part of the services under this Agreement, or directly take all measures it deems necessary to mitigate adverse effects on the non-breaching party, and shall have the right to decide whether to continue performing this Agreement after the issue has been resolved or to immediately terminate this Agreement. The non-breaching party shall not be liable for any losses caused to the breaching party by any measures or decisions taken for the foregoing reasons, and all losses caused to the non-breaching party for the foregoing reasons shall be borne by the breaching party.

**Article 7 Representations and Warranties**

7.1 Both parties mutually represent, state and warrant to each other as follows:

(1) it is an independent legal person legally established and validly existing, and has full civil capacity and subject qualification to sign and perform this Agreement;

(2) it is qualified to engage in the cooperation under this Agreement, and such cooperation complies with its business scope and the provisions of its articles of association;

(3) it has the ability to perform all of its obligations under this Agreement, and such performance does not violate any restrictions under any legal documents, contracts or agreements binding on it;

(4) during the cooperation period, it shall not carry out any act harmful to the interests of the other party, including but not limited to infringing the other party's copyrights, reputation rights, trade secrets and/or other lawful rights and interests;

(5) Party B warrants that it has all capabilities in hardware, technology, personnel, spare parts and other aspects required to perform this Agreement and can satisfy all service standards agreed in Appendix II (Technical Service Specifications);

(6) unless expressly authorized by this Agreement, neither party shall have the right to mortgage, make any statement, authorize signing, or create any obligations or liabilities on behalf of the other party in any manner.

7.2 If either party violates the above representations, statements and warranties, it shall be deemed to have violated this Agreement, and the breaching party shall compensate the non-breaching party for all losses suffered thereby and shall bear corresponding liability for breach of contract in accordance with this Agreement.

**Article 8 Amendment and Renewal of the Agreement**

8.1 Any amendment or supplement to this Agreement shall be subject to consultation and agreement by both parties and the signing of a written agreement, and such written agreement shall have the same legal effect as this Agreement. Any change to the appendices to this Agreement shall be separately confirmed in writing by both parties and shall, after confirmation, form an integral part of this Agreement.

8.2 This Agreement is a 5-year locked-in contract. Before the expiration of the service term, if Party A intends to continue using Party B's computing power cloud services, it shall issue a written renewal notice to Party B 90 calendar days before the expiration of the service term, and both parties shall separately negotiate the renewal terms. If Party A fails to issue a renewal notice within the above period, this Agreement shall automatically terminate upon expiration of the term, and Party B shall have the right to clear service resources after expiration of the term. Party A shall complete data migration and resource release in accordance with this Agreement.

**Article 9 Termination of the Agreement**

9.1 The service term of this Agreement shall be calculated from the delivery completion date agreed by both parties to this Agreement (September 30, 2026), for a term of 60 calendar months. Unless otherwise agreed in this Agreement or agreed by both parties through consultation, neither party may terminate this Agreement early.

9.2 If Party A requests early termination of part or all of the services, it shall issue a written notice to Party B 20 calendar days in advance through the contact information first set out in this Agreement. After Party B receives the above notice, it shall terminate such service at the termination time requested by Party A, and Party A shall pay Party B all incurred service fees according to the original termination date.

9.3 If Party B needs to terminate the contract early due to force majeure changes in laws, regulations or regulatory policies (including but not limited to export control laws and applicable sanctions laws) that cause the performance of this Agreement to violate export control laws and applicable sanctions laws, Party B shall notify Party A in writing in the form first set out in this Agreement six calendar months before the termination date. After Party A receives the notice, it shall complete the processing of Party A's data within six calendar months, and Party B shall assist Party A in migrating the data and services to an alternative service provider designated by Party A, continue to provide services during the migration period, and bear the migration costs. If the contract is terminated early due to this clause, Party A shall only treat the period during which Party A actually used Party B's services as the actual usage period and pay Party B the corresponding payable fees for such period, without involving any other additional fees.

9.4 Unless otherwise agreed in this Agreement, this Agreement shall terminate under the following circumstances: either party declares bankruptcy, enters into liquidation with the prior written consent of the other party (except voluntary liquidation for the purpose of a proper solvent reorganization or merger), or enters into dissolution procedures.

9.5 Once this Agreement becomes effective, it shall be legally binding on both parties. Unless agreed by both parties through consultation or due to reasons agreed in this Agreement, neither party may unilaterally terminate this Agreement without reason. If Party A unilaterally terminates this Agreement without legitimate reason, Party A shall pay Party B liquidated damages in an amount equivalent to 60% of the price corresponding to the unperformed services under the order proposed to be terminated. If Party B unilaterally terminates this Agreement without reason, Party A shall have the right under Clause 4.11.

9.6 After termination of this Agreement, the rights and obligations of both parties under this Agreement shall terminate, but the clauses in this Agreement relating to intellectual property, confidentiality, liability for breach of contract, dispute resolution, data processing and fee settlement shall continue to be effective until the relevant obligations have been fully performed.

**Article 10 Liability for Breach of Contract**

10.1 Any failure by either party to perform any clause under this Agreement shall be deemed a breach of contract. After either party receives a written notice from the other party specifying the breach, if it confirms that the breach actually exists, it shall correct the breach within 10 working days and notify the other party in writing; if it considers that the breach does not exist, it shall submit written objection or explanation to the other party within 10 working days, in which case both parties may negotiate on the issue. The breaching party shall bear the actual losses caused to the non-breaching party by its breach. If this Agreement provides otherwise, such provisions shall prevail.

10.2 If Party A fails to make payment according to the amount and time agreed in this Agreement, and Party B has notified Party A, for each calendar day of late payment, Party A shall pay Party B a daily liquidated damages amount equal to five ten-thousandths of the amount payable but unpaid by Party A. If payment is delayed for more than 30 calendar days, Party B shall have the right to unilaterally terminate this Agreement.

10.3 If Party B fails to deliver the agreed services at the time agreed in this Agreement, for each calendar day of late delivery, Party B shall pay Party A daily liquidated damages equal to five ten-thousandths of the total amount in Appendix I, capped at 5% of the total contract amount. If delivery is delayed for more than 30 calendar days, Party A shall have the right to unilaterally terminate this Agreement and require Party B to refund all amounts already paid and bear all losses caused thereby. If, before this, Party B submits to Party A a reasonable delay report recognized by Party A, both parties shall separately negotiate a new delivery time.

10.4 If Party B fails to meet the SLA indicator requirements agreed in Appendix II (Technical Service Specifications) (such as work order closure rate, server downtime rate, equipment availability, etc.), it shall be deemed a breach of contract by Party B, and Party B shall carry out rectification and bear corresponding liability for breach of contract as agreed in Appendix II. If losses are caused to Party A thereby, Party B shall compensate Party A in full.

10.5 If the liquidated damages agreed in this Agreement are insufficient to make up for the losses of the non-breaching party, the breaching party shall compensate the non-breaching party for all losses, including but not limited to direct losses, indirect losses, loss of expected benefits, and all reasonable expenses incurred in pursuing losses, such as litigation fees/arbitration fees, attorney fees, preservation fees and travel expenses.

**Article 11 Force Majeure**

11.1 Force majeure refers to events that Party A and Party B cannot reasonably control, are unforeseeable or, even if foreseeable, cannot be avoided, and that obstruct, affect or delay the performance by either party of all or part of its obligations under the Agreement. In view of the special nature of the Internet and computing power services, force majeure includes but is not limited to the following circumstances affecting the normal operation of services:

(1) governmental acts, such as new acts or measures taken by policies, laws and regulations applicable to either party (including but not limited to the laws and regulations of the United Nations, China, the United States and the countries involved concerning export control and sanctions) or governmental authorities with jurisdiction, resulting in all or part of the orders under this Agreement being unable to be performed, or continued performance possibly causing a material adverse impact on one party;

(2) abnormal social phenomena such as epidemics and strikes, but excluding internal labor disputes. At the same time, the following and similar circumstances shall be deemed force majeure: interruption of telecommunications backbone lines, hacker attacks, virus intrusion, network congestion, technical adjustments by telecommunications departments, adverse and material changes in capital market conditions, etc.

11.2 The party affected by a force majeure event shall immediately notify the other party in writing of the event and provide valid supporting documents within 15 working days after the occurrence of the event. The parties shall, according to the degree of impact of the force majeure event, negotiate and decide whether to terminate this Agreement, partially exempt the obligations to perform this Agreement, or postpone the performance of this Agreement.

11.3 If either party is unable to perform this Agreement due to force majeure, that party may be exempted from corresponding liability for breach of contract, but shall resume performance of this Agreement immediately after the impact of force majeure is eliminated. If force majeure causes this Agreement to be unable to continue to be performed, neither party shall bear liability for breach of contract, Party A shall pay fees according to the period of actual use of the services, and Party B shall refund to Party A the service fees already paid but not actually used.

**Article 12 Dispute Resolution**

12.1 The formation, validity, interpretation, performance and dispute resolution of this Agreement shall be governed by the laws of the People's Republic of China (excluding the laws of Hong Kong, Macao and Taiwan).

12.2 Any dispute arising out of or in connection with this Agreement shall first be resolved by both parties through friendly consultation. If consultation fails, either party shall have the right to submit the dispute to the Singapore International Arbitration Centre (SIAC) for arbitration in accordance with the arbitration rules of the Centre then in effect at the time of application for arbitration.

12.3 The place of arbitration shall be Singapore. The arbitral award shall be final and legally binding on both parties, and both parties shall promptly perform their obligations in accordance with the award.

12.4 During the period of dispute resolution, except for the disputed matters, the other clauses of this Agreement shall continue to be effective and both parties shall continue to perform.

**Article 13 Miscellaneous**

13.1 The appendices to this Agreement are an integral part of this Agreement and have the same legal effect as the text of this Agreement. The appendices to this Agreement include:

Appendix I: (Service Details and Prices)

Appendix II: (Technical Service Specifications)

Appendix III: (Delivery Schedule Confirmation)

13.2 For matters not covered in this Agreement, both parties may separately sign supplemental agreements, and such supplemental agreements shall have the same legal effect as this Agreement.

13.3 This Agreement shall become effective from the date on which the authorized representatives of both parties sign and affix their respective company seals/contract seals.

13.4 This Agreement is executed in two originals, with Party A holding one and Party B holding one, each having the same legal effect.

(No text below; this is the signature page of the Agreement)

Party A:

Authorized Representative (Signature):

Signing Date: ______ Year ____ Month ____ Day

Party B: AGCC SINGAPORE PTE. LTD

Authorized Representative (Signature):

Signing Date: ____ Year _____ Month _____ Day

**Appendix I (Service Details and Prices)**

I. Service Prices

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Room No.** | &nbsp;&nbsp;**Quantity (Number of Instances)** | &nbsp;&nbsp;**Contract Term (Months)** | &nbsp;&nbsp;**Tax-exclusive Unit Price (USD/Instance-Month)** | &nbsp;&nbsp;**Tax-exclusive Total Price (USD/Instance-Month)** |
|  |  | &nbsp;&nbsp;36 (Years 1-3) |  |  |
|  |  | &nbsp;&nbsp;12 (Year 4) |  |  |
|  |  | &nbsp;&nbsp;12 (Year 5) |  |  |
| &nbsp;&nbsp;401 Room tax-inclusive total price (Singapore GST: 9%) |  |  |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Room No.** | &nbsp;&nbsp;**Quantity (Number of Instances)** | &nbsp;&nbsp;**Contract Term (Months)** | &nbsp;&nbsp;**Tax-exclusive Unit Price (USD/Instance-Month)** | &nbsp;&nbsp;**Tax-exclusive Total Price (USD/Instance-Month)** |
|  |  | &nbsp;&nbsp;36 (Years 1-3) |  |  |
|  |  | &nbsp;&nbsp;12 (Year 4) |  |  |
|  |  | &nbsp;&nbsp;12 (Year 5) |  |  |
| &nbsp;&nbsp;402 Room tax-exclusive total price |  |  |  |  |
| &nbsp;&nbsp;402 Room tax-inclusive total price (Singapore GST: 9%) |  |  |  |  |

---

**Remarks**

1. The prices for the above two rooms, 401 and 402, are fixed for the first three years, and the prices for the fourth and fifth years are estimated prices. Both parties shall have the right, before the end of the third-year contract term, to re-discuss the prices for Year 4 and Year 5 according to the then-current market conditions. If no new price negotiation results, both parties agree to continue to perform this Agreement according to the above prices.

2. Party B shall give priority to completing the service delivery for Room 401. Party A shall have the right to decide whether to continue purchasing Room 402 from Party B according to the delivery speed and service quality of Room 401 by Party B.

3. After the contract term expires, for the same computing power cluster, Party A shall have the first priority right to choose renewal/expansion/reduction, and Party B shall cooperate with Party A in simultaneous deployment. Both parties shall flexibly communicate the commercial terms for change requests after the contract term.

4. Party B shall cooperate with Party A, according to actual business conditions and needs, to promptly reduce/expand the bandwidth and quantity of dedicated lines, and the prices for the relevant changes shall be separately negotiated and determined by both parties.

5. The service prices and charging standards not agreed in this Appendix shall be implemented after separate written confirmation by both parties.

**Appendix II (Technical Service Specifications)**

1. Preface

In order to ensure the normal operation of the computing power operation and maintenance services provided by Party B to Party A (that is, the security, stability and continuity of the computing power operation and maintenance services provided by Party B), and to improve Party B's after-sales service experience and maintenance work in performing the computing power operation and maintenance services for Party A, these specifications are specially formulated, and Party A and Party B shall jointly comply with these specifications.

This document is the operation and maintenance service standards that the computing power operation and maintenance service supplier (that is, Party B, hereinafter referred to as Party B or the Supplier) undertakes to Party A to perform in order to satisfy the above purposes, namely, Party B's commitments and guarantees for service work in terms of the definition of hardware maintenance, service contents, personnel, spare parts and other aspects involved in computing power carrying. The relevant teams of Party A and Party B shall jointly comply with these specifications.

2. Definition of Maintenance

For the hardware involved in carrying the computing power resources of this project, the Supplier shall ensure that during the service provision period, the relevant hardware enjoys maintenance services, and the Supplier shall ensure that the manufacturer providing the maintenance services is the original equipment manufacturer.

**Maintenance Triggering Conditions**

Party A, as the customer of the computing power services provided by Party B, shall, based on Party A's diagnosis results, submit repair requests affecting the operation and maintenance services to Party B through channels such as email, platform and telephone. With customer service first as the objective, after Party B receives Party A's request, it shall promptly visit the site to provide specific services. For the convenience of both parties' records, both parties agree to make relevant records in written forms such as work orders.

3. Service Contents

3.1 Capability Service Requirements

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Service Content** | &nbsp;&nbsp;**Detailed Requirements** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Technical support services | &nbsp;&nbsp;Ensure the normal and stable operation of Party A's underlying computing power hardware system. Ensure that spare parts and personnel respond in a timely manner in emergency situations, restore business at the first time, and avoid affecting Party A's normal business due to equipment failures and technical issues. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;On-site technical support services | &nbsp;&nbsp;Provide 7x24-hour on-site repair and work order closure services after receiving work orders. |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Remote technical support services | &nbsp;&nbsp;Provide 7x24-hour remote technical support services and receive fault feedback and declarations at any time. The 7x24 technical support services will include product technical consultation, equipment configuration and use guidance, and diagnosis and troubleshooting of hardware or software faults. |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Spare parts in advance services | &nbsp;&nbsp;When equipment fails, during the maintenance period of the failed equipment, spare parts and complete machines not lower than the specifications of the original equipment must be provided to restore in a timely manner and reduce fault risks. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Maintenance report services | &nbsp;&nbsp;Monthly reports: output maintenance status statistics according to the current maintenance status and complete submission within the first week of each month; annual reports: conduct maintenance statistics for all retained equipment across the whole network and complete submission within the last month of Party A's fiscal year. |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Equipment diagnosis solution services | &nbsp;&nbsp;Document services including but not limited to fault contents, fault handling methods and fault preventive solutions. |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Difficult fault escalation services | &nbsp;&nbsp;If the on-site service engineer cannot clearly locate the cause of the fault, the matter shall be immediately escalated upward to the manufacturer's second-line support team, and Party A shall be notified by email; if repair is not completed within more than 24 hours, the complete machine shall be directly replaced. |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Emergency services | &nbsp;&nbsp;When a suspected hardware fault causes a major business failure, Party B shall provide four-hour-level rapid response, including technical support, spare parts and on-site support, etc.; Party A undertakes that the number of emergency services shall not exceed six times per quarter. |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Dedicated personnel on duty during important periods | &nbsp;&nbsp;During major events, Party B shall provide technical personnel and spare parts on-site services free of charge. During key protection periods, hardware repair and replacement for equipment failures must be completed within two hours; Party A undertakes that this shall not exceed three times per year. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Non-return service for hard disk media | &nbsp;&nbsp;For storage media replaced during repair (BF3, SATA hard disks, NVMe, etc.), on-site personnel shall destroy them on site, and the hardware shall not leave the computer room. The service validity period shall be consistent with the maintenance period for the computing power equipment. |

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3.2 Service Levels and Timeliness

3.2.1 7x24-Hour Services

1. Repair service time: Party A may report faults 7x24 hours a day through the dedicated telephone number and email provided by Party B;

2. Repair method: When Party A discovers a suspected hardware fault (including BIOS, BMC and other firmware), it shall report the repair in real time through the repair platform, send incremental requirements every two hours, and send full requirements to Party B's designated email at 14:00 and 23:50;

3. On-site service time: After Party B receives the repair request, it shall promptly arrange personnel to bring spare parts for on-site repair or whole-machine replacement;

4. Service closure: repair shall be completed within 24 hours, and the repair result shall be subject to Party A's evaluation; if completion is impossible due to special reasons, Party A shall be notified by email and a dedicated person shall follow up daily.

3.2.2 Four-Hour Services

Four-hour services are value-added services and require separate negotiation and confirmation by both parties. The core requirements are:

1. 7x24-hour all-weather repair reporting, with real-time reporting by telephone/email/work order;

2. After Party B receives the notice, it shall bring spare parts to complete repair or whole-machine replacement within four hours;

3. The repair result shall be subject to Party A's evaluation, and special circumstances shall be notified by email and followed up daily.

4. Maintenance Spare Parts

4.1 Spare Parts and Spare Machine Requirements

1. Party B shall establish and continuously improve the spare parts and spare machine inventory, ensure the stability of the computing power underlying layer and operation and maintenance SLA, and shall not cause repair delays due to insufficient spare parts/spare machines;

2. Party B shall dynamically adjust inventory quantities according to the retained quantity and fault rate of computing power equipment, and send Party A the spare parts/spare machine inventory table each week;

3. Party A shall have the right to conduct unscheduled on-site inspections of Party B's spare parts inventory, and Party B shall cooperate;

4. All on-site spare parts/spare machines shall be in a healthy state. The PN and FW of the maintained parts shall comply with Party A's baseline and mixed insertion rules, and the repair process shall be supervised by Party A's on-site engineers in the computer room.

4.2 Feedback on Spare Parts and Spare Machine Levels

Party B shall synchronize the spare parts level status with Party A's computing power operation team each week. The contents shall include: spare part type, category, region, disk quantity, consumption forecast and risk feedback (accurate to MPN granularity, including solutions and expected dates).

4.3 Spare Machine and Spare Part Timeliness

1. Coverage rate: for repair orders notified by email, spare parts coverage rate shall reach 100%;

2. Transfer timeliness: uncovered spare parts shall be transferred within 24 hours, and the spare part/spare machine hit rate shall reach 100%.

