# EDGAR Filing Document

**Accession Number:** 0002058867
**File Stem:** 0001493152-25-014823
**Filing Date:** 2025-9
**Character Count:** 1231804
**Document Hash:** 9bc2da83aa5a04d323c7645585608341
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-014823.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001493152-25-014823

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 49

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PressLogic Inc.
- **CENTRAL INDEX KEY:** 0002058867
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290492
- **FILM NUMBER:** 251339364

**BUSINESS ADDRESS:**
- **STREET 1:** 26/F, CHINACHEM LEIGHTON PLAZA,
- **STREET 2:** 29 LEIGHTON ROAD, CAUSEWAY BAY
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 63303920

**MAIL ADDRESS:**
- **STREET 1:** 26/F, CHINACHEM LEIGHTON PLAZA,
- **STREET 2:** 29 LEIGHTON ROAD, CAUSEWAY BAY
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 00000

**As filed with** **the Securities and Exchange Commission on September 24, 2025.**

**Registration No. 333-______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**PressLogic Inc.**

(Exact Name of Registrant as Specified in Its Charter)

**Not Applicable<br> (Translation of Registrant's name into English)**

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7310** | **Not Applicable** |
| (State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |

---

**26/F, Chinachem Leighton Plaza**

**29 Leighton Road, Causeway Bay**

**Hong Kong**

**Tel: +852 3709 2787**

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

---

| |
|:---|
| <br> **Cogency Global Inc.**<br> **122 East 42nd Street, 18th Floor**<br> **New York, NY 10168**<br>**Tel: (800) 221-0102** |
| (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) |

---

---

| | | |
|:---|:---|:---|
|  | ***Copies to:*** |  |
| **Shuang Zhao, Esq.**<br> **Zizhen Chen, Esq.**<br> **Cleary Gottlieb Steen & Hamilton LLP**<br> **c/o 37th Floor, Hysan Place**<br> **500 Hennessy Road, Causeway Bay**<br> **Hong Kong**<br> **+852 2521-4122** |  | **Anthony N. DeMint, Esq.**<br> **DeMint Law, PLLC**<br> **3753 Howard Hughes Parkway**<br> **Second Floor, Suite 314**<br> **Las Vegas, NV 89169**<br> **Telephone: (702) 714-0889** |

---

**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 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, as amended, or until the registration statement shall become effective on such date as the United States Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

† 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 information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the United States Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion

Preliminary Prospectus Dated , 2025

**Class A Ordinary Shares**

![](formdrsa_002.jpg)

**PressLogic Inc.**

This is an initial public offering of Class A ordinary shares of PressLogic Inc. We are offering on a firm commitment basis Class A ordinary shares, par value US$0.0001 per share.

Prior to this offering, there has been no public market for our Class A ordinary shares. We expect the initial public offering price of our Class A ordinary shares will be between US$ and US$ per share. We have applied to list our Class A ordinary shares on the Nasdaq Capital Market, or Nasdaq, under the symbol "PLAI." This offering is contingent upon the listing of our Class A ordinary shares on the Nasdaq or another national securities exchange. There can be no assurance that we will be successful in listing our Class A ordinary shares on the Nasdaq or another national securities exchange.

**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 16 to read about factors you should consider before buying our Class A ordinary shares.**

Following the completion of this offering, our issued and outstanding share capital will consist of Class A ordinary shares and Class B ordinary shares. Mr. Cheung Ho Chak Ryan, our chairman and chief executive officer, will beneficially own all of our issued and outstanding Class B ordinary shares and will be able to exercise % of the total voting power of our issued and outstanding share capital immediately following the completion of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any sale, transfer, assignment or disposition of any Class B ordinary share by a holder thereof to any non-affiliate to such holder, each of such Class B ordinary share will be automatically and immediately converted into one Class A ordinary share. See "Description of Share Capital." Immediately following the completion of this offering, we will be a "controlled company" within the meaning of the Nasdaq rules. See "Prospectus Summary—Implications of Being a Controlled Company," on page 9 of this prospectus and "Principal Shareholders" on page 97.

PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own. It conducts its operations through its subsidiaries located in Hong Kong and BVI. Investors in the Class A ordinary shares are not purchasing equity securities of these subsidiaries that have substantive business operations but instead are purchasing equity securities of a Cayman Islands holding company. Chinese regulatory authorities could disallow this holding company structure, which would likely result in a material change in our operations and could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless. **Investors in this offering will not directly hold any equity interests in the operating subsidiaries.** This structure involves unique risks to investors. See "Risk Factors—Risks Relating to Doing Business in Hong Kong—As PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own, it relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements." on page 28. As used in this prospectus, "we," "us," "our company," "our", or "Group" refers to PressLogic Inc. and its subsidiaries as a group.

As a holding company with no business operation, PressLogic Inc. relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. As of the date of this prospectus, no dividends or distributions have been made to date from our Hong Kong or BVI subsidiaries to the holding company, and other than the distribution in specie in connection with our Restructuring, we have not made any dividend or distribution to shareholders, including U.S. Investors. For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, PressLogic Holdings Limited transferred funds of HK$0.4 million, HK$6.0 million (US$0.8 million), and nil, respectively, to its subsidiaries to meet their working capital needs. For details, see "Our History, Corporate and Ownership Structure" on page 51, and Note 1 and Note 17 of our consolidated financial statements, included elsewhere in this prospectus.

Subject to the provisions in our memorandum and articles of association, as amended from time to time, PressLogic Inc. is permitted under the laws of the Cayman Islands to provide funding to its subsidiaries in Hong Kong and BVI through loans or capital contributions without restrictions on the amount of the funds. Subject to the laws of the Cayman Islands and our current amended and restated memorandum and articles of association, PressLogic Inc.'s board of directors may authorize and declare a dividend to shareholders out of funds lawfully available therefor at such time and of such an amount as they deem fit provided that in no circumstances may a dividend be paid out of PressLogic Inc.'s share premium account if this would result in PressLogic Inc. being unable to pay its debts as they fall due in the ordinary course of business. Our subsidiaries in Hong Kong and BVI may distribute earnings by dividends to PressLogic Inc., provided that the entity remains solvent after such distribution. Moreover, according to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. If our Hong Kong or BVI subsidiaries incur debt in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to its shareholders. We do not have cash management policies that dictate how funds are transferred between us, our subsidiaries or investors. Other than the above, currently there are no limitations on our ability to transfer cash between PressLogic Inc., its subsidiaries, or investors. The PRC laws and regulations on foreign exchange do not currently have any material impact on transfer of cash from PressLogic Inc. to its Hong Kong and BVI subsidiaries or from its Hong Kong and BVI subsidiaries to PressLogic Inc. However, in the future, funds may not be available to support operations or for other uses outside of Hong Kong due to potential interventions or the imposition of restrictions by the PRC government on our ability or that of our subsidiaries to transfer cash. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A ordinary shares or cause them to be worthless. See "Prospectus Summary — Our Corporate and Ownership Structure" beginning on page 6 and "Risk Factors — Risks Relating to Doing Business in Hong Kong — As PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own, it relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements."

We primarily operate in Hong Kong and Taiwan and do not have any substantive operations in mainland China. Accordingly, the PRC laws and regulations do not currently have any material impact on our business, financial condition and results of operations. However, in the event that we or our Hong Kong subsidiaries were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or our Hong Kong subsidiaries might be subject to fines, experience devaluation of securities or delisting, no longer be permitted to conduct offerings to foreign investors, and/or no longer be permitted to continue business operations as presently conduct. Additionally, the legal and operational risks associated in mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns, would be applicable to companies such as our operating entities or PressLogic Inc., given our substantial operations in Hong Kong and the Chinese government may exercise significant oversight over the business in Hong Kong. These risks could result in material changes in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. See "Risk Factors—Risks Relating to Doing Business in Hong Kong." beginning on page 28.

Trading in our securities on U.S. markets, including the Nasdaq, may be prohibited under the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023 (the "HFCA Act"), if the Public Company Accounting Oversight Board (the "PCAOB") determines that it is unable to inspect or investigate completely our auditor for two consecutive years. On December 16, 2021, the PCAOB issued the HFCA Act Determination Report to notify the SEC of its determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. On December 15, 2022, the PCAOB removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. On December 29, 2022, the Consolidated Appropriations Act, 2023, was signed into law, which amended the HFCA Act (i) to reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two, and (ii) so that any foreign jurisdiction could be the reason why the PCAOB does not have complete access to inspect or investigate a company's auditor. As it was originally enacted, the HFCA Act applied only if the PCAOB's inability to inspect or investigate was due to a position taken by an authority in the foreign jurisdiction where the relevant public accounting firm is located. As a result of the Consolidated Appropriations Act, 2023, the HFCA Act now also applies if the PCAOB's inability to inspect or investigate the relevant accounting firm is due to a position taken by an authority in any foreign jurisdiction. The denying jurisdiction does not need to be where the accounting firm is located. Our auditor, TAAD LLP, is headquartered in California in the U.S. and has been inspected by the PCAOB on a regular basis. The PCAOB currently has access to inspect the working papers of our auditor. While we currently do not expect the HFCA Act to prevent us from listing our Class A ordinary shares in the U.S., uncertainties exist with respect to future determinations of the PCAOB in this respect and any further legislative or regulatory actions to be taken by the U.S. or Chinese governments that could affect our listing status in the U.S. If we were identified as a "Commission-Identified Issuer" for two consecutive years, trading in our securities on U.S. markets would be prohibited under the HFCA Act. For more details, see "Risk Factors—Risks Relating to Our Class A Ordinary Shares and This Offering—Our Class A ordinary shares may be prohibited from trading in the United States under the HFCA Act in the future if the PCAOB is unable to inspect or investigate completely our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment." on page 40.

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

**We are an "emerging growth company" and a "foreign private issuer" under the U.S. federal securities laws and will be subject to reduced public company reporting requirements. Investing in our Class A ordinary shares involves risks. See "Risk Factors" beginning on page 16 of this prospectus.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Per Class A ordinary share** | | **Total** |
| Public offering price<sup>(1)</sup> | US$ |  | US$ |  |
| Underwriting discounts and commissions<sup>(2)</sup> | US$ |  | US$ |  |
| Proceeds, before expenses, to us<sup>(3)</sup> | US$ |  | US$ |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Determined
 based on the proposed minimum offering price per Class A ordinary share. Assumes that the underwriters do not exercise their over-allotment
 option. See "*Underwriting*" for additional information regarding underwriting compensation.

&nbsp;&nbsp;&nbsp;&nbsp;(2) We
 have agreed to pay the underwriters a discount equal to %
 of the gross proceeds of the offering. We have also agreed to pay the representative of the
 underwriters, American Trust Investment Services, Inc. ("ATIS" or the "Representative"),
 a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds raised
 and to reimburse the underwriters for certain expenses incurred relating to this offering.
 These payments will further reduce proceeds available to us before expenses. For a
 description of the compensation payable to the underwriters, see "Underwriting"
 beginning on page 116.

(3) If
 the underwriters do not exercise the over-allotment option, and assuming an offering price of US$ per Class A ordinary share,
 which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, we expect
 our total cash expenses for this Offering (including cash expenses payable to the underwriter for their out-of-pocket expenses) to
 be approximately US$ , exclusive of the above discounts and commissions. These payments will further reduce proceeds available
 to us before expenses. See "Underwriting."

We have granted the underwriters an option to purchase up to an additional Class A ordinary shares to cover over-allotments, if any, at the initial public offering price, less the underwriting discounts and commissions, within 30 days from the closing date of this offering. If the underwriters exercise the option in full, the total underwriting discounts payable will be US$ and the total proceeds to us, before expenses, will be US$ .

If we complete this offering, net proceeds will be delivered to us on the closing date.

The underwriters expect to deliver the Class A ordinary shares against payment in U.S. dollars in San Clemente, California on , 2025.

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.

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.

***Sole Book-Running Manager***

![](formdrsa_003.jpg)

American Trust Investment Services, Inc.

The date of this prospectus is , 2025.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [Prospectus Summary](#a_001) | 1 |
| [Our Summary Consolidated Financial Data](#a_002) | 13 |
| [Cautionary Statement Regarding Forward-Looking Statements](#a_003) | 15 |
| [Risk Factors](#a_004) | 16 |
| [Use of Proceeds](#a_005) | 44 |
| [Dividend Policy](#a_006) | 45 |
| [Capitalization](#a_007) | 46 |
| [Dilution](#a_008) | 47 |
| [Enforceability of Civil Liabilities](#a_009) | 49 |
| [Our History, Corporate and Ownership Structure](#a_010) | 51 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_011) | 55 |
| [Business](#a_012) | 71 |
| [Regulation](#a_013) | 88 |
| [Management](#a_014) | 91 |
| [Principal Shareholders](#a_015) | 97 |
| [Related Party Transactions](#a_016) | 99 |
| [Description of Share Capital](#a_017) | 101 |
| [Shares Eligible for Future Sale](#a_018) | 111 |
| [Taxation](#a_019) | 112 |
| [Underwriting](#a_020) | 116 |
| [Expenses Relating to this Offering](#a_021) | 122 |
| [Legal Matters](#a_022) | 123 |
| [Experts](#a_023) | 124 |
| [Where You Can Find Additional Information](#a_024) | 125 |

---

No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

Neither we nor any of the underwriters has done anything that would permit this offering or possession or distribution of this prospectus or any filed free writing prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus or any free writing prospectus must inform themselves about, and observe any restrictions relating to, the offering of our Class A ordinary shares and the distribution of this prospectus or any free writing prospectus outside of the United States. This offering is being made in the United States and elsewhere solely based on the information contained in this prospectus. You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of our Class A ordinary shares.

Our business, financial condition, results of operations and prospects may have changed since the date on the front cover of this prospectus.

**Until , 2025 (the 25th day after the date of this prospectus), all dealers that buy, sell or trade the Class A ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**Prospectus Summary**

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements and the related notes appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A ordinary shares discussed under "Risk Factors," "Business," and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" before deciding whether to buy our Class A ordinary shares. This prospectus contains certain information from an industry report commissioned by us and prepared by Frost & Sullivan, a third-party industry research firm.*

 ****

**Overview**

We operate in the online marketing industry primarily in the Asia Pacific region, in particular Hong Kong and Taiwan. Online marketing, also known as digital marketing or internet marketing, refers to the use of the internet and digital channels to promote products, services, or brands to a targeted audience. It includes various strategies and techniques designed to attract, engage, and convert potential customers. Online marketing solutions comprise of content marketing solutions and SaaS solutions.

We are a leading one-stop digital marketing solutions provider. We deliver a comprehensive suite of interconnected proprietary content marketing solutions and SaaS solutions and services to brand owners as well as marketing agencies throughout the marketing cycle and across multiple media platforms, including our own websites and apps, as well as third-party social media platforms. Our content marketing solutions primarily include (i) digital marketing solution segment, which includes advertorial and editorial contents, newsfeeds contents, influencer marketing, display advertising and sponsorship, and (ii) display banner segment, which includes both programmatic banner ads and direct placements option from display ad networks. Our SaaS solutions include MediaLens related offerings, which provides powerful data analysis of our audience on Facebook, Instagram and Youtube. Our SaaS solutions and content marketing strategies are interconnected and complement each other throughout the marketing process. Our content marketing solutions are also data-driven, allowing us to leverage insights from MediaLens to create engaging content for our media pages. This enables us to effectively reach our target audience and enhance the competitiveness of our services.

We operate nine proprietary media brands with over twelve million followers and subscribers, featuring contents across a diverse areas of interest. Each of our media brands carry unique content areas with a notable presence on various social media platforms. As of the date of this prospectus, we have nine websites and five apps and eleven Facebook fanpages, eleven Instagram profiles and eight YouTube channels as our core media assets.

We generate revenue primarily from content marketing solution and to a lesser extent from SaaS solutions. For content marketing solutions, we charge a flat advertising fees or variable advertising fees based on (i) the media profile selected for the project, and (ii) the project complexity. For SaaS solutions, we charge monthly or yearly subscription fees. Our revenues increased by 4.0% from HK$103.6 million in 2023 to HK$107.7 million in 2024 (US$13.7 million). Our revenues increased by 15.7% from HK$45.5 million in the six months ended June 30, 2024 to HK$52.6 million in the six months ended June 30, 2025 (US$6.7 million). Our gross profit increased by 3.4% from HK$71.9 million in 2023 to HK$74.4 million (US$9.5 million) in 2024. Our gross profit increased by 20.7% from HK$31.5 million in the six months ended June 30, 2024 to HK$38.1 million (US$4.8 million) in the six months ended June 30, 2025. Our gross profit margin slightly decreased from 69.5% in 2023 to 69.1% in 2024, primarily due to a shift in revenue mix toward services with higher costs such as influencer campaigns and performance marketing. Our gross profit margin increased from 69.4% in the six months ended June 30, 2024 to 72.3% in the six months ended June 30, 2025, primarily due to a decline in our boosting costs, driven by a shift in revenue mix towards expanded offerings such as social media management and event management. We recorded net income of HK$9.2 million in 2024 (US$1.2 million), compared to net income of HK$2.5 million in 2023. We recorded net income of HK$6.3 million (US$0.8 million) in the six months ended June 30, 2025, compared to net income of HK$0.6 million in the six months ended June 30, 2024.

 ****

**Our Strengths**

We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

● Flywheel effect between our SaaS solutions and content marketing strategies

● Diverse media brands attracting a diverse customer base

● Proprietary technology designed to optimize advertising and marketing efforts

● Experienced management team

 **

**Our Strategies**

 **

● Grow our audience base and continue to optimize online marketing solutions and services

● Broaden and deepen our partner ecosystem

● Continue to invest in technological infrastructure, and enhance data analytical capabilities

● Continue to expand into international markets

 ****

**Summary of Risk Factors**

An investment in our Class A ordinary shares involves significant risks. Investors in our Class A ordinary shares are not purchasing equity securities of our subsidiaries that have substantive business operations in Hong Kong, Taiwan and elsewhere, but instead are purchasing equity securities of a Cayman Islands holding company. You should consider carefully all of the information in this prospectus, including the risks and uncertainties described below and in the section headed "Risk Factors," before making an investment in our Class A ordinary shares.

***Risks Relating to Our Business and Industry***

● Our past performance is not indicative of our future growth, and our ability to sustain profitability in the future is uncertain.

● If we fail to attract new customers and adapt to the changing preferences and tastes of the audience, our business, financial condition, results of operations and growth prospects could be materially and adversely affected.

● We are typically engaged by our customers on a project-by-project basis. Failure to retain existing customers, increase their spending or attract new ones could adversely impact our business and results of operations.

● We cannot guarantee that our monetization strategies, including up-sale and cross-sale initiatives, will be successfully implemented or generate sustainable revenues and profits.

● We rely on third-party social media platforms for distribution of our contents, any change in third-party social media platform policy, any decline or termination in the use of third-party social media platforms, and any deterioration of our relationships with these platforms, may materially affect our operations and business performance.

● Our solutions and services are heavily dependent on APIs provided by third parties, including social media networks, and are thus subject to the relevant policies. If we lose access to data provided by such APIs or the terms and conditions on which we obtain such access become less favorable, our business operations could be adversely affected.

● We operate in a rapidly developing and competitive industry. The market in which we operate is intensely competitive, and if we do not compete effectively, our operating results could be harmed.

● If we fail to upgrade, and respond effectively to rapidly changing technology, our solutions and services may become less competitive and the demand for our solutions and services may diminish.

● We may not be able to safeguard personal data of our audience and clients which may lead to penalty and/or claims by third parties which may in turn materially and adversely affect our reputation and business. Any cyber-attacks, unauthorized access, significant data breach, or other security incidents or data breaches that affect our platforms, networks or systems, or those of our service providers or our customers could negatively affect our business, result in significant data losses or the theft of our intellectual property, damage our reputation, expose us to liability to third parties and require us to incur significant additional costs to maintain the security of our networks and data.

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

● As a holding company with no business operation, PressLogic Inc. relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements. Currently, there are no restrictions on foreign exchange, nor limitations on the ability of PressLogic Inc. to transfer cash to or from its Hong Kong Subsidiaries or to investors under Hong Kong laws. The PRC laws and regulations do not currently have any material impact on transfer of cash from PressLogic Inc. to its Hong Kong and BVI subsidiaries or from its Hong Kong and BVI subsidiaries to PressLogic Inc. However, in the future, funds may not be available to support operations or for other uses outside of Hong Kong due to potential interventions or the imposition of restrictions by the PRC government on our ability or that of our subsidiaries to transfer cash. For details, see "Risk Factors—Risks Relating to Doing Business in Hong Kong—As PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own, it relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements." on page 28.

● The PRC legal system is evolving rapidly, and enforcement of certain laws, regulations and rules may further change or develop with little advance notice. The Chinese government may exercise significant oversight over the conduct of business in Hong Kong and may intervene or influence our operating subsidiaries' operations at any time. The Chinese government may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and the value of the securities we are registering for sale. Any such action, once taken by the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless. For details, see "Risk Factors—Risks Relating to Doing Business in Hong Kong—Being based in and having the majority of our operations in Hong Kong pose risks to investors. Legal and operational risks associated with operations in mainland China may also apply to operations in Hong Kong." on page 28.

● Our business operations are principally in Hong Kong. Any adverse changes in the economic, political, legal and social conditions of Hong Kong may lead to an adverse impact on the demand for our services and may result in deteriorating financial performance of the Company. For details, see "Risk Factors—Risks Relating to Doing Business in Hong Kong—Risks relating to the economic, political, legal and social conditions in Hong Kong." on page 30.

● It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If our Hong Kong subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our subsidiary's business operations, financial position and results of operations could be materially and adversely affected. For details, see "Risk Factors—Risks Relating to Doing Business in Hong Kong—The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region could impact our operating subsidiaries in Hong Kong." on page 30.

● Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Ordinary Shares if such allegations cannot be addressed and resolved favorably.

● We face risks related to Nasdaq's proposed rule on $25 million dollar minimum offering size for companies with principal operations in China, including Hong Kong, including the risk our securities will not be approved for listing on Nasdaq and this offering will not be completed.

***Risks Relating to Our Class A Ordinary Shares and This Offering***

● An active trading market for our Class A ordinary shares may not be maintained.

● Our share price has been and may continue to be volatile, and you could lose all or part of your investment.

● Our dual-class share structure with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial.

● The Company's officers and principal shareholders have significant influence over our management and their interests may not be aligned with our interests or the interests of the Company's other shareholders.

● The market for our Class A ordinary shares may be subject to manipulation that is beyond our control which may result in sudden increases and decreases in the price of our Class A ordinary shares.

**Permission Required From Chinese Authorities for This Offering**

We are headquartered in Hong Kong and primarily generate revenues and profits from our operating entities in Hong Kong and Taiwan. Neither we or any of our subsidiaries have any operations in Mainland China. As advised by our PRC counsel, Fieldfisher, under the current PRC laws, we are not required to obtain any permissions or approvals from Chinese authorities to operate our business in China or to offer the securities being registered to foreign investors. Specifically:

*Permissions Requirements from the China Securities Regulatory Commission (CSRC)*

The proposed listing and offering in the U.S. does not constitute an indirect overseas offering and listing by a "China-based company" under the China Overseas Listing Filing Rules, and therefore we are currently not required to obtain any permission or approval from the CSRC to list securities on the U.S. exchanges and offer securities.

As of the date of this prospectus, we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China. Nor do we or any of our subsidiaries have any operation in Mainland China. All our officers and substantially all members of our board of directors are based in Hong Kong and we are not controlled by any Mainland Chinese company or individual. On this basis, as advised by our PRC counsel, Fieldfisher, we do not believe we will be classified as a "China-based company" under the China Overseas Listing Filing Rules, which is required to file with the China Securities Regulatory Commission, or CSRC, its registration statement in connection with an overseas initial public offering.

*Permissions Requirements from the Cyberspace Administration of China (CAC)*

Under the current legal framework of cybersecurity and data privacy, we are not required to obtain any permission or approval from any Chinese authority to conduct our business that we presently engage in. We collect and store certain data (including certain personal information) from our clients, some of which may involve individuals in Mainland China, in connection with our business and operations for recruitment and marketing purposes. However, as of the date of this prospectus, we collect only basic personal information, such as registered names and contact details, of fewer than one million PRC individuals after obtaining due consent, and we do not process any biometric or other sensitive personal data. In addition, all of the data we have collected is stored in servers located outside Mainland China. On this basis, as advised by our PRC counsel, Fieldfisher, we do not believe we fall into any categories under Personal Information Protection Law of the People's Republic of China or Provisions on Promoting and Regulating Cross-border Data Transfer that would require us or our subsidiaries to obtain any permission or approval for carrying out the business that we presently engage in.

In addition, we are not operating any business as a "network platform operator" in China, and as of the date of this prospectus, we have not received any notice from any PRC authority that determine us or our subsidiary as a "network platform operator". On this basis, as advised by our PRC counsel, Fieldfisher, we do not believe we are subject to the PRC cybersecurity review for this offering.

However, these laws and regulations are relatively new. There are uncertainties with regard to their interpretation and enforcement and the PRC regulatory authorities may not agree with our interpretation. In addition, laws and regulations in China can change quickly with little advance notice. See "Risk Factors— Risks Relating to Doing Business in Hong Kong — Being based in and having the majority of our operations in Hong Kong pose risks to investors. Legal and operational risks associated with operations in mainland China may also apply to operations in Hong Kong." on page 28.

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If (i) we fail to obtain or maintain the requisite permissions or approvals from the Chinese government in a timely manner, should such permissions or approvals become necessary in the future; (ii) we inadvertently conclude that such permissions or approvals are not required; or (iii) there are changes in applicable laws, regulations, or their interpretations that may impose upon us the obligation to obtain such permissions or approvals in the future, we may face significant challenges in securing the required permissions or approvals, we may become vulnerable to regulatory actions or other sanctions imposed by the CSRC, the CAC, or other PRC regulatory authorities for non-compliance with any new regulatory requirements. The consequences of such non-compliance could be severe. The relevant regulatory authorities may order rectification, issue a warning, and impose a fine against us, persons directly in charge and other responsible personnel and the controlling shareholder or actual controller who organizes or instructs such violations, potentially resulting in material adverse effects on our operations and financial condition, which, in turn, could cause the value of our Class A ordinary shares to significantly decline or become worthless.

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**Implications of the Holding Foreign Companies Accountable Act**

Under the HFCA Act, if the SEC determines that an issuer has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years, the SEC will prohibit the securities of such issuer from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations completely of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its previous determinations accordingly.

On December 29, 2022, the Consolidated Appropriations Act, 2023, was signed into law, which amended the HFCA Act (i) to reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two, and (ii) so that any foreign jurisdiction could be the reason why the PCAOB does not have complete access to inspect or investigate a company's auditor. As it was originally enacted, the HFCA Act applied only if the PCAOB's inability to inspect or investigate was due to a position taken by an authority in the foreign jurisdiction where the relevant public accounting firm is located. As a result of the Consolidated Appropriations Act, 2023, the HFCA Act now also applies if the PCAOB's inability to inspect or investigate the relevant accounting firm is due to a position taken by an authority in any foreign jurisdiction. The denying jurisdiction does not need to be where the accounting firm is located.

Our auditor, TAAD LLP, is headquartered in California in the U.S. and has been inspected by the PCAOB on a regular basis. The PCAOB currently has access to inspect the working papers of our auditor. While we currently do not expect the HFCA Act to prevent us from listing our Class A ordinary shares in the U.S., uncertainties exist with respect to future determinations of the PCAOB in this respect and any further legislative or regulatory actions to be taken by the U.S. or Chinese governments that could affect our listing status in the U.S. If we were identified as a "Commission-Identified Issuer" for two consecutive years, trading in our securities on U.S. markets would be prohibited.

For details about the risks associated with the enactment of the HFCA Act, see "Risk Factors—Risks Relating to Our Class A Ordinary Shares and This Offering—Our Class A ordinary shares may be prohibited from trading in the United States under the HFCA Act in the future if the PCAOB is unable to inspect or investigate completely our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment." on page 40.

**Our Corporate and Ownership Structure**

The following diagram illustrates our corporate structure, including our significant subsidiaries as that term is defined under Section 1-02 of Regulation S-X under the Securities Act of 1933, as amended, or the Securities Act, and certain other operating entities as of the date of this prospectus.

![](formdrsa_018.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) PressLogic
 Inc. holds 90% of the equity interest of Lead Famous Limited. The remaining 10% interest in Lead Famous Limited is held by Admire
 Lead Limited, a company incorporated in British Virgin Islands, which is wholly owned by Mr. Cheung Ho Chak Ryan, our chairman and
 chief executive officer.

(2) PressLogic
 Inc. holds 84.53% of the equity interest of Ample Advance Limited. The remaining 15.47% interest in Ample Advance Limited is held
 by Mr. Luk Kin Ting, a Hong Kong citizen.

As a holding company with no business operation, PressLogic Inc. relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. In connection with our Restructuring, PressLogic Inc. issued an additional 14,830,100 ordinary shares of a par value of US$0.0001 to PressLogic Holdings Limited, its then-parent company, for a total consideration of US$1,483.01. PressLogic Holdings Limited distributed these shares to its shareholders based on their pro-rata shareholding. As of the date of this prospectus, no dividends or distributions have been made to date from our Hong Kong or BVI subsidiaries to the holding company, and other than the distribution in specie in connection with our Restructuring, we have not made any dividend or distribution to shareholders, including U.S. Investors. There is no tax incurred or other tax consequences in connection with the distribution in specie. For details, see "Our History, Corporate and Ownership Structure" on page 51, and Note 1 and Note 17 of our consolidated financial statements, included elsewhere in this prospectus.

For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, PressLogic Holdings Limited transferred funds of HK$0.4 million, HK$6.0 million (US$0.8 million), and nil, respectively, to its subsidiaries to meet their working capital needs. As of the date of this prospectus, no transfers, dividends and distributions have been made by the holding company to its subsidiaries.

Subject to the provisions in our memorandum and articles of association, as amended from time to time, PressLogic Inc. is permitted under the laws of the Cayman Islands to provide funding to its subsidiaries in Hong Kong and BVI through loans or capital contributions without restrictions on the amount of the funds. Subject to the laws of the Cayman Islands and our current amended and restated memorandum and articles of association, PressLogic Inc.'s board of directors may authorize and declare a dividend to shareholders out of funds lawfully available therefor at such time and of such an amount as they deem fit provided that in no circumstances may a dividend be paid out of PressLogic Inc.'s share premium account if this would result in PressLogic Inc. being unable to pay its debts as they fall due in the ordinary course of business. Our subsidiaries in Hong Kong and BVI may distribute earnings by dividends to PressLogic Inc., provided that the entity remains solvent after such distribution. Moreover, according to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. If our Hong Kong or BVI subsidiaries incur debt in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to its shareholders. We do not have cash management policies that dictate how funds are transferred between us, our subsidiaries or investors. Other than the above, currently there are no limitations on our ability to transfer cash between PressLogic Inc., its subsidiaries, or investors.

The PRC laws and regulations on foreign exchange do not currently have any material impact on transfer of cash from PressLogic Inc. to its Hong Kong and BVI subsidiaries or from its Hong Kong and BVI subsidiaries to PressLogic Inc. However, in the future, funds may not be available to support operations or for other uses outside of Hong Kong due to potential interventions or the imposition of restrictions by the PRC government on our ability or that of our subsidiaries to transfer cash. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A ordinary shares or cause them to be worthless.

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PressLogic Inc. currently has a single class structure. The following diagram illustrates our pre-offering ownership structure, including our pre-offering percentage ownership as of the date of this prospectus.

 ****

![A diagram of a company AI-generated content may be incorrect.](formdrsa_005.jpg)

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Note:

For each person and group included in this diagram, 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 ordinary shares outstanding, which is 14,840,100 ordinary shares, and the number of ordinary shares such person or group has the right to acquire upon the exercise of options, warrants or other rights within 60 days after the date of this prospectus.

Following the completion of this offering, our issued and outstanding share capital will consist of Class A ordinary shares and Class B ordinary shares. Mr. Cheung Ho Chak Ryan, our chairman and chief executive officer, will beneficially own all of our issued and outstanding Class B ordinary shares and will be able to exercise % of the total voting power of our issued and outstanding share capital immediately following the completion of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to 10 votes. For details, see "Description of Share Capital" on page 101. For risks associated with our dual class structure, please refer to "Risk Factors—Risks Relating to Our Class A Ordinary Shares and This Offering—Our dual-class share structure with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial." on page 34.

The following diagram illustrates our post-offering ownership structure, including our post-offering ownership and voting power as of the date of this prospectus.

 ****

![](formdrsa_006.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 each person and group included in this diagram, percentage ownership is calculated by dividing the number of ordinary shares beneficially
 owned by such person or group, including ordinary shares that such person or group has the right to acquire within 60 days after
 the date of this prospectus, by the sum of (1) , which is the total number of ordinary shares outstanding immediately after the completion
 of this offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares),
 and (2) the number of ordinary shares that such person or group has the right to acquire upon exercise of option, warrant or other
 right within 60 days after the date of this prospectus.

(2) For
 each person or group included in this diagram, the percentage of total voting power represents voting power based on both Class A
 and Class B ordinary shares held by such person or group immediately after the completion of this offering with respect to all of
 our outstanding Class A and Class B ordinary shares as one class immediately after the completion of this offering (assuming the
 underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares).

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For details, please refer to "Principal Shareholders" beginning on page 97.

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**Implications of Being an Emerging Growth Company**

As a company with less than US$1.235 billion in revenue for the last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012 (as amended by the Fixing America's Surface Transportation Act of 2015), or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, 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 will remain an emerging growth company until the earliest of (i) the last day of our fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the previous 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 our 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. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. See "Risk Factors—Risks Relating to Our Class A Ordinary Shares and This Offering—We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements." on page 37.

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**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt under the Exchange Act from, among other things, 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 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. We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year and we intend to publish our results on a quarterly basis. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt and will adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing standards, including the requirement that the majority of the board of directors must be independent. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards. For details, see "Risk Factors — Risks Relating to Our Class A Ordinary Shares and This Offering — As an exempted company incorporated in the Cayman Islands, the Company is permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if the Company complied fully with such corporate governance listing standards." on page 36.

**Implications of Being a Controlled Company**

Immediately following the completion of this offering, Mr. Cheung Ho Chak Ryan, our chairman and chief executive officer, will beneficially own Class B ordinary shares, representing % of our total voting power, assuming that the underwriters do not exercise their option to purchase additional Class A ordinary shares, or % of our total voting power, assuming that the option to purchase additional Class A ordinary shares is exercised by the underwriters in full. As a result, Mr. Cheung Ho Chak Ryan will have the ability to determine all matters requiring approval by stockholders including the election of directors, amendment of governing documents, and approval of major corporate transactions, and we will be a "controlled company" as defined under the Nasdaq Stock Market Rules following the completion of this offering.

As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Currently, we do not plan to utilize the "controlled company" exemptions with respect to our corporate governance practice after we complete this offering as we plan to rely on Nasdaq's rules that permit a foreign private issuer to follow its home country requirements to some extent concerning corporate governance issues and to continue to rely on these exemptions available to foreign private issuers in the event we were to lose our "controlled company" status.

**Our Corporate Information**

Our principal executive office is located at 26/F, Chinachem Leighton Plaza, 29 Leighton Road, Causeway Bay, Hong Kong. Our telephone number at this address is +852 3709 2787. Our registered office in the Cayman Islands is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18th Floor, New York, NY 10168. Investors should contact us for any inquiries through the address and telephone number of our principal executive office.

Our principal website is https://www.presslogic.online. The information contained on our website is not a part of this prospectus.

**Conventions which Apply to This Prospectus**

Unless we indicate otherwise, all information in this prospectus reflects the following:

● "BVI" refers to the British Virgin Islands;

● "China" or "PRC" refers to the People's Republic of China, including Hong Kong, Macau and Taiwan, and only in the context of describing laws, rules, regulations, regulatory, governmental and judiciary authorities, and any PRC entities or citizens under such rules, laws and regulations and other legal or tax matters adopted by the authorities of mainland China in this prospectus, excludes Hong Kong, Macau and Taiwan, whereas the legal and operational risks associated with operating in China or PRC as described in the "Risk Factors" section also apply to our operations in Hong Kong.

● "Class A ordinary shares" refers to our Class A ordinary shares, par value US$0.0001 per share;

● "Class B ordinary shares" refers to our Class B ordinary shares, par value US$0.0001 per share;

● "HK$" or "Hong Kong dollars" or "HKD" refers to the legal currency of Hong Kong;

● "shares" or "ordinary shares" refer to our Class A ordinary shares and Class B ordinary shares, par value US$0.0001 per share;

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

● "IFRS" refers to International Financial Reporting Standards as issued by the International Accounting Standards Board; and

● "we," "us," "our company," "our", or "Group" refers to PressLogic Inc. and its subsidiaries as a group.

Unless otherwise noted, all translations from Hong Kong dollars to U.S. dollars and from U.S. dollars to Hong Kong dollars in this prospectus are made at HKD7.852 to US$1.00, the exchange rate quoted by Hong Kong Monetary Authority on June 30, 2025. We make no representation that any Hong Kong dollars or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Hong Kong dollars, as the case may be, at any particular rate, the rates stated below, or at all.

This prospectus contains information derived from various public sources and certain information from an industry report commissioned by us and prepared by Frost & Sullivan, a third-party industry research firm, to provide information regarding our industry and market position. Such information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section. These and other factors could cause results to differ materially from those expressed in these publications and reports.

**The Offering** 

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| | |
|:---|:---|
| Offering price range | We currently estimate that the initial public offering price will be between US$ and US$ per Class A ordinary share. |
| Class A ordinary shares offered by us | Class A ordinary shares (or Class A ordinary shares if the underwriters exercise their over-allotment option in full, assuming no exercise of the Representative's Warrants). |
| Over-allotment option | We have granted the underwriters an option, exercisable for 30 days from the closing date of this offering, to purchase up to an aggregate of Class A ordinary shares at the initial public offering price, less underwriting discounts and commissions, solely for the purpose of covering over-allotments. See "Underwriting" on page 116 of this prospectus. |
| Ordinary shares outstanding immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A ordinary shares, par value US$0.0001 per share (or Class A ordinary shares if the underwriters exercise their option to purchase additional Class A ordinary shares in full, assuming no exercise of the Representative's Warrants), and Class B ordinary shares, par value US$0.0001. |
| Listing | We have applied to list our Class A ordinary shares on the Nasdaq under the symbol "PLAI." The Class A ordinary shares will not be listed on any other stock exchange or traded on any automated quotation system. No assurance can be given that a liquid trading market will develop for our Class A ordinary shares. The approval of such listing on the Nasdaq is a condition to closing this offering. |
| Use of proceeds | Based on the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus, we estimate that the net proceeds to us will comprise approximately US$ from this offering (or approximately US$ , if the underwriters exercise their option to purchase additional Class A ordinary shares in full), after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. |
|  | We intend to use the net proceeds from this offering for the following purposes: (i) to further develop and enhance our proprietary data analytics and content platform; (ii) strategic marketing and customer acquisition initiatives; (iii) to expand our geographic presence; (iv) potential strategic investments and acquisitions, although we have not identified any specific investments or acquisition opportunities; and (v) general corporate purposes and working capital. See "Use of Proceeds" on page 44. |
| Lock-up | Our directors, executive officers and shareholders have agreed, subject to certain customary exceptions, for a period of six months following the closing date of this offering, not to offer, pledge, sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any other securities convertible into or exercisable or exchangeable for any ordinary shares, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of ordinary shares, subject to certain exceptions. |
|  | In addition, the Company has agreed not to file or cause to be filed any registration statement with the SEC relating to the offering of any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares of the Company for a period of six months after the closing. See "Shares Eligible for Future Sale—Lock-Up Agreements" and "Underwriting—Lock-Up Agreements." |

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| | |
|:---|:---|
| Payment and settlement | The underwriters expect to deliver the Class A ordinary shares against payment in U.S. dollars on , 2025. |
| Transfer agent | The transfer agent for our Class A ordinary shares is Transhare Corporation. The transfer agent's address is Bayside Center 1, 17755 US Highway 19 N, Suite 140, Clearwater FL 33764. |
| Risk Factors | See "Risk Factors" and other information included in this prospectus for discussions of the risks relating to investing in our Class A ordinary shares. You should carefully consider these risks before deciding to invest in Class A ordinary shares. |

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Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the option granted to the underwriters to purchase up to additional Class A ordinary shares to cover over-allotments, if any, in connection with the offering.

Unless otherwise indicated, the number of ordinary shares that will be issued and outstanding immediately after this offering:

● is based upon ordinary shares (including Class A ordinary shares and Class B ordinary shares) on an as-converted basis issued and outstanding as of the date of this prospectus; and

● assumes no exercise of the underwriters' option to purchase additional Class A ordinary shares and no exercise of the Representative's Warrants.

**Our Summary Consolidated Financial Data**

*The following summary consolidated statements of income and comprehensive income and summary consolidated statements of cash flows data for the years ended December 31, 2023 and 2024 and summary consolidated balance sheets data as of December 31, 2023 and 2024 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The following summary consolidated statements of operations for the six months ended June 30, 2024 and 2025, summary consolidated balance sheet data as of June 30, 2025 and summary consolidated cash flow data for the six months ended June 30, 2024 and 2025 have been derived from our unaudited interim consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with IFRS. Our historical results are not necessarily indicative of results expected for future periods. You should read this Summary Consolidated Financial Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.*

The following table presents our summary consolidated statements of income and comprehensive income data for the periods indicated.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | ***HK$*** | **% of revenues** | ***HK$*** | ***US$*** | **% of revenues** | ***HK$*** | **% of revenues** | ***HK$*** | ***US$*** | **% of revenues** |
|  |  |  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| Revenues | 103570231 | 100.0 | 107714812 | 13718137 | 100.0 | 45469367 | 100.0 | 52626163 | 6702689 | 100.0 |
| Cost of revenue | (31640351) | (30.5) | (33326733) | (4244362) | (30.9) | (13929386) | **(30.6)** | (14570385) | (1855745) | (27.7) |
| **Gross profit** | **71929880** | **69.5** | **74388079** | **9473775** | **69.1** | **31539981** | **69.4** | **38055778** | **4846944** | **72.3** |
| Selling and marketing expenses | (16187560) | (15.6) | (15933674) | (2029250) | (14.8) | (7095501) | (15.6) | (8174958) | (1041197) | (15.5) |
| General and administrative expenses | (43338733) | (41.8) | (38070384) | (4848495) | (35.3) | (18361968) | (40.4) | (20730129) | (2640276) | (39.4) |
| Research and development expenses | (9771388) | (9.4) | (9348597) | (1190601) | (8.7) | (4654750) | (10.2) | (2659968) | (338785) | (5.1) |
| **Total operating expenses** | **(69297681)** | **(66.9)** | **(63352655)** | **(8068346)** | **(58.8)** | **(30112219)** | **(66.2)** | **(31565055)** | **(4020258)** | **(60.0)** |
| **Income from operations** | **2632199** | **2.5** | **11035424** | **1405428** | **10.2** | **1427762** | **3.1** | **6490723** | **826686** | **12.3** |
| Finance income/(cost) | (259095) | (0.3) | (987230) | (125730) | (0.9) | (615085) | (1.4) | 823263 | 104854 | 1.6 |
| Other gain and loss | 500329 | 0.5 | 250417 | 31892 | 0.2 | 50122 | 0.1 | 26651 | 3394 | 0.1 |
| **Income before tax expense** | **2873433** | **2.8** | **10298611** | **1311591** | **9.6** | **862799** | **1.9** | **7340637** | **934934** | **13.9** |
| Income taxes expense | (341523) | (0.3) | (1125215) | (143303) | (1.0) | (279502) | (0.6) | (1079722) | (137518) | (2.1) |
| **Net income** | **2531910** | **2.4** | **9173396** | **1168288** | **8.5** | **583297** | **1.3** | **6260915** | **797416** | **11.9** |

---

The following table presents our summary consolidated balance sheets data as of the dates indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of June 30,** | **As of June 30,** |
|  | **2023** | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** | ***HK$*** | ***US$*** |
|  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** |
| Cash and cash equivalents | 16810776 | 37304574 | 4750965 | 42489511 | 5411643 |
| Trade receivables, net | 29400289 | 34572473 | 4403015 | 26645348 | 3393663 |
| Contract costs | 146392 | 757 | 96 | 757 | 96 |
| Prepayments, other receivables and other assets | 3013688 | 1812874 | 230881 | 1761381 | 224337 |
| Deferred initial public offering costs |  | 1290182 | 164313 | 5477753 | 697670 |
| **Total current assets** | **49371145** | **74980860** | **9549269** | **76374750** | **9727409** |
| **Total non-current assets** | **7550588** | **11708379** | **1491133** | **10244515** | **1304785** |
| **Total assets** | **56921733** | **86689239** | **11040402** | **86619265** | **11032194** |
| Borrowing-current | 4100000 | 16843334 | 2145101 | 16449493 | 2095076 |
| Trade payable | 1781500 | 985969 | 125569 | 2494424 | 317700 |
| Other payables and accruals | 5707195 | 6615359 | 842506 | 7237680 | 921821 |
| Lease liabilities – current | 2753938 | 3951816 | 503288 | 3969720 | 505601 |
| Contract liability | 1434010 | 1887908 | 240437 | 2528122 | 321992 |
| Due to related parties-current | 16175424 | 17791886 | 2265905 | 10955114 | 1395289 |
| Income tax payables |  | 530390 | 67548 | 1920716 | 244630 |
| **Total current liabilities** | **31952067** | **48606662** | **6190354** | **45555269** | **5802109** |
| **Total non-current liabilities** | **20557513** | **24326953** | **3098186** | **22669458** | **2887277** |
| **Total liabilities** | **52509580** | **72933615** | **9288540** | **68224727** | **8689386** |
| **Total liabilities and stockholders' equity** | **56921733** | **86689239** | **11040402** | **86619265** | **11032194** |

---

The following table presents our summary consolidated cash flow data for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** |
|  | ***HK$*** | ***HK$*** | ***US$*** | ***HK$*** | ***HK$*** | ***US$*** |
|  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| Net cash provided by operating activities | 881214 | 13735939 | 1749355 | 5206277 | 11982297 | 1526115 |
| Net cash used in investing activities | (233744) | (386180) | (49182) | (220021) | (176054) | (22423) |
| Net cash provided by / (used in) financing activities | (786095) | 6974423 | 888235 | 10321107 | (6500197) | (827893) |
| Net increase/ (decrease) in cash and cash equivalents | (133260) | 20493798 | 2610010 | 15597650 | 5184937 | 606829 |
| Cash and cash equivalents, beginning of year | 16944036 | 16810776 | 2140955 | 16810776 | 37304574 | 4804814 |
| Cash and cash equivalents, end of year | 16810776 | 37304574 | 4750965 | 32408426 | 42489511 | 5411643 |

---

**Cautionary Statement 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," "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:

● assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items;

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

● current and future economic and political conditions;

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

● our ability to attract customers and further enhance our brand recognition;

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

● trends and competition in the digital marketing industry; and

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

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

**Risk Factors**

*You are purchasing equity securities of PressLogic Inc., a Cayman Islands holding company, rather than equity securities of its operating subsidiaries. Such structure involves unique risks to investors in the Class A ordinary shares. You should carefully consider all of the information in this prospectus, including the risks and uncertainties described below, before making an investment in our Class A ordinary shares. Any of the following risks could have a material adverse effect on our business, financial condition and results of operations. In any such case, the market price of our Class A ordinary shares could decline, and you may lose all or part of your investment.*

**RISKS RELATING TO OUR BUSINESS AND INDUSTRY**

 ****

***Our past performance is not indicative of our future growth, and our ability to sustain profitability in the future is uncertain.***

Our net income increased from HK$2.5 million in 2023 to HK$9.2 million (US$1.2 million) in 2024. Our net income increased from HK$0.6 million in the six months ended June 30, 2024 to HK$6.3 million (US$0.8 million) in the six months ended June 30, 2025. We do not know if we will be able to continue to retain and increase profitability. We plan to continue to invest in our research and development and sales and marketing efforts, and we anticipate that our operating expenses will continue to increase as we scale our business and expand our operations. We also expect our general and administrative expenses to increase as a result of our growth and operating as a public company. Our ability to sustain and increase profitability is based on numerous factors, many of which are beyond our control. We may not be able to continue to retain or increase profitability in the future.

 ****

***If we fail to attract new customers and adapt to the changing preferences and tastes of the audience, our business, financial condition, results of operations and growth prospects could be materially and adversely affected.***

We operate in the digital marketing industry, which is fast-growing and constantly evolving. Our success depends on our ability to generate engaging digital content and appealing advertisements that align with the latest trends, thereby attracting traffic and potential customers to our media brands. Internet users are highly sensitive to content timing and relevance. If we cannot keep up with market trends or produce high-quality content, our audience may quickly lose interest, switch to competitors, and be reluctant to return to our brands.

Additionally, investment in content and service development often entails a long return on investment cycle. We have made, and will continue to make, significant investments in this area. Adapting to changing audience preferences requires substantial resources, and we may face challenges in executing our development strategy, including planning, timing, and technical hurdles that could impede our progress.

 ****

***We are typically engaged by our customers on a project-by-project basis. Failure to retain existing customers, increase their spending or attract new ones could adversely impact our business and results of operations.***

We do not have long-term marketing campaign contracts with customers, and a majority of our marketing campaign contracts are for a term of one to three months. Our customers are not obligated to use our platform on an exclusive basis, and they generally use multiple providers to manage their marketing spending. Accordingly, we must convince our customers to use our platform, increase their usage and spend a larger share of their online marketing budgets with us, and do so on an ongoing basis.

Our ability to achieve renewals of marketing campaign contracts and new sales depends on many factors, some of which are out of our control, including:

● effectiveness of our solutions in meeting customers objective and expectation;

● customer satisfaction with our solutions, including any new solutions that we may develop;

● the competitiveness of our pricing and payment terms for our clients, which may, in turn, be constrained by our capital and financial resources;

● our ability to tailor our solution offerings and delivery and pricing models in accordance with the evolving needs of our clients and end marketers;

● our ability to expand our database and solutions to serve marketers in a wider range of industries and geographic regions;

● mergers, acquisitions or other consolidation among marketers and marketing agencies, and

● seasonality in online marketing business, which may be affected by the online spending cycles of marketers' practices in marketing budget allocation, and the effects of global economic conditions on spending levels of marketers generally.

Therefore, we cannot assure you that clients that have generated marketing spending on our platform in the past will continue to spend at similar levels or that they will continue to use our platform at all. We may not be able to replace clients which decrease or cease their usage of our platform with new clients that spend similarly on our platform.

 ****

***We cannot guarantee that our monetization strategies, including up-sale and cross-sale initiatives, will be successfully implemented or generate sustainable revenues and profits.***

We are at the early stage of monetizing our multiple services, and our monetization model is evolving. Our monetization strategies primarily include, among others, leveraging our SAAS solutions MediaLens to up- and cross-sell our content marketing solutions. However, our monetization initiatives are uncertain and may not achieve the anticipated effect. For instance, we offer our SaaS solutions either free of charge or at a minimal subscription fee to drive client engagement, and our main revenue stream comes from selling content marketing solutions. There is no assurance that SaaS users will convert into content marketing customers or that our upselling and cross-selling efforts will succeed.

Furthermore, we cannot assure you that we can successfully implement the existing business model to generate sustainable revenues, especially with respect to our attempts in broadening the monetization model with limited track records, or that we will be able to develop new monetization strategies to grow our revenues. If we fail to maintain the implementation of our existing business model or develop new monetization approaches, we may not be able to maintain or increase our revenues or effectively manage any associated costs.

In addition, we may introduce new services for which we have little or no prior development or operating experience. If these new services fail to meet customer expectations or achieve expected adoption among customers, we may fail to diversify our revenue streams or generate sufficient revenues to justify our investments and costs, and our business and operating results may suffer as a result.