5. Synchronization Services

5.1 Synchronization Mechanism

5.1.1 Regular Monthly Meeting

1. Meeting cycle: completed within the first week of each month;

2. Meeting preparation: Party B submits a monthly service report;

3. Attendees: Party B's service manager and regional work order coordinators; Party A's computing power operation team;

4. Reporting topics: SLA achievement indicators, current maintenance status, spare part material levels, causes of non-compliant work orders and solutions, progress in management of major issues, and manufacturer issue feedback.

5.1.2 Annual Summary

1. Meeting cycle: completed within the last month of Party A's fiscal year;

2. Meeting preparation: Party B submits an annual service report;

3. Attendees: Party B's sales manager, service manager and regional work order coordinators; Party A's computing power operation team;

4. Reporting topics: annual maintenance statistics, annual issue sorting, and service improvement and optimization plans.

6. Service Level Agreement (SLA)

6.1 Operation and Maintenance Work Order SLA Indicators

6.1.1 SLA Standards

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Service Level** | &nbsp;&nbsp;**Work Order Type** | &nbsp;&nbsp;**SLA Timeliness Requirement** |

---

1. If the quarterly 24-hour closure achievement rate is <95%, it shall be deemed that the SLA has not been met, and Party B shall rectify and bear liability for breach of contract as agreed in the Agreement;

2. Party B warrants that the monthly downtime rate of computing power servers caused by single-cabinet power failure shall be <0.5% (excluding this number). If exceeded, it shall be deemed that the SLA has not been met, and Party A shall have the right to require Party B to rectify, with rectification costs borne by Party B, without waiving the right to pursue liability for breach of contract.

6.1.2 Party B's SLA Exemption Scope

Where Party B fails to meet the standard due to Party A's fault, exemption may be granted after Party A's determination, including: Party A fails to handle the matter within 24 hours after work order escalation, or work order push fails/workflow is interrupted due to Party A's reasons.

6.2 IDC Operation and Maintenance Service SLA

6.2.1 Core Definitions

● 5x8: Monday to Friday, 09:00-17:00; 7x24: 24 hours a day, 7
days a week;

● Scheduled maintenance: operations such as patch installation,
hardware replacement/upgrades performed by Party B at Party A's request;

● Maintenance window: Party B shall notify Party A 72 hours in
advance of routine maintenance and obtain authorization, and the maintenance period shall minimize the impact on Party A's business.

6.2.2 Telephone Response Time

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Incident Severity Level** | &nbsp;&nbsp;**Response Priority** | &nbsp;&nbsp;**Response Time** | &nbsp;&nbsp;**Effective Support Time** | &nbsp;&nbsp;**Response Update Frequency** | &nbsp;&nbsp;**Fault Definition** |

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6.2.3 Service Availability Requirements

1. Power availability: ensure 100% uptime for single-route power supply each month, including planned maintenance;

2. Temperature/humidity control: monthly availability 99.9% (downtime <=43.2 minutes), cold aisle relative humidity maintained at 50%-70%, air supply humidity 40%-60%, and recovery within one hour after breach;

3. CrossConnect availability: single-line availability 99.5%, availability of different fiber paths 100%.

6.2.4 Exceptions

The response time/downtime caused by the following circumstances shall not be counted in the SLA: maintenance notified in advance by Party B, faults caused by Party A's operation/authorization, single-point failure of redundant hardware that does not affect business, force majeure, shutdown due to Party A's fee arrears, etc.

6.3 Server Operation and Maintenance Service SLA

6.3.1 Core Commitments

Overall server availability shall be 99%-99.5%. Fault repair time (MTTR): within two hours for critical faults, within 24 hours for general faults, and hardware replacement within 2-4 hours (depending on spare parts inventory). If the availability of the computing power services is <99.5% (failing to meet the service SLA), the settlement amount payable by Party A for that month shall be reduced by the computing power service fees corresponding to the unavailable duration.

6.3.2 Fault Levels and Response Times

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fault Level** | &nbsp;&nbsp;**Response Time** | &nbsp;&nbsp;**Fault Definition** |
| &nbsp;&nbsp;P1 (Emergency) | &nbsp;&nbsp;0.25 hours | &nbsp;&nbsp;The server/core business is completely unavailable and cannot be recovered, requiring immediate handling |
| &nbsp;&nbsp;P2 (Major) | &nbsp;&nbsp;0.5 hours | &nbsp;&nbsp;Major business functions are affected and can partially operate, affecting multiple users, requiring prompt handling |
| &nbsp;&nbsp;P3 (General) | &nbsp;&nbsp;4-8 hours | &nbsp;&nbsp;Minor functions are abnormal, do not affect core business, and may be handled during a planned maintenance window |
| &nbsp;&nbsp;P4 (Low Priority) | &nbsp;&nbsp;4-24 hours | &nbsp;&nbsp;Routine maintenance and optimization requirements that do not affect normal operations, to be repaired as scheduled |

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6.3.3 Core Hardware Fault Response and Resolution Requirements

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Component** | &nbsp;&nbsp;**Fault Level** | &nbsp;&nbsp;**Response Time** | &nbsp;&nbsp;**Resolution Time** | &nbsp;&nbsp;**Fault Definition** |

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6.3.4 Hardware Maintenance and Technical Support

1. Fault detection: remotely monitor GPU temperature, power supply, voltage, fans and other statuses through IPMI, BMC, Prometheus, etc.;

2. Periodic inspection: hardware self-test (ECC errors, GPU aging), cleaning and replacement of fans/cooling systems;

3. Software support: regularly update NVIDIA drivers (CUDA, CuDNN), BIOS/BMC firmware, and promptly synchronize NVIDIA vulnerability (CVE) information;

4. Problem management: adopt ITIL standards, escalate faults to L1-L3 support teams, and submit RCA root cause analysis reports and improvement measures within seven days after faults;

5. Remote/on-site support: 7x24 remote technical support (SSH/IPMI/KVM), NBD next business day or four-hour on-site visit, and dedicated technical team on site.

6.4 Network Operation and Maintenance Service SLA

6.4.1 Fault Level Definitions

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fault Level** | &nbsp;&nbsp;**Fault Definition** |
| &nbsp;&nbsp;Level 1 fault | &nbsp;&nbsp;Causes serious impact on network/business and triggers major business interruption |
| &nbsp;&nbsp;Level 2 fault | &nbsp;&nbsp;Causes significant impact on network/business and may trigger major business interruption |
| &nbsp;&nbsp;Level 3 fault | &nbsp;&nbsp;Has certain impact on network/business and may be avoided or handled to a small extent |
| &nbsp;&nbsp;Level 4 fault | &nbsp;&nbsp;Has relatively small impact on network/business, product functions are limited but core use is not affected |
| &nbsp;&nbsp;Technical consultation | &nbsp;&nbsp;No business impact, only technical consultation on equipment functions/configuration/operation |

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6.4.2 Core Network Equipment Fault Handling Requirements

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Component** | &nbsp;&nbsp;**Fault Level** | &nbsp;&nbsp;**Business Recovery Time** | &nbsp;&nbsp;**Fault Closure Time** | &nbsp;&nbsp;**Repair Requirements** |

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6.4.3 Network Service Support

1. Fault detection: remotely monitor switches' temperature, power supply, voltage, fans, etc. through GRPC, SNMP and SSH;

2. Software support: update switch software versions and patches each quarter and promptly resolve software bugs and equipment connection issues;

3. Problem management: adopt ITIL standards, escalate faults to L1-L3 support teams, and provide root cause analysis and optimization plans;

4. Remote/on-site support: 7x24 remote technical support (telephone/self-service platform), and timely provision of on-site hardware maintenance services.

6.5 Supplier After-Sales Service Acceptance Personnel

Party B shall designate a dedicated team responsible for Party A's after-sales service. The contact information and division of personnel responsibilities shall be confirmed by both parties by formal email after the contract is signed. If Party B replaces personnel/contact information, it shall notify Party A in writing three working days in advance.

**Appendix III (Delivery Schedule Confirmation)**

I. List of Deliverables

All computing power service instances under this Agreement shall complete all delivery, cluster networking and Party A's acceptance before September 30, 2026. The specific batch details are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Work Item** | &nbsp;&nbsp;**Start Time** | &nbsp;&nbsp;**Days (CD)** | &nbsp;&nbsp;**Completion Time** | &nbsp;&nbsp;**Responsible Party** |

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Note: If the above delivery plan changes, both parties shall promptly update and jointly confirm the new delivery plan. Neither party may change the above delivery schedule without authorization. If either party changes the delivery schedule without authorization, it shall pay delayed delivery liquidated damages to the other party in accordance with the breach clauses.

II. Delivery Description

1. Delivery method: batch delivery. After Party B completes the deployment and commissioning of each batch of computing power service instances according to the above batches, Party B shall submit an acceptance application to Party A. Party A shall complete acceptance within _10_ working days after receiving the application and issue an acceptance confirmation form after acceptance is qualified;

2. Delivery location:

3. Delivery standards: the computing power service instances delivered by Party B shall meet all technical standards agreed in this Agreement and Appendix II (Technical Service Specifications), the computing power performance of a single node shall reach ________, the cluster networking shall be stable, and the instances shall be able to be put into normal use;

4. Acceptance requirements: if Party A discovers during acceptance that the delivered contents do not conform to the agreement, Party B shall complete rectification within _15_ working days and resubmit for acceptance. The rectification period shall be deemed a delay in delivery, and Party B shall bear liability for breach of contract in accordance with Article 10 of this Agreement;

5. Delivery completion: after Party A completes acceptance of all computing power service instances and issues the acceptance confirmation form, all delivery obligations under this Agreement shall be deemed completed, and Party B shall subsequently provide operation and maintenance services in accordance with this Agreement.

## Exhibit 10.3

**Exhibit 10.3**

![](ea029288801_ex10-3img1.jpg)

1 PERJANJIAN ANTARA PT PLN (PERSERO) dengan PT. AGCC AITECH INDONESIA - TENTANG JUAL BELi T ENAGA LISTRIK DENGAN DAYA KVA UNTUK DATA CENTER NOMOR PIHAK PERTAMA NOMOR PIHAK KEDUA . . .. ...................... . AGREEMENT BETWEEN PT PLN (PERSERO) with PT. AGCC AITECH INDONESIA - CONCERNING SALE AND PURCHASE OF ELECTRICITY WITH KVA POWER FOR DATA CENTER FIRST PARTY NUMBER SECOND PARTY NUMBER . ....................... ....... Perjanjian antara PT PLN (Persero) dan [ PT. AGCC A/TECH INDONESIA ] tentang Jual Beli Tenaga Listrik dengan Daya kVA untuk [data center use] ini (selanjutnya disebut "Perjanjian" ini) dibuat di Kabupaten Bekasi dan ditandatangani pada ("Tanggal Efektif), oleh dan antara : This Agreement between PT PLN (Persero) and [PT. AGCC A/TECH INDONESIA ] concerning Sale and Purchase of Electricity with kVA Power for [data center use] (hereinafter referred to as this "Agreement') is made in Bekasi District and signed on ("Effective Date"), by and between : I . PT PLN (PERSERO), sebuah perseroan terbatas yang didirikan secara sah berdasarkan hukum Republik Indonesia, dengan Akta Pendirian No . 169 tanggal 30 Juli 1994 dibuat di hadapan Sutjipto, S . H . , Notaris di Jakarta dan terakhir diubah dengan Akta Notarial No . 9 tanggal 10 Agustus 2017 dibuat di hadapan, Lenny Janis Ishak, S . H . , Notaris di Jakarta, yang dalam hal ini diwakili oleh selaku Manajer PT PLN (Persero) Unit lnduk Distribusi Jawa Barat Unit Pelaksana Pelayanan Pelanggan Cikarang, berdasarkan SuratMKuasa Nomor: , dan oleh karenanya bertindak untuk dan atas nama PT PLN (Persero) Unit lnduk Distribusi Jawa Barat Unit Pelaksana Pelayanan Pelanggan Cikarang, yang beralamat di Ruka El Premio No . 8 M 12 , Jalan Deltamas Boulevard, Desa Sukamahi, Cikarang Pusat, Bekasi, selanjutnya disebut sebagai • p 1 HAK PERTAMA" ; dan II. [PT . AGCC AITECH INDONESIA], suatu perseroan terbatas yang didirikan secara sah berdasarkan hukum Republik Indonesia berdasarkan Akta Pendirian No . 04 tanggal 10 Februari 2026 dibuat dihadapan Notaris Leonardo Silow, S.H., di Cirebon Regency, beralamat Kawasan Greenland International M.Kn., di Industrial Center (GIIC) Blok BC No.9, Pasirranji, Cikarang Pusat, Kab. Bekasi 17530 yang dalam hal ini diwakili oleh MONIKA TANGEL selaku Direktur bertindak untuk 1 . PT PLN (PERSERO) . a limited liability company duly established under the laws of the Republic of Indonesia, with Deed of Establishment No . 169 dated 30 July 1994 , made before Sutjipto, S . H . , a Notary in Jakarta, and lastly amended by Notarial Deed No . 9 dated 10 August 2017 , made before Lenny Janis Ishak . S . H . , a Notary in Jakarta, in this matter represented by as Manager of PT PLN (Persero) Unit lnduk Distribusi Jawa Barat Unit Pelaksana Pelayanan Pelanggan Cikarang, based on Decree of the Board of Directors of PT PLN (Persero), Number: , and therefore, acting for and on behalf of PT PLN (Persero) Unit lnduk Distribusi Jawa Barat Unit Pelaksana Pelayanan Pelanggan Cikarang and, domiciled at Ruko El Premio No . 8 M 12 . Jalan Deltamas Boulevard, Desa Sukamahi, Cikarang Pusat, Bekasi, hereinafter referred to as "FIRST PARTY" ; and [PT. AGCC AITECH INDONESIA] a limited liability company duly established under the laws of Indonesia according to Deed of Establishment No 04, dated 10 February 2026 made before Leonardo Silow, S.H., M.Kn., a Notary in Cirebon Regency, domiciled at Kawasan Greenland International Industrial Center (GIIC) Blok BC No.9, Pasirranji, Cikarang Pusat, Kab. Bekasi 17530, in this matter represented by MONIKA TANGEL, as Director therefore acting for and behalf of PT. AGCC AITECH INDONESIA, hereinafter referred to as "SECOND PARTY". First Part y Initials .... . . ........... . p a g e 1128 Second Part y Initials............................... II.

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dan atas nama PT. AGCC AITECH INDONESIA, selanjutnya disebut "PIHAK KEDUA".. PIHAK PERTAMA dan PIHAK KEDUA selanjutnya secara sendiri - sendiri disebut sebagai "PIHAK" dan secara bersama - sama disebut sebagai "PARA PIHAK" . PENDAHULUAN PARA PIHAK terlebih dahulu menerangkan hal - hal sebagai berikut: 1. bidang penyediaan dan pelayanan ketentuan ketenagalistrikan berdasarkan perundang - undangan yang berlaku; Bahwa, PIHAK PERTAMA merupakan sebuah 1. Badan Usaha Milik Negara yang bergerak dalam 2. Bahwa, PIHAK KEDUA merupakan sebuah badan hukum yang berbentuk perseroan terbatas yang sedang dalam tahap perencanaan pembangunan gedung yang akan bertokasi di Kawasan Greenland International Industrial Center (GIIC) Blok BC No . 9 , Pasirranji, Cikarang Pusat, Kab . Bekasi, 17530 , selanjutnya disebut sebagai "Lokasi" ; 3. Bahwa, PIHAK KEDUA akan membutuhkan pasokan tenaga listrik guna mendukung kebutuhan operasional PIHAK KEDUA di Lokasi, dan PIHAK PERTAMA akan menyalurkan tenaga listrik ke Lokasi ; dan 4. Bahwa, PARA PIHAK sepakat untuk mengadakan Perjanjian ini untuk mengatur hak dan kewajiban PARA PIHAK sehubungan dengan pelaksanaan penyaluran tenaga listrik ke Lokasi sebagaimana dimaksud dalam paragraf 3 di atas . Oleh karenanya, dengan mempertimbangkan premis dan janji serta kesepakatan bersama PARA PIHAK yang dimuat dalam Perjanjian ini, PARA PIHAK telah menyepakati hal - hal sebagai berikut : Pasal 1 KETENTUAN UMUM (1) PARA PIHAK tunduk dan patuh pada ketentuan - ketentuan persyaratan penyambungan tenaga listrik, I‹etentuan instalasi ketenagalistrikan, ketentuan tentang harga juaf tenaga listrik dan ketentuan lain yang berkaitan dengan pelaksanaan jual beli tenaga listrik yang diberlakukan di PIHAK PERTAMA First party fnitiafs..................... . ...J..... page 2/28 Second Parl:y Initials...... FIRST PARTY and SECOND PARTY, shall hereinafter individually referred to as a 'PARTY ƒ and collectively referred to as "THE PARTIES" . RECITALS THE PARTIES firstly explain the following matters: Whereas, FIRST PARTY is a Stated - Owned Company engaging in the field of electricity supply and services according to the applicable regulations ; 2. Whereas, SECOND PARTY is a legal entity in the form o f a limited liability company which is currently in the planning stage o f building that will be located at Greenland International Industrial Center (GllC) Are a Blok BC No . 9 , Pasirranji, Cikarang Pusat, Kab . Bekasi, 17530 , hereinafter referred to as "Site" ; 3 . Whereas SECOND PARTY will require supply of electricity to support the SECOND PARTY's operational needs at the Site, and FIRST PARTY will distribute the electricity to the Site ; and 4. Whereas, THE PARTIES agreed to enter into this Agreement to contemplate rights and obligations of THE PARTIES in relation to the implementation of distribution of electricity to the Site as reférred to in paragraph 3 above . Now therefore, in consideration of the premises and mutual covenants and agreements of THE PARTIES herein contained, THE PARTIES have agreed as follows : Article 1 GENERAL REQUIREMENTS (1) THE PARTIES shall be subject to and comply with the provisions of power connection requirements, provisions of electricity installations, provisions of electricity sale price and other provisions relating to the implementation of the sale and purchase of electricity power applicable in FIRST PARTY to the extent such

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‹ sepanjang ketentuan tersebut berlaku secara umum untuk konsumen PIHAK PERTAMA, antara lain: a. Undang - Undang Republik lndonesia No. 30 Tahun 2009 tentang Ketenagalistrikan; b. Peraturan Pemerintah No . 14 Tahun 2012 tentang Kegiatan Usaha Penyediaan Tenaga Listrik (sebagaimana diubah terakhir oleh Peraturan Pemerintah No . 23 Tahun 2014) ; c . Peraturan Presiden No . 8 Tahun 2011 tentang Tarif Tenaga Listrik yang Disediakan oleh Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara ; d. Peraturan Menteri Energi dan Sumber Daya Mineral No . 0045 Tahun 2005 tentang lnstalasi Tenaga Listrik (sebagaimana terakhir diubah oleh Peraturan Menteri Energi dan Sumber Daya Mineral No . 0046 Tahun 2006) ; e . Peraturan Menteri Energi dan Sumber Daya Mineral No . 03 Tahun 2007 tentang Aturan Jaringan Sistem Tenaga Listrik Jawa - Madura - Bali ; f . Peraturan Menteri Energi dan Sumber Daya Mineral No . 04 Tahun 2009 tentang Aturan Distribusi Tenaga Listrik ; g . Peraturan Menteri Energi dan Sumber Daya Mineral No . 27 Tahun 2017 tentang Tingkat Mutu Pelayanan dan Biaya yang Terkait dengan Penyaluran Tenaga Listrik oleh PT Perusahaan Listrik Negara (Persero) (sebagaimana diubah terakhir oleh Peraturan Menteri Energi dan Sumber Daya Mineral No . 18 Tahun 2019) ; dan h . Peraturan Menteri Energi dan Sumber Daya Mineral No . 28 Tahun 2016 tentang Tarif Tenaga Listrik yang Disediakan oleh PT Perusahaan Listrik Negara (Persero) (sebagaimana diubah terakhir oleh Peraturan Menteri Energi dan Sumber Daya Mineral No . 19 Tahun 2019) . Dalam hal diberlakukannya peraturan baru yang menambahkan atau mengubah dan/atau membuat beberapa atau semua ketentuan dalam peraturan sebagaimana dimaksud dalam ayat (1) Pasal ini tidak lagi berlaku dan berdampak pada pelaksanaan Peqanjian ini, PARA PIHAK sepakat untuk berdiskusi untuk melakukan penyesuaian yang diperlukan terhadap Perjanjian im dalam rangka mematuhi provisions generally applicable to the consumers of FIRST PARTY, among others: a. Law of the Republic of Indonesia No. 30 of 2009 on Electricity; b . Government Regulation No . 14 of 2012 on Electricity Supply Business Activities (as lastly amended by Government Regulation No . 23 of 2014) ; c . President Regulation No . 8 of 2011 on Tariff of Electricity provided by the Liability Company (Persero) PT Perusahaan Listrik Negara ; d . Minister of Energy and Mineral Resources Regulation No . 0045 of 2005 on Electrical Installation (as lastly amended by Minister of Energy and Mineral Resources No . 0046 of 2006), e. Minister of Energy and Mineral Resources Regulation No . 03 of 2007 on Rules of Electricity System Grid of Java - Madura - BaIi ; f . Minister of Energy and Mineral Resources Regulation No . 04 of 2009 on Rules of Electricity Distribution ; g Minister of Energy and Mineral Resources Regulation No . 27 of 2017 on Quality Level of Services and Costs Related to Distribution of Electricity by the PT Perusahaan Listrik Negara (Persero) {as lastly amended by Minister of Energy and Mineral Resources No . 18 of 2019) ; h . Minister of Energy and Mineral Resources Regulation No . 28 of 2016 on Tariffs of Electricity Provided by PT Perusahaan Listrik Negara (Persero) (as lastly amended by Minister of Energy and Mineral Resources No . 19 of 2019) ; (2) In the event of enactment of new regulation(- s) adding or changing and/or making some or all of provtsions in any of regulations referred to in paragraph (1) of this Article no longer valid and affect the implementation of this Agreement, THE PARTIES agree to discuss to make an adjustment(- s) required to this Agreement in compliance with such new regulation in accordanoe with Article 20 of this Agreement . page 3/28

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peraturan baru tersebut sesuai dengan ketentuan Pasal 20 Peqanjisn ini. (3) Seluruh istilah dalam huruf besar yang digunakan dalam Perjanjian ini memiliki arti yang diberikan kepadanya dalam ketentuan - ketentuan Perjanjian ini . Pasal 1 TUJUAN (1) PIHAK PERTAMA akan menjual dan menyalurkan tenaga listrik tegangan menengah reguler melalui Saluran Kabel Tegangan Menengah (SKTM) 20 kV (dua puluh kilo Volt) yang dibangun oleh PIHAK KEDUA dengan daya 27 . 700 kVA di Lokasi ("Tenaga Listrik"), (2) PIHAK KEDUA akan menerima dan membeli Tenaga Listrik yang akan disalurkan oleh PIHAK PERTAMA, untuk dipergunakan oleh PIHAK KEDUA untuk kebutuhan operasional PIHAK KEDUA di Lokasi, sesuai dengan syarat dan ketentuan Perjanjian ini . Pasal 3 PENYALURAN TENAGA LISTRIK DAN TINGKAT MUTU LAYANAN (1) PIHAK PERTAMA akan menyalurkan Tenaga Listrik kepada PIHAK KEDUA melalui sambungan 3 (tiga fasa), dengan spesifikasi sebagai berikut : a . tegangan pelayanan nominal sebesar 20 kV (dua puluh kilo Volt) dengan variasi fiuktuasi penurunan minus 10 ƒ /« (sepulu h persen) dan kenaikan maksimum 5 ƒ / (lima persen) ; dan b . frekuensi antara 49 , 5 Hz (empat puluh sembilan koma lima Hertz) sampai dengan 50 , 5 Hz (lima puluh koma lima Hertz), secara terus menerus tanpa terputus - putus . (2) Dengan tunduk pada Pasal 4 Peqanjian ini, PIHAK KEDUA, selama Jangka Waktu Perjanjian, wajib: a . memastikan agar seluruh Instalasi Listrik dan peralatan listrik milik PIHAK KEDUA memenuhi persyaratan dalam aturan distribusi tenaga listrik sebagaimana diatur dalam Peraturan Menteri Energi dan Sumber Daya Mineral No . 04 Tahun 2009 tentang Aturan Distribusi Tenaga Listrik (sebagaimana diubah, diganti atau dinyatakan kembali dañ waktu ke waktu) ; (3) All capitalized terms used in this Agreement shall have meanings given to them in the provisions of this Agreement . Article 2 PURPOSE (1) FIRST PARTY will sell and distribute medium voltage electricity with Regular Service through a Medium Voltage Cable Line (Saluran Kabel Tegangan Menengah (SKTM)) of 20 KV (Menty Kilo Volt) that built by SECOND PARTY with a power o f 27 , 700 kVA at Site ("Electricity") . (2) SECOND PARTY is willing to receive and puchase the Electricity to be supplied by FIRST PARTY, to be used by SECOND PARTY for operational needs of SECOND PARTY at Site, in accordance with the terms and conditions of this Agreement . Article 3 DISTRIBUTION OF ELECTRICITY AND THE QUALITY LEVEL OF SERVICE (1) FIRST PARTY will distribute the Electricity to SECOND PARTY through 3 (three) phases connection with the following specifications : a . the nominal service voltage of 20 kV with variations in fluctuation of a decrease of minus 10 ƒ /« and a maximum increase of 5 ƒ /« ; and b. frequencies between 49.5 Hz and 50.5 Hz, continuously without interruption. (2) Subject to Article 4 hereof, SECOND PARTY, during the Term of this Agreement, must: a . ensure that aJl of SECOND PARTY's Electrical Installations and electrical equipment comply with the requirements in the rules of electricity distribution distribution as stipulated in the Minister of Energy and Mineral Resources Regulation No . 04 of 2009 on Rules of Electricity Distribution (as amended, substituted or restated from time to time) ; First Pady Initials.............. page 4 /28 Second Parl:y Initials...............................

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b . memastikan agar seluruh Instalasi Listrik dan peralatan listrik milik PIHAK KEDUA tidak peka terhadap kemungkinan dan variasi kenaikan ataupun penurunan tegangan listrik sebagaimana dimaksud pada ayat (1) Pasal ini ; C . menyesuaikan instalasi peralatan relai milik PIHAK KEDUA dengan peralatan reiai keselamatan milik PIHAK PERTAMA dan instalasi peralatan relai milik PIHAK KEDUA tersebut harus dikoordinasikan dengan peralatan relai PIHAK PERTAMA ; d . memastikan bahwa Instalasi Listrik milik PIHAK KEDUA tidak sensitif terhadap flicker tegangan (termasuk flicker tegangan yang disebabkan oleh hubungan pendek, gangguan petir, operasi tertutup terbuka peralatan sirkuit jaringan) yang dapat memicu gejala transien dalam jaringan PIHAK PERTAMA ; dan f. e . memastikan bahwa semua Instalasi Listrik dan peralatan listrik milik PIHAK KEDUA tidak sensitif terhadap variasi frekuensi yang disebutkan dalam ayat (1) Pasal ini . menjamin bahwa instalasi Ketenagalistrikan milik PIHAK KEDUA sesuai dengan ketentuan persyaratan teknis di bidang ketenagalistrikan dan dapat beroperasi dengan normal sehingga jika terjadi gangguan pada Instalasi Ketenagalistrikan milik PIHAK KEDUA tidak menyebabkan gangguan pada Instalasi Ketenagalistrikan milik PIHAK PERTAMA gangguan pada Instalasi g Apabila terjadi Ketenagalistrikan menyebabkan milik PIHAK KEDUA yang gangguan pada Instalasi Ketenagalistrikan milik PIHAK PERTAMA sehingga mengakibatkan kerusakan/kehilangan Instalasi Ketenagalistrikan milik PIHAK PERTAMA dan/atau Pelanggan PIHAK PERTAMA lainnya turut merasakan gangguan tersebut, maka : i . PIHAK KEDUA wajib membayar ganti rugi atas kerusakanAehilangan Instalasi Tenaga Listrik milik PIHAK PERTAMA, dan/atau ii . PIHAK KEDUA wajib membayar ganti rugi atas kompensasi yang timbul kepada Pelanggan PIHAK PERTAMA yang terdampak gangguan akibat gangguan pada b. ensure that all of SECOND PARTY's Electrical Installations and electrical equipment are not sensitive to the possibility and variation of an increase or a decrease of voltage as referred to in paragraph (1) of this Article ; C . adjust the SECOND PARTY's relay equipment installation with the FIRST PARTY's safety relay equipment and it must be coordinated with the FIRST PARTY's relay equipment ; d . ensure that SECOND PARTY's Electrical Installations are not sensitive to voltage flicker (including voltage flicker caused by short circuit, lightning disturbance, opened closed operation of equipment of network circuit) that may trigger transient symptoms of in the FIRST PARTY's network, including but not limited to ; and e . ensure that all of SECONO PARTY's Electrical Installations and electrical equipment are not sensitive to variations of frequency as referred to in paragraph (1) of this Article . f . guarantee that all of SECOND PARTY's Electrical Installations comply with the technical requirements and can operate normally so that in the event of a disturbance to the SECOND PARTY's Electricity Installation it will not cause disturbance to the FIRST PARTY's Electricity Installation . If there is a disturbance in the Electrical Installation belonging to the SECOND PARTY which causes a disturbance in the Electrical Installation belonging to the FIRST PARTY resulting in damage/loss o f the Electrical Installation belonging to the FIRST PARTY and/or other FIRST PARTY customers that also feel the disturbance, then : SECOND PARTY must to pay compensation for the damage/loss of the Electrical Power Installation belonging to the FIRST PARTY, and/or ii . SECOND PARTY must indemnify for the compensation arising out from/suffered by FIRST PARTY Customers who are affected Second Party Initials............................... First Party Initials.................. ..... page 5 /28

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Instalasi Ketenagalistrikan milik PIHAK KEDUA. (3) Apabila pasokan Tenaga Listrik mengalami pemadaman akibat kegagalan penyaluran di instalasi listrik PIHAK PERTAMA, PIHAK KEDUA berhak menerima kompensasi sesuai ketentuan Pasal 7 Perjanjian ini . (4) Dalam hal pengurangan/penghentian aliran Tenaga Listrik oleh PIHAK PERTAMA, PIHAK PERTAMA mengizinkan PIHAK KEDUA dan PIHAK KEDUA berhak untuk memiliki dan melaksanakan alternatif lain untuk memperoleh sumber penyediaan listrik dengan cara memiliki sendiri sumber penyediaan listrik dan tidak beroperasi secara paralel dengan sistem penyediaan listrik milik PIHAK PERTAMA . Pasal 4 INSTALASI MILIK PIHAK KEDUA (1) PIHAK KEDUA bertanggung jawab untuk menyediakan instalasi milik PIHAK KEDUA sesuai apa yang menjadi kebutuhan PIHAK KEDUA, yang terdiri diri namun tidak terbatas pada : a. Kabel penghubung tegangan menengah dari gardu Induk milik PIHAK PERTAMA ke lokasi instalasi / gardu milik PIHAK KEDUA ; b. peralatan penerima kabel masuk; G. pengaman arah Gardu Induk di sisi Instalasi pelanggan; dari d. kabel tegangan menengah penghubung pengaman trafo ke trafo distribusi; e. trafo distribusi; dan f. instalasi tegangan menegah. (z) PIHAK KEDUA bertanggung jawab untuk memasang instalasi PIHAK KEDUA dan sarana yang diperlukannya sehingga siap pada waktunya dan wajib memperhatikan standar teknis yang benaku . (3) PIHAK KEDUA bertanggung jawab mendapatkan Sertifikat Laik Operasi dari Lembaga lnspeksi Teknik yang berwenang untuk instalasi milik PIHAK KEDUA sebelum dilaksanakannya penyaluran tenaga listrik dari PIHAK PERTAMA sesuai dengan UU Rl no 30 tahun 2009, tentang Ketenagalistrikan pada pasal 44 ayat 4 "Setiap instalasi tenaga listrik yang beroperasi wajib memiliki Sertifikat Laik Operasi", dan Pasal 55 ayat 1 "Setiap orang yang mengoperasikan instalasi tenaga listrik tanpa Sertifikat Laik Operasi sebagaimana dimaksud dalam Pasal 44 ayat 4 dipidana dengan penjara paling lama 5 (lima) tahun dan denda sebanyak - banyaMya Rp500.000.000. - (Lima Ratus Juta Rupiah) by disturbances due to disturbances in the SECOND PARTY's Electricity Installation. (3) If the supply of Electricity experiences shutdown due to failure of distribution at the FIRST PARTY's electrical installation, SECOND PARTY shall be entitled to receive compensation in accordance with Article 7 of this Agreement . In the case of a reduction / stoppage of usage of electricity power by the FIRST PARTY, the FIRST PARTY permits the SECOND PARTY and the SECOND PARTY to have the right to own and implement other alternatives to obtain a source of electricity supply by owning a source of electricity supply and not operating in parallel with the electricity supply system of the FIRST PARTY . Article 4 SECOND PARTY'S INSTALLATIONS (1) The SECOND PARTY is responsible for providing the SECOND PARTY's installations according to the SECOND PARTY's needs, which include, but are not limited to : a. Medium voltage connecting cable from the FIRST PARTY's main substation to the SECOND PARTY's installation location/substation ; b . receiving equipment of incoming cable ; C . directional relay protection for the substation on the customer side of the installation ; d. medium - voltage cables connecting the transformer protection to the distribution transformer; e. distribution transformer; and f. medium - voltage installations. (2) The SECOND PARTY is responsible for installing the SECOND PARTY's installations and necessary facilities so that they are ready on time and must comply with applicable technical standards . (3) The SECOND PARTY is responsible for obtaining an Operational Eligibility Certificate from the authońzed Technical lnspection Agency for the installation owned by the SECOND PARTY before the distribution of electricity from the FIRST PARTY in accordanoe with Law of the Republic of Indonesia No . 30 of 2009 conceming Electńcity in Article 44 paragraph 4 : "Every operating electrical power installation must have an First Party Initials......... page 6 /28 Second Party Initials...

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' (4) PIHAK KEDUA akan menyerahkan tembusan/salinan/copy yang sah Sertifikat Laik Operasi tersebut pada Ayat (3) Pasal ini kepada PIHAK PERTAMA. (5) Apabila PIHAK KEDUA tidak/belum mendapatkan Seıtifikat Laik Operasi untuk instalasi milik PIHAK KEDUA maka PIHAK KEDUA harus menandatangani surat pemyataan untuk tidak mengoperasikan instalasi lisbik milik PIHAK KEDUA atau Surat Pemyataan bertanggung jawab atas segala konsekuensinya dikarenakan mengoperasikan instalasi listrik milik PIHAK KEDUA (6) Semua instalasi listrik setelah Alat Pengukur dan Pembatas (APP) milik PIHAK PERTAMA yang terdapat pada instalasi, baik instalasi tenaga maupun instalasi penerangan dihalaman PIHAK KEDUA adalah mitik dan tanggung jawab PIHAK KEDUA Article 5 JADWAL PENYAMBUNGAN CONNECTION SCHEDULE (1) PIHAK PERTAMA akan menyalurkan Tenaga Listrik (1) FIRST PARTY shall distribute the Electricity no later than selambat - lambatnya 75 (tujuh puluh lima) hari kerja 75 (seventy five) work days from: sejak: a. PIHAK PERTAMA menerima pernbayaran Bi b. aya Penyambungan dari PIHAK KEDUA sesuai dengan ketentua n Pasal 7 Peıjanjian ini; dan PIHAK PERTAMA menerima pembayaran UJL dari PIHAK KEDUA sesuai dengan ketentuan Pasal 7 Perjanjian ini, dimulainya penyaluran dibuktikan dengan penandatanganan Berita Acara Pemasangan Alat Pembatas dan Pengukur oleh PARA PIHAK dalam jangka waktu sebagaimana dimaksud dalam ayat (1) Pasal ini . (2) Apabila Instalasi Listrik milik PIHAK KEDUA belum siap untuk dialiri listrik dalam waktu 75 (tujuh puluh lima) hari kerja sejak pembayaran Biaya Penyambungan sebagaimana dimaksud dalam ayat (1) Pasal ini, maka Operational Eligibility Certificate", and Artide 55 paragraph 1 : "Any person who operates an electrical power installation without an Operational Eligibility Certificate as referred to in Article 44 paragraph 4 shall be punished with imprisonment of up to 5 (five) years and a maximum fine of IDR 500 , 000 , 000 (Five Hundred Million Rupiah)" (4) The SECOND PARTY will submit a copy/copy/authenticated copy of the Operational Eligibility Certificate referred to in Paragraph (3) of this Article to the FIRST PARTY . (5) If the SECOND PARTY does not/has not yet obtained an Operational Eligibility Certificate for the installation owned by the SECOND PARTY, the SECONO PARTY The SECOND must sign a statement not to operate the electrical installation belonging to the SECOND PARTY or a statement of responsibility for al l consequences due to operating the electrical installation belonging to the SECOND PARTY . (s) All electrical tnstallations after the Measuring and Limiting Device (APP) belonging to the FIRST PARTY that are in the installation, both power installations and lighting installations in the SECOND PARTY's yard are the property and responsibility of the SECOND PARTY a . FIRST PARTY's receipt of SECONO PARTY's payment of the Connection Fee in accordance to Añicle 7 of this Agreement ; and b . FIRST PARTY's receipt of payment of UJL from SECOND PARTY in accordance with Article 7 hereof, the commencement of the distribution shall be evidenced by the execution of Minutes of Installation of Limiter and Measurement Devices (Berita Acara Pemasangan Alat Pembatas dan Penguku{ by the PARTIES within the period referred to in this paragraph (\*) - (2) If within 75 (seventy five) work days from the payment of the Connection Fee in accordance with paragraph (1) of this Article, the SECOND PARTY electrical installation is not ready yet, SECOND PARTY must be required to pay Minimum Payment in accordance to Article 12 hereof . First Party Initials.................... ... .... ..... page 7 /28 Second Party lnitials.... .......................