 ****

***We rely on third-party social media platforms for distribution of our contents, any change in third-party social media platform policy, any decline or termination in the use of third-party social media platforms, and any deterioration of our relationships with these platforms, may materially affect our operations and business performance.***

Most of our contents are distributed through our media brands on third-party social media platforms. The traffic on the third-party social media platforms will re-direct the followers to our websites and apps via the hyperlinks on the third-party social media platforms, hence creating advertising opportunities on the websites and mobile apps of our Group. Our digital marketing solutions heavily relies on third-party social media platforms not only in the exposure they provided for our contents and advertisements, but also to enhance user engagement and facilitate interactions between our advertisers and their target audience, which in turn enables us to deliver digital marketing solutions in an effective manner.

Any change in the third-party social media platforms' policy for their algorithm of distributing our contents to followers on such platforms may reduce viewership, thereby undermining our reach to audience, who in turn are ultimate consumers of our advertisers' products and services. If we fail to adjust to any policy change from such third-party social media platforms, our operations and business performance may be materially adversely affected. In addition, in the event of decline or termination in the use of third-party social media platforms, our audience may migrate to other media brands and our customers may also seek to conduct their advertising campaigns through the media brands of other competitors. If we fail to establish our presence on third-party social media platforms, or our audience profile on such third-party social media platforms fail to match with the target customers of our customers' products and services, our business, results of operations and financial performance would be materially and adversely affected.

In particular, we rely on an online social networking platform for the boosting services for our digital advertising solutions with contents distributed on its platforms. This platform is one of the most influential platforms in Hong Kong. As our business model highly relies on the traffic and exposure of our contents on our media brands operated on the social media sites of this online social networking platform, it is unlikely that our demand for the boosting services from this platform will be shifted to other social media platforms. In the event that this platform increases the price of its services, the exposure of our online advertising solutions may drop significantly and may not be able to reach the advertiser's desired amount of intended target audience, thereby reducing the effectiveness of our advertising solutions. This may, in the long run, deter us from retaining existing customers and attracting new customers and therefore be detrimental to our business operation and financial performance.

***Our solutions and services are heavily dependent on APIs provided by third parties, including social media networks, and are thus subject to the relevant policies. If we lose access to data provided by such APIs or the terms and conditions on which we obtain such access become less favorable, our business operations could be adversely affected.***

Our solutions and services depend heavily on the ability to access and integrate with third-party APIs. In particular, we have developed our platform and products to integrate with certain social media network APIs and the third-party applications of other parties. These APIs are governed by the policies and terms of use of the respective platform providers, which are subject to change at their discretion. The type and scope of data we are authorized to access through these APIs may be modified, restricted, or discontinued over time. If these platforms alter their data-sharing policies, impose stricter limitations on API access, or terminate our access altogether, our ability to provide accurate and comprehensive insights to our customers could be significantly impacted. Such changes may adversely affect our business operations, including our capacity to refine content strategies, analyze advertising performance, and deliver competitive intelligence. Additionally, any unfavorable modifications to the terms and conditions associated with API access could increase operational costs or necessitate changes to our services, as a result, our business operations and financial conditions may be adversely affected.

To date, we have not relied on negotiated agreements to govern our relationships with most data providers and, in general, we rely on publicly available APIs. As a result, in many cases, we are subject to the standard terms and conditions for application developers of such providers, which govern the distribution, operation and fees of such integrations, and which are subject to change by such providers from time to time.

 ****

***We operate in a rapidly developing and competitive industry. The market in which we operate is intensely competitive, and if we do not compete effectively, our operating results could be harmed.***

The market for our digital marketing solutions is fragmented, constantly evolving, highly volatile, and highly competitive. In Hong Kong and Taiwan, the regulatory barriers to entering the digital advertising market are low, leading to fierce competition from various advertisers, including social media service providers, traditional publishers, online content creators, and individual influencers.

To remain competitive, we must deliver content and services that enhance the appeal of our media brands to our new and prospective customers. This requires us to:

● avoid technology defects;

● adapt to changing functionalities and APIs of social media networks;

● ensure easy access to our brands and services;

● provide immediate value and superior customer support; and

● demonstrate value across multiple functions and channels

Failure to achieve these objectives, especially while maintaining competitive pricing, could result in customer dissatisfaction and adversely affect our business.

Our current and future competitors may gain competitive advantage through greater market recognition, longer operating histories, a wider range of products and services, and established relationships with social media networks. In addition, some may pursue acquisitions or strategic relationships to broaden their offerings, making it more challenging for us to compete effectively.

We anticipate ongoing competitive pressures as competitors seek to strengthen their market positions. Furthermore, emerging marketing media, channels or technology like AI content generation pose further threats, potentially reducing demand for our services and adversely affecting our business prospects.

Failure to adapt in this highly competitive and rapidly evolving environment could result in reduced revenue and/or loss of our market share, significantly impacting our business and financial performance.

 ****

 ****

***If we fail to upgrade, and respond effectively to rapidly changing technology, our solutions and services may become less competitive and the demand for our solutions and services may diminish.***

The digital marketing industry is subject to rapid technological change, evolving industry standards and practices and changing customer and user needs, requirements, tastes and preferences. The success of our business will depend, in part, on our ability to adapt and respond effectively to these changes on a timely basis. If we are unable to develop and sell new solutions that satisfy our customers and provide enhancements and new features for our existing platform and brands that keep pace with rapid technological change in social media and the digital marketing industry, our revenue and operating results could be adversely affected. Our platform must also integrate with a variety of network, hardware, browser, mobile and software platforms, and technologies, and we must continuously modify and enhance our products to adapt to changes and innovation in these technologies. If new technologies emerge or our competitors are able to deliver solutions at lower prices or more efficiently, conveniently or securely, such technologies or solutions could adversely affect our ability to compete.

 ****

***We may not be able to safeguard personal data of our audience and clients which may lead to penalty and/or claims by third parties which may in turn materially and adversely affect our reputation and business. Any cyber-attacks, unauthorized access, significant data breach, or other security incidents or data breaches that affect our platforms, networks or systems, or those of our service providers or our customers could negatively affect our business, result in significant data losses or the theft of our intellectual property, damage our reputation, expose us to liability to third parties and require us to incur significant additional costs to maintain the security of our networks and data.***

We collect, receive, use, retain, store and process various personal data and other information of our audience, subscribers and users of our websites, mobile applications and our social media platforms operated on third party social media. Any cyber-attacks, unauthorized access, significant data breach, or other security incidents or data breaches that affect our platforms, networks or systems, or those of our service providers or our customers could negatively affect our business, result in significant data losses or the theft of our intellectual property, damage our reputation, expose us to liability to third parties and require us to incur significant additional costs to maintain the security of our networks and data.

We have implemented an internal IT security policy, which outlines the mandatory minimum security requirements for the protection of all our information systems and data assets. However, we cannot guarantee that such measures can entirely mediate the aforementioned risks. We could be found liable in litigation or public investigation as a result of our failure or perceived failure to comply with our privacy policy statement, or applicable privacy laws or regulations, or any unauthorized leak or use of personal data. Such failure would have an adverse impact on our reputation and the operation of our business.

 ****

***Changing regulations and increased awareness relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and harm our brand.***

We primarily target internet users in Hong Kong, and we are primarily subject to the laws and regulations on online marketing and enterprise solutions, including data and privacy laws in Hong Kong. The collection, storage, hosting, transfer, processing, disclosure, use, security and retention and destruction of personal information required to provide our services is subject to Hong Kong and foreign privacy, data protection and cyber security laws and ordinances. These laws and ordinances, which are not uniform, generally do one or more of the following: regulate the collection, storage, hosting, transfer (including in some cases, the transfer outside the country of collection), processing, disclosure, use, security and retention and destruction of personal information; require notice to individuals of privacy practices; give individuals certain access and correction rights with respect to their personal information; and regulate the use or disclosure of personal information for secondary purposes such as marketing. Under certain circumstances, some of these laws require us to provide notification to affected individuals, customers, data protection authorities and/or other regulators in the event of a data breach. In many cases, these laws apply not only to third-party transactions, but also to transfers of information among the Company and its subsidiaries.

We believe that providing insights from data through our SaaS solutions, including machine learning, will become increasingly important as a value-add to our digital marketing solutions. However, the ability to provide data-driven insights may be constrained by current or future regulatory requirements or ethical considerations that could restrict or impose burdensome and costly requirements on our ability to leverage data in innovative ways. Complying with privacy, data protection and cyber security laws and requirements may result in significant costs to our business and require us to amend certain of our business practices. Further, enforcement actions and investigations by regulatory authorities related to data security incidents and privacy violations continue to increase. The future enactment of more restrictive laws, rules or regulations and/or future enforcement actions or investigations could have a materially adverse impact on us through increased costs or restrictions on our businesses and noncompliance could result in significant regulatory penalties and legal liability and damage our reputation. In addition, data security events and concerns about privacy abuses by other companies are changing consumer and social expectations for enhanced privacy and data protection. As a result, even the perception of noncompliance, whether or not valid, may damage our reputation.

Additionally, if the third parties we work with, such as vendors or developers, violate applicable laws or regulations or our policies, such violations may also put our customers' and their users' and consumers' or other social media audiences' content at risk and could in turn have an adverse effect on our business. Any significant change to applicable laws, regulations, industry practices or the terms and conditions of these third parties regarding the collection, use, retention, security or disclosure of such content, or regarding the manner in which the express or implied consent of such persons for the collection, use, retention or disclosure of such content is obtained, could increase our costs and require us to modify our services and features, possibly in a material manner, which we may be unable to complete and may limit our ability to store and process user data or develop new services and features. All of these implications could adversely affect our revenue, results of operations, business and financial condition.

 ****

***Changes in laws and regulations related to the internet, perceptions toward the use of social media and changes in internet infrastructure itself may diminish the demand for our platform or products and could adversely affect our business and results of operations.***

The success of our business depends upon the continued use of the internet and social media networks. Federal, state or foreign government bodies or agencies have in the past adopted, and may in the future adopt, laws or regulations affecting the use of the internet as a commercial medium. In addition, government agencies or private organizations have imposed and may impose additional taxes, fees or other charges for accessing the internet, generally. These laws, taxes, fees or charges could limit the use of the internet or decrease the demand for internet-based solutions.

The public's increasing concerns about privacy and the use of social media may negatively affect the use or popularity of social media networks, and, in turn, adversely affect our business. For example, negative publicity surrounding particular forums of social media may have an adverse effect on our customers' and prospective customers' perceived value of our solution and willingness to purchase subscriptions or expand such subscriptions to more users or additional departments across their organizations. Similarly, enhanced scrutiny may lead to an increase in regulation of social media, which in turn could change the data or the manner in which data is shared by social media networks to social media management providers and other developers. Any change to the data we receive from social media networks or other third parties may negatively affect the functionality of our platform and solutions.

In addition, the use of the internet as a business tool could be adversely affected due to delays in the development or adoption of new standards and protocols to handle increased demands of internet activity, security, reliability, cost, ease-of-use, accessibility and quality of service. The performance of the internet and its acceptance as a business tool have been adversely affected by "viruses," "worms" and similar malicious programs, as well as the risks associated with other types of security breaches. If the use of the internet is reduced as a result of these or other issues, then demand for our platform and products could decline, which could adversely affect our revenue, business, results of operations and financial condition.

 ****

***Our contents may expose us to potential liabilities.***

If any of the contents or advertisement on our media platforms contains any false description to any goods or services supplied, any obscene or indecent article, any defamatory materials or copyright infringe work, we as the publisher of the contents and advertisement on our digital media platforms, no matter whether the contents are primarily produced by us or provided by our customers, will be liable, whether or not our customers are also liable for contents provided and/or approved by them. We may be charged by the relevant authorities for breach of the relevant laws and regulations. We may also be liable to compensate (i) the copyright owner if the contents or advertisement on our media platforms contains copyright infringing work or (ii) the subject of the contents or advertisement if it contains defamatory remark against the subject, and/or publish any clarification notice or apology (as the case maybe).

If we are involved in any claim, dispute and/or litigation in relation to infringement of intellectual property rights of other third parties, accusation of defamation or other third parties' rights, we may need to devote significant time and resources to defend ourselves. If we are unable to defend ourselves in such claim, dispute and/or litigation, we may be liable to payment of substantial compensation or other sanctions such as compliance with injunction order requiring us to remove the content in question or take other steps to prevent infringement which could impact our financial condition adversely. Such claim, dispute and/ or litigation might also taint our reputation, thus deterring our customers from engaging in our services and harming our financial performance.

 ****

***We may experience breakdowns in our information technology systems or undetected programming errors or other defects that could disrupt our business operations***

Our business heavily depends on the stable operation of our information technology systems including the software and hardware, which we utilize to, among other things, support our daily operation, including the hosting of our websites, social media accounts and mobile apps for our media brands; analyze viewers behaviors; and design, execute and place contents and advertisements on our platforms.

A system malfunction, undetected programming errors, or other defects could seriously disrupt or even paralyze our business operations. During such malfunction, we may also fail to deliver our services and products to our customers in timely manner and affect our business relationships with our customers. Our hardware systems are also vulnerable to a variety of events, including, among others, telecommunications failures, power shortages, malicious human acts and natural disasters, which would also lead to disruption to our business operations that could lead to a material adverse effect on our financial condition.

 ****

***We rely on third-party data centers and cloud computing providers, and any interruption or delay in service from these facilities could impair the delivery of solutions and harm our business.***

We currently serve our customers from third-party data centers and cloud computing providers located around the world. Some of these facilities may be located in areas prone to natural disasters and may experience events such as earthquakes, floods, fires, severe weather events, power loss, computer or telecommunication failures, service outages or losses, and similar events. They may also be subject to break-ins, sabotage, intentional acts of vandalism and similar misconduct or cybersecurity issues, human error, terrorism, improper operation, unauthorized entry and data loss. In the event of significant physical damage to one of these data centers, it may impair the delivery of solutions and harm our business. We may also incur significant costs for using alternative equipment or taking other actions in preparation for, or in reaction to, events that damage the data centers that we use.

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***We are required to comply with laws and regulations across jurisdictions, which may include obtaining and maintaining permits and licenses to operate certain aspects of our business operations.***

We are required to comply with laws and regulations across jurisdictions we operate in, which primarily includes Hong Kong and Taiwan. In accordance with the relevant laws and regulations, we are required to maintain various approvals, licenses, permits and filings to operate our business, including but not limited to our business licenses. The obtaining of these approvals, licenses, permits and filings are subject to satisfactory compliance with, among other things, licensing conditions and the applicable laws and regulations. Such licenses are valid for specified periods and subject to renewals on expiry. Any failure to renew such licenses may materially and adversely affect our business, financial condition and results of operations.

***If we fail to offer customer service and support in an effective and timely manner, or if the cost of such support is not consistent with corresponding levels of revenue, our business could be negatively affected.***

When engaging with our media brands' platforms, our customers depend on our customer service and support to resolve technical and operational issues in a timely manner. We may be unable to respond quickly enough to accommodate short-term increases in demand for customer or product support. We also may be unable to modify the nature, scope and delivery of our professional services or customer support to compete with changes in solutions provided by our competitors. Increased customer demand for support, without corresponding revenue, could increase costs and adversely affect our results of operations and financial condition. Our sales are highly dependent on our reputation and on positive recommendations from our existing customers. Any failure to maintain customer support, or a market perception that we do not maintain high-quality platform and products, could adversely affect our reputation, our ability to attract customers to advertise on our platforms, and in turn our business, results of operations and financial condition.

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***We may not be able to price our products and services at our desired margins as a result of any decrease in our bargaining power or changes in market conditions.***

Demand for our platform is also price sensitive. Many factors, including the decrease in our bargaining and the changes in market conditions. Our bargaining power may decrease if our competitors offer lower priced or free products or services that compete with our products and services. Even if such products do not include all the features and functionality that our products and services provide, our bargaining power may be disadvantaged to the extent that users find such alternative products to be sufficient to meet their needs. In addition, our ability to price our products and services at our desired margins may also be affected by changes in market conditions, if there are any changes that adversely affect the economy and the market, we may be forced to price our products at a lower cost to retain and attract customers. There can be no assurance that we will not be forced to engage in price-cutting initiatives or other discounts or to increase our sales and marketing and other expenses to attract and retain customers in response to competitive pressures, either of which would harm our business and operating results.

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***We may not be able to develop and gain market acceptance of new solutions successfully, expand our business into new geographic markets in a timely manner, or at all.***

The market acceptance of our solutions is critical to our success and the expansion of our business. Demand for our solutions is affected by a number of factors, many of which are beyond our control, including the changing preference of audiences, the timing of development and release of new solutions, features and functionality introduced by us or our competitors, technological change and the growth or contraction of the industry in which we compete.

In addition, we expect that an increasing focus on customer preferences and the growth of various marketing solutions and new technologies will profoundly impact the digital marketing industry. If we are unable to develop and gain market acceptance of new solutions successfully, we may not be able to expand our business into new geographic markets in a timely manner, or at all.

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***Our business operation is exposed to credit risk and timing mismatch between receipt of payments from clients and payments to suppliers, and any material payment delays or defaults by our clients may adversely affect our cashflow and financial position.***

Credit terms offered to our clients vary on a project-by-project basis, typically ranging from 30 to 60 days, with the maximum being 90 days. While we typically require upfront payment from new clients, we do not require any payment of deposit or upfront payment from existing clients, which we believe is in line with industry practice. Meanwhile, the credit term offered by our suppliers to us is generally shorter, leading to timing mismatch between receipt of payments from our clients and payments to our suppliers. For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, our trade payables turnover days were approximately 13 days, 15 days and 22 days, respectively, while our trade receivables turnover days for the relevant periods were approximately 109 days, 108 days and 106 days, respectively. Such timing mismatch exposes our business operation to credit risk that could adversely affect our cash flow and profitability in the event of any material payment delay or default by our clients.

Our cash flow and therefore profitability would be adversely affected if we experience delay in recovering our trade receivables. Even if the payment was subsequently recovered, the recovery process is usually burdensome along with extra time and resources spent. We cannot guarantee partial or full recovery for every outstanding payment, especially for our advertising agency clients who usually only make payment to us after receiving payment from their customers. Failure to secure adequate payments in time or to manage past due debts effectively could have a material and adverse effect on our business, financial position and results of operations.

***We are subject to supplier concentration risks.***

The potential loss of business from any of our major suppliers could have a material adverse effect on our business and results of operations. For the year ended December 31, 2023, one supplier, Meta Platforms Ireland Ltd., which was a third-party social media platform provider, accounted for 63.9% of our cost of revenue. For the year ended December 31, 2024 and the six months ended June 30, 2024 and 2025, the same supplier accounted for 60.7% , 63.9% and 60.7% of our cost of revenue, respectively. Should any of the above suppliers or other significant suppliers terminate their relationship with us or significantly reduces their supplies, our business and financial results could be materially and adversely affected. In the event one or more major suppliers undergo bankruptcy or similar proceedings that negatively impact their contractual obligations and render them unable to provide adequate supplies to us, our business, financial condition and results of operations may be adversely affected.

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***We recognize revenue over the delivering of performance obligations in our customers' contracts. Consequently, increases or decreases in new sales may not be immediately reflected in our results of operations and may be difficult to discern.***

We recognize revenue as we fulfill performance obligations in our customer contracts, which may extend over multiple periods. As a result, the increases or decreases in new sales may not be immediately reflected in our results of operations, which makes it difficult to assess our short-term business performance. If our sales growth declines, the impact may only become apparent over time, and the adverse impact on our results of operations may be difficult to discern. Similarly, an increase in new sales may not lead to an immediate boost in our revenue. This timing mismatch could create uncertainty for investors and analysts evaluating our financial performance, which could potentially affect the prices of our shares.

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***Our sales cycle can be long and unpredictable.***

We cooperate with clients on a range of projects, some of which may be complex, depending on our clients' needs. The timing of our sales for projects that involve a higher level of complexity and customization is difficult to predict because of the length and unpredictability of the sales cycle. We are often required to spend additional time and resources familiarizing ourselves with the business and ideas of these clients to provide them with complex and customized services that meet their needs. The length of our sales cycle for these clients, from order placement to the fulfillment of our service, is often around three to six months or more, and can vary substantially from client to client. As a result, it is difficult to predict whether and when a sale will be completed.

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***Indemnification provisions in various subscription agreements to which we are party potentially expose us to substantial liability for infringement, misappropriation or other violation of intellectual property rights, data protection and other losses.***

Our agreements with our customers and other third parties may include indemnification provisions under which we agree to indemnify or otherwise be liable to such third party for losses suffered or incurred as a result of claims of infringement, misappropriation or other violation of intellectual property rights, data protection, damages caused by us to property or persons, or other liabilities relating to or arising from our software, services, platform, our acts or omissions under such agreements or other contractual obligations. In addition, customers sometimes require us to sign non-disclosure agreements and indemnify, or otherwise be liable to them for breach of confidentiality or failure to implement adequate security measures with respect to their data stored, transmitted or processed by our media platforms. Some of these indemnity agreements provide for uncapped liability and indemnity provisions often survive termination or expiration of the applicable agreement.

We may in the future receive indemnification requests from our customers related to such claims. Large indemnity payments could harm our business, financial condition and results of operations. Although we attempt to contractually limit our liability with respect to such indemnity obligations, we are not always successful and may still incur substantial liability related to them, and we may be required to cease use of certain functions of our media platforms or products as a result of any such claims. Any dispute with a customer or other third party with respect to such obligations could have adverse effects on our relationship with such customer or other third party and other existing or prospective customers, reduce demand for our products and services and adversely affect our business, financial conditions and results of operations. In addition, although we carry general liability insurance, our insurance may not be adequate to indemnify us for all liability that may be imposed or otherwise protect us from liabilities or damages with respect to claims alleging compromises of customer data, and any such coverage may not continue to be available to us on acceptable terms or at all.

***Our success depends on the continuing efforts of our senior management team and other key personnel and our business may be harmed if we lose their services.***

We believe that our future success depends significantly on our continuing ability to attract, develop, motivate and retain our senior management and a sufficient number of experienced and skilled employees or consultants. We benefit from the track record of our senior management team. Our combined team offers deep industry experience throughout the digital marketing industry, as well as in-depth knowledge of the respective market.

Qualified individuals are in high demand, particularly in the digital marketing industry, and we may have to incur significant costs to attract and retain them. The loss of any member of the senior management team or such specialists could be highly disruptive and adversely affect our business operations in respect of a particular stakeholder or more broadly impact our future growth. Moreover, if any of these individuals joins a competitor or undertakes a competing business, we may lose crucial business secrets, personal relationships, technological know-how and other valuable resources, notwithstanding our contractual arrangements designed to mitigate this loss.

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***We may need additional capital in the future to pursue our business objectives. If we cannot obtain additional capital on acceptable terms, or at all, our business, financial condition and results of operations may be materially and adversely affected.***

We may need to raise additional capital to respond to business challenges or opportunities, accelerate our growth, develop new offerings or enhance our technological capacities. Due to the unpredictable nature of the capital markets and our industry, there can be no assurance that we will be able to raise additional capital on terms favorable to us, or at all, if and when required, especially if we experience disappointing results of operations. If adequate capital is not available to us as required, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our infrastructure or respond to competitive pressures could be significantly limited. If we do raise additional funds through the issuance of equity or convertible debt securities, the ownership interests of our shareholders could be significantly diluted. These newly issued securities may have rights, preferences or privileges senior to those of existing shareholders.

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***We may not be able to adequately protect our intellectual property and proprietary rights, which could harm our future success and competitive position.***

Our future success and competitive position depend in part upon our ability to obtain and maintain intellectual property rights used in our services and solutions. We may not always be successful in preventing the unauthorized use of our existing intellectual property rights by our competitors. If we are not successful in protecting our intellectual property, it may result in the loss of valuable technologies or require us to make payments to other companies for infringing on their intellectual property rights.

We generally rely on patent, trade secret and copyright laws as well as confidentiality agreements with other parties to protect our intellectual property rights; however, some of them may not be protected. A third party could copy or otherwise obtain and use our intellectual property rights without authorization. Additionally, third parties may assert infringement or other intellectual property claims against us based on their patents or other intellectual property rights. Litigation may be necessary for us to defend against claims of infringement or to protect our intellectual property rights and could result in substantial cost to us and diversion of our efforts. Further, we might not prevail in such litigation, which could harm our business and could result in us having to obtain a license to sell our products or pay substantial royalties. If we fail to obtain or maintain adequate protection of our intellectual property rights for any reason, we may not be able to build name recognition in our markets of interest and our competitive position may be adversely affected, which could also have a material adverse effect on our business, results of operations and financial condition.

***We may be subject to claims by third parties for intellectual property rights infringements, which could cause us to incur significant legal expenses and prevent us from promoting our solutions and services.***

Our success depends on our ability to develop our services and solutions without infringing the intellectual property or other rights of third parties. We may be subject to litigation involving claims of patent infringement or violation of intellectual property rights of third parties. We could also in the future be subject to claims that we or our employees, consultants or advisors have inadvertently or otherwise used or disclosed alleged trade secrets or other proprietary information of current or former employers, competitors or other third parties.

The defense and prosecution of intellectual property suits, patent opposition proceedings, trademark disputes and related legal and administrative proceedings can be both costly and time consuming and may significantly divert our resources and the attention of our management personnel. An adverse ruling in any such litigation or proceedings could subject us to significant liability to third parties. Intellectual property litigation may lead to unfavorable publicity, which may harm our reputation and cause the market price of the Company's ordinary shares to decline, and any unfavorable outcome from such litigation could limit our development activities and/or our ability to develop, market or sell our solutions.

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***Use of generative artificial intelligence tools may require additional investment and costs, and pose unique risks to our business and could subject us to legal liability.***

Uncertainty around new and emerging AI applications, such as generative AI content creation, may require additional investment in the development of proprietary datasets and machine learning models, development of new approaches and processes to provide attribution or remuneration to content creators, and the development of systems that enable creators to exert more control over how their work is utilized in AI development, which may be costly and could impact our profit margin. Developing, testing, and deploying AI systems may also increase the cost profile of our service offerings due to the nature of the computing costs involved in such systems.

We use generative AI tools in our business. Generative AI tools producing content that can be indistinguishable from that generated by humans is a relatively novel development, with benefits, risks, and liabilities still unknown. As our platform leverages a combination of internally developed AI processes and third-party AI products and we have little or no insight into the third-party content and materials used to train these generative AI tools, or the extent of the original works which remain in the outputs. As a result, we may face claims from third parties claiming infringement of their intellectual property rights of materials or content we believed to be available for use and not subject to license terms or other third-party proprietary rights. We could also be subject to claims from the providers of the generative AI tools, if we use any of the generated materials in a manner inconsistent with their terms of use.