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sesuai dengan ketentuan Pasal 12 Perjanjian ini. (3) Dalam hal PIHAK PERTAMA telah mampu menyelesaikan pekerjaan sebelum 75 (tujuh puluh lima) hari kefja, maka PLN akan menyalurkan tenaga listrik dan memproses aktivasi calon pelanggan pelanggan. PIHAK KEDUA harus membayar Pembayaran Minimal (3) In the event that the FIRST PARTY has been able to tenaga listrik sampai dengan gardu PLN. (4) Jika instalasi listrik milik PIHAK KEDUA belum siap dialiri tenaga listrik, maka PLN tetap menyalurkan (s) Regarding the implementation of the FIRST PARTY's as in paragraph (4), the customer has become active as a (5) Dengan dilaksanakannya pekerjaan PIHAK PERTAMA pada ayat (3), maka calon pelanggan telah aktif menjadi pelanggan PLN dan akan terbit tagihan rekening listrik (6) If there is no use of electrical energy or the use of the pertama pada bulan berikutriya. (6) Bilamana belum ada pemakaian energi listrik atau pemakaian energi listnk PIHAK KEDUA dibawah Rekening Minimum, maka pelanggan dikenakan tagihan ReKening Minimum (RM) sesuai Pasal (12) pada perjanjian ini . (7) PIHAK KEDUA berhak untuk menerima penyaluran Tenaga Listrik dari PIHAK PERTAMA setelah menyerahkan gambar instalasi Listrik dan Sertifikat Laik Operasi (SLO) atas instalasi Listrik sebagaimana diatur dalam Pasal 4 ayat (2) Perjanjian ini . (8) Jadwal nyala bertahap PIHAK KEDUA adalah sebagai berikut : Tahap I : 345 kVA (Jul 2026) Tahap II : 6.930 KVA (Jan 2028) - Tahap III : 17.320 kVA (Mar 2028) - Tahap IV : 27.700 kVA (Mei 2028) Pasal 6 KOMPENSASI PIHAK KEDUA berhak untuk menerima Kompensasi dari PIHAK PERTAMA dengan ketentuan sebagai berikut: (1) Besarnya kompensasi adalah: a. 35 % dari Rekening minimum apabila terjadi gangguan yang mengakibatkan pemadaman » 4 kali/bulan atau » 5 jam/bulan . complete the work before 75 (seventy five) working days, then PLN will supply electricity and process the activation become a customer . menjadi (4) If the SECOND PARTY's electrical installation is not ready, then PLN will continue to supply electricity to the PLN substation . PLN customer and the first electricity bill will be issued in the following month. SECOND PARTY's energy under the Minimum Energy, the customer will be charged the Minimum Payment (RM) bill according to Article (12) of this agreement . (7) SECOND PARTY is entitled to receive distribution of Electric Power from FIRST PARTY after submitting a drawings of the Electrical Installation and Operation Worthiness Certificate of the Electrical Installation (SLO) of the Electrical installation as regulated in Article 4 paragraph (2) of this Agreement . (8) The SECOND PARTY's staging energize schedule is as follows: Tahap I : 345 kVA (July 2026) - Tahap II : 6.930 kVA (Jan 2028) Tahap III : 17.320 kVA (Mar 2028) Tahap IV : 27.700 kVA (May 2028) Article 6 COMPENSATION SECOND PARTY is entitled to receive Compensation from FIRST PARTY with the following conditions: (1) The amount of compensation shall be: a . 35 % of Minimum Payment if a shutdowns of Electricity more than 4 often/month or more than 5 hours/month . First Party Initials............ Second Pady Initials..... page 8 /28

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("Kompensasi") . Untuk keperluan ayat (1) ini, 'Rekening Minimum' merujuk kepada Rekening Minimum sebagaimana diatur atau didefinisikan dalam peraturan perundang - undangan yang berlaku . Pada saat penandatanganan Perjanjian ini, Rekening Minimum sebagaimana diatur dalam Peraturan Menteri Energi dan Sumber Daya Minerai No . 28 Tahun 2016 tentang Tarif Tenaga Listrik yang Disediakan oleh PT Perusahaan Listrik Negara (Persero) (sebagaimana diubah terakhir oleh Peraturan Menteri Energi dan Sumber Daya Mineral No . 19 Tahun 2019), meruJUk pada 40 (empat puluh) jam nyala x daya tersambung x Harga Jual . (2) Dengan tunduk pada ayat (3) Pasal ini, Kompensasi akan diberikan PIHAK PERTAMA kepada PIHAK KEDUA hanya dalam hal pemadaman Tenaga Listrik akibat kegagalan penyaluran Tenaga Listrik dari PIHAK PERTAMA (termasuk pemadaman Tenaga Listrik karena gangguan instalasi atau jaringan listrik PIHAK PERTAMA yang berdampak pada gangguan atau kegagalan penyaluran Tenaga Listrik kepada PIHAK KEDUA) . (3) PIHAK PERTAMA tidak akan memberikan Kompensasi kepada PIHAK KEDUA hanya dalam hal pemadaman terencana (time basedj atas Tenaga Listrik yang dilakukan oleh PIHAK PERTAMA untuk pemeliharaan dan/atau perbaikan dan/atau rehabilitasi instalasi listrik dan/atau peralatan listrik milik PIHAK PERTAMA, perubahan jaringan listrik, dan penambahan pelanggan baru, yang berdampak pada penyediaan Tenaga Listrik ("Pemadaman Terencana"), dengan ketentuan bahwa Pemadaman Terencana tersebut telah diberitahukan sesuai dengan ketentuan Pasal 9 ayat (2) Perjanjian ini . Pasal 7 BIAYA PENYAI¥IBUNGA N DAN UANG JAMINAN LANGGANAN (1) Biaya pemasangan baru daya 27.700 kVA/B3 pada (1) Fee for new connection of a power of 27,700 kVA /B3 PIHAK KEDUA dengan Tarif Reguler, yang terdiri dari: at SECOND PARTY with Regular Tariff, which consists a. Biaya Penyambungan 27.700.000 VA x Rp. 631 / VA = Rp 17.478.700.000, - b. Biaya Materai = Rp 0.000 - Amount = Rp . 17 . 478 . 710 . 000 , - Terbilang : (Tujuh Be/as Miliar Empat Ratus Tujuh Puluh Delapan Juta Tujuh Ratus Sepuluh Ribu Rupiah) ("Biaya Penyambungan") ("Compensation") . For the purposes of this paragraph (1), 'Minimum Payment' refers to the Minimum Payment as regulated or defined in the legislation in force . At the time of signing this Agreement, Minimum Payment as regulated in Minister of Energy and Mineral Resources Regulation No . 28 of 2016 concerning Electricity Tariffs Provided by PT Perusahaan Listrik Negara (Persero) (as amended lastly by Minister of Energy and Mineral Resources Regulation No . 19 of 2019), referring to 40 (forty) hours of flame x connected power x Selling Price . (2) Subject to paragraph (3) of this Article, the Compensation will only be given by FIRST PARTY to SECOND PARTY in the event of shutdowns of Electricity due to the failure of supply of Electricity from FIRST PARTY (including, blackouts/electricity shutdown of Electricity due to interruption on FIRST PARTY's electrical installation or grid which affect the interruption or failure of distribution of Electricity to SECOND PARTY . (3) FIRST PARTY will not provide the Compensation to SECOND PARTY only in the event of scheduled shut down (time based) of the Electricity for maintenance and/or repair and/or rehabilitation of FIRST PARTY's electrical installation and electrical equipment, changes in electrical network, and addition of new customers which affect the supply of Electricity ("Scheduled Shutdown"), provided that the Scheduled Shutdown has been notified in accordance with Article 9 paragraph (2) hereof . Article 7 CONNECTION FEE AND SUBSCRIPTION DEPOSIT FEE a. Variable Cost 27,700,000 VA x IDR 631 / VA = IDR 17,478,700,000, - b. Duty Stamp = IDR 10 000 - Amount = IDR 17 , 478 , 710 , 000 , - In words : (Seventeen Billion Four Hundred Seventy Eight Million Seven Hundred Ten Thousand Rupiah's) ("Connection Fee") . Firsl Party Initials................. page 9 /28 Second Party Initials....

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(2) Dalam hal ada perubahan kebijakan pemerintah Republik Indonesia ("Pemerintah") dalam benluk apapun yang merubah Biaya Penyambungan sebelum PIHAK KEDUA melakukan pembayaran Biaya Penyambungan sesuai ketentuan Perjanjian ini, maka : a. PIHAK PERTAMA akan menyampaikan pemberitahuan secara tertulis mengenai First Party lnitials................. . page 10 /28 Seœnd Party lnitials..... penyesuaian atas Biaya Penyambungan sebagaimana dimaksud ayat (1) Pasal ini yang disesuaikan mengikuti persentase perubahan atas Biaya Penyambungan berdasarkan kebijakan Pemerintah tersebut, kepada PIHAK KEDUA dengan melampirkan surat edaran dari Direksi PIHAK PERTAMA yang mengatur pelaksanaan dan keberlaKuan atas penyesuaian Biaya Penyambungan tersebut ; dan b . PARA PIHAK sepakat bahwa Biaya Penyambungan yang disesuaikan sebagaimana diatur dalam pemberitahuan sebagaimana dimaksud dalam ayat (2) . a Pasal ini akan secara otomatis berlaku dan mengikat PARA PIHAK, dan pemberitahuan tersebut merupakan amendemen terhadap Perjanjian ini dan satu kesatuan dan bagian yang tidak terpisahkan dari Perjanjian ini . (3) Pembayaran Biaya Penyambungan dibayarkan oleh PIHAK KEDUA kepada PIHAK PERTAfdA dengan syarat dan ketentuan sebagai berikut : a . dilakukan dalam jangka waktu keberlakuan Surat Izin Penyambungan ("SIP") yang harus diterbitkan oleh PIHAK PERTAMA kepada PIHAK KEDUA paling lambat 3 (tiga) hari kerja sejak penandatanganan Perjanjian ini . Untuk tujuan butir a ini, SIP adalah dokumen yang diterbitkan oleh PIHAK PERTAMA yang sekurang - kurangnya memuat : i . Biaya Penyambungan dan UJL yang harus dibayarkan oleh PIHAK KEDUA sesuai dengan ketentuan Perjanjian ini ; ii . persyaratan penyaluran Tenaga Listrik sebagaimana diatur dalam Pasal 5 ayat (1) Perjanjian ini ; dan iii. nomor registrasi PIHAK KEDUA; dan berlaku untuk jangka waktu 10 (sepuluh) hari kalender sejak penerbitan SIP; dan (2) In the event that there is a change in the policy of the Republic of Indonesia form which changes the government of the (ƒ Government") in any Connection Fee: a . FIRST PARTY will provide a written notiœ regarding the adjustment to the Connection Fee as referred to in paragraph (1) of this Article which shall be adjusted according to the percentage change in Connection Fees under such Government policy, to SECOND PARTY by attaching the circular letter from the Board of Directors of FIRST PARTY which stipulates the implementation and effectiveness of the adjustment of the Connection Fee ; and b . THE PARTIES agree that the adjusted Connection Fee as stipulated in the notification as referred to in paragraph (2) . a of this Article will automatically come into effect and bind THE PARTIES, and such notification will be constituted as an amendment to this Agreement and an integral and inseparable part of this Agreement . (3) Payment of the Connection Fee shall be made by the SECOND PARTY to the FIRST PARTY with the following terms and conditions : a . to be made within the validity term of Connection Permit ("SIP") which shall be issued by FIRST PARTY to SECOND PARTY no later than 3 (three) business days from the execution of this Agreement . For the purpose of this paragraph a, SIP means the document issued by FIRST PARTY which contains at least : i . Connection Fee and UJL shall be paid by SECOND PARTY in accordance with the terms of this Agreement ; ii. requirements for distribution of Electricity as stipulated in Article 5 paragraph (1) hereof; and iii. registration number of SECOND PARTY; and shall be valid for the term of 10 (ten) calendar days from the issuance of SIP; and

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b . menggunakan cara pembayaran yang diatur dalam SIP dengan menyebutkan nomor registrasi sebagaimana dimaksud dalam ayat (3) huruf a Pasal ini . (4) Dengan tunduk pada ayat (2) Pasal ini, Biaya Penyambungan yang telah dibayarkan oleh PIHAK KEDUA kepada PIHAK PERTAMA, selanjutnya menjadi milik PIHAK PERTAMA dan tidak dapat diganggu gugat oleh PIHAK KEDUA, meskipun Peqanjian ini telah berakhir dengan sebab apapun juga . Dalam hal PIHAK PERTAMA mengakhiri Perjanjian ini sesuai ketentuan Perjanjian ini sebelum Tenaga Listnk disalurkan oleh PIHAK PERTAMA kepada PIHAK KEDUA, PIHAK PERTAMA akan mengembalikan Biaya Penyambungan kepada PIHAK KEDUA segera setelah pengakhiran tersebut . (5) Berdasarkan peraturan yang berlaku di PIHAK PERTAMA, PIHAK KEDUA wajib membayar uang jaminan langganan kepada PIHAK PERTAMA sebelum dilakukannya penyaluran Tenaga Listrik sebagaimana dimaksud pada Pasal 5 ayat (1) Perjanjian ini, dengan rincian uang jaminan langganan sebagai berikut : / VA Rp. 27.700.000 VA / B3 X Rp. 200, 5.540.000.000, - Terbilang: (Lima Miliar Lima Ratus Empat Puluh Juta Rupiah) Dimana perhitungan tersebut di atas telah sesuai dengan ketentuan UJL sebagaimana diatur dalam Peraturan Menteri Energi dan Sumber Daya Mineral No . 27 Tahun 2017 tentang Tingkat Mutu Pelayanan dan Biaya yang Terkait dengan Penyaluran Tenaga Listrik oleh PT Perusahaan Listrik Negara (Persero) (sebagaimana diubah terakhir oleh Peraturan Menteri Energi dan Sumber Daya Mineral No . 18 Tahun 2019) . Untuk tujuan Perjanjian ini, kecuali diatur Iain dalam ketentuan lain Perjanjian ini, istilah "UJL' yang digunakan dalam Peqanjian ini merujuk pada uang jaminan langganan yang diatur dalam ayat (5) ini serta setiap perubahannya sesuai syarat dan ketentuan Perjanjian ini . (6) Ketentuan pembayaran Biaya Penyambungan sebagaimana diatur dalam ayat (3) Pasal ini berlaku mutatis mutandis terhadap pembayaran UJL. (7) Dalam hal ditetapkannya/dikeluarkannya: a. peraturan/kebijakan Pemerintah dalam bentuk apapun; dan/atau b. using the method of payment as set out in the SIP, by stating the registration number as referred to in article 3 paragraph a above . (4) Subject to paragraph (2) of this Article, the Connection Fee paid by SECOND PARTY to FIRST PARTY, shall then be the estate of the FIRST PARTY and may not be contested by the SECOND PARTY, notwithstanding any termination of this Agreement for any reason, except if the FIRST PARTY terminates this Agreement unilaterally before Electricity is distributed from the FIRST PARTY to the SECOND PARTY . In such case, FIRST PARTY shall reimburse the Connection Fee to SECOND PARTY immediately following such termination . (5) Based on regulations in force in the FIRST PARTY, the SECOND PARTY must pay subscription deposit fee to the FIRST PARTY before the distribution of electricity as referred to Article 5 paragraph (1), with details of subscription deposit fee as follow : / VA IDR 27,700,000 VA / B3 X IDR 200, 5,540,000,000, - In words : (Five Billion Five Hundred Fourty Million Rupiah's) Where the calculation is in accordance with the provisions of the UJL as regulated in Minister of Energy and Mineral Resources Regulation No . 27 of 2017 concerning Service Quality Levels Agreement and Costs Related to Electric Power Distribution by PT Perusahaan Listrik Negara (Persero) (as amended last by Minister of Energy and Mineral Resources Regulation No . 18 of 2019) For the purposes of this Agreement, unless otherwise stipulated in the other provisions of this Agreement, the term "UJL" used in this Agreement refers to paragraph (5) and any amendments thereof according to the terms and conditions of this Agreement . (6) The terms regarding the payment of Connection Fee as stipulated in paragraph (3) of this Article shall apply mutatis mutandis to the payment of UJL . (7) In the case of stipulation / issuance of: First Party Initials...................... .... page 11/28 Second Party Initials..."@..

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b . kebijakan Direksi PIHAK PERTAMA dalam bentuk apapun yang dibuat sesuai dengan ketentuan hukum yang berlaku, First Party Initi Second Par/y InitialsT..' page 12 /28 yang mengatur mengenai perubahan atas UJL, PIHAK PERTAMA akan menyampaikan pemberitahuan mengenai perubahan tersebut secara tertulis kepada PIHAK KEDUA dan pemberitahuan tersebut bersifat mengikat PARA PIHAK dan akan diang 9 ap sebagai suatu amendemen atas Perjanjian ini yang berlaku sesuai dengan keberlakuan yang ditentukan dalam pemberitahuan tersebut dan merupakan satu kesatuan dan bagian yang tidak terpisahkan dari Perjanjian ini . (8) Dalam hal te/jadi pengakhiran atas Perjanjian ini sesuai ketentuan Perjanjian ini, UJL akan dikembalikan oleh PIHAK PERTAMA kepada PIHAK KEDUA sesuai ketentuan ayat (10) Pasal ini . (9) Dalam hal PIHAK KEDUA mengajukan pengurangan daya Tenaga Listrik kepada PIHAK PERTAMA, berlaku ketentuan sebagai bedkut : a . dalam hal UJL yang berlaku terhadap daya hasil pengurangan ("Daya Akhir") adalah lebih tinggi dari UJL yang telah dibayarkan, PIHAK KEDUA harus membayarkan kekurangannya kepada PIHAK PERTAMA sebelum penyaluran Daya Akhir dilakukan oleh PIHAK PERTAMA ; atau b. dalam hal UJL yang berlaku terhadap Daya Akhir adalah lebih rendah dari UJL yang dibayarkan, PIHAK mengembalikan kelebihan PERTAMA pembayaran telah akan UJL kepada PIHAK KEDUA sesuai ketentuan ayat (10) Pasal ini. (10)Pengembalian UJL sebagaimana dimaksud dalam ayat (8) dan (9) Pasal ini akan dilakukan oleh PIHAK PERTAMA kepada PIHAK KEDUA dengan ketentuan sebagai berikut : a . Dalam hal pengakhiran Perjanjian ini sebagaimana dimaksud dalam ayat (8) Pasal ini, UJL yang akan dikembalikan adalah sebesar UJL yang telah dikurangi dengan Harga Jual atas sisa pemakaian Tenaga Listrik oleh PIHAK KEDUA sampai dengan tanggal pengajuan surat permohonan pengembalian UJL sebagaimana dimaksud dalam ayat (J 0) . c . i . (a) Pasal ini dan belum ditagihkan, ditambah dengan Pajak Penerangan Jalan (PPJ) dan bea/pajak lainnya yang berlaku sebagaimana dimaksud dalam Pasal 15 Perjanjian ini ; b. PIHAK PERTAMA tidak wajib mengembalikan UJL kepada PIHAK KEDUA apabila tidak ada UJL yang a. Government regulations / policies in any form; and / or b . the policy of the Directors of the FIRST PARTY in any form made in accordance with applicable legal provisions, governing changes to the UJL, the FIRST PARTY will deliver notice of the changes in writing to the SECOND PARTY and the notice is binding on the PARTIES and will be considered as an amendment to this Agreement which applies in accordance with the enactment specified in the notification and constitutes a unity and an integral part of this Agreement . (8) In the event of termination of this Agreement in accordance with the terms of this Agreement, the UJL will be refunded by the FIRST PARTY to the SECOND PARTY in accordance with paragraph (10) of this Article . (9) In the event that the SECOND PARTY applies for a reduction of power of the Electricity to the FIRST PARTY, the following terms shall apply : a . in the event that the UJL applicable to the power resulting from the reduction ("Reduced Power") is greater than the paid UJL, the SECOND PARTY must pay the shortfall to the FIRST PARTY before the distribution of the Reduced Power is performed by the FIRST PARTY ; or b . in the event that the UJL applicable to the Reduced Power is lower than the paid UJL, the FIRST PARTY will refund the excess payment of the UJL to the SECOND PARTY in accordance with paragraph (11) of this Article . (J 0)The refund of UJL as referred to in paragraphs (9) and (10) of this Article will be performed by the FiRST PARTY to the SECOND PARTY with the following terms : a . In the event of termination of this Agreement as referred to in paragraph (8) of this Article, the UJL to be reknded shall be in the amount of UJL that has been deducted by the Sale Price of the remaining use of Electricity by the SECOND PARTY until the date of submission of the request letter for refund of UJL as referred to in paragraph (11) . c . i . (a) of this Article and has not been billed, plus Road