Any of these claims could result in legal proceedings and could require us to purchase a costly license, or limit or cease using the implicated software, or other materials or content unless and until we can re-engineer such materials or content to avoid infringement or change the use of, or remove, the implicated third-party materials, which could reduce or eliminate the value of our service offerings. Any of these risks could be difficult to eliminate or manage, and, if not addressed, could have a material adverse effect on our business, results of operations, financial condition, and future prospects.

Additionally, artificial intelligence presents emerging ethical issues and if we enable or offer solutions that draw controversy due to their perceived or actual impact on society, we may experience brand or reputational harm, competitive harm or legal liability. Potential government regulation in the space of artificial intelligence ethics may also increase the burden and cost of research and development in this area, subjecting us to brand or reputational harm, competitive harm or legal liability. Failure to address artificial intelligence ethics issues by us or others in our industry could undermine public confidence in artificial intelligence and slow adoption of artificial intelligence in our products and services.

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***We use certain open source technology in our business, which could expose us to information security vulnerabilities, result in failures, errors and defects, or subject us to possible litigation or to certain unfavorable conditions.***

We use open source technology in connection with our solutions. Some open source technology licenses require users who distribute open source technology as part of their technology to publicly disclose all or part of the source code to such technology or make available any derivative works of the open source code (which may include our modifications or product code into which such open source software has been integrated) on unfavorable terms allowing further modification and redistribution and at no or nominal cost, and we may be subject to such terms. The terms of many open source licenses have not been interpreted by U.S. or foreign courts, and there is a risk that these open source licenses could be construed in a way that imposes unanticipated conditions or restrictions on our ability to commercialize our products. While we monitor our use of open source technology and try to ensure that none is used in a manner that would require us to disclose source code that we have decided to maintain as proprietary or that would otherwise breach the terms or fail to meet the conditions of an open source license or third-party contract, such use could inadvertently occur, or could be claimed to occurred, in part because open source license terms are often ambiguous. We could be subject to suits by parties claiming ownership of or demanding release of, the open source software or derivative works that we developed using such technology, which could include our proprietary source code, or otherwise seeking to enforce the applicable open source licensing terms or alleging that our use of such software infringes, misappropriates or otherwise violates a third party's intellectual property rights. We may as a result be subject to claims for breach of contract, infringement of intellectual property rights, or indemnity, required to release our proprietary source code, pay damages, royalties, or license fees or other amounts, seek licenses, re-engineer our applications, discontinue sales in the event re-engineering cannot be accomplished on a timely basis or take other remedial action that may divert resources away from our development efforts, any of which could adversely affect our business. Any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of the applicable license could harm our business and could help third parties, including our competitors, develop products and services that are similar to or better than ours.

Additionally, the use of certain open source technology can lead to greater risks than use of third-party commercial technology, as open source licensors generally do not provide warranties or controls on the origin of software. There is typically no support available for open source technology, and we cannot ensure that the authors of such open source technology will implement or push updates to address security risks or will not abandon further development and maintenance. Many of the risks associated with the use of open source technology, such as the lack of warranties or assurances of title or performance, cannot be eliminated, and could, if not properly addressed, negatively affect our business. We have processes to help alleviate these risks, including a review process for screening requests from our developers for the use of open source technology, but we cannot be sure that all open source technology is identified or submitted for approval prior to use in our products and services. Any of these risks could be difficult to eliminate or manage, and, if not addressed, could have an adverse effect on our business, financial condition, and results of operations.

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***If our insurance coverage is insufficient, we may be subject to significant costs and business disruption.***

We provide medical and compensation insurance for our employees. However, we do not maintain key-man, business interruption, or product liability insurance. We cannot assure you that our insurance coverage is sufficient to prevent us from any loss or that we will be able to successfully claim our losses under our current insurance policy on a timely basis, or at all. If we incur any loss that is not covered by our insurance policies, or the compensated amount is significantly less than our actual loss, our business, financial condition and results of operations could be materially and adversely affected.

***If we fail to comply with labor and work safety, we could be exposed to penalties, fines, suspensions or action in other forms.***

Our operations are subject to the labor and work safety laws and regulations promulgated by the Hong Kong and Taiwan government and the laws and regulations of other jurisdictions which may be applicable to us. These laws and regulations require us to contribute to mandatory provident fund and maintain safe working conditions. We could be exposed to penalties, fines, suspensions or actions in other forms if we fail to comply with these laws and regulations. The laws and regulations in Hong Kong and Taiwan may be amended from time to time and changes in those laws and regulations may cause us to incur additional costs in order to comply with the more stringent rules. In the event that changes to existing laws and regulations require us to incur additional compliance costs or require costly changes to our production process, our costs could increase, and we may suffer a decline in sales and revenues, as a result of which our business, results of operations and financial condition could be materially and adversely affected.

***We may grant share-based awards under our share incentive plan, which may result in share-based compensation expenses.***

We adopted a share option scheme in April 2025 (the "2025 Equity Incentive Plan"). The maximum total number of ordinary shares which may be issued under the 2025 Equity Incentive Plan is 2,618,841. As of the date of this prospectus, no options have been granted under such plan and we have not incurred any share-based compensation. For more information on our share incentive plan, see "Management — Equity Incentive Plan."

We believe the granting of share-based compensation is of significant importance to our ability to attract and retain key personnel and employees, and we will continue to grant share-based compensation to employees in the future. As we grant share-based incentives in the future, we will incur share-based compensation expenses, which may have an adverse effect on our results of operations.

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***Our acquisitions and investments may not be successful in achieving their intended goals.***

We may determine in the future to expand our solutions and services through acquisitions and investments. The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not be able to successfully complete identified acquisitions. Our ability to acquire and integrate other companies and assets, particularly larger or more complex companies, or technologies, in a successful manner remains subject to uncertainty. Any completed acquisitions or investment may not achieve their intended goals and could be viewed negatively by customers, suppliers, business partners or investors. It may also divert management time and focus from operating our business to addressing acquisition and investment challenges. Our lack of familiarity with and experience in the respective industry segments or geography may also expose us to challenges and uncertainties.

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***We, our directors, management and employees are exposed to various risks related to legal or administrative proceedings or claims that could have an adverse effect upon our business, financial condition, results of operations and reputation, and may cause loss of business.***

We, our directors, management and employees may be subject to various legal and administrative proceedings, regulatory inquiries and claims from time to time, including those arising in the ordinary course of our business. These proceedings, including class actions, in general can be expensive, lengthy and disruptive to our normal business operations. Moreover, the results of complex legal proceedings are difficult to predict. Agreements entered into by us sometimes include indemnification provisions which may subject us to costs and damages in the event of a claim against an indemnified third party.

We cannot assure you that we will not be involved in any such legal or administrative proceedings in the future and we may face increasing regulatory inquiries during the growth of our business. If one or more legal or administrative matters, including ongoing ones, are resolved against us, or an indemnified third party seeks certain amounts in excess of our management's expectations, or certain injunctions are granted to prevent our operation, our business and financial condition could be materially and adversely affected. As a result, we could be subject to significant compensatory or punitive monetary damages, disgorgement of revenue or profits, remedial corporate measures, cessation of business operation, injunctive relief or specific performance against us that could materially and adversely affect our financial condition and operating results.

Regardless of the merits, responding to allegations, litigation or legal or administration proceedings and defending against litigation can be time-consuming and costly, and may result in us incurring substantial legal and administrative expenses, as well as diverting the attention of our management. Any such allegations, lawsuits or proceedings could have a material adverse effect on our business operations. Further, unfavorable outcomes from these claims or lawsuits could adversely affect our business, financial condition and results of operations.

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***Our results of operations may fluctuate from quarter to quarter, which makes them difficult to predict.***

Our results of operations and financial metrics, including the levels of our revenue, gross margin, profitability, and cash flow, have fluctuated in the past and may vary significantly in the future. As a result, quarter to quarter comparisons of our results of operations may not be meaningful and the results of any one quarter should not be relied upon as an indication of future performance. Our results of operations may fluctuate from quarter to quarter as a result of a variety of factors, many of which are outside of our control, and as a result, may not fully reflect the underlying performance of our business. Fluctuation in results of operations may negatively impact the value of our shares. Factors that may cause fluctuations in our results of operations include, without limitation, those listed below:

● fluctuations in the demand for our solutions and services and the market for advertisers like ours;

● our ability to attract new customers or retain existing customers;

● variability in our sales cycle, budgeting cycles and purchasing priorities of our customers;

● the addition or loss of large customers, including through acquisitions or consolidations;

● the timing of sales and recognition of revenue, which may vary as a result of changes in accounting rules and interpretations;

● the amount and timing of operating expenses related to the maintenance and expansion of our business, operations and infrastructure;

● network outages or actual or perceived security breaches or other incidents;

● general economic, market and political conditions;

● changes in our pricing policies or those of our competitors;

● the mix of services sold during a period;

● the timing and success of introductions of new products and solutions by us or our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners.

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***We face risks related to natural and other disasters, including outbreaks of health epidemics, and other extraordinary events, which could significantly disrupt our operations.***

Areas or regions where we operate may be exposed to the outbreak of epidemics, including COVID-19, swine influenza, avian influenza, middle east respiratory syndrome (MERS-CoV) and severe acute respiratory syndrome (SARS-CoV). These epidemic outbreaks may affect us in various ways, including disrupting our operations, or limiting the availability of resources essential for our business. Besides, government authorities may adopt certain hygienic measures, including quarantines or closures of our offices, travel and transportation restrictions, and import and export restrictions. Any of the above circumstances may materially slow down regional or national economic development and may have a material adverse effect on our business and results of operations.

Similarly, natural disasters, acts of war, terrorist activity, threats of war or terrorist activity, social unrest and the corresponding heightened travel security measures instituted in response, as well as geopolitical uncertainty and international conflict and tension, may affect regional and national economic development in areas where we operate. As a result, our business, financial condition and results of operations may be materially and adversely affected. In addition, we may not be adequately prepared in terms of contingency planning or have recovery measures in place to deal with a major incident or crisis. As a result, our operational continuity and our reputation may be materially and adversely affected.

**RISKS RELATING TO DOING BUSINESS IN HONG KONG**

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***As PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own, it relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements.***

PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own, and may rely on dividends distribution or payments from its Hong Kong and the BVI subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. Chinese regulatory authorities could disallow this holding company structure, which would likely result in a material change in our operations and could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.

Subject to the provisions in our memorandum and articles of association, as amended from time to time, PressLogic Inc. is permitted under the laws of the Cayman Islands to provide funding to its subsidiaries in Hong Kong and BVI through loans or capital contributions without restrictions on the amount of the funds. Subject to the laws of the Cayman Islands and our current amended and restated memorandum and articles of association, PressLogic Inc.'s board of directors may authorize and declare a dividend to shareholders out of funds lawfully available therefor at such time and of such an amount as they deem fit provided that in no circumstances may a dividend be paid out of PressLogic Inc.'s share premium account if this would result in PressLogic Inc. being unable to pay its debts as they fall due in the ordinary course of business. Our subsidiaries in Hong Kong and BVI may distribute earnings by dividends to PressLogic Inc., provided that the entity remains solvent after such distribution. Moreover, according to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. If our Hong Kong or BVI subsidiaries incur debt in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to PressLogic Inc.

Currently, there are no restrictions on foreign exchange, and other than as described above, there are no limitations on our ability to transfer cash between PressLogic Inc., its subsidiaries, or investors. The PRC laws and regulations on foreign exchange do not currently have any material impact on transfer of cash from PressLogic Inc. to its Hong Kong and BVI subsidiaries or from its Hong Kong and BVI subsidiaries to PressLogic Inc. However, in the future, funds may not be available to support operations or for other uses outside of Hong Kong due to potential interventions or the imposition of restrictions by the PRC government on our ability or that of our subsidiaries to transfer cash. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Class A ordinary shares or cause them to be worthless.

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***Being based in and having the majority of our operations in Hong Kong pose risks to investors. Legal and operational risks associated with operations in mainland China may also apply to operations in Hong Kong.***

While we primarily operate through our subsidiaries and branches in Hong Kong and Taiwan and currently do not have, or intend to set up, any subsidiary or any contractual arrangement to establish a VIE structure with any entity in mainland China, legal and operational risks associated with operations in mainland China may also apply to operations in Hong Kong.

Pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). However, we still face risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to our operating entities in Hong Kong.

The PRC government has initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including a cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, the CAC and a number of other departments under the State Council promulgated the Cybersecurity Review Measures on December 28, 2021, which became effective on February 15, 2022. According to this regulation, (i) critical information infrastructure operators, or CIIO, purchasing network products and services and network platform operators carrying out data processing activities, which affect or may affect national security, and (ii) network platform operators with personal information of more than 1 million users who want to list abroad, are required to conduct cybersecurity review.

We collect and store certain data (including certain personal information) from our clients, some of which may involve individuals in Mainland China, in connection with our business and operations for recruitment and marketing purposes. However, as of the date of this prospectus, we collect only basic personal information, such as registered names and contact details, of fewer than one million PRC individuals after obtaining due consent, and we do not process any biometric or other sensitive personal data. In addition, all of the data we have collected is stored in servers located outside Mainland China. On this basis, as advised by our PRC counsel, Fieldfisher, we do not believe we fall into any categories under Personal Information Protection Law of the People's Republic of China or Provisions on Promoting and Regulating Cross-border Data Transfer that would require us or our subsidiaries to obtain any permission or approval for carrying out the business that we presently engage in. In addition, we are not operating any business as a "network platform operator" in China, and as of the date of this prospectus, we have not received any notice from any PRC authority that determine us or our subsidiary as a "network platform operator". On this basis, as advised by our PRC counsel, Fieldfisher, we do not believe we are subject to the PRC cybersecurity review for this offering. However, these laws and regulations are relatively new. There are uncertainties with regard to their interpretation and enforcement and the PRC regulatory authorities may not agree with our interpretation.

***The Chinese government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities. Additionally, the PRC government has recently indicated an intent to exert more oversight and control over overseas securities offerings and other capital markets activities and foreign investment in China-based companies, which could significantly limit or completely hinder the ability of China-based companies to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.***

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The PRC legal system is evolving rapidly, and enforcement of certain laws, regulations and rules may further change or develop with little advance notice. The Chinese government may exercise significant oversight over the conduct of business in Hong Kong and may intervene or influence our operating subsidiaries' operations at any time.

The PRC government has, in recent years, published new policies that significantly affected certain industries, including the internet sector. It is possible that the PRC government will release additional regulations or policies in the future that could adversely affect our business, financial condition and results of operations. Furthermore, the PRC government has recently indicated an intent to exert more oversight and control over overseas securities offerings and other capital markets activities and foreign investment in China-based companies, which could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

For example, on February 17, 2023, the CSRC, promulgated Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, along with five supporting guidelines. These regulations became effective on March 31, 2023. According to the Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either through direct or indirect means, are required to complete the filing procedure with the CSRC and report relevant information. The Trial Measures provide that if the issuer meets the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as an indirect overseas offering subject to the filing procedures as set forth under the Trial Measures: (i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited combined financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the senior managers in charge of its business operations and management are mostly Chinese citizens or domiciled in mainland China.

As of the date of this prospectus, we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China. Nor do we or any of our subsidiaries have any operation in Mainland China. All our officers and substantially all members of our board of directors are based in Hong Kong and we are not controlled by any Mainland Chinese company or individual. On this basis, as advised by our PRC counsel, Fieldfisher, we do not believe we will be classified as a "China-based company" under the China Overseas Listing Filing Rules, which is required to file with the China Securities Regulatory Commission, or CSRC, its registration statement in connection with an overseas initial public offering.

However, these laws and regulations are relatively new. There are uncertainties with regard to their interpretation and enforcement and the PRC regulatory authorities may not agree with our interpretation, which could result in a material change in our operations and the value of the securities we are registering for sale. Any such action, once taken by the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless. In the event that we or our operating entities were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or our operating entities might be subject to fines or delisting, no longer be permitted to conduct offerings to foreign investors, and no longer be permitted to continue the business operations as presently conducted. Any of these could result in a material adverse effect on our business and operations and the value of the securities we are offering.

If (i) we fail to obtain or maintain the requisite permissions or approvals from the Chinese government in a timely manner, should such permissions or approvals become necessary in the future; (ii) we inadvertently conclude that such permissions or approvals are not required; or (iii) there are changes in applicable laws, regulations, or their interpretations that may impose upon us the obligation to obtain such permissions or approvals in the future, we may face significant challenges in securing the required permissions or approvals, we may become vulnerable to regulatory actions or other sanctions imposed by the CSRC, the CAC, or other PRC regulatory authorities for non-compliance with any new regulatory requirements. The consequences of such non-compliance could be severe. The relevant regulatory authorities may order rectification, issue a warning, and impose a fine against us, persons directly in charge and other responsible personnel and the controlling shareholder or actual controller who organizes or instructs such violations, potentially resulting in material adverse effects on our operations and financial condition, which, in turn, could cause the value of our Class A ordinary shares to significantly decline or become worthless.

***Risks relating to the economic, political, legal and social conditions in Hong Kong.***

Our business operations are principally in Hong Kong. Any adverse changes in the economic, political, legal and social conditions of Hong Kong may lead to an adverse impact on the demand for our services and may result in deteriorating financial performance of the Company.

Hong Kong is a special administrative region (SAR) of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, we cannot assure you that there will not be any political movements or large scale political unrest in Hong Kong, which may in turn adversely impact the market or lead to disruption of the general economic, political and social conditions in Hong Kong. If such unrest or movement persists for a substantial period of time, it may lead to such disruption, and our overall business, results of operations and financial condition may be adversely affected.

If there is any material adverse change in the general economic, political and legal developments in Hong Kong, our operations and financial position may be adversely affected.

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***The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region could impact our operating subsidiaries in Hong Kong.***

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law"). This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offences—secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security—and their corresponding penalties. On July 14, 2020, the U.S. President signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including the former HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If our Hong Kong subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our subsidiary's business operations, financial position and results of operations could be materially and adversely affected.

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***The U.S. government's new China-focused Outbound Investment Program may adversely affect our business, financial condition, and results of operations.***

On October 28, 2024, the Office of Investment Security of the U.S. Department of the Treasury issued a final rule (the "Outbound Investment Rule") to implement President Biden's August 2023 Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern, which provided for the establishment of a new national security regulatory framework to control outbound investment from the United States in certain sensitive industry sectors in the People's Republic of China, including Hong Kong and Macau. The Outbound Investment Rule became effective on January 2, 2025.

The Outbound Investment Rule imposes notification requirements and prohibitions on specified investments by U.S. persons in certain entities engaged in specified "Covered Activities" within three areas of technology: semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems. Persons from "Countries of Concern" (which are defined in the Outbound Investment Rule to include entities with their principal place of business in China or that are controlled by Chinese citizens or the Chinese government, including through contractual arrangements, ownership of 50% or more of the entity's voting power, equity interests, or voting power of the board) that are engaged in specified activities within these three technology sectors are defined as "Covered Foreign Persons." Investments by U.S. persons subject to the Outbound Investment Rule that are defined as "Covered Transactions" include acquisitions of equity interests, certain debt financing, and joint ventures involving Covered Foreign Persons. The Outbound Investment Rule excludes some investments from the scope of Covered Transactions, including acquisitions of publicly traded securities. Notably, President Trump issued the America First Trade Policy Memorandum on February 20, 2025, which proposes to further expand the set of technologies of concern. These rules may limit our ability to engage in certain kinds of business operations; they may also limit our ability to raise capital from U.S. and other sources if we engage in the development of such technologies of concern. Continuing changes in both U.S. and non-U.S. jurisdictions to foreign investment laws and rules could adversely affect our strategic initiatives, financial performance, and growth prospects.

We do not consider ourselves to be a Covered Foreign Person and, therefore, we believe that this offering will not be subject to the Outbound Investment Rule's prohibitions or notification requirements. However, we cannot foreclose the possibility that we will become a Covered Foreign Person in the future, including as a result of future regulatory changes. Even though following this offering, U.S. persons' acquisitions of certain publicly traded securities (such as our ordinary shares) will be exempted from the scope of covered transactions under the Outbound Investment Rule, the Outbound Investment Rule could still limit our ability to raise capital or contingent equity capital from U.S. investors, thus our ability to raise such capital may be significantly and negatively affected, which could be detrimental to our business, financial condition and prospects.

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***Developments in U.S.-China relations, including any escalation of political or trade tensions, could negatively affect our business and the market for our ordinary shares.***

We primarily conduct our business in Hong Kong, and we generate revenue from Taiwan while expanding our global presence. As a result, political and trade tensions between the U.S. and China, including those affecting Hong Kong and Taiwan, could adversely impact our business and the market for our ordinary shares.

In recent years, U.S.-China relations have become increasingly strained due to factors such as trade disputes, national security concerns, and regulatory actions, including sanctions, investment restrictions, and import bans; notably China's enactment of national security legislation for Hong Kong, the United States' enactment of the Hong Kong Autonomy Act, U.S. sanctions imposed on certain Chinese and Hong Kong officials has the wake of the PRC National People's Congress' decision on Hong Kong national security legislation and sanctions imposed by the U.S. Department of Treasury on certain officials of the Hong Kong Special Administrative Region. The U.S. and China have imposed retaliatory measures, creating uncertainty around potential future regulations or restrictions that could affect our operations or business relationships with key partners In addition, trade conflicts, including tariffs and protectionist policies, could also increase costs, reduce demand for our services, or limit our ability to operate in certain markets. Any escalation in tensions, new trade barriers, or regulatory measures could materially impact our business, financial performance, and the trading price of our ordinary shares. Recently, the U.S. has proposed to impose multiple rounds of tariffs on a wide range of goods imported from multiple countries, including China, and more rounds of additional tariff increase could be imposed as the trade tension between the two countries continues to heighten. In response, China and other countries have imposed or proposed additional tariffs on certain imports from the United States. U.S.-China trade relations remain volatile and uncertain. These and similar developments could mark a period of increased trade tensions and adversely impact the economic growth in China and globally and stock market sentiment, which could harm our business prospects and the trading price of our ordinary shares.

***We face risks associated with our international operations, including unfavorable regulatory, political, trade, tax and labor conditions, which could harm our business.***

We are subject to legal and regulatory requirements, political uncertainty and social, environmental and economic conditions in numerous jurisdictions, including markets in which we generate significant sales, over which we have little control and which are inherently unpredictable. Our operations in such jurisdictions create risks relating to conforming our products to regulatory and safety requirements; establishing, staffing and managing foreign business locations; attracting local customers; navigating foreign government taxes, regulations and permit requirements; enforceability of our contractual rights; trade restrictions, customs regulations, tariffs and price or exchange controls; and preferences in foreign nations for domestically manufactured products. For example, we monitor tax legislation changes on a global basis, including changes arising as a result of the Organization for Economic Cooperation and Development's multi-jurisdictional plan of action to address base erosion and profit shifting. Such conditions may increase our costs, impact our ability to sell our products and require significant management attention, and may harm our business if we are unable to manage them effectively.

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***We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions, export control and similar laws, and noncompliance with such laws can subject us to administrative, civil and criminal penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation.***

We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions, export control and similar laws and regulations in various jurisdictions in which we conduct or in the future may conduct activities, including the U.S. Foreign Corrupt Practices Act, or FCPA, the U.K. Bribery Act 2010, and other anti-corruption laws and regulations, and we face the risk of unintentional breaches or allegations of violating of these laws and regulations. These risks are heightened by the technical nature of many of these laws and regulations, and the rapidly changing regulatory climate. Our policies and procedures designed to ensure compliance with these regulations may not be sufficient or entirely effective, and we cannot guarantee that our directors, officers, employees, representatives, consultants, agents, and business partners, for whom we may be held accountable, will fully comply. Any non-compliance with anti-corruption, anti-bribery, anti-money laundering or financial and economic sanctions or export control laws could subject us to whistleblower complaints, adverse media coverage, investigations, and severe administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could materially and adversely affect our business, results of operations, financial condition and reputation. We also cannot predict with certainty how these types of regulations will be interpreted or enforced, and the U.S. or other governments may impose additional measures that could impact our business in the future.

Certain countries, regions, or individual counterparties with which we trade or operate in, or may trade or operate in the future, may be or become the subject of economic sanctions of one or more countries that may have jurisdiction over all or portions of our operations. There is no assurance we will be successful in complying with these types of laws, including sanctions programs administered by the U.S. Department of Treasury's Office of Foreign Asset Controls, or OFAC, His Majesty's Treasury of the United Kingdom, the European Union and its member states, and others. The number of authorities imposing these types of sanctions has grown in recent years and the complexity of the sanctions regimes has increased, making compliance with them more onerous and uncertain. Any violation of economic sanctions, or even an alleged or suspected violation, could harm our reputation and cause financial institutions or other counterparties to refuse to do business with us, which may negatively affect our business, our results of operations, or the trading price of the ordinary shares. In addition, changes in economic sanctions laws in the future could also adversely impact our business and investments in the ordinary shares.

***Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Class A ordinary shares if such allegations cannot be addressed and resolved favorably.***

During the last several years, U.S. listed public companies that have substantially all of their operations in China have been the subject of intense scrutiny by investors, financial commentators and regulatory agencies. Much of the scrutiny has centered on financial and accounting irregularities and mistakes, lack of effective internal controls over financial reporting and, in many cases, allegations of fraud. As a result of this scrutiny, the publicly traded stock of many U.S.-listed Chinese companies that have been the subject of such scrutiny has sharply decreased in value. Many of these companies are now subject to shareholder lawsuits and/or SEC enforcement actions that are conducting internal and/or external investigations into the allegations.

Although our subsidiaries are based in Hong Kong, if we should become the subject of any such scrutiny, whether any allegations are true or not, we may have to expend significant resources to investigate such allegations and/or defend the Company. Such investigations or allegations would be costly and time-consuming and likely would distract our management from our normal business and could result in our reputation being harmed. The price of our Class A ordinary shares could decline because of such allegations, even if the allegations are false.

***We face risks related to Nasdaq's proposed rule on minimum offering size for companies with principal operations in China, including Hong Kong.***

We note Nasdaq recently filed a proposed rule changed with the SEC that would require companies principally operating in China, including Hong Kong and Macau, to raise at least US$25 million in an initial public offering to list on Nasdaq. The proposed rule includes a grace period of 30 days for listing applicants to complete the process under the prior standards.

We are a company with substantially all of our operations conducted in Hong Kong and, as such, may be subject to this proposed rule. Based on our plan to offer Class A ordinary shares at an expected price range of US$ to US$ per share, the total offering proceeds would be between US$ million and US$ million. These expected proceeds are below the proposed minimum threshold of US$25 million.

While this proposal has not yet been approved by the SEC, there is no assurance that it will not be adopted. If this proposal is approved and we fail to meet the minimum offering size requirement, our securities will not be approved for listing on Nasdaq. Furthermore, even if we are able to successfully list, this rule change may be part of a broader trend of heightened regulatory scrutiny and stricter listing requirements for companies with principal operations in China, Hong Kong, and Macau. Our ability to conduct future offerings or maintain our listing could be adversely affected if Nasdaq or the SEC implements additional stringent criteria. We may be required to expend significant resources to address any future regulatory changes or concerns, which could divert our management's attention and resources from our business operations. Any such events could have a material adverse effect on our business, financial condition, and results of operations, and could cause a significant decline in the value of our securities.

**RISKS RELATING TO OUR CLASS A ORDINARY SHARES AND THIS OFFERING**

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***An active trading market for our Class A ordinary shares may not be maintained.***

Prior to this initial public offering, there has been no public market for the Company's Class A ordinary shares. We have received approval to list the Class A ordinary shares on the Nasdaq. If an active trading market for the Company's Class A ordinary shares does not develop after this offering, the market price and liquidity of the Company's Class A ordinary shares will be materially and adversely affected.

The initial public offering price for the Company's Class A ordinary shares was determined by agreement between us and the underwriters and may bear no relationship to the market price for the Company's Class A ordinary shares after this initial public offering. We cannot assure you that an active trading market for the Company's Class A ordinary shares will develop or that the market price of the Company's Class A ordinary shares will not decline below the initial public offering price.

***Our share price has been and may continue to be volatile, and you could lose all or part of your investment.***

The trading price of the Class A ordinary shares could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business operations located in Hong Kong that have listed their securities in the United States. Furthermore, the stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies like us. These broad market and industry factors may materially reduce the market price of the Class A ordinary shares, regardless of our operating performance. In addition to market and industry factors, the price and trading volume for the Class A ordinary shares may be highly volatile for factors specific to our own operations, including but not limited to the following:

● macro-economic factors;

● variations in our net revenues, earnings and cash flows;

● announcements of new investments, acquisitions or joint ventures by us or our competitors;

● announcements of new offerings, solutions and expansions by us or our competitors;

● changes in financial estimates by securities analysts;

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

● announcements of new regulations, rules or policies relevant to our business;

● additions or departures of key personnel;

● allegations of a lack of effective internal control over financial reporting, inadequate corporate governance policies, or allegations of fraud, among other things;

● our major shareholders' business performance and reputation;

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

● political or trade tensions between the United States and China; and

● actual or potential litigation or regulatory investigations.

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

In the past, shareholders of a public company often brought securities class action suits against the company following periods of instability in the market price of that company's 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, which could harm our results of operations and require us to incur significant expenses to defend the suit. 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 dual-class share structure with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial.***

Immediately after the completion of this offering, our issued ordinary share capital will consist of Class A ordinary shares and Class B ordinary shares, assuming the underwriters do not exercise their option to purchase additional ordinary shares. In respect of matters requiring the votes of shareholders, holders of Class A ordinary shares will be entitled to one vote per share, while holders of Class B ordinary shares will be entitled to ten votes per share. We will sell Class A ordinary shares in this offering. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Any future issuances of Class B ordinary shares may be dilutive to the voting power of holders of Class A ordinary shares. Any conversions of Class B ordinary shares into Class A ordinary shares may dilute the percentage ownership of the existing holders of Class A ordinary shares within their class of ordinary shares. Such conversions may increase the aggregate voting power of the existing holders of Class A ordinary shares. In the event that we have multiple holders of Class B ordinary shares in the future and certain of them convert their Class B ordinary shares into Class A ordinary shares, the remaining holders who retain their Class B ordinary shares may experience increases in their relative voting power.

Upon the completion of this offering and assuming that the underwriters do not exercise their option to purchase additional Class A ordinary shares, Mr. Cheung Ho Chak Ryan, our chairman and chief executive officer, will beneficially own Class B ordinary shares representing % of the aggregate voting power of our company immediately after the completion of this offering. This is due to the disparate voting powers associated with our dual-class share structure, assuming the underwriters do not exercise their over-allotment option. See "Capitalization" and "Principal Shareholders." As a result of the dual-class share structure and the concentration of ownership, holders of Class B ordinary shares will have considerable influence over matters such as decisions regarding change of directors, mergers, change of control transactions and other significant corporate actions. They may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of our ordinary shares. This concentrated control will limit your ability to influence corporate matters and could 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, certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual-class structure of our ordinary shares may prevent the inclusion of the ordinary shares representing Class A ordinary shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for the Class A ordinary shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of the Class A ordinary shares.

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***The Company's officers and principal shareholders have significant influence over our management and their interests may not be aligned with our interests or the interests of the Company's other shareholders.***

Our officers beneficially own a substantial number of the ordinary shares of PressLogic Inc. As of the date of this prospectus, our officers beneficially own % of the total issued and outstanding share capital of PressLogic Inc. They have, and will continue to have, substantial influence over our business, including significant corporate actions such as change of directors, mergers and consolidations, change of control transactions and other significant corporate actions. The concentration of ownership may discourage, delay or prevent a change in control of the Company, which could deprive the Company's shareholders of an opportunity to receive a premium for their shares as part of a sale of the Company and may reduce the price of the Class A ordinary shares. These actions may be taken even if they are opposed by shareholders, including those who purchase ordinary shares in this offering. In addition, the significant concentration of share ownership may adversely affect the trading price of the ordinary shares due to investors' perception that conflicts of interest may exist or arise.

In addition, the Company's directors, officers and principal shareholders may take actions that may not be in the best interest of us or the Company's other shareholders. For example, our principal shareholder, founder, chairman and chief executive officer, Cheung Ho Chak Ryan, is also a principal shareholder, chairman and chief executive officer of PressLogic Holdings Limited. In addition, our director and vice president of finance and operation, Li Chi Fai, and our principal shareholder Meitu Investment Ltd are directors of PressLogic Holdings Limited. PressLogic Holdings Limited operates in the online marketing industry but focuses on regions outside those that we operate in. Our directors may have conflict of interest as to allocation of business opportunities and management and investment resources. As you do not have a stake in PressLogic Holdings Limited, you would not benefit from its business success. Although our directors have fiduciary obligations to our company, their interests may not always be aligned with the best interests of us or the Company's other shareholders.

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

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

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

● 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 non-public information under Regulation FD.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a semi-annually basis through press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer, which may be difficult for overseas regulators to conduct investigations or collect evidence outside the United States.

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***As an exempted company incorporated in the Cayman Islands, the Company is permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if the Company complied fully with such corporate governance listing standards.***

As an exempted company incorporated in the Cayman Islands and with shares listed on the Nasdaq, the Company is subject to the Nasdaq Stock Market corporate governance listing standards. However, in reliance on the Nasdaq Stock Market rules, which permits a foreign private issuer to follow the corporate governance practices of its home jurisdiction, the Company has adopted certain corporate governance practices that may differ significantly from the Nasdaq Stock Market corporate governance listing standards. Currently, the Company follows its home country practices and relies on certain exemptions provided by the Nasdaq Stock Market corporate governance listing standards to a foreign private issuer, including exemptions from the requirements to have:

● majority of independent directors on the Company's board of directors;

● an audit committee consisting of at least three members;

● a compensation committee of at least two members, each of whom must be an independent director;

● only independent directors being involved in the selection of director nominees and determination of executive officer compensation; and

● regularly scheduled executive sessions of independent directors.

To the extent the Company chooses to follow home country practice in the future, the Company's shareholders may be afforded less protection than they would under the Nasdaq Stock Market rules applicable to U.S. domestic issuers.

***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 ordinary shares to significant adverse U.S. federal income tax consequences.***

We would be classified as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes for any taxable year if either (a) 75% or more of our gross income for the taxable year is passive income (as defined in the relevant provisions of the Internal Revenue Code of 1986, as amended), or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. Based on our financial statements and our expectations about the nature and amount of our income, assets, and activities, and the market value of our equity, we do not expect to be a PFIC for U.S. federal income tax purposes for the current taxable year or in the foreseeable future. The determination whether we are a PFIC must be made annually after the close of each taxable year based on the facts and circumstances at that time. Accordingly, we cannot be certain that we will not be a PFIC in the current year or in future years.

Changes in the composition of our income or assets may cause us to be or become a PFIC for the current or subsequent taxable years. The determination of whether we will be a PFIC for any taxable year will also depend in part upon the value of our goodwill as implied by the market value of the ordinary shares, which may fluctuate, and may be affected by how and how quickly we spend our liquid assets, including the cash raised in this offering. In estimating the value of our goodwill, we have taken into account our anticipated market capitalization following this offering. If our market capitalization is less than anticipated or subsequently declines, we may become a PFIC for the current or future taxable years because our liquid assets and cash (which are for this purpose considered assets that produce passive income) may then represent a greater percentage of our overall assets. Further, while we believe our classification methodology and valuation approach are reasonable, it is possible that the IRS may challenge our classification or valuation of our goodwill, which may result in our being or becoming a PFIC for the current or one or more future taxable years.

Certain adverse U.S. federal income tax consequences could apply to a U.S. Holder (as defined in "Taxation—United States Federal Income Tax Considerations) if we are treated as a PFIC for any taxable year during which such U.S. Holder holds our ordinary shares. You should consult your own tax advisor about the potential application of the PFIC rules to their investment in our ordinary shares. For further discussion, see "Taxation—Material U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Status."

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

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements applicable to other public companies that are not emerging growth companies, including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We have elected to take advantage of such exemption, and as a result, our results of operations and financial statements may not be comparable to the results of operations and financial statements of other companies that have adopted the new or revised accounting standards. If we cease to be an emerging growth company, we will no longer be entitled to the exemptions provided in the JOBS Act discussed above.

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***We report financial results under IFRS as issued by IASB, which differs in certain significant respect from U.S. GAAP.***

We report financial results under IFRS as issued by IASB. There are and there may in the future be certain significant material differences between IFRS and U.S. GAAP. As a result, financial information and reported earnings of the Company for historical or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS as issued by IASB and U.S. GAAP unless it is required under applicable law. As a result, you may not be able to meaningfully compare our financial statements under IFRS as issued by IASB with those of companies that prepare financial statements under U.S. GAAP.

***Upon the completion of this offering, we will be a "controlled company" as defined under the Nasdaq corporate governance rules. As a result, we will qualify for, and intend to rely on, exemptions from certain corporate governance requirements that would otherwise provide protection to shareholders of other companies.***

Upon the completion of this offering, we will be a "controlled company" as defined under the Nasdaq rules because Mr. Cheung Ho Chak Ryan, our chairman and chief executive officer, will beneficially own all of our issued and outstanding Class B ordinary shares and will be able to exercise % of the total voting power of our issued and outstanding share capital immediately following the completion of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. As a result, Mr. Cheung Ho Chak Ryan will have the ability to determine all matters requiring approval by stockholders including the election of directors, amendment of governing documents, and approval of major corporate transactions.

For so long as we remain a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from Nasdaq corporate governance rules. As a foreign private issuer and a "controlled company", we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

● the requirement that a majority of our Board consist of independent directors;

● the requirement that our compensation, nominating and corporate governance committee be composed entirely of independent directors; and

● the requirement for an annual performance evaluation of our compensation, nominating and corporate governance committee.

While we do not intend to rely on these exemptions at this time, we may in the future elect to rely on these exemptions and, accordingly, you may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. Currently, we do not plan to utilize the "controlled company" exemptions with respect to our corporate governance practice after we complete this offering as we plan to rely on Nasdaq's rules that permit a foreign private issuer to follow its home country requirements to some extent concerning corporate governance issues and to continue to rely on these exemptions available to foreign private issuers in the event we were to lose our "controlled company" status.

***If we fail to implement and maintain an effective system of internal controls, including through the remediation of any material weaknesses or significant deficiencies that have been or may be identified, we may be unable to report our results of operations accurately, meet our reporting obligations or prevent fraud, and investor confidence and the market price of the Class A ordinary shares may be materially and adversely affected.***

Prior to this offering, we were a private company. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of preparing and auditing our consolidated financial statements as of and for the years ended December 31, 2023 and 2024, we and our independent registered public accounting firm identified one material weakness in our internal control over financial reporting. As defined in the standards established by the Public Company Accounting Oversight Board of the United States, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified is that we lack sufficient financial reporting and accounting personnel with appropriate knowledge of IFRS and the SEC reporting requirements to properly address complex IFRS accounting issues and related disclosures in accordance with IFRS and financial reporting requirements set forth by the SEC.

The material weakness, if not timely remedied, may lead to material misstatements in our consolidated financial statements in the future. We plan to recruit additional qualified financial reporting and accounting personnel following the completion of this offering to enhance our financial reporting capabilities. However, the implementation of these measures may not fully address the material weakness, and we may not conclude that it will been fully remedied in the future. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis.

Upon completion of this offering, we will be a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report for the fiscal year ending December 31, 2026. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, we may identify other material weaknesses or significant deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. Generally, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of the Company's Class A ordinary shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions.

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***We will incur additional costs as a result of being a public company, particularly after we cease to qualify as an emerging growth company.***

Upon completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. These additional costs could negatively affect our financial results. In addition, changing laws, regulations and standards relating to corporate governance and public disclosure, including regulations implemented by the Nasdaq, may increase legal and financial compliance costs and make some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If, notwithstanding our efforts to comply with new laws, regulations and standards, we fail to comply, regulatory authorities may initiate legal proceedings against us and our business may be harmed. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, in the assessment of the emerging growth company's internal control over financial reporting. The JOBS Act also permits an emerging growth company to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

When we cease to be an "emerging growth company," we will incur and expect to continue to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. Operating as a public company also makes it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers.

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***Our management team has limited experience managing a public company.***

Our management team has limited experience managing a public company, which makes their ability to comply with applicable laws, rules and regulations uncertain. The Company's failure to comply with all laws, rules and regulations applicable to U.S. public companies could subject PressLogic Inc. or its management to regulatory scrutiny or sanction, which could harm the Company's reputation and share price. As a public company, PressLogic Inc. will incur significant legal, accounting, and other expenses that it did not incur as a private company. PressLogic Inc. is subject to reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the rules subsequently implemented by the SEC, the rules and regulations of the listing standards of The Nasdaq Stock Market LLC, and other applicable securities rules and regulations. Stockholder activism, the current political and social environment and the current high level of government intervention and regulatory reform may lead to substantial new regulations and disclosure obligations, which will likely result in additional compliance costs and could impact the manner in which PressLogic Inc. operates its business in ways PressLogic Inc. cannot currently anticipate. Compliance with these rules and regulations may strain PressLogic Inc.'s financial and management systems, internal controls, and employees. The Exchange Act requires, among other things, that PressLogic Inc. files annual, half yearly, and current reports with respect to its business and operating results. Moreover, the Sarbanes-Oxley Act requires, among other things, that PressLogic Inc. maintains effective disclosure controls and procedures, and internal control, over financial reporting. In order to maintain and, if required, improve disclosure controls and procedures, and internal control over, financial reporting to meet this standard, significant resources and management oversight may be required. If PressLogic Inc. encounters material weaknesses or deficiencies in internal control over financial reporting, PressLogic Inc. may not detect errors on a timely basis and its combined financial statements may be materially misstated. Effective internal control is necessary for PressLogic Inc. to produce reliable financial reports and is important to prevent fraud.

As a result of the complexity involved in complying with the rules and regulations applicable to public companies, PressLogic Inc.'s management attention may be diverted from other business concerns, which could harm the business, operating results, and financial condition.

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***Our Class A ordinary shares may be prohibited from trading in the United States under the HFCA Act in the future if the PCAOB is unable to inspect or investigate completely our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.***

The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. Trading in our securities on U.S. markets, including the Nasdaq, may be prohibited under the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023 (the "HFCA Act"), if the Public Company Accounting Oversight Board (the "PCAOB") determines that it is unable to inspect or investigate completely our auditor for two consecutive years because of the position taken by authorities in a foreign jurisdiction. On December 16, 2021, the PCAOB issued the HFCA Act Determination Report to notify the SEC of its determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its previous 2021 Determinations accordingly. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination.

Our auditor, TAAD, LLP, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. Our auditor is headquartered in California in the U.S. and is subject to inspection by the PCAOB on a regular basis.

However, the recent developments would add uncertainties to our offering, and we cannot assure you whether the Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. In the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. In the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause trading in our Class A ordinary shares to be prohibited under the HFCA Act, and ultimately result in a determination by a securities exchange to delist our Class A ordinary shares. If our Class A ordinary shares are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our shares will develop outside of the United States. A prohibition of being able to trade in the United States would substantially impair your ability to sell or purchase our Class A ordinary shares when you wish to do so. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment, even making it worthless. Also, such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.

***Because the Company's initial public offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A ordinary shares in this offering, you will pay more for your Class A ordinary shares than the amount paid by our existing shareholders for their ordinary shares on a per ordinary share basis. As a result, you will experience immediate and substantial dilution of US$ per Class A ordinary share, representing the difference between the initial public offering price of US$ per Class A ordinary share, and our pro forma as adjusted net tangible book value per Class A ordinary share of US$ as of June 30, 2025, after giving effect to our sale of the Class A ordinary shares of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. See "Dilution" for a more complete description of how the value of your investment in the Class A ordinary shares will be diluted upon the completion of this offering.

***Future sales and issuances of our shares or rights to purchase our shares, including pursuant to our equity incentive plans, or other equity securities or securities convertible into our shares could result in additional dilution of the percentage ownership of our stockholders and could cause our share price to decline.***

The future sales and issuances of our shares or rights to purchase our shares, including pursuant to our equity incentive plans, or other equity securities or securities convertible into our shares could result in additional dilution of the percentage ownership of our stockholders and could cause our share price to decline. The sales of a substantial number of registered shares could result in a significant decline in the public trading price of our shares. We are unable to predict the effect that such sales may have on the prevailing market price of our shares. In addition, the perception of potential future issuances could also pressure our share price, which may adversely affect our share price. We cannot predict the market impact of such transactions, and shareholders may experience significant dilution and losses.

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***Future sales of our Class A ordinary shares in the public market could cause our share price to fall.***

Sales of substantial amounts of our Class A ordinary shares in the public market after completion of this offering, 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. The Class A ordinary shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up agreements. There will be Class A ordinary shares outstanding immediately after this offering, or Class A ordinary shares if the underwriters exercise their option to purchase additional Class A ordinary shares in full. In connection with this offering, we, all of our officers, directors, existing shareholders and concurrent private placement investors have agreed not to sell any of our Class A ordinary shares for six (6) months after the closing date of this offering without the prior written consent of the representatives of the underwriters, subject to certain exceptions. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our Class A ordinary shares.

***We have never paid dividends on our shares and we do not intend to pay dividends for the foreseeable future. Consequently, any gains from an investment in our shares will likely depend on whether the price of our shares increases.***

We have never paid dividends on our shares. We currently intend to retain any future earnings for use in our operations and expansion of our business. Accordingly, we do not expect to pay any cash dividends in the foreseeable future but will review this policy as circumstances dictate. Should we determine to pay dividends in the future, our ability to do so will depend upon the receipt of dividends or other payments from our subsidiaries, which may from time to time, be subject to restrictions on its ability to make distributions to us.

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***Our memorandum and articles of association could prevent a takeover that shareholders consider favorable and could also reduce the market price of our shares.***

Our post-offering amended and restated memorandum and articles of association contain provisions which may limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions, including provisions that authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders. 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.

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

PressLogic Inc. is an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the Companies Act (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 duties 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 duties 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 United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than copies of the memorandum and articles of association, any special resolutions passed by the shareholders, and the register of mortgages and charges of such companies) or to obtain copies of register of members of these companies. Under Cayman Islands law, the names of our current directors can be obtained from a search conducted at the Registrar of Companies of the Cayman Islands. Under our post-offering memorandum and articles of association, 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 authorized by the directors or by an ordinary resolution. 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 United States. If we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, 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 controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act (Revised) of the Cayman Islands and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital—Differences in Corporate Law."

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***Certain judgments obtained against us or our management by the Company's shareholders may not be enforceable.***

PressLogic Inc. is an exempted company incorporated under the laws of the Cayman Islands. Substantially all of our operations are conducted outside the United States, and all of our assets are located outside of the United States. In addition, all of the Company's directors and executive officers are nationals or residents of jurisdictions other than the United States and most of their assets are located outside the United States. Our director, He Songlin, is located in mainland China, while the rest of the directors and execute officers are located in Hong Kong. As a result, it may be difficult for you to effect service of process upon us, or our management named in the prospectus. It may also be difficult for you to enforce in U.S. courts of the judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.

In addition, there is uncertainty as to whether the courts of the Cayman Islands or Hong Kong would recognize or enforce judgments of U.S. courts against us, or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state. Therefore, it may be difficult for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

There is uncertainty as to whether the judgment of United States courts will be directly enforced in Hong Kong, as the United States and Hong Kong do not have a treaty or other arrangements providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters. However, a foreign judgment may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court since the judgment may be regarded as creating a debt between the parties to it, provided that the foreign judgment, among other things, is a final judgment conclusive upon the merits of the claim and is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

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***We have not determined a specific use for a portion of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree.***

We have not determined a specific use for a portion of the net proceeds of this offering, and our management will have considerable discretion in the application of the proceeds received by us. See "Use of Proceeds." You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase the Company's ordinary share price. The proceeds from this offering may be placed in investments that do not produce income or that lose value.

***The market for our Class A ordinary shares may be subject to manipulation that is beyond our control which may result in sudden increases and decreases in the price of our Class A ordinary shares.***

On September 5, 2025, the Securities and Exchange Commission announced the formation of a special task force to strengthen and enhance its Division of Enforcement's effort to detect and combat cross-border fraud harming U.S. investors. The task force will focus on investigating potential securities law violations, involving potential market manipulations related to foreign based companies, including companies with their business operations primarily based in China. These manipulations are often orchestrated by bad actors who disseminate false or misleading information in news letters or on social medial platforms in order to artificially increase the price of publicly traded securities followed by massive selling and profit taking resulting in losses to U.S. investors and listed companies. When these bad actors are located outside the jurisdiction of the United States, it may be difficult for investors to pursue and recover any losses that may have been caused by unlawful market manipulation. Should such a manipulation occur in the market for our Class A ordinary shares, holders of our Class A ordinary shares may experience a loss on their investment.

**Use of Proceeds**

We expect to receive total estimated net proceeds from this offering of approximately US$ million, or approximately US$ million if the underwriters exercise their option to purchase additional Class A ordinary shares in full, based on an assumed initial public offering price of US$ per Class A ordinary share, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus, after deducting underwriting discounts and commissions and estimated expenses payable by us. A US$1.00 increase (decrease) in the assumed initial public offering price of US$ per Class A ordinary share would increase (decrease) the net proceeds to us from this offering by US$ million, assuming that the underwriters do not exercise their option to purchase additional Class A ordinary shares and that the number of Class A ordinary shares offered by us, as set forth on the front cover of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated expenses payable by us.

We intend to use the net proceeds from this offering for the following purposes:

● approximately to further develop and enhance our proprietary data analytics and content platform, including investment in technology infrastructure, talent acquisition, and content optimization tools;

● approximately for strategic marketing and customer acquisition initiatives, including regional campaigns, influencer collaborations, and brand partnerships to accelerate user and advertiser growth;

● approximately to expand our geographic presence, particularly in high-potential markets across Asia-Pacific;

● approximately for potential strategic investments and acquisitions, with a focus on complementary businesses in content creation, commerce, or data-driven advertising technologies that can accelerate our growth and enhance our capabilities, although we have not identified any specific investments or acquisition opportunities; and

● the balance will be for general corporate purposes and working capital.

The foregoing represents our intentions as of the date of this prospectus with respect of the use and allocation of the net proceeds of this offering based upon our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds of the offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. Pending any use described above, we plan to invest the net proceeds in short-term, interest-bearing, debt instruments or demand deposits.

**Dividend Policy**

We have not previously declared or paid cash dividends and we have no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

We may in the future declare dividends from time to time, which will be determined at the absolute discretion of our board of directors, taking into account factors including our financial results, cash flow, business conditions and strategies, future operations and earnings, capital requirements and expenditure plans, interests of shareholders, contractual restrictions of our company and subsidiaries, and any other relevant factors. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or the share premium account, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. 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. Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars.

**Capitalization**

The table below sets forth our capitalization as of June 30, 2025:

● on an actual basis; and

● on an as adjusted basis to give effect to (i) the designation of all ordinary shares beneficially owned by Mr. Cheung Ho Chak Ryan into Class B ordinary shares on a one-for-one-basis upon the completion of this offering; (ii) the designation of all of the remaining outstanding ordinary shares into Class A ordinary shares on a one-for-one-basis upon the completion of this offering; and (iii) the issuance and sale of the Class A ordinary shares offered hereby at an assumed initial public offering price of US$ per Class A ordinary share, the mid-point of the estimated public offering price range shown on the front cover of this prospectus, after deducting underwriting discounts, commissions and estimated offering expenses payable by us and assuming no exercise of the underwriters' option to purchase additional Class A ordinary shares.