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tersisa sebagai hasil pengurangan dan penjumlahan sebagaimana dimaksud dalam ayat (10) . a Pasal ini ; c. UJL yang dapat dikembalikan oleh PIHAK PERTAMA Kepada PIHAK KEDUA sesuai ketentuan ayat (10) Pasal ini akan dilakukan oleh PIHAK PERTAMA dengan syarat dan ketentuan berikut : i. PIHAK KEDUA telah menyampaikan dokumen berikut kepada PIHAK PERTAMA: (a) surat permohonan pengembalian UJL dari PIHAK KEDUA yang ditandatangani oleh pihak yang berwenang mewakili PIHAK KEDUA (disertai surat kuasa, dalam hal perwakilan PIHAK KEDUA tersebut mewakili PIHAK KEDUA berdasarkan surat kuasa), yang sekurang - kurangnya memuat : (i) permintaan atas dan alasannya Peijanjian ini ; pengembalian UJL sesuai ketentuan (ii) nomor pelanggan PIHAK KEDUA; (iii) rekening bank yang ditunjuk oleh PIHAK KEDUA; (b) dokumen identitas dari penandatangan surat sebagaimana dimaksud dalam ayat (10) . c . i . (a) Pasal ini ; (c) salinan dari halaman pertama buku tabungan untuk verifikasi data rekening bank yang dimaksud dalam ayat (10) . c . i . (a) . (iii) Pasal ini ; dan (d) dokumen yang membuktikan setiap Tagihan Listrik dan pelunasan kewajiban pembayaran PIHAK KEDUA kepada PIHAK PERTAMA yang telah jatuh tempo dan dapat dibayarkan berdasarkan Perjanjian ini . ii . PIHAK PERTAMA akan melakukan pengembalian atas UJL ke rekening bank sebagaimana disebutkan surat permohonan sebagaimana dimaksud dalam ayat (10) . c . i,(a) Pasal ini selambat - lambatnya 30 (tiga puluh) Lighting Tax {PPJ) and other applicable dutiesAaxes as referred to in Article 15 of this Agreement ; The FIRST PARTY shall not be required to refund the UJL to the SECOND PARTY if there is no remaining UJL as a result of the deduction and addition as referred to in paragraph (10) . a of this Article ; c . UJL that can be refunded by the FIRST PARTY to the SECOND PARTY in accordance with the provisions of this paragraph (10) will ba performed by the FIRST PARTY with the following terms and conditions : i. SECOND PARTY has provided the following documents to the FIRST PARTY: (a) a letter of request for refund of UJL from the SECOND PARTY and signed by the party who is authorized to represent the SECOND PARTY (together with a power of attorney, if the SECOND PARTY's representative represents the SECOND PARTY based on a power o f attorney), which contains at least : (i) the request for refund of UJL and the reason therefor in accordance with the terms of this Agreement ; (ii) the customer number of me SECOND PARTY; (iii) the bank account designated by the SECOND PARTY; (b) the identification document of the signatory of the letter as referred to in paragraph (10) . a of this Article ; (c) a copy of the first page of the account book for verifying the data of bank account as referred to in paragraph (10) . a . iii of this Article ; and (d) the documents evidencing the full payment of each due and payable Electricity Bills and payment obligations of the SECOND PARTY to the FIRST PARTY under this Agreement . First Parly Initials......... page 13 /28 Second Party Initials

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hari kalender sejak PIHAK KEDUA memenuhi ketentuan ayat (10).c.i Pasal ini. First Party Initials.......... page 14 /28 Second Parfy Initials. Pasal 8 LARANGAN MEMPERJUALBELIKAN DAN/ATAU MENYALURKAN TENAGA LISTRIK (1) PIHAK KEDUA dengan alasan apapun tidak berhak untuk menjual atau memberikan kepada pihak lain, Tenaga Listrik yang diterima dan dibeli dari PIHAK PERTAMA . (2) Apabila PIHAK KEDUA menjual atau memberikan Tenaga Listrik kepada pihak lain, maka PIHAK PERTAMA berhak untuk mengakhiû Peqanjian ini secara sepihak, dengan menyampaikan pemberitahuan secara tertulis terlebih dahulu kepada PIHAK KEDUA, selambat - lambatnya 7 (tujuh) hari keğa sebelum keberlakuan pengakhiran . (3) Dalam hal terjadi pengakhiran Peıjanjian sebagaimana dimaksud dalam ayat (2) Pasal ini, maka PIHAK PERTAMA tidak bertanggung jawab atas segala biaya dan/atau kerugian yang timbul/diderita oleh PIHAK KEDUA, kecuali atas hal - hal yang merupakan tanggung jawab atau kewajiban PIHAK PERTAMA berdasarkan Perjanjian ini yang seharusnya dipenuhi oleh PIHAK PERTAMA sebelum pengakhiran tersebut . Pasal 9 BATAS KEPEMILIKAN DAN TANGGUNG JAWAB kat Pembatas dan Pengukur (APP) milik PIHAK PERTAMA yang terpasang di Lokasi adalah tanggung jawab PIHAK KEDUA dan seluruh instalasi listrik dan peralatan listrik milik PIHAK PERTAMA dari Gardu Distribusi sampai dengan Alat Pembatas dan Pengukur (APP) milik PIHAK PERTAMA merupakan tanggung jawab PIHAK PERTAMA . (1) Seluruh Instalasi Listrik milik PIHAK KEDUA setelah (1) All of SECOND PARTY's Electrical Installations after pekerjaan pemeliharaan dan/atau perbaikan dan/atau perluasan dan/atau rehabilitasi instalasi peralatan listrik milik PIHAK PERTAMA sekurang - kurangnya sekali setiap satu tahun, atau melakukan pekerjaan perbaikan instalasi dan peralatan listrik milik PIHAX PERTAMA segera setiap saat teqadi gangguanMerusakan secara mendadak terhadap instalasi listrik dan/atau peralatan listrik dimaksud, dengan tunduk pada ketentuan sebagai berikut : (2) PIHAK PERTAMA berkewajiban untuk melakukan (2) The FIRST PARTY must carry out maintenance and/or ii . The FIRST PARTY will perform the refund the UJL to the bank account mentioned in the request letter as referred to in paragraph (10) . c . i . (a) of this Article no later than 30 (thirty) calendar days from the SECOND PARTY's fulfillment of the provisions of paragraph (10) . c . i of this Artide Article 8 PROHIBITION TO SELL ANO/OR DISTRIBUTING ELECTRICITY (1) The SECOND PARTY, for any reason, has no rights to sell or grant to another party, the Electricity received and purchased from the FIRST PARTY . (2) If the SECOND PARTY sells or grants the Electricity to any other parties, then the FIRST PARTY shall be entitled to terminate this Agreement unilaterally, by delivering a prior written notification to the SECOND PARTY, at the latest of 7 (seven) business days prior to the effectiveness of the termination . (3) In the event that a termination of this Agreement as referred to in paragraph (2) of this Article occurs, the FIRST PARTY shall not be responsible for all costs and/or losses arising out from/suffered by SECOND PARTY, except for FIRST PARTY's liabilities/obligations under this Agreement which should have been fulfilled by FIRST PARTY prior to the termination . Article 9 LIMITATION OF OWNERSHIP AND OBLIGATIONS First Party's Limiter and Measurement Devices (APP) installed at Site shall be the responsibility of SECOND PARTY and all of FIRST PARTY's electrical installation and electrical equipment from Distribution Substation up to First Party's Limiter and Measurement Devices (APP) shall be the responsibility of the FIRST PARYT . repair work and/or expansion and/or rehabilitation of the FIRST PARTY's electrical installation [at least once every year], or carry out repair work of the electrical installation and electrical equipment belonging to the FIRST PARTY immediately at any time oGcurs sudden disturbance/damage to the said electrical installation and/or electrical equipment, by subject to the following terms :

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a untuk pelaksanaan Pemadaman PIHAK PERTAMA akan pemberitahuan mengenai Terencana, memberikan Pemadaman Terencana tersebut secara tertulis kepada PIHAK KEDUA paling lambat 7 x 24 jam sebelum Pemadaman Terencana dilaksanakan, kecuali dalam keadaan darurat Pemadaman Terencana tersebut perlu dilakukan akibat adanya gangguan/kerusakan instalasi listrik dan/atau peralatan listrik milik PIHAK PERTAMA, PIHAK PERTAMA akan memberikan pemberitahuan tersebut kepada PIHAK KEDUA paling lambat 1 x 24 jam sebelum Pemadaman Terencana dilaksanakan ; b . PIHAK PERTAMA akan memberitahukan secara tertulis kepada PIHAK KEDUA mengenai rencana pelaksanaan pekerjaan pemeliharaan dan/atau perbaikan dan/atau rehabilitasi tersebut (selain dalam rangka Pemadaman Terencana dimana pelaksanaan pekerjaan pemeliharaan dan/atau perbaikan dan/atau rehabilitasi tersebut yang membutuhkan PIHAK PERTAMA untuk melakukan pemadaman atas Tenaga Listrik) dalam jangka waktu paling lambat 2 (dua) hari kalender sebelum pelaksanaan pekerjaan dimaksud ; C . dalam hal PIHAK PERTAMA perlu melakukan pekerjaan pemeliharaan dan/atau perbaikan dan/atau rehabilitasi sebagaimana diatur dalam Pasal 10 ayat (2) ini di area tanah dan/atau bangunan milik OIDU Şîg ^ 9 dikuasai oleh PIHAK KEDUA, PIHAK KEDUA akan memberikan izin kepada PIHAK PERTAMA untuk memasuki area tanah dan/atau bangunan tersebut dengan ketentuan . PIHAK PERTAMA telah menyampaikan pemberitahuan tertulis terlebih dahulu kepada PIHAK KEDUA dalam waktu 2 (dua) hari kalender sebelum pelaksanaan pekerjaan pemeliharaan dan/atau perbaikan dan/atau rehabilitasi tersebut ; dan PIHAK KEDUA berhak untuk menanyakan serta memeriksa kartu identitas dan/atau surat tugas petugas yang dikirimkan oleh PIHAK PERTAMA untuk melaksanakan pekerjaan tersebut ; dan iii. petugas tersebut wajib untuk mematuhi peraturan yang berlaku di area PIHAK KEDUA a for the performance of Scheduled Shutdown, FIRST PARTY will provide a notification regarding the Scheduled Shutdown in writing to SECOND PARTY no later than 30 x 24 hours prior to the performance of the Scheduled Shutdown, except in the case of emergency where Scheduled Shutdown needs to be performed as a result of disruption/damage to the FIRST PARTY's electrical installation and/or electrical equipment, FIRST PARTY will provide such notification to SECOND PARTY no later than 14 x 24 hours prior to the performance of the Scheduled Shutdown ; b . the FIRST PARTY will notify the SECOND PARTY in writing of the plan for carrying out the maintenance and/or repair and/or rehabilitation work (other than for Scheduled Shutdown where the maintenance and/or repair and/or rehabilitation work requires FIRST PARTY to perform shutdown of the Electricity) within a period of no later than 2 (two) calendar days prior to the said work ; in the event that FIRST PARTY needs to perform the maintenance and/or repair and/or rehabilitation work as provided in this Article 10 paragraph (2) in the land area owned or possessed by SECOND PARTY, SECOND PARTY will give permits to FIRST PARTY to enter into the land area provided that : FIRST PARTY has provided a prior w ritten notice to SECOND PARTY within 2 (two) calendar days prior to the performarlCE Of the maintenance and/or repair and/or rehabilitation work ; and SECOND PARTY is entitled to ask and examine the identity card and/or letter of duty of the personnel mobilized by FIRST PARTY to perform such works ; and iii. such personnel shall comply with regulations applicable in the such SECOND PARTY's area including the regulations relating to secuñty and safety . d . any notice as referred to in this Article 10 shall provide explanation re 9 arding the works to be performed by FIRST PARTY and time period for performance and completion of such works . page 15 /28 Second Pany Initials.?.

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tersebut termasuk peraturan terkait keamanan dan keselamatan. d . setiap pemberitahuan sebagaimana dimaksud dalam Pasal 10 ini harus memuat penjelasan mengenai pekeqaan yang akan dilakukan oleh PIHAK PERTAMA dan jangka waktu untuk pelaksanaan dan penyelesaian pekerjaan tersebut . Pasal 10 CARA PENGUKURAN DAN PEMBATASAN (1) Besarnya pemakaian Tenaga Listrik oleh PIHAK KEDUA yang disalurkan dengan tegangan 20 kV (dua puluh kilo Valt) diukur dengan seperangkat meter listrik PIHAK PERTAMA, terdiri dari 1 (satu) meter kWh elektronik yang dipasang pada sisi jaringan tegangan 20 kV(dua puluh kilo Volt) di Gardu Induk yang ditunjuk oleh PIHAK PERTAMA, untuk menghitung pemakaian listrik PIHAK XEDUA (ƒ Meter Elektronik") . (2) Automatic Meter Reading (AMR) dapat merekam pemakaian kW, kVA, kVArh, dll . Apabila terjadi kerusakan pada aiat tersebut atau peralatan tidak dapat berfungsi sebagaimana mestinya, maka pengukuran energi berdasarkan download rekaman . (3) Meter Elektronik adalah milik PIHAK PERTAMA yang dipasang di Gardu lnduk milik PIHAK PERTAMA dan penarikan Saluran Kabel Tegangan Menengah (SKTM) dari meter elektronik, dibebankan kepada PIHAK KEDUA . (4) Meter Elektronik adalah milik PIHAK PERTAMA apabila hilang/rusak, menjadi tanggung jawab PIHAK PERTAMA, kecuali kehilangan atau kerusakan tersebut disebabkan oleh tindakan, kelalaian atau kesalahan PIHAK KEDUA atau personil, karyawan, pejabat, atau manajemennya . (5) Pembatasan daya tersambung dilakukan dengan relai arus lebih yang bekerja pada rumus cold sfart dari karakteristik theiniis relai beban lebih (Over Load Relay), sebagai berikut : t i { I j ^ [ k x Is ] I \ vakt u dalam menit. ¥ Astanta therrrrs ov = - . rnma bla " \* - riat ural First Party/nitia/s........... ... page 1 Article 10 MEASUREMENT METHOD AND LIMITATIONS (1) The amount of Electricity used by the SECOND PARTY which is distributed with a voltage of 20 kV (twenty kilo Volt) shall be measured by the FIRST PARTY electricity meter set, which consists of 1 (one) electronic kWh meter (Automatic Meter Reading (AMR)) installed on the sides of the 20 kV (twenty kilo volt) network in the Main Substation selected by FIRST PARTY, to calculate the SECOND PARTY's electricity usaga ("Electronic Meted') . (2) Automatic Meter Reading (AMR) can record the usage of KW, KVA, kVArh, etc . If there is a damage to the device or if the equipment cannot function properly as it may be, then the energy measurements shall be based on the recording downloads . (3) The Electronic Meter is owned by the FIRST PARTY and is installed at the Main Substation belonging to the FIRST PARTY and the installation of the Medium Voltage Cable Line (SCM) from the electronic meter is charged to the SECOND PARTY . (4) The Electronic Meter is the property of the FIRST PARTY and if it is lost or damaged, it becomes the FIRST PARTY's responsibility, unless the loss or damage is caused by the actions, negligence or error of the SECOND PARTY or its personnel, employees, officials or management . (5) Power limitation shall be carried out with the running overcurrent relays on the cold start formula of the over load relay characteristics t time in nunines ov - logamh [ I ] - [ k x Is ] Menit T k I, Load Cunenl constant 1 05 Relay Current Settings

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Tripping Time Current No trip before 60 minutes 1,05 x In Trip before 20 minutes 1,20 x In 1,50 x In Trip befbre 10 minutes Coo rdinated with OCR x In 4,00 Nilai I dan Is dipilih sehingga mendapatkan karakteristik waktu tripping karena pembebanan sebagai berikut : Pada Arus Waktu Trip Tidak tri sebelum 60 menit In x 1,05 Trip sebelum 20 menit In x 1,20 Trip sebelum 10 menit In x 1,50 Dikoordinasikaam de OCR Qn 4,00 yang dipasang pada sisi jaringan tegangan 20 kV (dua puluh kilo Volt) di Gardu Distribusi. (5) Pembacaan dan pencatatan Meter Elektronik untuk keperluan sebagaimana dimaksud dalam ayat (1) Pasal ini, dilakukan oleh petugas PIHAK PERTAMA pada akhir tiap bulan dengan disaksikan oleh petugas PIHAK KEDUA dan akan dituangkan dalam Tagihan Listrik yang akan disampaikan oleh PIHAK PERTAMA kepada PIHAK KEDUA sesuai ketentuan Peqanjian ini . Pasal 11 PENERAAN ALAT UKUR (1) Meter Elektronik yang digunakan untuk mengukur pemakaian Tenaga Listrik PIHAK KEDUA harus ditera oleh Direktorat Metrologi dan disegel oleh PIHAK PERTAMA dan biaya peneraan serta penyegelan dimaksud menjadi beban dan tanggung jawab PIHAK PERTAMA . (2) Apabila terjadi keragu - raguan dari PIHAK KEDUA terhadap bekerjanya Meter Elektronik, maka PIHAK KEDUA dapat meminta kepada PIHAK PERTAMA untuk dilakukan peneraan kembali Meter Elektronik dimaksud dan biaya peneraan tersebut menjadi tanggung jawab PIHAK KEDUA (kecuali apabila hasil peneraan kembali membuktikan terdapat nilai eror kWh diluar standar kelas Meter Elektronik, akan ditanggung oleh PIHAK PERTAMA), dimana dalam hal demikian PIHAK KEDUA tetap harus membayar Tagihan Listrik sesuai pengukuran yang telah dilakukan oleh Meter Elektronik tersebut . Selama peneraan Meter Elektronik tersebut, maka PIHAK PERTAMA mengganti dengan meter elektronik sejenis atas biaya PIHAK KEDUA . Value of I and Is are selected to get the tripping time characteristics due to loading, as follows . which is installed on the sides of the 20 kV (twenty kilo Volt) network in the Distribution Substation. (6) The reading and recording of Electronic Meter for the purpose as referred to in paragraph (1) of this Artide, shall be carried out by the FIRST PARTY's officers at the end of each month and witnessed by the SECOND PARTY's officers and will be set out in the Electricity Bills to be provided by FIRST PARTY to SECOND PARTY in accordance with the terms of this Agreement . Article 11 ELECTRONIC METER CALIBRATION (1) The Electronic Meter which is used to measure the usage of Electricity by the SECOND PARTY must be calibrated by the Directorate of Metrology and sealed by the FIRST PARTY and the cost of calibrating and sealing shall be borne by and be the responsibility of the FIRST PARTY . (2) In the event of doubts from the SECOND PARTY on the operation of the Electronic Meter, the SECOND PARTY may request the FIRST PARTY to re - calibrate the Electronic Meter and the costs shall be the responsibility of the SECOND PARTY (except if the re - calibration results evidences that there is an error value of kWh outside the standard of the Electric Meter class, it will be borne by the FIRST PARTY), in which case the SECOND PARTY is still obligated to pay the energy usage and its electricity bills according to the measurements made by the Electronic Meter . During the calibration of the Electronic Meter, the FIRST PARTV replaces the same electronic meter at the cost of the SECOND PARTY . (3) Apabila setelah dilakukan kalibrasi ternyata hasil (3) In the event that following the calibration, the result of the electronic meter as referred to in paragraph (1) of this Article is inaccurate, then the excess/insufficiency Of payment of the SECOND PARTY's electricity usage as referred to in paragraph (2) of this Article shall be calculated in the Electricity Bill of the following month . pengukuran Meter Elektronik sebagaimana dimaksud dalam ayat (1) Pasal ini tidak akurat, maka kelebihan/kekurangan pembayaran pemakaian tenaga listrik PIHAK KEDUA sebagaimana dimaksud dalam ayat (2) Pasal ini diperhitungkan dalam Tagihan Listrik First Pady Initials................. .... .... .......... page 17/28 Second Pady Initials...... .......................