The as adjusted information below is illustrative only and our capitalization following the closing of this offering is subject to adjustment based on the initial public offering price of the Class A ordinary shares and other terms of this offering determined at pricing. You should read this table together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual** | **Actual** | **As Adjusted** | **As Adjusted** |
|  | **HK$** | **US$** | **HK$** | **US$** |
| Stockholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A ordinary shares (US$0.0001 par value; 450,000,000 Class A ordinary shares authorized 10,566,190 and 10,566,190 Class A ordinary shares issued and outstanding June 30, 2024 and 2025) | 8204 | 1045 |  |  |
| &nbsp;&nbsp;&nbsp;Class B ordinary shares (US$0.0001 par value; 50,000,000 Class B ordinary shares authorized 4,273,910 and 4,273,910 Class B ordinary shares issued and outstanding June 30, 2024 and 2025) | 3318 | 423 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 5452231 | 704121 |  |  |
| &nbsp;&nbsp;&nbsp;Retained earnings | 12668636 | 1622793 |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (429060) | (74915) |  |  |
| **Total PressLogic Inc.'s equity** | 17703329 | 2253483 |  |  |
| Non-controlling interests | 691209 | 89325 |  |  |
| **Total stockholders' equity** | 18394538 | 2342808 |  |  |

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*Note:*

(1) A US$1.00 increase (decrease) in the assumed initial public offering price of US$ per share, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, would increase (decrease) each of additional paid-in capital, total PressLogic Inc.'s equity, non-controlling interests, and total stockholders' equity by US$ million.

**Dilution**

If you invest in our Class A ordinary shares, your interest will be diluted to the extent of the difference between the initial 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 initial public offering price per Class A ordinary share is substantially in excess of the book value per ordinary share attributable to the existing shareholders for our presently issued and outstanding ordinary shares.

Our net tangible book value as of June 30, 2025 was approximately US$ million, or US$ per Class A ordinary share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per ordinary share as adjusted from the initial public offering price per Class A ordinary share.

Without taking into account any other changes in such net tangible book value after June 30, 2025, other than to give effect to (i) the designation of all ordinary shares beneficially owned by Mr. Cheung Ho Chak Ryan into Class B ordinary shares on a one-for-one-basis upon the completion of this offering; (ii) the designation of all of the remaining outstanding ordinary shares into Class A ordinary shares on a one-for-one-basis upon the completion of this offering; and (iii) the issuance and sale of the Class A ordinary shares offered hereby at an assumed initial public offering price of US$ per Class A ordinary share, the mid-point of the estimated public offering price range shown on the front cover of this prospectus, after deducting underwriting discounts, commissions and estimated offering expenses payable by us and assuming no exercise of the underwriters' option to purchase additional Class A ordinary shares, our as adjusted net tangible book value as of June 30, 2025 would have been approximately US$ million, or US$ per Class A ordinary share, to existing shareholders and an immediate dilution in net tangible book value of US$ per Class A ordinary share to purchasers of Class A ordinary shares in this offering.

The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
|  | **Offering Without Over-Allotment** | **Offering With Over-Allotment** |
| Assumed initial public offering price per Class A ordinary share | US$ | US$ |
| Net tangible book value per Class A ordinary share as of June 30, 2025 | US$ | US$ |
| As adjusted net tangible book value per Class A ordinary share after giving effect to (i) the designation of all ordinary shares beneficially owned by Mr. Cheung Ho Chak Ryan into Class B ordinary shares on a one-for-one-basis upon the completion of this offering; (ii) the designation of all of the remaining outstanding ordinary shares into Class A ordinary shares on a one-for-one-basis upon the completion of this offering; and (iii) this offering | US$ | US$ |
| Amount of dilution in net tangible book value per Class A ordinary share to new investors in this offering | US$ | US$ |

---

A US$1.00 increase (decrease) in the assumed initial public offering price of US$ per Class A ordinary share would increase (decrease) our as-adjusted net tangible book value after giving effect to this offering by US$ , the as-adjusted net tangible book value per Class A ordinary share after giving effect to this offering by US$ per Class A ordinary share and the dilution in as adjusted net tangible book value per Class A ordinary share to new investors in this offering by US$ per Class A ordinary share, assuming no change to the number of Class A ordinary shares offered by us as set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and other offering expenses.

The following table summarizes, on a pro forma basis as of June 30, 2025 the differences between the existing shareholders and the new investors with respect to 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 paid at the assumed initial public offering price of US$ per Class A ordinary share, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus, before deducting underwriting discounts and commissions and estimated offering expenses. The total number of ordinary shares does not include the Class A ordinary shares issuable upon the exercise of the over-allotment option granted to the underwriters.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price Per Ordinary Share** |
|  | **Number** | **Amount (in thousands of US$) Percent** | **Percent** | **US$** |
| Existing shareholders |  |  |  |  |
| New investors |  |  |  |  |
| Total |  |  |  |  |

---

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

**Enforceability of Civil Liabilities**

**Cayman Islands**

We were incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands in order to take advantage of certain benefits, such as:

● political and economic stability;

● an effective judicial system;

● a favorable tax system;

● the absence of exchange control or currency restrictions; and

● the availability of professional and support services.

However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages mainly include, but are not limited to, the following:

● the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

● Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors and shareholders, be arbitrated.

Substantially all of our operations are conducted in Hong Kong and Taiwan, and substantially all of our assets are located in Hong Kong and Taiwan. All of our directors and executive officers are nationals or residents of jurisdictions other than the United States and a substantial portion of their assets are located outside the United States. Our director, He Songlin, is located in mainland China, while the rest of the directors and execute officers are located in Hong Kong. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

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

Conyers Dill & Pearman, our 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.

The courts of the Cayman Islands would recognise as a valid judgment, a final and conclusive judgment in personam obtained in the federal or state courts of the United States against PressLogic under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an in personam judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**Hong Kong**

Foreign judgments can be enforced under statute under the Foreign Judgments (Reciprocal Enforcement) Ordinance or under common law. The Foreign Judgments (Reciprocal Enforcement) Ordinance is a registration scheme for the recognition and enforcement of foreign judgments based on reciprocity, but the United States is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the United States, including as a result of administrative actions brought by regulatory authorities, such as the SEC, and other actions, will not be enforced by the Hong Kong courts under the statutory regime. In addition, the Supreme People's Court of the PRC and the Government of Hong Kong have entered into the "Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region pursuant to Choice of Court Agreements between Parties Concerned," or the Arrangement. The Mainland Judgements (Reciprocal Enforcement) Ordinance gave effect to the Arrangement and is a registration scheme for recognition and enforcement of PRC judgements based on reciprocity. Other than the Arrangement, Hong Kong has not entered into any multilateral convention or bilateral treaty regarding the recognition and enforcement of foreign judgments. Accordingly, any judgments rendered by a court in the United States will need to be enforced under common law. In order to enforce a foreign judgment under common law in Hong Kong, the judgment must meet certain criteria before it can be enforced, such as the judgment being final and conclusive.

**Our History, Corporate and Ownership Structure**

**Our History** 

We commenced our operation in 2016 through PressLogic Holdings Limited, a company incorporated in the British Virgin Islands with limited liability. PressLogic Holdings Limited is a holding company and has been engaged in the providing digital marketing solutions in Hong Kong and Taiwan through its operating subsidiaries in Hong Kong, which form our current business, as well in other countries and regions in Asia Pacific, such as Singapore, Korea, and Malaysia.

In preparation of the proposed offering, we completed a series of transactions, which we refer to collectively as the "Restructuring." As part of the Restructuring:

● In November 2024, PressLogic Holdings Limited set up a wholly-owned subsidiary in the Cayman Islands, PressLogic Inc.;

● In April 2025, PressLogic Inc. acquired the ownership and became the ultimate holding company of the following entities: PressLogic Limited, InSmart Financials Limited, PressLogic Taiwan Limited and its Taiwan branch, Maxlytics Limited, MediaPlace Limited, Lead Famous Limited, Pop Media HK Limited, Ample Advance Limited and Business Media Limited, from PressLogic Holdings Limited.

● Through these subsidiaries, PressLogic Inc. operates its current business of providing digital marketing solutions business in Hong Kong and Taiwan. The digital marketing solutions business in other parts of the Asia Pacific region remains to be owned and operated by PressLogic Holdings Limited.

The following diagram illustrates the corporate structure of and ownership of PressLogic Inc. immediately after these steps in the Restructuring.

![A diagram of a company](formdrsa_007.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) PressLogic
 Inc. holds 90% of the equity interest of Lead Famous Limited. The remaining 10% interest in Lead Famous Limited is held by Admire
 Lead Limited, a company incorporated in British Virgin Islands, which is wholly owned by Mr. Cheung Ho Chak Ryan, our chairman and
 chief executive officer.

(2) PressLogic
 Inc. holds 84.53% of the equity interest of Ample Advance Limited. The remaining 15.47% interest in Ample Advance Limited is held
 by Mr. Luk Kin Ting, a Hong Kong citizen.

● The shareholders of PressLogic Holdings Limited received ordinary shares of PressLogic Inc. through a distribution in specie by PressLogic Holdings Limited. Specifically, PressLogic Inc. issued an additional 14,830,100 ordinary shares of a par value of US$0.0001 to PressLogic Holdings Limited, its then-parent company, for a total consideration of US$1,483.01. PressLogic Holdings Limited distributed these shares to its shareholders based on their pro-rata shareholding.

**Our Corporate and Ownership Structure**

The following diagram illustrates our corporate structure, including our principal subsidiaries as of the date of this prospectus. We do not currently use, and have not used in the past, a variable interest entity structure.

![](formdrsa_018.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) PressLogic
 Inc. holds 90% of the equity interest of Lead Famous Limited. The remaining 10% interest in Lead Famous Limited is held by Admire
 Lead Limited, a company incorporated in British Virgin Islands, which is wholly owned by Mr. Cheung Ho Chak Ryan, our chairman and
 chief executive officer.

(2) PressLogic
 Inc. holds 84.53% of the equity interest of Ample Advance Limited. The remaining 15.47% interest in Ample Advance Limited is held
 by Mr. Luk Kin Ting, a Hong Kong citizen.

PressLogic Inc. currently has a single class structure. The following diagram illustrates our pre-offering ownership structure, including our pre-offering percentage ownership as of the date of this prospectus.

![A diagram of a company AI-generated content may be incorrect.](formdrsa_009.jpg)

Note:

For each person and group included in this diagram, 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 ordinary shares outstanding, which is 14,840,100 ordinary shares, and the number of ordinary shares such person or group has the right to acquire upon the exercise of options, warrants or other rights within 60 days after the date of this prospectus.

Following the completion of this offering, our issued and outstanding share capital will consist of Class A ordinary shares and Class B ordinary shares. Mr. Cheung Ho Chak Ryan, our chairman and chief executive officer, will beneficially own all of our issued and outstanding Class B ordinary shares and will be able to exercise % of the total voting power of our issued and outstanding share capital immediately following the completion of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to 10 votes. For details, see "Description of Share Capital" on page 101. For risks associated with our dual class structure, please refer to "Risk Factors—Risks Relating to Our Class A Ordinary Shares and This Offering—Our dual-class share structure with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial." on page 34.

The following diagram illustrates our post-offering ownership structure, including our post-offering ownership and voting power as of the date of this prospectus.

![](formdrsa_010.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 each person and group included in this diagram, percentage ownership is calculated by dividing the number of ordinary shares beneficially
 owned by such person or group, including ordinary shares that such person or group has the right to acquire within 60 days after
 the date of this prospectus, by the sum of (1) , which is the total number of ordinary shares outstanding immediately after the completion
 of this offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares),
 and (2) the number of ordinary shares that such person or group has the right to acquire upon exercise of option, warrant or other
 right within 60 days after the date of this prospectus.

(2) For
 each person or group included in this diagram, the percentage of total voting power represents voting power based on both Class A
 and Class B ordinary shares held by such person or group immediately after the completion of this offering with respect to all of
 our outstanding Class A and Class B ordinary shares as one class immediately after the completion of this offering (assuming the
 underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares).

For details, please refer to "Principal Shareholders" beginning on page 97.

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

*You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those we describe under "Risk Factors" and elsewhere in this prospectus. See "Special Note Regarding Forward-Looking Statements."*

**Overview**

We operate in the online marketing industry primarily in the Asia Pacific region, in particular Hong Kong and Taiwan. Online marketing, also known as digital marketing or internet marketing, refers to the use of the internet and digital channels to promote products, services, or brands to a targeted audience. It includes various strategies and techniques designed to attract, engage, and convert potential customers. Online marketing solutions comprise of content marketing solutions and SaaS solutions.

We are a leading one-stop digital marketing solutions provider. We deliver a comprehensive suite of interconnected proprietary content marketing solutions and SaaS solutions and services to brand owners as well as marketing agencies throughout the marketing cycle and across multiple media platforms, including our own websites and apps, as well as third-party social media platforms. Our content marketing solutions primarily include (i) digital marketing solution segment, which includes advertorial and editorial contents, newsfeeds contents, influencer marketing, display advertising and sponsorship, and (ii) display banner segment, which includes both programmatic banner ads and direct placements option from display ad networks. Our SaaS solutions include MediaLens related offerings, which provides powerful data analysis of our audience on Facebook, Instagram and Youtube. Our SaaS solutions and content marketing strategies are interconnected and complement each other throughout the marketing process. Our content marketing solutions are also data-driven, allowing us to leverage insights from MediaLens to create engaging content for our media pages. This enables us to effectively reach our target audience and enhance the competitiveness of our services.

We operate nine proprietary media brands with over twelve million followers and subscribers, featuring contents across a diverse areas of interest. Each of our media brands carry unique content areas with a notable presence on various social media platforms. As of the date of this prospectus, we have nine websites and five apps and eleven Facebook fanpages, eleven Instagram profiles and eight YouTube channels as our core media assets.

We generate revenue primarily from content marketing solution and to a lesser extent from SaaS solutions. For content marketing solutions, we charge a flat advertising fees or variable advertising fees based on (i) the media profile selected for the project, and (ii) the project complexity. For SaaS solutions, we charge monthly or yearly subscription fees. Our revenues increased by 4.0% from HK$103.6 million in 2023 to HK$107.7 million in 2024 (US$13.7 million). Our revenues increased by 15.7% from HK$45.5 million in the six months ended June 30, 2024 to HK$52.6 million in the six months ended June 30, 2025 (US$6.7 million). Our gross profit increased by 3.4% from HK$71.9 million in 2023 to HK$74.4 million (US$9.5 million) in 2024. Our gross profit increased by 20.7% from HK$31.5 million in the six months ended June 30, 2024 to HK$38.1 million (US$4.8 million) in the six months ended June 30, 2025. Our gross profit margin slightly decreased from 69.5% in 2023 to 69.1% in 2024, primarily due to a shift in revenue mix toward services with higher costs such as influencer campaigns and performance marketing. Our gross profit margin increased from 69.4% in the six months ended June 30, 2024 to 72.3% in the six months ended June 30, 2025, primarily due to a decline in our boosting costs, driven by a shift in revenue mix towards expanded offerings such as social media management and event management. We recorded net income of HK$9.2 million in 2024 (US$1.2 million), compared to net income of HK$2.5 million in 2023. We recorded net income of HK$6.3 million (US$0.8 million) in the six months ended June 30, 2025, compared to net income of HK$0.6 million in the six months ended June 30, 2024.

**Key Factors Affecting Our Results of Operations**

The most significant factors that directly or indirectly affect our financial performance and results of operations are:

● Industry demand in online content marketing industry;

● Variability in our sales cycle, budgeting cycles and purchasing priorities of our customers;

● Our ability to expand within our existing customer base and acquire new customers; and

● Our ability to manage costs and increase operating efficiency.

 ****

 ****

***Industry demand in online content marketing industry***

The online marketing industry is a fast-growing industry that is constantly evolving and is highly fragmented and dependent on audience preference. A predominant portion of our revenue is generated through online content marketing services. As such, our business growth is significantly affected by the demand in online content marketing industry. With the increased accessibility of the internet, digital transformation, and the emergence of diverse platforms, the foundation for the online content marketing industry has been laid.

We currently primarily operate in Hong Kong and Taiwan region. According to Frost & Sullivan, in 2019, the market size of online content marketing was US$926.2 million in Hong Kong, and it grew at a CAGR of 17.2% to US$1,746.1 million in 2023. This market segment is projected to grow at a CAGR of 10.6% to reach US$2,883.5 million in 2028. In 2019, the market size of online content marketing was US$1,185.2 million in Taiwan, and it grew at a CAGR of 11.5% to US$1,833.7 million in 2023. This market segment is projected to grow at a CAGR of 7.5% to reach US$2,636.3 million in 2028.

***Variability in our sales cycle, budgeting cycles and purchasing priorities of our customers***

We cooperate with clients on a range of projects, some of which may be complex, depending on our clients' needs. The timing of our sales for projects that involve a higher level of complexity and customization is difficult to predict because of the length and unpredictability of the sales cycle. We are often required to spend additional time and resources familiarizing ourselves with the business and ideas of these clients to provide them with complex and customized services that meet their needs. As a result, our revenue is also affected by the length of our sales cycle, from order placement to the fulfillment of our service, which vary substantially from client to client, ranging from 1 to 730 days.

Our clients' usage of our solutions is affected by their online spending cycles and marketing budget allocation. Our clients often adjust the service period of our solutions to match their internal marketing timelines, and purchasing priorities. Therefore, our ability to achieve renewals of marketing campaign contracts and new sales is subject to uncertainty, which may affect our business, results of operations and financial performance.

***Our ability to expand within our existing customer base and acquire new customers***

We believe that there is a substantial untapped opportunity for growth within our existing customer base. By increasing recurring billings for customers over time and maintaining constant engagement from our clients, we can significantly increase our revenue and return on marketing investments. Our ability to increase sales to existing customers will depend on a number of factors, including our customers' satisfaction with our platform, market competition, pricing and overall changes in our customers' spending levels. Among our top 100 brands that we served in terms of revenue contribution in Hong Kong in 2022, 91% continued to place advertisements with us in 2023. Similarly, 88% of our top 100 brands that we served in terms of revenue contribution in Hong Kong in 2023 continued to place advertisements with us again in 2024, reflecting strong customer retention capability and sustained demand for our marketing solutions. These top 100 brands contributed to 51.2%, 55.4%, 53.1% and 57.5% of our total revenue in 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively. This concentration underscores our strategic focus on deepening relationships with key brands and driving greater value through long-term partnerships.

We also continue to expand our client brand portfolio, growing the number of brands that choose to place advertisements with us directly or through their agencies. In 2023, we served 596 brands in Hong Kong and 101 brands in Taiwan across 10 industry sectors and in 2024, we served 571 brands in Hong Kong and 100 brands in Taiwan across 10 industry sectors. In the six months ended June 30, 2025, we served 374 brands in Hong Kong and 100 brands in Taiwan across 10 industry sectors. We believe our SaaS solutions, MediaLens, is key to increase sales to existing customers and attract new customers. MediaLens' analytical capabilities serve as the foundation for our content marketing solutions. When pitching these solutions to clients, we showcase the power of MediaLens to demonstrate our data-driven approach. Our SaaS solutions, MediaLens and content marketing strategies are seamlessly interconnected and complement each other throughout the marketing process, creating a synergy that enhances the overall marketing process. MediaLens enhances our marketing campaign effectiveness and is the main reason why clients work with us on large-scale projects. Leveraging on insights generated from MediaLens, we prepare customized digital marketing reports for clients. Additionally, as we also offer SaaS solutions on a subscription basis, this data-driven SaaS product with appealing analytical capabilities creates additional sales to our customers who want to understand their downstream customers preference. Our revenue from Software-as-a-service increased significantly by 256.7% from HK$242.6 thousand in 2023 to HK$865.3 thousand (US$111.4 thousand) in 2024. Our revenue from Software-as-a-service reduced by 5.8% from HK$718.5 thousand in the six months ended June 30, 2024 to HK$676.9 thousand (US$86.2 thousand) in the six months ended June 30, 2025.

In addition to our SaaS solution, our strong brand recognition, embodied in our nine proprietary media brands, is also key to our success in attracting new customers and that the maintenance and enhancement of our brand image is critical to our overall business growth. Our brand image may be adversely affected if our reputation is tarnished or defamed by any negative publicity, which in turn may significantly and adversely impact our reputation and popularity and thereby lead to a drop in our viewership and market shares.

***Our ability to manage costs and increase operating efficiency***

Our results of operations are affected by our ability to manage costs. Cost of revenue accounted for 30.5%, 30.9%, 30.4% and 27.7% of our revenues for the years ended December 31, 2023 and 2024 and the six months ended June 30, 2024 and 2025. A key component of our cost of revenue is boosting cost, which refers to paid media spending to promote content across digital platforms. This cost is highly dependent on client preferences and campaign objectives. Boosting cost accounted for 19.3%, 18.9%, 18.8% and 15.0% of our revenues in 2023, 2024 and the six months ended June 30, 2024 and 2025. Some clients require extensive reach and engagement, which may involve higher boosting spending, while others focus on more targeted or organic strategies. In most cases, boosting costs are borne by or transferred to our clients, based on mutually agreed budgets. Our team leverages in-house expertise and platform insights to help clients optimize their boosting strategies, ensuring maximum return on investment through data-driven audience targeting and performance monitoring.

Our primary focus for cost control lies in employee-related expenses, as employee cost make up a significant portion of our operating structure. Employee-related expenses accounted for 52.3%, 44.4%, 50.9% and 46.9% of our revenues in 2023, 2024 and the six months ended June 30, 2024 and 2025. We are committed to improving project efficiency through workflow standardization, cross-functional resource sharing, and the implementation of automation tools to streamline editorial and content production tasks. Specifically, we aim to reduce employee cost by optimizing team structure with dedicated projects that leads to minimize redundancies, and leveraging freelance or contract resources during peak periods to improve cost flexibility. These initiatives are designed to ensure we maintain high creative quality while enhancing operational efficiency and preserving healthy margins.

Our results of operations are also affected by our ability to increase operating efficiency and therefore, optimize operating expenses, in particular selling and marketing expenses and general and administrative expenses and further benefit from enhanced economies of scale. Selling and marketing expenses accounted for 15.6%, 14.8%, 15.6% and 15.5% of our revenues in 2023, 2024 and the six months ended June 30, 2024 and 2025. General and administrative expenses accounted for 41.8%, 35.3%, 40.4% and 39.4% of our revenues in 2023, 2024 and the six months ended June 30, 2024 and 2025. We have sought to enhance the management of our operating expenses by implementing various expense control measures, including stricter budget controls, and implementing performance-based compensation structure for sales team. We also set up annual budget for our operating expenses and continue to monitor the implementation of the budget.

We are also investing in training initiatives to enhance our sales team's understanding of our service offerings, market dynamics, and unique value proposition, enabling them to engage more effectively with clients, tailor solutions to their needs, and drive higher conversion rates; and adopting automation tools to improve productivity and reduce reliance on manual processes.

**Key Components of Results of Operations**

***Revenue, net***

Our revenue is recorded net of commission paid to advertising agencies. We generated revenues from digital marketing solutions, display banner, software-as-a-service and others. Revenue from digital marketing solutions primarily includes revenue from advertorial and editorial contents, newsfeeds contents, sponsorship services, display advertisement through advertising agency or direct brand client, and influencer marketing. Revenue from display banner primarily includes revenue from display advertisements through display ad networks. Revenue from SaaS primarily includes revenue from MediaLens.

The following table presents our revenues by type in absolute amount and as percentages of our total revenue for the years/periods presented.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | ***HK$*** | **% of revenue** | ***HK$*** | ***US$*** | **% of revenue** | ***HK$*** | **% of revenues** | ***HK$*** | ***US$*** | **% of revenues** |
|  |  |  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| Content marketing solutions |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Digital marketing solutions | 99151799 | 95.7 | 104571833 | 13317860 | 97.1 | 43265711 | 95.1 | 51168517 | 6516622 | 97.2 |
| &nbsp;&nbsp;&nbsp;Display banner | 3720974 | 3.6 | 1693668 | 215699 | 1.6 | 1173852 | 2.6 | 561740 | 71541 | 1.1 |
| Software-as-a-service (SaaS) | 242583 | 0.2 | 865269 | 110197 | 0.8 | 718451 | 1.6 | 676900 | 86207 | 1.3 |
| Others | 454875 | 0.4 | 584042 | 74381 | 0.5 | 311353 | 0.7 | 219006 | 27892 | 0.4 |
| **Total** | **103570231** | **100.0** | **107714812** | **13718137** | **100.0** | **45469367** | **100.0** | **52626163** | **6702262** | **100.0** |

---

Our services are provided to customers in various geographic regions. The following table presents our revenue by the place of incorporation of our customers.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | ***HK$*** | **% of revenue** | ***HK$*** | ***US$*** | **% of revenue** | ***HK$*** | **% of revenues** | ***HK$*** | ***US$*** | **% of revenues** |
|  |  |  |  |  |  |  |  | ***(Unaudited)*** |  |  |
| Hong Kong | 85737931 | 82.8 | 89103226 | 11347838 | 82.7 | 37185470 | 81.8 | 43675839 | 5562738 | 83.0 |
| Taiwan Region | 14227055 | 13.7 | 15610628 | 1988109 | 14.5 | 7821493 | 17.2 | 7947211 | 1012190 | 15.1 |
| Other Asia regions | 1976547 | 1.9 | 2766865 | 352377 | 2.6 | 376940 | 0.8 | 739676 | 94208 | 1.4 |
| Europe | 1192977 | 1.2 | 102405 | 13042 | 0.1 | 19833 | 0.1 | 263414 | 33550 | 0.5 |
| North America | 435721 | 0.4 | 131688 | 16771 | 0.1 | 65631 | 0.1 | 23 | 3 | 0.0 |
| **Total** | **103570231** | **100.0** | **107714812** | **13718137** | **100.0** | **45469367** | **100.0** | **52626163** | **6702689** | **100.0** |

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***Cost of revenue***

Cost of revenue mainly consists of boosting cost, production cost, employee cost and other cost.

The following table presents our cost of revenue by type in absolute amount and as percentages of our total revenue for the years/periods presented.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | ***HK$*** | **% of revenue** | ***HK$*** | ***US$*** | **% of revenue** | ***HK$*** | **% of revenues** | ***HK$*** | **US$** | **% of revenues** |
|  |  |  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| Boosting cost | 20009462 | 19.3 | 20335336 | 2589829 | 18.9 | 8534438 | 18.7 | 7882410 | 1003937 | 15.0 |
| Production cost | 5361949 | 5.2 | 7279030 | 927029 | 6.8 | 1713386 | 3.8 | 4157169 | 529474 | 7.9 |
| Employee cost | 6240720 | 6.0 | 5693927 | 725156 | 5.3 | 3673835 | 8.1 | 2501927 | 318656 | 4.7 |
| Other cost | 28220 | 0.1 | 18440 | 2348 | 0.1 | 7727 | 0.0 | 28879 | 3678 | 0.1 |
| **Total** | **31640351** | **30.6** | **33326733** | **13718137** | **30.9** | **13929386** | **30.6** | **14570385** | **1855745** | **27.7** |

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***General and administrative expenses***

General and administrative expenses include salaries and employee benefits of office staffs, amortization & depreciation for equipment, software expense, consulting fees, rental expenses and other office expenses. We expect general and administrative expenses to increase as we add personnel and incur additional costs related to the growth of our business. Furthermore, we expect to incur additional general and administrative expenses as a result of becoming a listed public company in the United States upon completion of this offering. We expect our general and administrative expenses as a percentage of total revenues will decrease in the future benefitted from economies of scale.

***Selling and marketing expenses***

Selling and marketing expenses mainly consist of expenses of sales commissions, salaries and wage expenses for sales and marketing personnel, and advertising expenses. We expect that our selling and marketing expenses will increase in absolute amount, as we continue to expand our presence and marketing efforts to increase the market share of our service offerings. We expect our selling and marketing expenses as a percentage of total revenues will decrease in the future benefitted from economies of scale.

***Research and development expenses***

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We expense all internal research costs as incurred, which primarily comprise employee costs and the expenses related to the research and development activities. We believe that research and development are critical to our strategic objectives of enhancing our technologies and meeting the evolving demands of our target customers. While we have historically maintained a broad scope of innovation trials, we have recently undergone a strategic shift toward more advertising technology–focused initiatives. These initiatives are more closely aligned with our core business operations and are expected to yield greater operational synergies and commercial relevance. As a result of this shift, we expect our total research and development expenses to decrease in the near term, followed by stable, gradual growth over the longer term, in line with our more focused development roadmap. Although our absolute research and development spending may fluctuate, we anticipate that research and development expenses as a percentage of total revenue will remain relatively stable over time as we continue to monitor and optimize the implementation of our research and development budget.

**Critical Accounting Policies and Estimates**

We prepare financial statements in conformity with International Financial Reporting Standards, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Significant accounting estimates reflected in our consolidated financial statements include allowance for trade receivable, recoverability, useful lives of long-lived assets and income taxes related to realization of deferred tax assets and uncertain tax position. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

See Note 2 "Summary of Significant Accounting Policies" of our consolidated financial statements, included elsewhere in this prospectus for information about these critical accounting policies, as well as a description of our other significant accounting policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our financial statements.

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***Revenue Recognition***

We follow the rules and guidance set out under IFRS 15, Revenue from Contracts with Customers ("IFRS 15") for revenue recognition. The core principle of IFRS 15 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with IFRS 15, revenues are recognized when we satisfy the performance obligations by delivering the contracted services to the customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when we satisfy a performance obligation

Revenue is measured at the fair value of the consideration received or receivable for the sales of services in the ordinary course of our activities.

When another party is involved in providing goods or services to a customer, we determine whether the nature of its promise is a performance obligation to provide the specified services itself (i.e. we are a principal) or to arrange for those services to be provided by the other party (i.e. we are an agent).

We are a principal if we control the specified services before those services are transferred to a customer. We are an agent if our performance obligation is to arrange for the provision of the specified services by another party. In this case, we do not control the specified services provided by another party before those services are transferred to the customer. When we act as an agent, we recognize revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified services to be provided by the other party. This evaluation is performed separately for each performance obligation identified. For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2024 and 2025, there was no revenue recognized on a net basis where we are acting as an agent.

Revenue is recognized when or as the control of the services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time.

Control of the services is transferred over time if our performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provides all of the benefits received and consumed simultaneously by the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) creates and enhances an asset that the customer controls as we perform; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) does not create an asset with an alternative use to us and we have an enforceable right to payment for performance completed to date.

If control of the services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. This evaluation is performed separately for each performance obligation identified.

*The accounting policy for our principal revenue sources*

<u>Revenue from programmatic advertising services</u>

We generate revenue by displaying programmatic banner advertising services, promotional services for cooperative brands on our websites and social media platforms through display ad network such as Google Ads and Meta. The services contain one single performance obligation, which includes displaying banner services in the websites or social media accounts operating by us to our customers in exchange for consideration. The pricing is based on a cost-per-thousand-impressions (CPM) model. Revenue generated under this arrangement fluctuates due to dynamic CPM rates, which are influenced by market demand, advertising content quality, targeting precision and seasonal trends. The payment terms with the advertising network partners are fixed. We sign contracts based on service terms and recognize revenue in general as a monthly basis after impressions are delivered. No returns, refunds and other similar obligations during each reporting period.

<u>Revenue from software-as-a-service ("SaaS")</u>

We generate revenue by providing customers with SaaS services such as MediaLens software subscription services during the contractually agreed period, which is typically one year. This subscription service entitles customers to access and use MediaLens system in accordance with the subscription scope outlined in the "Service Description" and the terms and conditions stipulated in the agreement. The contract specifies in detail the monthly subscription contents of MediaLens analytics tools, including usage quotas, monthly page quotas, and other relevant information. The contracts contain one single performance obligation, being the provision of cloud-based SaaS solutions to our customers in exchange for contractual consideration. The terms of pricing and payment stipulated in the contract are fixed. We recognize revenue based on the stage of fulfillment of the performance obligations stipulated in the contract over the agreed-upon service period, which is recognized on a straight-line basis over the contractual period. No returns, refunds and other similar obligations during each reporting period.

<u>Revenue from digital marketing solutions service</u>

We generate advertising revenue by the placement and delivery of digital advertisements on behalf of partner brands on third party social media platforms such as Facebook, Instagram and our own website. These advertisements are in various forms, including articles, videos, and other media. The contractually stipulated pricing structure and payment terms are irrevocably fixed during the contractual period, with no price escalation or variation clauses. One performance obligation is clarified in the contracts with customers. We recognize revenue at a point in time upon the services are delivered and the advertisements are published or over time based on the proportional fulfillment of the performance obligations stipulated in the contract throughout service period. No returns, refunds and other similar obligations during each reporting period.

 **

***Trade Receivables and Expected Credit Losses***

 **

Trade receivables are amounts due from customers for services performed in the ordinary course of business. Majority of trade receivables are from advertising services. They are generally due for settlement within one year (or in the normal operating cycle of the business if longer) and therefore all classified as current. We usually grant credit to customers with 30 days to 60 days and determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends.

In according with IFRS 9, expected credit loss ("ECL") is the weighted average of credit losses with respect to a financial instrument, considering the time value of money, that result from all possible default events over the expected life of the financial instrument credit losses are the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive.

For trade receivables, we apply a simplified approach in calculating expected credit losses. Therefore, we do not track the changes in credit risk, but instead recognizes a loss allowance based on lifetime ECL at each reporting date. We have established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

***Impairment of long-lived assets***

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We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, we measure impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition at individual cash generating unit level. If the recoverable amount is less than the carrying amount of the assets, we would recognize an impairment loss, which is the excess of carrying amount over the fair value less costs of disposal or value in use, using the expected future discounted cash flows. No impairment of long-lived assets was recognized for the years ended December 31, 2023 and 2024 and the six months ended June 30, 2024 and 2025.

***Deferred income tax***

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and losses can be utilized.

**Taxation**

***Cayman Islands***

The Company is incorporated as an exempted company with limited liability under the Companies Act of the Cayman Islands and is not subject to tax on income or capital gains. Additionally, the Cayman Islands do not impose a withholding tax on payments of dividends to shareholders. The Cayman Islands are not party to any double tax treaties that are applicable to any payments made by or to the Company.

***BVI***

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The Company's subsidiaries incorporated in the BVI are not subject to tax on income or capital gain under the laws of BVI. Additionally, upon payments of dividends by the Company or its subsidiaries to their shareholders, no withholding tax will be imposed.

***Hong Kong***

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Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. No provision for Hong Kong profits tax was made as we had no estimated assessable profit that was subject to Hong Kong profits tax during the years ended December 31, 2023 and 2024 and the six months ended June 30, 2024 and 2025.

***Taiwan***

Effective from 2018, Taiwan's Income Tax Law abolished the imputation system, raised the corporate income tax rate from 17% to 20%, and reduced the rate of surtax imposed on unappropriated earnings from 10% to 5%. Effective from 2020, Taiwan's Statute for Industrial Innovation extended the tax incentive by 10 years for R&D expenditure. In addition, if a company uses its undistributed earnings to construct or purchase buildings, software or hardware equipment, or technology for use in production or operation, such investment amounts may be deducted from the undistributed earnings in calculation of the current year's undistributed earnings for assessment of surtax imposed on undistributed earnings from the year 2018.

The alternative minimum tax ("AMT") imposed under Taiwan's AMT Act is a supplemental income tax which applies if the amount of regular income tax calculated pursuant to Taiwan's Income Tax Law and relevant laws and regulations is below the amount of basic tax prescribed under the AMT Act. The taxable income for calculating AMT includes most income that is exempt from income tax under various regulations, such as tax holidays. The prevailing AMT rate for business entities is 12%.

**Results of Operations**

The following table sets forth a summary of our consolidated results of operations for the years indicated, both in absolute amounts and as percentages of our total revenues. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | ***HK$*** | **% of revenues** | ***HK$*** | ***US$*** | **% of revenues** | ***HK$*** | **% of revenues** | ***HK$*** | ***US$*** | **% of revenues** |
|  |  |  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| Revenues | 103570231 | 100.0 | 107714812 | 13718137 | 100.0 | 45469367 | 100.0 | 52626163 | 6702689 | 100.0 |
| Cost of revenue | (31640351) | (30.5) | (33326733) | (4244362) | (30.9) | (13929386) | **(30.6)** | (14570385) | (1855745) | (27.7) |
| **Gross profit** | **71929880** | **69.5** | **74388079** | **9473775** | **69.1** | **31539981** | **69.4** | **38055778** | **4846944** | **72.3** |
| Selling and marketing expenses | (16187560) | (15.6) | (15933674) | (2029250) | (14.8) | (7095501) | (15.6) | (8174958) | (1041197) | (15.5) |
| General and administrative expenses | (43338733) | (41.8) | (38070384) | (4848495) | 35.3) | (18361968) | (40.4) | (20730129) | (2640276) | (39.4) |
| Research and development expenses | (9771388) | (9.4) | (9348597) | (1190601) | (8.7) | (4654750) | (10.2) | (2659968) | (338785) | (5.1) |
| **Total operating expenses** | **(69297681)** | **(66.9)** | **(63352655)** | **(8068346)** | **(58.8)** | **(30112219)** | **(66.2)** | **(31565055)** | **(4020258)** | **(60.0)** |
| **Income from operations** | **2632199** | **2.5** | **11035424** | **1405428** | **10.2** | **1427762** | **3.1** | **6490723** | **826686** | **12.3** |
| Finance income/(cost) | (259095) | (0.3) | (987230) | (125730) | (0.9) | (615085) | (1.4) | 823263 | 104854 | 1.6 |
| Other gain and loss | 500329 | 0.5 | 250417 | 31892 | 0.2 | 50122 | 0.1 | 26651 | 3394 | 0.1 |
| **Income before tax expense** | **2873433** | **2.8** | **10298611** | **1311591** | **9.6** | **862799** | **1.9** | **7340637** | **934934** | **13.9** |
| Income taxes expense | (341523) | (0.3) | (1125215) | (143303) | (1.0) | (279502) | (0.6) | (1079722) | (137518) | (2.1) |
| **Net income** | **2531910** | **2.4** | **9173396** | **1168288** | **8.5** | **583297** | **1.3** | **6260915** | **797416** | **11.9** |

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**Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024**

***Revenue, Net***

Our revenues increased by 15.7% from HK$45.5 million in the six months ended June 30, 2024 to HK$52.6 million in the six months ended June 30, 2025 (US$6.7 million), primarily due to the increase in revenue from digital marketing solutions by 18.3% from HK$43.3 million in the six months ended June 30, 2024 to HK$51.2 million (US$6.5 million) in the six months ended June 30, 2025. The increase in revenue from digital marketing solutions in the six months ended June 30, 2025 was primarily due to higher demand and our enhanced efforts to provide more integrated, one-stop digital marketing solutions to our clients. This included expanded offerings in social media management, performance marketing, influencer collaborations, and event marketing. This was partially offset by a decrease of HK$0.6 million in revenue generated from display banner, which was primarily due to our strategic shift in focus towards digital marketing solutions.

***Cost of Revenue***

Our cost of revenue increased by 4.6% from HK$13.9 million in the six months ended June 30, 2024 to HK$14.6 million (US$1.9 million) in the six months ended June 30, 2025, in line with our revenue growth during the period.

Boosting costs decreased by 7.6% from HK$8.5 million in the six months ended June 30, 2024 to HK$7.9 million (US$1.0 million) in the six months ended June 30, 2025, primarily as a result of reduced discretionary spending by clients on boosting services, combined with a shift in revenue mix towards services that typically do not require additional boosting costs, such as social media management and event management.

Production costs increased significantly by 142.6% from HK$1.7 million in the six months ended June 30, 2024 to HK$4.2 million (US$0.5 million) in the six months ended June 30, 2025. The growth reflects both the increasing number of high production cost projects we undertake as well as higher client demand for event marketing and influencer marketing.

Employee-related costs within cost of revenue decreased by 31.9% from HK$3.7 million in the six months ended June 30, 2024 to HK$2.5 million in the six months ended June 30, 2025 (US$0.3 million), primarily due to the ongoing optimization of our employees aimed at improving operational efficiency.

***Gross Profit***

As a result of the above, our gross profit increased by 20.7% from HK$31.5 million in the six months ended June 30, 2024 to HK$38.1 million (US$4.8 million) in the six months ended June 30, 2025. Our gross profit margin increased from 69.4% in the six months ended June 30, 2024 to 72.3% in the six months ended June 30, 2025, primarily due to a decline in our boosting costs, driven by a shift in revenue mix towards expanded offerings such as social media management and event management.

***General and Administrative Expenses***

Our general and administrative expenses increased by 12.9% from HK$18.4 million in the six months ended June 30, 2024 to HK$20.7 million (US$2.6 million) in the six months ended June 30, 2025, primarily due to higher staff costs to support our expanding operations, as well as increased audit expenses related to our initial public offering.

***Selling and Marketing Expenses***

Our selling and marketing expenses increased by 15.2% from HK$7.1 million in the six months ended June 30, 2024 to HK$8.2 million in the six months ended June 30, 2025 (US$1.0 million), primarily due to higher sales commissions. This increase was in line with our revenue growth during the period.

***Research and Development Expenses***

Our research and development expenses decreased by 42.9% from HK$4.7 million in the six months ended June 30, 2024 to HK$2.7 million in the six months ended June 30, 2025 (US$0.3 million), primarily due to a reduction in our software development costs. The decrease was driven by a strategic shift from a broader range of innovation trials to a more refined approach focused on advertising technology–oriented initiatives, such as the continued enhancement of our MediaLens. These initiatives are more closely aligned with our core business and offer greater potential for operational synergies. As a result, we were able to focus our R&D resources more efficiently while continuing to support product enhancement and technological advancement in areas most relevant to our long-term growth.

***Other Income (Expenses), Net***

We recorded total other expense of HK$0.6 million in the six months ended June 30, 2024 compared to a total other income of HK$0.8 million (US$0.1 million) in the six months ended June 30, 2025, primarily due to foreign exchange gain resulting from the appreciation of the TWD against the HKD in the six months ended June 30, 2025.

***Income Before Income Tax Provision***

As a result of the above, our income before income taxes was HK$7.3 million in the six months ended June 30, 2025 (US$0.9 million), compared to income before income taxes of HK$0.9 million in the six months ended June 30, 2024.

***Income Tax Expense***

We recorded income taxes expense of HK$1.1 million (US$0.1 million) in the six months ended June 30, 2025, compared to HK$0.3 million in the six months ended June 30, 2024, primarily due to an increase in income from operations.

***Net Income***

As a result of the above, we recorded net income of HK$6.3 million in the six months ended June 30, 2025 (US$0.8 million), compared to net income of HK$0.6 million in the six months ended June 30, 2024.

**Year Ended December 31, 2024 Compared to Year Ended December 31, 2023**

***Revenue, Net***

Our revenues increased by 4.0% from HK$103.6 million in 2023 to HK$107.7 million in 2024 (US$13.7 million), primarily due to the increase in revenue from digital marketing solutions by 5.5% from HK$99.2 million in 2023 to HK$104.6 million (US$13.5 million) in 2024. The increase in revenue from digital marketing solutions in 2024 was primarily due to higher demand and our enhanced efforts to provide more integrated, one-stop digital marketing solutions to our clients. This included expanded offerings in social media management, performance marketing, influencer collaborations, and event marketing. Revenue from these expanded offerings increased from HK$1.2 million in 2023 to HK$10.3 million (US$13.3 million) in 2024, reflecting growing demand for comprehensive digital campaign execution and content management solutions. These strategic initiatives not only contributed to client acquisition but also deepened relationships with our strategic key brand clients. As a result, revenue generated from our top 10 brand clients increased from HK$14.0 million in 2023 to HK$19.9 million (US$2.6 million) in 2024.

***Cost of Revenue***

Our cost of revenue increased by 5.3% from HK$31.6 million in 2023 to HK$33.3 million (US$4.2 million) in 2024, as we conducted more business activities in 2024 that required higher spending on advertisement production, hard costs, influencer line-ups, performance marketing campaigns, and related third-party services.

Boosting costs rose slightly by 1.5% from HK$20.0 million in 2023 to HK$20.3 million (US$2.6 million) in 2024. While the absolute amount remained relatively stable, the slight decrease as a percentage of revenue was driven by project-specific requirements.

Production costs increased by 35.2% from HK$5.4 million in 2023 to HK$7.3 million (US$0.9 million) in 2024. The growth reflects higher demand for event marketing and more complex creative executions, including influencer-led content and multi-format campaigns.

Employee-related costs within cost of revenue decreased by 8.8% from HK$6.2 million in 2023 to HK$5.7 million in 2024 (US$0.7 million). This decline reflects improved project planning, resource allocation, and ongoing process optimization efforts, which enhanced delivery efficiency without compromising quality.

***Gross Profit***

As a result of the above, our gross profit increased by 3.4% from HK$71.9 million in 2023 to HK$74.4 million (US$9.5 million) in 2024. Our gross profit margin slightly decreased from 69.5% in 2023 to 69.1% in 2024, primarily due to a shift in revenue mix toward services with higher spending. In particular, the increased contribution from influencer campaigns and performance marketing—both of which involved higher third-party and media spending—resulted in a moderate compression in overall margin despite the growth in revenue.

***General and Administrative Expenses***

Our general and administrative expenses decreased by 12.1% from HK$43.3 million in 2023 to HK$38.1 million (US$4.8 million) in 2024, primarily due to several cost optimization initiatives. Firstly, staff costs were reduced as a result of improved operational efficiency, which allowed us to maintain performance with a leaner team. Secondly, we relocated one of our Hong Kong offices in June 2024, leading to a reduction in rental expenses. Thirdly, we implemented more stringent cost control measures across various administrative functions, which resulted in the overall decrease in general and administrative expenses.

***Selling and Marketing Expenses***

Our selling and marketing expenses decreased by 1.6% from HK$16.2 million in 2023 to HK$15.9 million in 2024 (US$2.0 million), primarily due to a reduction in sales commissions. This was driven by a higher proportion of client engagements under retainer-based contracts, which typically carry lower commission rates. In addition, a growing number of key accounts were secured through management-led efforts rather than the direct sales team, further contributing to the decline in commission expenses.

***Research and Development Expenses***

Our research and development expenses decreased by 4.3% from HK$9.8 million in 2023 to HK$9.3 million in 2024 (US$1.2 million), primarily due to a reduction in software development costs. The decrease was mainly attributable to a strategic shift from a broader range of innovation trials to more advertising technology–oriented initiatives. These initiatives are more closely aligned with our core business and offer greater potential for operational synergies. As a result, we were able to focus our R&D resources more efficiently while continuing to support product enhancement and technological advancement in areas most relevant to our long-term growth.

***Other Income (Expenses), Net***

We recorded total other income of HK$0.2 million in 2023 compared to a total other expense of HK$0.7 million (US$0.1 million) in 2024, representing a 405.4% deterioration, primarily due to foreign exchange loss resulting from the depreciation of the TWD against the HKD in FY2024, as well as the reduction in government subsidies received during the year.

***Income Before Income Tax Provision***

As a result of the above, our income before income taxes was HK$10.3 million in 2024 (US$1.3 million), compared to income before income taxes of HK$2.9 million in 2023.

***Income Tax Expense***

We recorded income taxes expense of HK$1.1 million (US$0.1 million) in 2024, compared to HK$0.3 million in 2023, primarily due to an increase in income from operations.

***Net Income***

As a result of the above, we recorded net income of HK$9.2 million in 2024 (US$1.2 million), compared to net income of HK$2.5 million in 2023.

**Liquidity and Capital Resources**

PressLogic Inc. is a holding company, and it conducts its operations primarily through its subsidiaries in Hong Kong and BVI. PressLogic Inc. may rely on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. For an overview of our organizational structure, see "Prospectus Summary—Our History, Corporate and Ownership Structure." Deterioration in the financial condition, earnings or cash flow of the Company's subsidiaries for any reason, as well as any changes in laws or regulations, could limit or impair their ability to pay such distributions. See "Risk Factors—Risks Relating to Doing Business in Hong Kong—As PressLogic Inc. is not a Chinese operating company but a Cayman Islands holding company with no business operations of its own, it relies on dividends distribution or payments from its Hong Kong and BVI subsidiaries to fund its cash and financing requirements."

 ****

***Cash flows and working capital***

To date, our primary sources of liquidity have been cash generated from operating activities and capital contribution by shareholders. As of June 30, 2025, we had cash and cash equivalents of HK$42.5 million (US$5.4 million), a majority of which is in U.S. dollar and in HKD. Cash and cash equivalents consist of cash on hand, cash in bank and deposits held at licensed payment platforms with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. We believe our cash and cash equivalents will be sufficient to fund our operations and meet all of its obligations as they fall due for at least 12 months from the date of the issuance of financial statements. We may, however, need additional cash resources in the future if we experience changes in business conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital expenditure or similar actions. If we determine that our cash requirements exceed the amount of cash we have on hand, we may seek to issue equity or equity linked securities or obtain debt financing. The issuance and sale of additional equity would result in further dilution to the Company's shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

As of June 30, 2025, we had borrowing-current of HK$16.4 million (US$2.1 million), representing three short-term loans from HSBC. HSBC as lender under these loans has the discretion to determine whether or not to permit drawdown or utilization of the loan, the discretion to require immediate repayment of outstanding amount, and the discretion to determine whether or not to terminate the loan. Specifically, on December 18, 2023, one loan of HK$4,100,000, guaranteed by, among others, Cheung Ho Chak Ryan, bears a floating interest rate of HSBC Prime Rate minus 2.25% per annum, and will mature in December 2033. On May 14 ,2024, one loan of HK$9,000,000, guaranteed by, among others, Chow Wing Yin and Cheung Ho Chak Ryan, bears a floating interest rate of HSBC Prime Rate minus 2.25% per annum and will mature in May 2034. On February 29, 2024, one loan of HK$3,743,334, guaranteed by, among others, Chow Wing Yin and Cheung Ho Chak Ryan, bears a floating interest rate of HSBC Prime Rate minus 2.25%per annum and will mature in February 2034.

The following table sets forth selected cash flow statement information for the years/periods indicated:

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** |
|  | ***HK$*** | ***HK$*** | ***US$*** | ***HK$*** | ***HK$*** | ***US$*** |
|  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| Net cash provided by operating activities | 881214 | 13735939 | 1749355 | 5206277 | 11982297 | 1526115 |
| Net cash used in investing activities | (233744) | (386180) | (49182) | (220021) | (176054) | (22426) |
| Net cash provided by / (used in) financing activities | (786095) | 6974423 | 888235 | 10321107 | (6500197) | (872893) |
| Net increase/ (decrease) in cash and cash equivalents | (133260) | 20493798 | 2610010 | 15597650 | 5184937 | 606829 |
| Cash and cash equivalents, beginning of year | 16944036 | 16810776 | 2140955 | 16810776 | 37304574 | 4804814 |
| Cash and cash equivalents, end of year | 16810776 | 37304574 | 4750965 | 32408426 | 42489511 | 5411643 |

---

 ****

***Operating Activities***

Net cash provided by operating activities was HK$12.0 million (US$1.5 million) in the six months ended June 30, 2025, primarily related to our net income of HK$6.3 million (US$0.8 million). The difference was primarily due to adjustment for non-cash and non-operating items of HK$1.8 million (US$224.0 thousand) and changes in operating assets and liabilities. The adjustments primarily include depreciation of property and equipment and amortization of right-of-use assets. The changes in operating assets and liabilities primarily reflected a decrease of HK$8.6 million (US$1.1 million) in trade receivables, which was related to improved collections from customers during the period, partially offset by an increase of HK$8.4 million (US$1.1 million) in due to related parties, primarily as a result of repayments received.

Net cash provided by operating activities was HK$13.7 million (US$1.7 million) in 2024, primarily related to our net income of HK$9.2 million (US$1.2 million). The difference was primarily due to adjustment for non-cash and non-operating items of HK$6.2 million (US$787.5 thousand) and changes in operating assets and liabilities. The adjustments primarily include depreciation of operating lease assets, depreciation of property and equipment and amortization of right-of-use assets. The changes in operating assets and liabilities primarily reflected (i) an increase of HK$5.4 million (US$683.5 thousand) in trade receivable, which was related to the extended payment cycles from customers, and (ii) an increase of HK$1.6 million (US$201.6 thousand) in due from related parties, which was related to our daily business transactions.