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bulan berihutnya, sesuai ketentuan Pasat 14 ayat (1) Perjanjian ini. Pasal 12 TARIF TENAGA LISTRIK DAN PEMBAYARAN MINIMAL (1) Tarif Listrik yang berlaku untuk jual beli tenaga listrik dalam Perjanjian ini adalah Tarif dengan ketentuan: Dikenakan Rekening Minimum (RM) Pemakaian kWH LWBP = Rp. 1.035,78/kWh Pemakaian WBP = K x LWBP = K x Rp. 1.035,78MWh = Rp. 1.114,74/kVArh Kelebihan kVarh Dimana: WBP : Waktu Beban Puncak (pemakaian tenaga listrik pkl . 18 . 00 - 22 . 00 WIB) - LWBP: Luar Waktu Beban Puncak K Faktor perbandingan antara harga WBP dan LWBP sesuai dengan karakteristik beban sistem kelistrikan setempat (K - 1 , 5) - \*) : Biaya kelebihan pemakaian daya reaktif (kVArh) dikenakan dalam hal faktor daya rata - rata setiap bulan kurang dari 0 , 85 (delapan puluh lima per seratus) (2) Biaya pemakaian tenaga listrik yang harus dibayarkan oleh PELANGGAN setiap bulan dihitung berdasarkan Rekening Minimum, dengan perhitungan sebagai berikut : Perhitungan Rekening Minimum t RM) Perhitungan Rekening Minimum = Energi Minimum seeuai kesepakatan x Tarif Tenaga Listrik Energi Minimum yang telah disepakati merujuk pada ketentuan sebagai berikut: Energi Minimum daya 27.700 kVA sebesar 1.108.000 kWh \*)Catatan: Emin menyesuaikan daya bertahap. (3) Biaya kelebihan kVArh yang dikenakan kepada PIHAK KEDUA harus sesuai dengan ketentuan yang berlaku . Harga kelebihan pemakaian kVArh diberlakukan apabila jumlah pemakaian kVArh yang tercatat dalam 1 (satu) bulan lebih tinggi dari 0 , 62 (enam puluh dua per seratus) jumlah kWh pada bulan yang bersangkutan, sehingga faktor daya (Cos g) rata - rata kurang dari 0 , 85 (delapan puluh lima per seratus) . (4) Dengan tunduk pada ayat (6) Pasal ini, dalam hal ditetapkannya/dikeluarkannya: a. Government regulations/policies in any fbrm, and/or a. peraturan/kebijakan Pemerintah dalam bentuk apapun; dan/atau in accordanoe with the provisions of Arbde 14 paragraph (1) of this Agreement. Article 12 ELECTRICITY SALE PRICE AND MINIMUM PAYMENT (1) The electricity tariff applicable to the sale and purchase of electricity under this Agreement is the following tariff: Minimum Payment Subject to: LWBP kWh usage = Rp. 1.035,78/kWh WBP usage = K x LWBP = K x Rp. 1.035,78MWh = Rp. 1.114,74/kVArh Excess kVarh Where: - WBP Peak Load Time (electricity consumption between 6 : 00 PM and 10 : 00 PM WIB)) LWBP : Off - Peak Load Time - K : Comparison factor between WBP and LWBP prices according to the characteristics of the local electricity system load (K = 1 . 5) ") : Exoess reactive power {kVArh) charges are imposed if the average monthly power factor is less than 0 . 85 (eighty - five percent),) (2) he electricity usage fee to be paid by the CUSTOMER each month is calculated based on the Minimum Bill, as follows : Minimum Payment Calculation (RM) Minimum Payment Calculation = Minimum Energy as agreed x Electricity Tariff The agreed Minimum Energy refers to the following provisions: Minimum Charge for 27.700 kVA is 1.108.000 kWh ')Notes : Minimum Charge adjusted by the power staging. (3) The costs for the excess of kVArh charged to the SECOND PARTY shall be in accordance with the applicable regulations . The costs for the excess of kVArh shall be charged if the recorded amount of kVArh usage in 1 (one) month is higher than 0 . 62 (sixty - two per hundred) of the amount of kWH in the corresponding month, which therefore, the power factor (Cos c †) in average is less than 0 . 85 (eighty five per hundred) on average . (4) Subject to paragraph (6) of this Article, in the event of stipulation/issuance of. First P. page 18 /28 Seaond Pady Initials..T.

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b . kebijakan Direksi PIHAK PERTAMA dalam bentuk apapun yang dibuat sesuai dengan ketentuan hukum yang berlaku, yang mengatur mengenai: dan/atau Harga Jual; atau which regulates: i. perubahan atas Tarif Tenaga Listrik ("TTL") ii . perubahan atas unsur perhitungan TTL dan/atau Harga Jual yang berdampak pada perubahan TTL dan/atau Harga Jual, Harga Jual akan disesuaikan dengan besamya persentase kenaikan atau penurunan Harga Jual sesuai TTL untuk keperluan reguler atau golongan tarif sejenisnya sesuai dengan peraturan/kebijakan Pemerintah dan/atau kebijakan Direksi PIHAK PERTAMA tersebut dan penyesuaian tersebut akan berlaku sejak diberlakukannya peraturan/kebijakan Pemerintah dan/atau kebijakan Direksi PIHAK PERTAMA tersebut . Penyesuaian Harga Jual tersebut akan disampaikan oleh PIHAK PERTAMA kepada PIHAK KEDUA melalui pemberitahuan tertulis sebagaimana dimaksud dalam ayat (2) Pasal ini, yang akan dituangkan lebih lanjut dalam sebuah berita acara yang merupakan suatu amendemen terhadap Perjanjian ini yang mengikat PARA PIHAK dan merupakan sebuah satu - kesatuan dan bagian yang tidak terpisahkan dari Perjanjian ini . Pasal 13 PROSEDUR PEMBAYARAN TAGIHAN LISTRIK (1) Tagihan listrik atas pemakaian Tenaga Listrik PIHAK KEDUA dipemitungkan atas dasar pemakaian Tenaga Listrik oleh PIHAK KEDUA selama 1 (satu) bulan sesuai dengan hasil pembacaan dan pencatatan Meter Elektronik sebagaimana dimaksud dalam Pasal 11 Perjanjian ini dan Harga Jual sesuai dengan ketentuan Perjanjian ini ('Tagihan Listrik"), dan perhitungan untuk Tagihan Listrik pertama dimulai sejak tanggal penyaluran Tenaga Listrik sesuai Pasal 5 ayat (1) Perjanjian ini, dengan ketentuan bahwa, dalam hal di kemudian hari setelah pembayaran suatu Tagihan Listrik dilakukan oleh PIHAK KEDUA dan PIHAK PERTAMA menemukan bahwa Meter Elektronik mengalami kerusakan dan mengakibatkan hasil pembacaan dan pencatatan Meter Elektronik yang menjadi dasar Tagihan Listrik tersebut tidak tepat, maka : a . PIHAK PERTAMA akan mempersiapkan Berita Acara KoreKsi Rekening yang memuat ada tidaknya kelebihan atau kek angan pembayaran b . FIRST PARTY's Board of Directors' policy in any form which is made in accordance with the prevailing laws, i. changes to Electricity Tañff ("TTL") and/or Sale Price; ii . changes to elements of calculation of TTL and/or Sale Price which affect the changes to TTL and/or Sale Price, the Sale Price will be adjusted in accordance with the amount of percentage of increase or decrease of the Sale Price in accordance with TTL for regular service or similar tariff group under such Government regulations/policies and/or FIRST PARTY's Board of Directors' policy and the adjustment shall come into effect as from the enactment of such Government regulations/policies and/or FIRST PARTY's Board of Directors' policy . The adjustment to Sale Price will be notified by FIRST PARTY to SECOND PARTY by a written notice as referred to in paragraph (2) of this Article, which will be set forth in a minutes which shall be constituted as an amendment to this Agreement and as an integral and inseparable part of this Agreement . Article 13 PROCEDURE OF PAYMENT OF THE ELECTRICITY BILL (1) Electricity bill for the use o f the SECOND PARTY Electricity is calculated on the basis of the use of Electricity by the SECOND PARTY for 1 (one) month in accordance with the results of reading and recording of (Automatic Meter Reading (AMR)) to in Article 11 of this Agreement and the Selling Price in accordance with the provisions of this Agreement ("Electricity Bill"), and the calculation for the first Electricity Bill starts from the date of distribution of Electric Power in accordance with Article 5 paragraph (1) of this Agreement, provided that, in the future after payment of an Electricity Bi I by SECOND PARTY and the FIRST PARTY find that the Electronic Meter is damaged and results in the reading and recording of the Electronic Meter on which the Electricity Bill is incorrect, then : a. The FIRST PARTY will prepare an Account Correction Minutes which contains the presence First Party Initials.................. .. .. ... ........ page 19 /28 Second Party Initials......

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dengan memperhatikan ketentuan Berita Acara Koreksi Rekening dan penagihan serta pembayaran atas jumlah kekurangan tersebut yang dipersiapkan PIHAK PERTAMA sesuai dengan Keputusan Direksi PT PLN (Persero) No . 163 . 1 . K/DlR/ 2012 tanggal 9 April 2012 tentang Penyesuaian Rekening Tenaga Listrik, yang akan diserahkan oleh PIHAK PERTAMA kepada PIHAK KEDUA dalam waktu selambat - lambatnya 5 (lima) hari kalender sejak tanggal penandatanganan Perjanjian ini dan akan dianggap sebagai satu kesatuan dan bagian tidak terpisahkan dari Perjanjian ini . ‹ 2 › PIHAK PERTAMA akan menyampaikan Tagihan Listrik untuk suatu bulan pemakaian Tenaga Listrik oleh PIHAK KEDUA, kepada PIHAK KEDUA paling lambat pada tanggal 3 dari bulan berikutnya . atas Tagihan Listrik yang telah dibayarkan tersebut dan akan ditandatangani oleh perwakilan yang sah dari masing - masing PIHAK ; b. apabila terjadi kekurangan pembayaran, PIHAK menggabungkan jumlah ke Tagihan Listrik untuk PERTAMA akan kekurangan tersebut bulan berikutnya; dan c . apabila terjadi kelebihan pembayaran, PIHAK PERTAMA akan mengembalikan jumlah kelebihan tersebut kepada PIHAK KEDUA, (3) Pembayaran atas Tagihan Listrik sebagaimana dimaksud dalam ayat (2) Pasal ini akan dilakukan oleh PIHAK KEDUA dalam mata uang Rupiah (Rp) dan kepada PIHAK PERTAMA dengan menggunakan cara pembayaran yang diatur dalam Tagihan Listrik, dengan mencantumkan nomor pelanggan PIHAK KEDUA dengan batas akhir waktu pembayaran Jatuh pada tanggal 20 setiap bulan penagihan, walaupun tanggal tersebut jatuh pada hari libur . (4) Dalam hal PIHAK KEDUA tidak melaksanakan pembayaran Tagihan Listrik pada tanggal yang telah ditetapkan sebagaimana dimaksud pada ayat (3) Pasal ini, maka PIHAK KEDUA akan dikenakan sanksi keterlambatan sesuai Pasal 14 Perjanjian ini . Pasal 14 SANKSI I'tETERLAMBATAN DAN PEMUTUSAN (1) Apabila PIHAK KEDUA tidak dapat melunasi pembayaran suatu Tagihan Listrik bulanan sesuai dengan jangka waktu sebagaimana dimaksud dalam Pasal 13 ayat (3) Perjanjian ini, maka PIHAK KEDUA harus membayar biaya keterfambatan kepada PIHAK or absence of excess or underpayment of the Electricity Bill that has been paid and will be signed by an authorized representative of each PARTY ; b . in the event of a lack of payment, the FIRST PARTY will combine the amount into the Electricity Bill for the next month ; and C . in the event of an overpayment, the FIRST PARTY will return the excess amount to the SECOND PARTY, by taking into account the Provisions of (Berita Acara Koreksi Rekening) and payment of the amount of the presence underpayment of the Electricity Bill prepared by the FIRST PARTY in accordance with the Decree of the Directors of PT PLN (Persero) No . 163 . 1 . K / DIR / 2012 dated April 9 , 2012 concerning Adjustments to Electricity Accounts, which will be submitted by the FIRST PARTY to the SECOND PARTY no later than 5 (Ave) calendar days from the date of signing this Agreement and will be considered as a single unit and part inseparable from this Agreement . (2) Tne FIRST PARTY will submit Electricity Bill for one month of electricity usage by the SECOND PARTY, to the SECOND PARTY no later than the 3 rd of the following month . (3) Payment of Electricity Biil as referred to in paragraph (2) of this Article will be made by the SECOND PARTY in Rupiah (IDR) and to the FIRST PARTY by using the payment method regulated in the Electric Bill, by including the customer number SECOND PARTY with a limit the end of payment will fall on the 20 th of each billing month, even though the date falls on a holiday . (4) In the event that the SECOND PARTY does not carry out the payment of the Electricity Bill on the date determined as referred to in paragraph (3) of this Article, the SECOND PARTY will be subject to sanctions for delay in accordance with Article 14 of this Agreement . Article 14 SANCTIONS FOR DELAY AND DISCONNECTION (1) If the SECOND PARTY fails to pay a monthly Electricity bills in accordance with the time period as referred to in Article 13 paragraph (3) hereof, the SECOND PARTY must pay to the FIRST PARTY a penalty for delay in the amount of 3 ƒ /a (three percent) of the total page 20 /28 Second Party Initials.... fi.

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PERTAMA sebesar 3 % (tiga perseratus) dari jumlah pemakaian Tenaga Listrik bulanan yang bersangkutan untuk setiap bulan keterlambatan, sesuai ketentuan Pasal 14 ini ("Biaya Keterlambatan" atau "BK"), sesuai dengan ketentuan ayat (2) Pasal ini . First Party Initials.. ............... .. page 21 /28 Second Party Initials..... (2) Pengenaan Biaya Keterlambatan sebesar 3 % (tiga persen) tersebut dikenakan kepada PIHAK KEDUA dengan ketentuan bahwa, bulan keterlambatan (N) dari tanggal 21 sampai dengan akhir bulan N dikenakan BK 1 (satu) kali, pada bulan N+ 1 dikenakan BK 2 (dua) kali dan pada bulan N+ 2 dikenakan BK 3 (tiga) kali, dengan keberlakuan pengenaan BK terhitung sejak hari pertama dari setiap bulan keterlambatan dan dikenakan maksimal 3 (tiga) kali BK . Sebagai contoh perhitungan Biaya Keterlambatan atas Tagihan Listrik bulan Juli 2018 apabila dilunasi: • Sampai dengan t a n 9g aI 20 Juli, tidak dikenakan BK. • Tanggal 21 Juli s/d 31 Juli 2018, dikenakan 1 x tarif BK. • Tanggal 1 Agustus s/d 31 Agustus 2018, dikenakan 2 x tarif BK. • Tanggal 1 September s/d 30 September 2018, dikenakan 3 x tarif BK. (3) Apabila PIHAK KEDUA gagal untuk membayar suatu Tagihan Listrik bulanan sampai pada batas waktu pembayaran sebagaimana dimaksud pada Pasal 13 ayat (3) Peıjanjian ini, PIHAK PERTAMA akan memberitahukan secara tertulis kepada PIHAK KEDUA mengenai keterlambatan atas pembayaran tersebut dan PIHAK PERTAMA berhak melakukan pemutusan sementara terhadap penyaluran Tenaga Listrik dengan syarat dan ketentuan sebagai berikut : a. PIHAK PERTAMA telah menyampaikan pemberitahuan mengenai rencana pemutusan sementara tersebut secara tertulis terlebih dahulu kepada PIHAK KEDUA ; b . pemutusan sementara akan dilakukan sejak tanggal pemberitahuan sebagaimana dimaksud dalam ayat (3) . a Pasal ini diterima oleh PIHAK KEDUA ; dan c . penyaluran kembali Tenaga Listrik yang telah diputus sementara akan segera dilakukan oleh PIHAK PERTAMA setelah pelunasan semua Tagihan Listrik yang terutang dan BK - nya oleh PIHAK KEDUA, namun dalam hal apapun penyaluran kembali tersebut harus dilakukan monthly electricity consumption for each month of delay, in accordance with terms of this Artide 14 ("Penalty for Delay" or "BK") in accordance with the provisions of paragraph (2) of this Article . (2) The Penalty for Delay of 3 % (three percent) will be charged to the SECOND PARTY provided that, the month of delay (N) from 21 st day up to the end of the month N, it will be charged with 1 (one) time BK, in month N+ 1 , it will be charged to 2 (two) times BK and in month N+ 2 , it will be charged to 3 (three) times BK, with the effectiveness of imposition of BK from the first day of month of delay and the imposition of maximum of 3 (three) times BK . As an example of calculation of the Penalty for Delay for the July 2018's account, if paid: • Until 20 July, no BK is charged. • 21 July to 31 July 2018, is charged with 1x BK. • 1 August to 31 August 2018, is charged with 2x BK • 1 September to 30 September 2018, is charged with 3x BK. (3) If the SECOND PARTY fails to pay a monthly Electricity Bills until the time limit of the payment period as referred to in Article 13 paragraph (3) hereof, the FIRST PARTY will notify the SECOND PARTY in writing regarding the delay of such payment and the FIRST PARTY has the right to temporarily disconnect the distribution of the Electricity with the following terms and conditions : a . FIRST PARTY has provided a written notice regarding it's plan of such temporary disconnection to SECOND PARTY ; b . the temporary disconnection will be performed from the date of notification as referred to in paragraph (3) . a of this Article being receipt by the SECOND PARTY ; and c . the supply of Electricity which has been temporarily disconnected will immediately be performed by FIRST PARTY after the full payment of all outstanding Eleckicity Bills and their Penalty for Delay by SECOND PARTY, but, in any event, such supply will be performed by FIRST PARTY

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PIHAK PERTAMA tidak lebih dari 8 (delapan) jam sejak pelunasan tersebut. First Rady Initials......... page 22 /28 Second Pan:y lnitials..... ...................... (4) Apabila dalam jangka waktu 60 (enam puluh) hari kalender terhitung sejak tanggal pemberitahuan pemutusan sementara sebagaimana dimaksud dalam ayat (3) Pasal ini . PIHAK KEDUA tidak dapat melunasi pembayaran Tagihan Listrik bulanan yang terutang berikut Biaya Keterlambatan dimaksud dalam ayat (1) dan ayat (2) Pasal ini, maka PIHAK PERTAMA berhak mengakhiri Perjanjian ini secara sepihak sesuai dengan ketentuan Pasal 22 Perjanjian ini . Pasal 15 PAJAK DAN BEA Semua pajak, bea, termasuk bea materai yang timbul sehubungan Peıjanjian ini menjadi beban dan tanggung jawab masing - masing PIHAK sesuai dengan ketentuan Hukum dan Peraturan Perundang - undangan yang berlaku di Republik lndonesia . Pasal 16 TUNTUTAN GANTI RUGI (1) Apabila terdapat tuntutan atau klaim dari pihak ketiga atas pelaksanaan Peijanjian ini baik sekarang maupun dikemudian hari, maka semua tuntutan tersebut adalah merupakan beban dan tanggung jawab sepenuhnya PIHAK KEDUA . (2) PIHAK KEDUA menjamin PIHAK PERTAMA terbebas dari tuntutan atau klaim pihak ketiga yang mengajukan tuntutan ganti rugi atas kerugian yang dialaminya akibat pelaksanaan Peqanjian ini . (3) Ketentuan dalam ayat (1) dan (2) Pasal ini tidak berlaku dalam hal klaim dari pihak ketiga atas pelaksanaan PerJanjian ini tİdak disebabkan oleh atau tidak berkaitan dengan PIHAK KEDUA . Pasal 17 PENERTIBAN PEMAKAIAN ALIRAN LISTRIK (1) PIHAK PERTAMA berhak untuk melakukan penertiban pemakaian tenaga listrik ("P 2 TL") yang dipergunakan oleh PIHAK KEDUA berdasarkan ketentuan - ketentuan dan perundangan yang berlaku . no later than 8 (eight) hours from such full payment. (4) If within 60 (sixty) calendar days from the date of receipt of the temporary disconnection notification as mentioned in paragraph { 3) of this Article . SECOND PARTY fails to settle the payment for the outstanding monthly Electricity Bills and the Penalty for Delay as referred to in paragraph (1) and paragraph (2) of this Article, then the FIRST PARTY is has the right to terminate this Agreement unilaterally in accordance with Article 22 of this Agreement Article 15 TAXES AND DUTIES All taxes, duties, including stamp duty arising from this Agreement shall be the burden and responsibility of each PARTY in accordance with the applicable Laws and Regulations in the Republic of Indonesia, unless separately regulated upon the agreement of the PARTIES . Article 16 INDEMNIFICATION (1) If there are demands or claims from any third parties on the implementation of this Agreement, both now and in the future, all such claims are the full burden and responsibility of the SECOND PARTY . (2) The SECONO PARTY shall hold harmless the FIRST PARTY from the demands or claims from any third parties filing for compensation claims due to losses they suffered as a result of the implementation of this Agreement . (3) The provisions in paragraphs (1) and (2) of this Article do not apply in the case of claims from third parties for the implementation of this Agreement not due to or not related to the SECOND PARTY . Article 17 KONTROL ON THE USAGE OF ELECTRICITY (1) The FIRST PARTY has the rights to a control on the usage of electricity ("P 2 TL") utilized by the SECOND PARTY in accordance with the provisions in the laws and regulations .

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{3) Untuk menghindari keraguan, BK tidak berlaku dalam (2) Apabila dalam hal pelaksanaan P 2 TL, PIHAK PERTAMA menemukan pemakaian tenaga listrik secara tidak sah oleh PIHAK KEDUA, PIHAK PERTAMA berhak untuk melaksanakan hak untuk menerapkan sanksi kepada PIHAK KEDUA berupa tagihan susulan, pemutusan sementara dan/atau pembongkaran rampung berdasarkan ketentuan - ketentuan dan perundangan yang berlaku . tagihan susulan sebagaimana ayat (2) Pasal ini maupun hal pembayaran dimaksud dalam keterlambatannya . Pasal 1s KEADAAN MEMAKSA (1) Kegagalan atau tertundanya pelaksanaan sebagian atau keseluruhan Perjanjian ini oleh salah satu PIHAK atau PARA PIHAK, tidak dianggap sebagai pelanggaran terhadap ketentuan - ketentuan Perjanjian ini apabila kegagalan atau penundaan tersebut terjadi karena Keadaan Memaksa . (2) Hal - hal yang termasuk sebagai keadaan memaksa (/örce majeure) dalam Peqanjian ini adalah segala peristiwa/kejadian yang terjadi di luar kekuasaan/kemampuan PARA PIHAK (manusia) dan tidak disebabkan karena pelanggaran oleh salah satu PIHAK atas ketentuan Perjanjian ini, termasuk tetapi tidak terbatas pada bencana alam, kebakaran, peperangan, epidemi, huru - hara . aksi mogok kerja dan kebijakan - kebijakan Pemerintah di bidang moneter, yang secara langsung menghalangi PARA PIHAK atau salah satu PIHAK untuk melaksanakan kewajibannya berdasarkan Perjanjian ini ("Keadaan Memaksa") . Untuk menghindari keraguan, pemadaman yang dilakukan oleh PIHAK PERTAMA atau pemadaman karena gangguan instalasi atau jaringan listrik PIHAK PERTAMA sebagaimana dimaksud dalam Pasal 3 , Pasal 6 , dan Pasal 10 Peqanjian ini bukan merupakan keadaan memaksa sebagaimana dimaksud dalam Pasal 18 ini . (3) Apabila salah satu PIHAK tertunda atau terhambat untuk memenuhi kewajiban - kewajibannya berdasarkan Perjanjian ini akibat Keadaan Memaksa, PIHAK tersebut harus dalam waktu 1 x 24 jam sejak terjadinya Keadaan Memaksa, segera memberikan pemberitahuan tertulis kepada PIHAK lainnya atas fakta tersebut dan dengan semua rincian material mengenai Keadaan Memaksa, dengan perkiraan tanggal dimana Keadaan Memaksa akan mulai berhenti ("Pemberitahuan Keadaa Memaksa") . (2) If in the case of implementing P 2 TL, the FIRST PARTY discovers unauthorized use of electric power by the SECOND PARTY, the FIRST PARTY has the right to exercise the right to impose sanctions on the SECOND PARTY in the form of Follow - Up Bill/bagi/law Susulan (TS), temporary termination and / or completely dismantle and disconnect the supply of Electricity based on the provisions and applicable laws . (3) For the avoidance of doubt, the BK does not apply in the case of payment of Follow - Up Bill/Tagihan Susulan (TS) as referred to in paragraph (2) of this Article or any delay thereof . Article 18 FORCE MAJEURE (1) The failure to conduct or delay of part or all of the implementation of this Agreement by PARTY or THE PARTIES, shall not be considered as a violation of the provisions in this Agreement, if the occurrence of such failure or delay is due to a Force Majeure . (2) The events of which are included as a force majeure in this Agreement are all events which occur outside the ability o f THE PARTIES (humans) and not resulting from breach of any provisions of this Agreement by an PARTY, including but not limited to natural disasters, fires, wars, epidemics, riots, strikes and Government policies in monetary sector, which directly hinder THE PARTIES or a PARTY from performing their obligations under this Agreement ("Force Majeure") . For avoidance of doubt, shutdown performed by FIRST PARTY or blackouts due to interruption in the FIRST PARTY's electrical installation or grid as referred to in Article Article 6 and Article 10 hereof shall not be constituted as force majeure as referred to in this Article 18 . (3) If one of The PARTIES is delayed or is hindered to fulfill its obligations under this Agreement due to Force Majeure, such PARTY must within 1 x 24 hours of the occurrence of the Force Majeure, immediately give written notice to the other PARTY on that fact and with all material details concerning Force Majeure, with an estimated date on which the Force Majeure will cease ("Notification of Force Majeure") . First Party Initials... . .. ... page 23 /28 Second Pa/Yy /nifia/s...... .......................

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(4) Dalam hal keterlambatan atau kelalaian dalam penyampaian Pemberitahuan Keadaan Memaksa dalam jangka waktu yang ditentukan sebagaimana dimaksud dalam ayat (3) Pasal ini, peristiwa tersebut tidak akan dianggap sebagai Keadaan Memaksa . (5) Bilamana dalam waktu 7 (tuJuh) hari kalender sejak adanya tanggal pemberitahuan mengenai teqadinya Keadaan Memaksa, PIHAK yang menerima Pemberitahuan Keadaan Memaksa tidak memberikan jawaban dan/atau tanggapan, PIHAK tersebut akan dianggap telah menyetujui peristiwa yang diberitahukan sebagai Keadaan Memaksa . (6) Dalam hal terjadinya Keadaan Memaksa, PARA PIHAK, segera setelah ditentukannya Keadaan Memaksa telah terjadi sesuai ayat (2), (3), (4) dan (5) Pasal ini, akan berdiskusf dan melakukan musyawarah untuk mencapai mufakat dalam menentukan cara menghentikan Keadaan Memaksa, mengurangi dampak Keadaan Memaksa dan/atau penyelesaian atas segala masalah terkait pelaksanaan Pelanjian ini yang timbul akibat terjadinya Keadaan Memaksa tersebut . Apabila musyarawah tersebut tidak mencapai kesepakatan, PARA PIHAK sepakat untuk menyelesaikan perselisihan tersebut melalui penyelesaian Perselisihan sebagaimana dimaksud dalam Pasal 23 Perjanjian ini . (7) Dalam hal: a. Para Pihak gagal mencapai kesepakatan sebagaimana dimaksud dalam ayat (6) Pasal ini dalam waktu 30 (tiga puluh) hari kalender sejak tanggal dimulainya musyawarah tersebut dan tidak melanjutkan ke penyelesaian Perselisihan sesuai ayat (6) Pasal ini ; atau b . Keadaan Memaksa berlangsung secara berkelanjutan selama 100 (seratus) hari kalender sejak ditetapkannya Keadaan Memaksa sesuai ketentuan Pasal 18 ini, PIHAK yang terdampak Keadaan Memaksa berhak untuk mengaMiri Perjanjian ini sesuai ketentuan Pasal 22 Per"an"ian ini . (8) Semua biaya dan kerugian yang diderita oleh PIHAK yang terkena Keadaan Memaksa bukan merupakan tanggung jawab dari PIHAK lainnya dan masing - masing PIHAK tidak akan memberikan ganti rugi apapun kepada PIHAK lainnya dalam hal terjadi Keadaan Memaksa dan/atau pengakhiran atas Peıjanjian ini akibat Keadaan Memaksa . (4) In the event of delays or negligence in delivering the Notification of Force Majeure within the specified period as referred to in paragraph (3) of this Article, such event will not to be considered as a Force Majeure . (5) If within 7 (seven) calendar days since the date of the Notification of Force Majeure, the PARTY receiving the Notification of Force Majeure does not provide an answer and/or response, such PARTY shall be deemed to have approved the notified event as a Force Majeure . (6) In the event of the occurrence of a Force Majeure, THE PARTIES will, immediately after the determination of occurrence of Force Majeure according to paragraphs (2), (3) and (5) of this Article, perform deliberation to reach consensus in determining how to stop the Force Majeure, mitigate the affect o f the Force Majeure and/or solutions for any problems related to the implementation of this Agreement which are arising from the occurrence of the Force Majeure . In the event that the deliberation to reach consensus cannot be reached, THE PARTIES agree to settle such differences through dispute settlement as referred to in Article 23 hereof . (7) In the event that: a . The Parties fail to reach an agreement as referred to in paragraph (6) of this Article within 30 (thirty) calendar days from the date of commencement of such deliberation and do not continue the settlement of the differences in accordance with paragraph (6) of this Article ; or b . The Force Majeure occurs continuously within 100 (one hundred) calendar days from the determination of Force Majeure in accordance with this Article 18 , the Force Majeure affected PARTY is entitled to terminate this Agreement in accordance with Article 22 hereof . (8) All costs and losses suffered by the Force Majeure affected PARTY shall not be the responsibility of the other PARTY and each of THE PARTIES shall not indemnify other PARTY in the event of Force Majeure and/or termination of this Agreement due to Force Majeure . page 24 /28 First Parly Initials.................... ... Second Party Initials....... ...... .. .... .......

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{1) Kecuali ditentukan lain dalam Perjanjian ini, setiap Pasal 19 PERUBAHAN - PERUBAHAN perubahan ketentuan Pasal atau Pasal - Pasal Perjanjian ini hanya dapat dilakukan atas persetujuan PARA PIHAK . (2) Setiap perubahan ketentuan Pasal atau Pasal - Pasal Perjanjian ini, setelah disepakati oleh PARA PIHAK, dibuat dalam suatu Amendemen/Addendum yang merupakan bagian yang tidak terpisahkan dari Perjanjian ini . (3) Usul perubahan ketentuan Pasal atau Pasal - Pasal sebagaimana dimaksud dalam ayat (1) Pasal ini harus diajukan secara tertulis oleh PIHAK yang berkepentingan kepada PIHAK yang lainnya selambat - lambatnya dalam jangka waktu 30 (tiga puluh) hari kalender sebelum usulan mengenai tanggal kebedakuan dañ pewbahan yang diusulkan oleh PIHAK yang berkepentingan tersebut atau waktu lain yang disepakati oleh PARA PIHAK . (4) Kecuali ditentukan lain dalam Perjanjian ini, dalam hal para pihak dari Peqanjian Kerjasama antara PT PLN (Persero) dengan PT Puradelta Lestari Tbk . dan PT Pembangunan Deltamas tentang Penyaluran Tenaga Listrik untuk Pelanggan yang berada di kawasan Greenland International lndustrial Center (GIIC), No . PLN : 0418 . Oj/ 041 /DIR/ 2014 , No GIIC : 007/LG/PLN - GIIC/XI/2 - 14 tanggal 12 November 2014 yang terakhir diperbaharui 1.PJ/STH.00.01/C01030000/2021 No.PLN: 048 - tanggal 7 September 2021 perihal Penyediaan Tenaga Listrik untuk Kebutuhan Operasi Pusat Data di Greenland lndustrial International Center — Kota Deltamas mengubah Perjanjian Kerjasama tersebut yang berdampak pada pengaturan spesifikasi Tenaga Listrik, dampak dari kekurangan pasokan Tenaga Listrik, Biaya Penyambungan, Kompensasi, UJL, Harga Jual, Pembayaran Minimal, tenggat waktu untuk pembayaran Tagihan Listrik, PIHAK PERTAMA harus memberikan sebuah pemberitahuan tertulis mengenai amendemen tersebut kepada PiHAK KEDUA dalam waktu paling lambat 1 (satu) hari kalender sejak penandatanganan amendemen tersebut dan PARA PlHAft sepakat untuk secara otomatis terikat pada amendemen tersebut dan pemberitahuan tersebut merupakan amendemen terhadap Perjanjian ini dan satu kesatuan dan bagian yang tidak terpisahkan dari Perjanjian ini . Article 19 CHANGES (1) Unless determined otherwise in this Agreement, any changes to the provisions in the Article or Artides in this Agreement may only be made upon the approval of the PARTIES . (2) Any changes to the provisions in the Article or Articles in this Agreement, upon the agreement of both PARTIES, shall be stated in a Supplement/ Addendum which is an inseparable part of this Agreement . (3) The proposal to change the provisions tn the Article or Articles as referred to in paragraph (1) of this Article shall be submitted in writing by the concerned PARTY to the other PARTY at the latest of 1 (one) month prior to the proposed time period or other period agreed by the PARTIES . page 25/28 (4) In the event of the parties to the Cooperation Agreement between PT PLN (Persero) and PT Puradelta Lestari Tbk . and PT Pembangunan Deltamas concerning Distribution of Electric Power for Customers in the Greenland International Industrial Center (GIIC) area, No . PLN : 0418 . Oj / 041 / DIR / 2014 , No GIIC . 007 / LG / PLN - GIIC / XI / 2 - 14 dated November 12, 2014 and lastly updated No . PLN : 048 - 1 . PJ/STH . 00 . 01 /C 01030000 / 2021 dated September 7 , 2021 corcerning Provision of Electricity for Data Center Operations at Greenland Industrial International Center — Kota Deltamas amends amends such Cooperation Agreement which affect the stipulation of specification of Electricity, implication of déficit of Electricity, Connection Fee, Compensation, UJL, Sale Price, Minimum Payment, deadline for payment of Electricity Bills, FIRST PARTY shall provide a written notification regarding the amendment and attaching the amendment, to SECOND PARTY within a period no later than 1 (one) calendar day from the execution of such amendment and THE PARTIES agree to automatically bind to the amendment and the notification will serve as amendment to this Agreement and an integral and inseparable part of this Agreement, unless determined otherwise in this Agreement . Second Party Initials.fl.

![](ea029288801_ex10-3img26.jpg)

Pasal 2O PENGALIHAN PERJANJIAN PARA PIHAK tidak berhak untuk mengalihkan sebagian ataupun seluruh hak dan kewajibannya sebagaimana diatur dalam Perjanjian ini kepada pihak Lain tanpa adanya persetujuan tertulis terlebih dahulu dari PIHAK lainnya . Pasal 2t PENGAKI4IRAN PERJANJIAN (1) Pefjanjian ini berlaku sejak tanggal Perjanjian ini dan selama PIHAK KEDUA menjadi pelanggan PIHAK PERTAMA kecuali Perjanjian ini diakhiri sesuai ketentuan Perjanjian ini ("Jangka Waktu") . (2) Perjanjian ini dapat berakhir dikarenakan hal - hal sebagai berikut: a. oleh PARA PIHAK berdasarkan kesepakatan tertulis PARA PIHAI ¢ ; oleh PIHAK KEDUA apabila PIHAK KEDUA mengajukan permintaan tertulis kepada PIHAK PERTAMA untuk berhenfi menjadi pelanggan PIHAK PERTAMA dan menerima penyaluran Tenaga Listnk berdasarkan Perjanjian ini ; oleh salah satu PIHAK yang memiliki hak untuk mengaKhiri Perjanjian ini sesuai ketentuan Peqanjian ini ; oleh PIHAK yang tidak melakukan pelanggaran atas Perjanjian ini, dalam hal terjadinya pelanggaran atas ketentuan dari Perjanjian ini oleh PIHAK lainnya ; oleh PIHAK yang tidak melakukan pelanggaran atas Perjanjian ini, dalam hal adanya pemyataan atau jaminan PIHAK lain sebagaimana dimaksud dalam Pasal 26 Perjanjian ini yang temyata tidak benar ; kecuali ditentukan lain dalam Perjanjian ini, oleh salah satu PIHAK dalam hal tidak tercapainya kesepakatan atas suatu diskusi yang perlu diadakan oleh PARA PIHAK berdasarkan ketentuan terkait dari Perjanjian ini, dalam Jângka waktu 30 (tiga puluh) hari kalender (atau jangka waktu yang lebih lama yang mungkin disepakati oleh PARA PIHAK) sejak diskusi tersebut dimulai ; dan/atau b. C. d. e. f. Article 20 TRANSFER OF AGREEMENT Other than to the affiliates of the SECOND PARTY, the PARTIES shall not have the rights to transfer any part or all of their rights and obligations as stipulated in this Agreement to other parties without prior written approval from the other PARTY . Article 21 TERMINATION OF AGREEMENT (1) This Agreement shall become effective on the date of this Agreement and during the term where SECOND PARTY remains the customer of FIRST PARTY hereunder, unless this Agreement is terminated in accordance with the terms of this Agreement (ƒ Term') . (2) This Agreement will terminate due to the following matters: a. written agreement of THE PARTIES; b . SECOND PARTY submit a written request to FIRST PARTY to cease being the customer of FIRST PARTY and receiving supply of Electricity according to this Agreement ; termination by a Party who is entitled to terminate this Agreement according to provisions of this Agreement, d . by the non - defaulting PARTY to this Agreement, in the event of a breach of the provisions of this Agreement by the other PARTY ; e. by the non - defaulting PARTY to this Agreement, in the event that any representations or warranties of the other PARTY which are found to be untrue ; f. unless otherwise stipulated in this Agreement, by one of the PARTIES in the event that an a e reement is not reached on a discussion that needs to be held by THE PARTIES based on the relevant provisions of this Agreement, within a period of 30 (thirty) calendar days (or a longer period of time which may be agreed upon by The PARTIES) from the commencement of the discussion ; and g. Force Majeure as stipulated in Article IB of this Agreement . First PaRy fnifiafs................... Second Parl:y Initials..... ......................... page 26/28

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(5 Dalam hal pengakhiran atas Perjanjian ini, maka segala hak dan kewajiban yang timbul sebelum berakhirnya Pe/janjian ini harus tetap dilaksanakan oleh PARA PIHAK, termasuk kewajiban PIHAK KEDUA atas g. Keadaan Memaksa sebagaimana diatur dalam Pasal 18 Perjanjian ini. (3) Dalam hal teqadi pengakhiran Peıjanjian ini oleh salah satu PIHAK sebagaimana diatur dalam ayat (2) Pasal ini, maka PIHAK yang bermaksud untuk melakukan pengakhiran atas Perjanjian ini wajib memberitahukan secara tertulis terlebih dahulu kepada Pihak lainnya selambat - lambatnya 60 (enam puluh) hari kerja sebelum tanggal pengakhiran yang dikehendaki dengan menyebutkan alasan pengakhiran Perjanjian ini dan/atau jenis pelanggaran yang telah dilakukan oleh PIHAK lainnya disertai dengan bukti - bukti yang patut dan dapat dipertanggungjawabkan secara hukum dan peraturan perundang - undangan yang berlaku . (4) Dalam hal tejadi pengakhiran Perjanjian ini sebagaimana dimaksud pada ayat (2) Pasal ini, PARA PIHAK sepakat untuk mengesampingkan ketentuan Pasal 1266 Kitab Undang - Undang Hukum Perdata terhadap Perjanjian ini . pembayaran Tagihan Listrik dan kewajiban pembayaran PIHAK KEDUA lainnya yang berdasarkan Petjanjian ini telah jatuh tempo dan dapat dibayarkan sebelum berakhirnya Perjanjian ini . (6) Dalam hal pengakhiran atas Perjanjian ini PIHAK PERTAMA berhak untuk: a . melakukan pembongkaran rampung serta mengambil seluruh instalasi miliL PIHAK PERTAMA yang berada di area/bangunan PIHAK KEDUA di Lokasi ; atau b . memperlahankan seluruh instalasi milik PIHAK PERTAMA yang befada di area/bangunan PIHAK KEDUA di Lokasi tetap berada di area tersebut, dengan ketentuan sebagai berikut : i. dalam hal PIHAK KEDUA masih memiliki atau menguasai area/bangunan tersebut: (a) PIHAK KEDUA tidak akan dikenakan biaya tambahan oleh pihak manapun termasuk PIHAK PERTAMA dan PIHAK KEDUA tidak memiliki tanggung jawab dalam bentuk apapun terhadap seluruh instalasi milik PIHAK PERTAMA (termasuk tanggung jawab untuk melindungi (3) In the event of termination of this Agreerrtent by a PARTY according to paragraph (2) of this Article, the Party intended to terminate this Agreement must notify the other party in writing in advance not later than 60 (sixty) working days before the desired date of termination by mentioning the reasons for terminating the agreement and/or the types of breaches committed by other PARTY accompanied by evidence which is appropriate and legally applicable . (4) In the event of termination of the Agreement as referred to in paragraph (2) of this Article, the PARTIES agree to waive the provisions of Artide 1266 of the Indonesian Civil Code to this Agreement . (5) In the event that termination of this Agreement, all rights and obligations arising prior to the expiration of this Agreement shall still be performed by THE PARTIES, including the SECOND PARTY's obligations for the payment of Electricity Bill and other SECOND PARTY payment obligations under this Agreement which are due and can be paid before the termination of this Agreement . (6) In the event of termination of this Agreement, FIRST PARTY will: a. completely dismantle and disconnect the supply of Electricity by removing all of the FIRST PARTY's electrical installations in the yards/buildings of the SECOND PARTY ; or b . maintain all installations owned by the FIRST PARTY in the yards/buildings of SECOND PARTY in the Location to remain in the area, with the following conditions : i. in the event that the SECOND PARTY still owns or controls the area / buildtng: a) SECOND PARTY will not incur additional costs by any party including FIRST PARTY and SECOND PARTY has no responsibility in any form whatsoever for all installations belonging to the FIRST PARTY (including the responsibility to protect the security and safety of all installations belonging to the FIRST PARTY) and their operation ; First Party Initials.................. . ... ....... ... page 27A8 Sacond Parl:y Initials...

![](ea029288801_ex10-3img28.jpg)

keamanan dan keselamatan dari seluruh instalasi milik PIHAK PERTAMA) dan pengoperasiannya ; (b) PIHAK PERTAMA harus menjaga keselamatan dan keamanan dari instalasi milik PIHAK PERTAMA termasuk dan memastikan pengoperasiannya tidak mengganggu kegiatan PIHAK KEDUA ; dan Second Party Initials....?. page GB/28 (c) PIHAK PERTAMA harus melindungi dan membebaskan PIHAK KEDUA dari segala klaim dan/atau tuntutan ganti rugi yang timbul dari pihak ketiga terkait seluruh instalasi milik PIHAK PERTAMA tersebut . ii . dalam hal PIHAK KEDUA akan atau tidak memiliki atau menguasai area/bangunan tersebut : (a) PIHAK PERTAMA harus memastikan bahwa pihak pengelola atau pemilik Kawasan Greenland International Industrial Center (GIIC) yang bertanggung jawab atas penggunaan area/bangunan tersebut mengizinkan PIHAK PERTAMA mempertahankan seluruh instalasi mifik PIHAK PERTAMA yang berada di area/bangunan tersebut; (b) PIHAK KEDUA tidak memiliki tanggung jawab dalam bentuk apapun terhadap seluruh instalasi milik PIHAK PERTAMA (termasuk tanggung jawab untuk melindungi keamanan dan keselamatan dari seluruh instalasi milik PIHAK PERTAMA) dan pengoperasiannya ; dan (c) PIHAK PERTAMA harus melindungi dan membebaskan PIHAK KEDUA dari segala klaim dan/atau tuntutan ganti rugi yang timbul dari pihak ketiga terkait seluruh instalasi milik PIHAK PERTAMA tersebut b) The FIRST PARTY must maintain the safety and security of the installations belonging to the FIRST PARTY including and ensure their operation does not interfere with the activities of the SECOND PARTY ; and c) The FIRST PARTY must protect and release the SECOND PARTY from all claims and / or claims arising from third parties related to all installations belonging to the FIRST PARTY . i. in the event that the SECOND PARTY will or does not own or control the yards/buildings: a) FIRST PARTY must ensure that the owner of the Greenland Industrial manager or International responsible Center for the use of (GIIC) the yards/buildings allows FIRST PARTY to maintain all installations belonging to FIRST PARTY in the area / building ; b) The SECOND PARTY has no responsibility in any form for all installations belonging to the FIRST PARTY (including the responsibility to protect the security ard safety of all installations belonging to FiRsT PARTY) and their operation ; and c) FIRST PARTY must protect and release SECOND PARTY from all claims and / or claims arising from third parties related to all installations belongin 9 FIRST PARTY .

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Pasal 22 HUKUM YANG BERLAKU DAN PENYELESAIAN PERSELISIHAN (1) Perjanjian ini, penafsiran dan pelaksanaan serta segala akibat yang ditimbulkannya, diatur dan tunduk kepada hukum Negara Republik Indonesia . (2) Apabila terjadi perselisihan pendapat dalam pelaksanaan, penakiran atau pengakhiran Perjanjian ini ("Perselisihan"), maka PARA PIHAK akan menyelesaikan Perselisihan tersebut dengan cara musyawarah untuk mencapai mufakat dalam jangka waktu 30 (tiga puluh) hari kalender sejak tanggal salah satu PIHAK menerima sebuah pemberitahuan mengenai Perselisihan tersebut dari PIHAK lainnya. (3) Apabila penyelesaian perselisihan dengan cara musyawarah sebagaimana dalam ayat (2) Pasal ini tidak tercapai, PARA PIHAK sepakat untuk menyerahkan penyelesaiannya kepada Pengadilan Neged Kabupaten Bekasi . Pasal 23 KORESPONDENSI Korespondensi di antara PARA PIHAK berkenaan dengan pelaksanaan Perjanjian ini dilakukan melalui kurir, pos kilat tercatat atau surat elektronik (e - mail dan ditujukan ke alamat korespondensi sebagai berikut : PT PLN (Persero) Distribusi Jawa Barat UP3 Cikarang Alamat Ruko El Premio No. 8 - 11, Jalan Deltamas Telepon E - mail u p. Boulevard, Desa Sukamahi, Cikarang Pusat, Bekasi Wiedhyarno.Arief@pin.co.id Tuan Wiedhyarno Arief Wicaksono (Manager PT AGCC AITECH INDONESIA Article 22 GOVERNING LAW AND DISPUTE SETTLENENT (1) This Agreement, the interpretation and implementation and consequences of which, shall be governed and subject to the laws of the Republic of Indonesia . (2) If there is a dispute in the implementation interpretation, or termination of this Agreement, then it will be settled amicably by the PARTIES within 30 (thirty) calendar days from the date of a PARTY'S receipt of a notice of dispute from the other PARTY . (3) If such amicable settlement as referred to in paragraph (2) of this Article has not been reached, the PARTIES agree to submit such dispute to District Court of Bekasi Distñct . Article 23 CORESPONDENCE Correspondences between THE PARTIES in connection to the execution of the Agreement shall be made by courier, express registered mail or facsimile and shall be addressed to the correspondence addresses as follows : PT PLN (Persero) Distribusi Jawa Barat UP3 Cikarang Address Ruko El Premio No . 8 - 11 , Jalan Deltamas Boulevard, Desa Sukamahi, Cikarang Pusat, Bekasi Phone E - mail Attn . Wiedhyarno.Ariel@pin.co.id Tuan Wiedhyarno Ariel Wicaksono (Manage{ PT. AGCC AITECH INDONESIA Alamat Kawasan Greenland International Address Telepon Industrial Center (GIIC) Blok BC No. 9, Pas rranj Cikarang Pusat, Kab. Bekasi, 17530 Phone E - mail Greenland International Industrial Center (GIIC) Area Blok BC No . 9 , Pasirranji, Cikarang Pusat, Kab . Bekasi, 17530 page 29/28 Second Party Initials..

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: MONiKA TANGEL Attn. MONIKA TANGEL Apabila salah satu PARA PIHAK mengganti atau mengubah alamatnya atau hal - hal yang terkait lainnya sehubungan dengan alamat ini, maka Pihak tersebut harus memberitahukan penggantian dan/atau perubahan tersebut kepada Pihak lainnya melalui kurir, pos kilat tercatat atau surat elektronik (e - mail . Alamat yang baru akan dianggap bertaku dalam waktu 3 (tiga) hari kerja terhitung sejak tanggal diterimanya pemberitahuan penggantian dan/atau perubahan, kecuali ditentukan kebedakuannya dengan waktu lebih awal dalam pemberitahuan tersebut . Pasal 24 PERNYATAAN DAN JAMINAN Masing - masing PIHAK menyataKan dan menjamin kepada PIHAK lainnya bahwa: a. Masing - masing PIHAK memiliki kekuasaan penuh untuk menandatangani Perjanjian ini dan melaksanakan kewajiban - kewajibannya berdasarkan Perjanjian ini menurut ketentuan Pejanjian ini ; b . Masing - masing PIHAK telah melakukan semua tindakan korporasi dan tindakan lainnya dan/atau memperoleh persetujuan atau perizinan yang diperlukan untuk mengesahkan penandatanganan kewajiban - kewajibannya dan pelaksanaan berdasarkan Perjanjian inî; c . Perjanjian ini mengikat dilaksanakan terhadap dengan ketentuannya ; secara sah dan dapat masing - masing PIHAK d. Penandatanganan dan pelaksanaan kewajiban - kewajibannya berdasarkan Peqanjian ini tidak akan merupakan pelanggaran atas ketentuan hukum, anggaran dasar, putusan pengadilan atau perjanjian yang mengikat secara sah lainnya di mana salah satu PIHAK tunduk terhadap peljanjian tersebut ; e. Masing - masing PIHAK memiliki perizinan yang sah untuk menjalankan kegiatan usahanya; f . Tidak ada tindakan, tuntutan, sengketa, proses hukum atau penyelidikan yang sah di hadapan atau oleh instansi pemerintah, badan peradilan, majelis arbitrase atau badan lainnya, sejauh pen e e t ahuannya, mengancam atau mempengaruhinya, haknya atau harta kekayaannya, yang dapat diperkirakan secara wajar dapat mempengaruhi kemampuannya untuk melaksanakan kewajibannya berdasarkan Peqanjian ini atau mempengaruhi keberlakuan atau pelaksanaan Perjanjian ini ; dan If one of THE PARTIES replaces or changes the address or other related maflers in relation to this address, then such PARTY must notify the replacement and/or such changes to the other PARTY by registered mail or facsimile . The new address will be considered valid after 7 (seven) business days since the date of receipt of the replacement and/or change notification . Article 2J REPRESENTATIONS AND WARRANTIES Each PARTY represents and warrants to the other PARTY that: a . Each PARTY has full power to sign this Agreement and carry out ib obligations under this Agreement in accordance with the provisions of this Agreement ; b . Each PARTY has carried out all corporate actions and other actions and/or obtained the approval or permission required to authorize the signing and implementation of its obligations under this Agreement ; C. This Agreement is legally binding and can be implemented against each PARTY with its provisions; d. The signing and execution of its obligations under this Agreement will not constitute a violation of legal provisions, articles of association, court awards or other legally binding agreements in which a PARTY is subject to such agreement ; e. Each PARTY has valid permits to carry out their business activities; f . There are no legal actions, claims, disputes . legal proceedings or investigations before or by government agencies, judicial bodies, arbitral tribunals or other bodies, to the best of their knowledge . threatening or influencing tham . their rights or assets, which can reasonably be expected to affect their abilities to carry page 30/28 Second Parl:y Initials..?.

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g. Tidak dalam keadaan pailit atau tidak mampu membayar utang dan memiliki kemampuan finansial yang baik untuk pelaksanaan kewajibannya berdasarkan Peqanjian ini . Pasal 25 PENUTUPAN (1) Perjanjian ini dibuat dan ditandatangani oleh PARA PIHAX dalam rangkap dua yang bermaterai cukup dan sama bunyinya serta masing - masing mempunyai Kekuatan hukum yang sama dan ditandatangani pada hari dan tanggal disebutkan pada awal Peqanjian ini . (2) Peqanjian ini dibuat dalam 2 (dua) bahasa, yaitu Bahasa (2) Indonesia dan Bahasa Inggris. (3) Apabila dikemudian hari terdapat perbedaan penafsiran antara Bahasa Indonesia dan Bahasa Inggris, maka Bahasa Indonesia yang berlaku . PIHAK PERTAMA/FIRST PARTY PT PLN (PERSERO) WIEDHYARNO ARIEF WICAKSONO Manajer/Manager UP3 Cikarang First Party Initials..................... out its obligations under this Agreement or influence the effectiveness or implementation of this Agreement; and g . Not in a state of bankruptcy or insolvent and it has good financial ability to carry out its obligations under this Agreement . Article 25 CLOSING (I) This Agreement is made and executed by THE PARTIES in two counterparts equipped with sufficient stamp duty, each has the same power and executed on the date as stated on the beginning of this Agreement . This Agreement is made in 2 (two) languages, such as Bahasa Indonesia and English language. (3) In the event of any dispute in the interpretation between Bahasa Indonesia and English language, the Bahasa Indonesia language shall prevail . page 31/28 PIHAK KEDUA/SECOND PARTY PT. AGCC AITECH INDONESIA MONIKA TANGEL Direktur/Director Second Party Initial .. ............................

## Exhibit 23.1

**Exhibit 23.1**

![](ea029288801_ex23-1img1.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to use of our report dated April 30, 2026, with respect to the consolidated financial statements of Agencia Comercial Spirits Ltd, as of December 31, 2024 and 2025 and for each of the years in the three-year period ended December 31, 2025 in Form 20-F and the related Prospectus of Agencia Comercial Spirits Ltd filed with the Securities and Exchange Commission.We also consent to the reference to us under the heading "Experts" in such Registration Statement.

Enrome LLP

![](ea029288801_ex23-1img2.jpg)

Singapore

June 17, 2026

## Exhibit 23.5

**Exhibit 23.5**

![](ea029288801_ex23-5img1.jpg)

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| | | |
|:---|:---|:---|
| Our reference: | ACYL/LBL/SLKY/202617040 | **BY EMAIL** |
| Your reference: | To be advised |  |

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17 June 2026

**Agencia Comercial Spirits Ltd.**

No. 65, Ln. 114, Xishi Rd., Xi'an Vil.,

Fengyuan Dist. Taichung City 42061, Taiwan (R.O.C.)

Dear Sirs

**AGENCIA COMERCIAL SPIRITS LTD. – CONSENT OF SINGAPORE LEGAL COUNSEL**

1. We act as Singapore legal counsel to Agencia Comercial Spirits
Ltd. (the "**Company**") in connection with the Company's
registration statement on Form F-1, as may be amended from time to time (the "**Registration Statement**") and to be initially filed with the Securities and Exchange Commission on 17 June 2026 under the United States
Securities Act of 1933, as amended (the "**Securities Act** "),
relating to the Company's proposed self-directed best efforts offering of up to 20,000,000 of the Company's Class A Ordinary
Shares on the Nasdaq Capital Market (the "**Transaction** ").

2. We hereby consent to: (i) the filing of a copy of our opinion to the Company dated 17 June 2026 in connection
with the Transaction, as an exhibit to the Registration Statement; and (ii) the reference to us under the caption "Legal Matters"
in the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent
is required under Section 7 of the Securities Act or the rules and regulations promulgated thereunder.

Yours faithfully

![](ea029288801_ex23-5img2.jpg)

**AEI LEGAL LLC**

**AEI LEGAL LLC** (UEN: 201806065C)

1 Phillip Street, #05-01 Royal One Phillip, Singapore 048692

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**AGENCIA COMERCIAL SPIRITS LTD**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value US$0.00004 per share | (1) | 457(o) | 20000000 | $12.00 | $240000000.00 | 0.0001381 | $33144.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $240000000.00 |  | 33144.00 |
| 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: |  |  | 0.00 |
| 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: |  |  | $33144.00 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for purposes of calculating the registration fee in accordance with Rules 457(o) under the Securities Act of 1933, as amended. In accordance with Rule 416(a), we are also registering an indeterminate number of additional Ordinary Shares that shall be issuable pursuant to Rule 416 to prevent dilution resulting from share splits, share dividends or similar transactions.