Net cash provided by operating activities was HK$881.2 thousand in 2023, while our net income for the same year was HK$2.5 million. The difference was primarily due to adjustment for non-cash and non-operating items of HK$6.5 million and changes in operating assets and liabilities. The adjustments primarily include depreciation of property and equipment, amortization of right-of-use assets and equity investment loss. The changes in operating assets and liabilities primarily reflected (i) a decrease of HK$3.4 million in trade receivable, which was related to our enhanced receivables collections accelerated settlement cycle with customers; (ii) an increase of HK$1.2 million in trade payable, which was related to the timing of settlements, as certain payables were settled subsequent to the balance sheet date; and (iii) a decrease of HK$11.0 million in due to related parties, which was related to repayment of daily operation payment made on our behalf.

***Investing Activities***

Net cash used in investing activities was HK$176.1 thousand (US$22.4 thousand) in the six months ended June 30, 2025, primarily due to the purchases of property and equipment of HK$177.9 thousand (US$22.7 thousand), which was related to the purchases of common office fixed assets such as computers and production equipment.

Net cash used in investing activities was HK$386.2 thousand (US$49.2 thousand) in 2024, primarily due to the purchases of property and equipment of HK$749.5 thousand (US$95.5 thousand), which was related to the purchases of common office fixed assets and partially offset by the proceeds from disposal of property and equipment of HK$363.3 thousand (US$46.3 thousand), which was due to the end use of computers and furniture.

Net cash used in investing activities was HK$233.7 thousand in 2023, primarily due to the purchases of property and equipment of HK$124.0 thousand, which was related to office renovation of approximately HK$40 thousand, partially offset by the proceeds from disposal of obsolete office property and equipment of HK$47.2 thousand.

***Financing Activities***

Net cash used in financing activities was HK$6.5 million (US$0.8 million) in the six months ended June 30, 2025 primarily due to (i) the payment of HK$4.2 million (US$533.3 thousand) in deferred initial public offering costs associated with the planned offering; (ii) the payment of lease liabilities of HK$1.9 million (US$244.4 thousand); and (iii) the repayment of bank borrowings of HK$0.4 million (US$50.1 thousand).

Net cash provided by financing activities was HK$7.0 million (US$0.9 million) in 2024, primarily due to (i) the proceeds from bank borrowings of HK$12.7 million (US$1.6 million), which was related to the anticipated daily working capital requirements; (ii) an increase of HK$1.3 million (US$164.3 thousand) in deferred initial public offering costs associated with the planned offering; and (iii) the rental payment of HK$4.5 million (US$570.4 thousand).

Net cash used in financing activities was HK$786.1 thousand in 2023, primarily due to (i) the proceeds from bank borrowings of HK$4.1 million, which was related to working capital requirements for business expansion; and (ii) the rental payment of HK$4.9 million.

**Capital Expenditures**

We had capital expenditures of HK$5.4 million, HK$5.6 million (US$708 thousand) and HK$2.2 million (US$280 thousand) in 2023, 2024 and the six months ended June 30, 2025, respectively. In these periods, our capital expenditures were primarily used for the right-of-use assets arising from rental agreements and were financed through cash flows from our operations. We estimate that our capital expenditures in the next two years will be used primarily for computer and production equipment, leasehold improvements, and right-of-use lease assets.

We expect that our level of capital expenditures will be significantly affected by demand for our solutions globally. As a result, our future capital requirements may be uncertain and actual capital requirements may be different from those we currently anticipate. To the extent the proceeds of this offering and cash from our business activities are insufficient to fund future capital requirements, we may need to seek equity or debt financing in the future. We will continue to make capital expenditures to support the expected growth of our business.

**Material Cash Requirements**

Our material cash requirements as of June 30, 2025 primarily include operating lease obligations.

We intend to fund our existing and future material cash requirements primarily through cash flows from our operations and net proceeds from the offering. We will continue to make cash commitments, including capital expenditures, to support the growth of our business.

The following table sets forth our contractual obligations for operating lease as of June 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Lease liabilities** | **Lease liabilities** |
|  | ***HK$*** | ***US$*** |
| Remaining 2025 | 2198870 | 280057 |
| 2026 | 3221794 | 410341 |
| 2027 | 1405494 | 179010 |
| 2028 | 3432 | 437 |
| 2029 | 2248 | 286 |
| Thereafter | 552 | 70 |
| **Total lease payments** | **6832390** | **870202** |
| Less: imputed interest | (193212) | (24608) |
| **Present value of lease liabilities** | **6639178** | **845594** |

---

**Off-Balance Sheet Commitments and Arrangements**

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any off-balance sheet derivative instruments. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

**Internal Control Over Financial Reporting**

Prior to this initial public offering, we have been a private company with limited accounting personnel and other resources with which we address our internal control over financial reporting. After this initial public offering we will be subject to the Sarbanes-Oxley Act of 2002 as we are a public company in the United States. Section 404 of the Sarbanes-Oxley Act, or Section 404, requires that we include a report from management on the effectiveness of our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report for the fiscal year ending December 31, 2026. In addition, once we cease to be an "emerging growth company" as this term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting.

In the course of preparing and auditing our consolidated financial statements as of and for the years ended December 31, 2023 and 2024, we and our independent registered public accounting firm identified one material weakness in our internal control over financial reporting. As defined in the standards established by the Public Company Accounting Oversight Board of the United States, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified is that we lack sufficient financial reporting and accounting personnel with appropriate knowledge of IFRS and the SEC reporting requirements to properly address complex IFRS accounting issues and related disclosures in accordance with IFRS and financial reporting requirements set forth by the SEC.

We plan to recruit additional qualified financial reporting and accounting personnel following the completion of this offering to enhance our financial reporting capabilities.

The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligation. See "Risk Factors—Risks Relating to this Offering and the Class A Ordinary Shares—If we fail to implement and maintain an effective system of internal controls, including through the remediation of any material weaknesses or significant deficiencies that have been or may be identified, we may be unable to report our results of operations accurately, meet our reporting obligations or prevent fraud, and investor confidence and the market price of the Class A ordinary shares may be materially and adversely affected."

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 JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, in the assessment of the emerging growth company's internal control over financing reporting. However, pursuant to Section 404 and the related rules adopted by the SEC, we, as a public company after being listed, are required to maintain adequate internal control over financial reporting and include our management's assessment of the effectiveness of our company's internal control over financial reporting in our annual report.

**Qualitative and Quantitative Disclosures about Market Risk**

***Foreign Currency Risk***

Foreign currency risk primarily arises from future commercial transactions and recognized assets and liabilities denominated in a currency other than the functional currency of the relevant entities. We manage our foreign currency risk by performing regular reviews of our net foreign currency exposures and try to minimize non-functional currency transactions.

We operate mainly in Hong Kong with most of the transactions settled in HK dollars. Management considers that the business is not exposed to significant foreign exchange risk as there are no significant assets or liabilities of us denominated in the currencies other than the respective functional currencies of our entities.

***Interest Rate Risk***

 ****

Fluctuations in market interest rates may negatively affect our financial conditions and results of operations. We are exposed to floating interest rate risk on bank deposits and floating rate borrowings, and the risk due to changes in interest rates is not material. We have not used any derivative financial instruments to manage the interest risk exposure.

***Credit Risk***

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The carrying amounts of the cash and bank balances, trade receivables and other receivables included in the consolidated balance sheet represent our maximum exposure to credit risk in relation to our financial assets.

We have no significant concentrations of credit risk. We have policies in place to ensure that sales are made to customers with an appropriate credit history.

The credit risk on cash and bank balances is limited because the counterparties are banks with high credit-rating assigned by international credit-rating agencies and certificates of deposit were on deposit at financial institutions in the Hong Kong with upper limited HK dollars 500,000 and in Taiwan with upper limited Taiwan dollars 3,000,000 insurances to cover bank deposits in the event of bank failure.

We consider whether there has been a significant increase in credit risk of financial assets on an ongoing basis throughout each reporting period by comparing the risk of a default occurring as at the reporting date with the risk of default as at the date of initial recognition. We consider available reasonable and supportive forwarding looking information.

***Liquidity Risk***

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As of June 30, 2025, we had approximately HK$42.5 million (US$5.4 million) in cash and cash equivalent. We intend to maintain sufficient cash and cash equivalents. Due to the dynamic nature of the underlying business, our policy is to regularly monitor our liquidity risk and to maintain adequate liquid assets such as cash and cash equivalents, or to retain adequate financing arrangements to meet our liquidity requirements.

We expect that our existing cash and cash equivalents will be sufficient to fund our operations and meet all of our obligations as they fall due for at least twelve months from the date of issuance of financial statements.

***Concentration Risk***

For the year ended December 31, 2023, one supplier, Meta Platforms Ireland Ltd., which was a third-party social media platform provider, accounted for 63.9% of our cost of revenue. For the year ended December 31, 2024, the same supplier accounted for 60.7% of our cost of revenue. For the six months ended June 30, 2024 and 2025, the same supplier accounted for 62.3% and 53.4% of our cost of revenue, respectively. Should any of the above suppliers or other significant suppliers terminate their relationship with us or significantly reduces their supplies, our business and financial results could be materially and adversely affected. See "Risk Factors—Risks Relating to Our Business and Industry—We are subject to supplier concentration risks."

**Recent Accounting Pronouncements**

A list of recent relevant accounting pronouncements that are relevant to us is included in Note 2 "Summary of Significant Accounting Policies" of our consolidated financial statements, included elsewhere in this prospectus.

**Business**

**Overview**

We operate in the online marketing industry primarily in the Asia Pacific region, in particular Hong Kong and Taiwan. Online marketing, also known as digital marketing or internet marketing, refers to the use of the internet and digital channels to promote products, services, or brands to a targeted audience. It includes various strategies and techniques designed to attract, engage, and convert potential customers. Online marketing solutions comprise of content marketing solutions and SaaS solutions.

We are a leading one-stop digital marketing solutions provider. We deliver a comprehensive suite of interconnected proprietary content marketing solutions and SaaS solutions and services to brand owners as well as marketing agencies throughout the marketing cycle and across multiple media platforms, including our own websites and apps, as well as third-party social media platforms. Our content marketing solutions primarily include (i) digital marketing solution segment, which includes advertorial and editorial contents, newsfeeds contents, influencer marketing, display advertising and sponsorship, and (ii) display banner segment, which includes both programmatic banner ads and direct placements option from display ad networks. Our SaaS solutions include MediaLens related offerings, which provides powerful data analysis of our audience on Facebook, Instagram and Youtube. Our SaaS solutions and content marketing strategies are interconnected and complement each other throughout the marketing process. Our content marketing solutions are also data-driven, allowing us to leverage insights from MediaLens to create engaging content for our media pages. This enables us to effectively reach our target audience and enhance the competitiveness of our services.

We operate nine proprietary media brands with over twelve million followers and subscribers, featuring contents across a diverse areas of interest. Each of our media brands carry unique content areas with a notable presence on various social media platforms. As of the date of this prospectus, we have nine websites and five apps and eleven Facebook fanpages, eleven Instagram profiles and eight YouTube channels as our core media assets.

We generate revenue primarily from content marketing solution and to a lesser extent from SaaS solutions. For content marketing solutions, we charge a flat advertising fees or variable advertising fees based on (i) the media profile selected for the project, and (ii) the project complexity. For SaaS solutions, we charge monthly or yearly subscription fees. Our revenues increased by 4.0% from HK$103.6 million in 2023 to HK$107.7 million in 2024 (US$13.7 million). Our revenues increased by 15.7% from HK$45.5 million in the six months ended June 30, 2024 to HK$52.6 million in the six months ended June 30, 2025 (US$6.7 million). Our gross profit increased by 3.4% from HK$71.9 million in 2023 to HK$74.4 million (US$9.5 million) in 2024. Our gross profit increased by 20.7% from HK$31.5 million in the six months ended June 30, 2024 to HK$38.1 million (US$4.8 million) in the six months ended June 30, 2025. Our gross profit margin slightly decreased from 69.5% in 2023 to 69.1% in 2024, primarily due to a shift in revenue mix toward services with higher costs such as influencer campaigns and performance marketing. Our gross profit margin increased from 69.4% in the six months ended June 30, 2024 to 72.3% in the six months ended June 30, 2025, primarily due to a decline in our boosting costs, driven by a shift in revenue mix towards expanded offerings such as social media management and event management. We recorded net income of HK$9.2 million in 2024 (US$1.2 million), compared to net income of HK$2.5 million in 2023. We recorded net income of HK$6.3 million (US$0.8 million) in the six months ended June 30, 2025, compared to net income of HK$0.6 million in the six months ended June 30, 2024.

**Our Industry**

We operate in the online marketing industry primarily in the Asia Pacific region, in particular Hong Kong and Taiwan. Online marketing, also known as digital marketing or internet marketing, refers to the use of the internet and digital channels to promote products, services, or brands to a targeted audience. It includes various strategies and techniques designed to attract, engage, and convert potential customers. Online marketing solutions comprise of content marketing solutions and SaaS solutions. The projected CAGR growth rates across various market segments and the description regarding new growth opportunities are derived from an industry report commissioned by us and prepared by Frost & Sullivan, a third-party industry research firm.

***Our Market Opportunity***

 ****

<u>Market Size for Content Marketing (APAC, Hong Kong, Taiwan)</u>

Due to the consistent growth in market size of the content marketing industry, we believe the market carries significant potential and growth opportunities, according to Frost & Sullivan.

Driven by the rise of e-commerce and video content, including short videos and streaming platforms, advertisers are increasing their focus on online marketing. This shift is creating new growth opportunities in the Asia-Pacific (APAC) region online marketing market. In 2019, the market size of online marketing was US$134.9 billion in APAC, and it grew at a CAGR of 18.0% to US$261.9 billion in 2023. This market segment is projected to grow at a CAGR of 11.3% to reach US$446.8 billion in 2028.

In Hong Kong, despite the tradition emphasis on television and print media, Google remains the most visited online platform, making SEM and SEO solutions popular. In addition, the emergence of video-streaming platforms has led to a shift toward content marketing. In 2019, the market size of online marketing was US$926.2 million in Hong Kong, and it grew at a CAGR of 17.2% to US$1,746.1 million in 2023. This market segment is projected to grow at a CAGR of 10.6% to reach US$2,883.5 million in 2028.

In Taiwan, online marketing is continuously growing due to high social media usage and a young, tech-savvy population, which drives the adoption of online services and the development of personalized marketing strategies. In 2019, the market size of online marketing was USD1,185.2 million in Taiwan, and it grew at a CAGR of 11.5% to USD1,833.7 million in 2023. This market segment is projected to grow at a CAGR of 7.5% to reach USD2,636.3 million in 2028.

<u>Market Size for Marketing SaaS (APAC, Hong Kong, Taiwan)</u>

Due to the growing market size of SaaS marketing solutions, we believe that the utilization of proprietary technologies and adoption of SaaS tools are expected to drive the online marketing industry.

As digital transformation accelerates in the APAC, SaaS has become the preferred choice for enterprises due to its flexibility, scalability, and cost-effectiveness. The rise of Generative AI has further fueled the SaaS market, driving the growth of marketing SaaS. In 2019, the market size of SaaS marketing was USD2.8 billion in APAC, and it grew at a CAGR of 21.4% to USD6.2 billion in 2023. This market segment is projected to grow at a CAGR of 17.5% to reach USD13.8 billion in 2028.

In Hong Kong, SaaS holds a dominant position within the public cloud market, driven by the growing demand for remote work solutions, data security, and compliance. Marketing SaaS vendors in Hong Kong must localize their offerings to meet local needs while leveraging the region's strategic position to support the international expansion of brands from both Hong Kong and mainland China. In 2019, the market size of SaaS marketing was USD36.6 million in Hong Kong, and it grew at a CAGR of 21.2% to USD79.1 million in 2023. This market segment is projected to grow at a CAGR of 14.0% to reach USD152.4 million in 2028.

In Taiwan, the government has initiated the promotion of digital transformations, which have created a supportive environment for the SaaS market. In 2019, the market size of SaaS marketing was USD111.4 million in Taiwan, and it grew at a CAGR of 16.7% to USD206.4 million in 2023. This market segment is projected to grow at a CAGR of 13.0% to reach USD380.7 million in 2028.

***Industry Trends***

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With the increased accessibility of the internet, digital transformation, and the emergence of diverse platforms, the foundation for the online marketing industry has been laid. Several trends are expected to drive this industry:

●  ***The rise of mobile internet has provided diversified third-party media platforms for online marketing*** . The widespread adoption
 of mobile internet has driven the rise of major online platforms, including social media, e-commerce, and video-streaming platforms.
 By incorporating interactive features and personalization, these platforms significantly boost user engagement; each offers unique
 marketing tools that enable companies to develop comprehensive online marketing strategies for advertisers.

●  ***Intensified market competition urges advertisers to optimize their marketing strategies towards niche markets*** . Consumers have become
 more selective in their spending, prioritizing better value for money, leading to the rise of smaller brands and increased market
 competition. To remain competitive, advertisers must continuously innovate and optimize their strategies. Many are now focusing on
 niche markets, target demographics, and specific scenarios to enhance brand value and build customer loyalty through personalized
 offerings, boosting engagement and loyalty.

●  ***Growing awareness of customers to utilize digital marketing services to drive their own growth*** . With younger demographics actively
 engaging on community platforms, digital media has become a key channel for information and shopping discussions. As a result, advertisers
 are shifting their budgets from traditional media to digital platforms, especially social media. To optimize their budgets, advertisers
 are utilizing digital marketing services to drive their own growth.

**Our Strengths**

***Flywheel effect between our SaaS solutions and content marketing strategies***

 ****

We lead the market with a diverse array of solutions that encompass various marketing processes. Our SaaS solutions and content marketing strategies are seamlessly interconnected, enhancing the overall marketing experience. MediaLens, our flagship SaaS product, analyzes audience behavior data, including content preferences and conversion patterns, optimizing our content and promotional strategies. MediaLens' analytical capabilities serve as the foundation for our content creation solutions. When pitching these solutions to clients, we showcase the power of MediaLens to demonstrate our data-driven approach.

Our data-driven content marketing solutions leverage insights from MediaLens to create engaging content for our media pages, allowing us to effectively reach our target audience. We offer a wide range of content and tailor-made solutions to meet our clients' diverse needs. Our integrated content marketing solutions cover the entire advertising process, from pre-production analytics to content creation and distribution. We identify trending content and keywords, produce compelling material with our in-house creative team, and distribute it through our media brands, including on their own webpages or apps as well as on third-party platforms. Our content marketing offerings include advertorial and editorial content, newsfeeds, sponsorships, display ads, and influencer marketing. This comprehensive approach enables us to provide a broad spectrum of content and customized solutions that effectively drive traffic through the conversion funnel.

Through content marketing solutions, we gather extensive market data, which is continuously fed into our SaaS solution to refine the effectiveness of our analytics, further promoting its adoption and creating a flywheel effect.

***Diverse media brands attracting a diverse customer base***

 ****

We have established a robust digital presence, engaging millions of subscribers across our media platforms. As of the date of this prospectus, we operate nine proprietary media brands with over twelve million followers and subscribers spanning various age groups and countries. Our reach extends across multiple platforms, including our own websites and apps, as well as third-party social media platforms like Facebook and Instagram.

Each of our media brands focuses on unique and targeted content, enabling us to attract advertising clients with diverse target demographics. We offer clients the flexibility to choose brands and platforms that best align with their audience's interests. Our ability to segment and target specific demographics ensures that our clients' advertising campaigns are optimized for maximum reach and effectiveness. This approach enhances our capacity to attract customers from different industries. Our client portfolio spans ten distinct sectors, including cosmetics and skincare, food and beverages, banking, and real estate.

***Proprietary technology designed to optimize advertising and marketing efforts***

 ****

Our cloud-based infrastructure utilizes serverless architectures, providing scalability and significant cost savings in maintenance and operations. We are committed to continually enhancing our technology to deliver data-driven insights, ensuring our clients' advertising strategies remain optimized and competitive.

***Experienced management team***

 ****

Our management team comprises seasoned leaders with expertise in technology, finance, operations, and business development. We are led by our Chairman, founder, and CEO, Cheung Ho Chak Ryan, a veteran in the digital marketing industry. In additional, his background in finance and business development has been instrumental in our rapid growth, securing venture capital funding, and expanding our market presence.

Our corporate structure is designed to foster innovation and scalability. We have specialized teams focused on editorial, project management, finance, HR, IT, product development, and sales. Our leadership team and organizational framework provide the vision, expertise, and operational excellence necessary to drive our success in the online marketing industry.

**Our Growth Strategy**

***Grow our audience base and continue to optimize online marketing solutions and services***

We intend to enhance the effectiveness of our marketing solutions by growing our audience base and continue to optimize our online marketing solutions and services. For example, we plan to adopt new media formats to grow our audience base to include users of these formats, while also optimizing our existing solutions and services through the creation of a more comprehensive portfolio of product offerings.

***Broaden and deepen our partner ecosystem***

We intend to broaden and deepen our partner ecosystem through the focus on partner education to ensure our partners' familiarity with our ecosystem and the full scope of our product offerings. This will enable future partners to better understand the functionality of our products and enable more effective services. We will achieve this through various marketing initiatives such as organizing events, EDM campaigns, as well as other marketing activities. Through their enhanced understanding of our offerings and capabilities, our partner ecosystem will be broadened to include new collaborations that require comprehensive capabilities; and will be deepened due to their satisfaction with our product offerings.

***Continue to invest in technological infrastructure, and enhance data analytical capabilities***

We will continue to invest in our technological infrastructure and enhance our data analytical capabilities. We plan to continue to invest in the optimization of our existing SaaS solutions to expand their capabilities, and also to develop additional SaaS tools to enhance our data analytical capabilities. We will focus on the development of advertising technologies and seek M&A opportunities with an emphasis on computer intelligence to further enhance our technological infrastructure and data analytical capabilities.

***Continue to expand into international markets***

We intend to increase our sales capabilities by expanding our business operations into international markets, especially Southeast Asia. We aim to leverage our proprietary technologies and our one-stop ecosystem to propel our expansion into targeted markets. For example, we have recently developed two additional data-driven solutions that may be appealing to international customers, facilitating our expansion.

In addition, we are committed to improving our employees' education and technical skills to better market our solutions, thus facilitating our expansion. We will ensure that our employees are highly knowledgeable about our product offerings, which enables them to effectively communicate and promote our offerings to the international market.

**Our Media Brands**

We operate nine proprietary media brands with over twelve million followers and subscribers, featuring contents across a diverse areas of interest over a number of platforms, including our own websites and apps, as well as third-party social media platforms. Each of our media platforms carry unique content areas with a notable presence on various social media platforms. As of the date of this prospectus, we have nine websites and five apps and eleven Facebook fanpages, eleven Instagram profiles and eight YouTube channels as our core media assets.

Our diverse media brand portfolio enables us to reach and engage with different groups of audience. Additionally, these different brands allow us to segregate our audience profile and assist our customers in identifying their target customers to maximize advertising outcome. Our customers have the flexibility to select which one of our platforms they would like to place advertisements on or carry out online campaigns with.

***GirlStyle***

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GirlStyle offers a range of content targeted towards females. It is one of Hong Kong's and Taiwan's most engaging and popular online magazines exclusive for young females, featuring exceptional information about lifestyle, beauty (skincare & cosmetics), trendy topics, fashion, shopping, health & wellness, personal growth, and more. GirlStyle strives to develop updated and interesting content to stay relevant, for example, through branded content marketing on digital platforms, campaign collaborations, offline reader engagement activities (such as reader-exclusive yoga events we held in Hong Kong), and larger-scale events. For instance, GirlStyle Fest in Taiwan has been successfully held for three consecutive years, inviting partner brands to engage with readers offline in meaningful and interactive ways. The majority of GirlStyle's audiences are females in their twenties to forties, spanning different life stages from young professionals, new mothers, to mature career women. They are tech-savvy and active social media users, and are likely to have high purchasing power and be receptive to branded content that aligns with their values and interests.

GirlStyle has its official website, mobile app, Facebook page, Instagram profile, threads profile, Whatsapp channel, XiaoHongShu profile and YouTube channel in Hong Kong and in Taiwan. It has an aggregate of over 2.7 million Facebook followers and 919 thousand Instagram followers as of August 2025.

***HolidaySmart***

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HolidaySmart offers lifestyle content for Hong Kong and Taiwan locals, sharing the best deals, trendy experiences, food & beverage highlights, travel inspiration, and must-visit local spots. It collaborates with numerous brands to promote their latest products, seasonal highlights, exclusive discounts, special offers, and key brand updates, delivering engaging campaigns that resonate with audiences. Its core audience are individuals between 18 and 44. They enjoy exploring new experiences, socializing, building their identity, and seeking inspiration.

HolidaySmart has its official website, mobile app, Facebook page, Instagram profile, threads profile, Whatsapp channel, XiaoHongShu profile and YouTube channel.

***BusinessFocus***

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BusinessFocus is a fast-growing online business and finance platform that provides managers, technology enthusiasts and enterprisers with business news, start-up news, investment, finance, technology and entrepreneurial inspiration. BusinessFocus strived to develop innovative contents to stay relevant. For example, starting in 2021, it offers a Business Award to promote industry leaders and outstanding brands every year. Its core audience is within the age range of mid-20s to mid-40s, who may start families or in the midst of building their careers.

BusinessFocus has its official website, mobile app, Facebook page, Instagram profile, threads profile, Whatsapp channel, LinkedIn profile and YouTube channel.

***MamiDaily***

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MamiDaily is a platform for modern parents—both moms and dads—offering expert insights and resources on family wellness, from pre-pregnancy to parenting young children. It covers topics like child health and development, education, school choices, household communication, and practical parenting tips. Parents can also find advice on mental and physical growth for children, household hacks, and exclusive deals on everyday essentials. Through a blend of online and offline activities, MamiDaily connects and empowers parents to navigate parenthood with confidence. Starting in 2020, MamiDaily began organizing exclusive prenatal seminars for its readers, providing a platform for parents-to-be to connect with brands and doctors, gaining valuable insights and support offline. Beyond prenatal events, MamiDaily also curates activities to foster a sense of community among parents. For example, in Christmas 2021, it hosted a baby crawling competition, bringing together reader families for a fun and memorable experience.

MamiDaily has its official website, mobile app, Facebook page, Instagram profile, threads profile, Whatsapp channel and YouTube channel.

***UrbanLife Health***

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UrbanLife Health delivers health and wellness content tailored to the modern lifestyle of Hong Kong audiences, with a focus on both physical and mental well-being. Our experienced content team collaborates with a wide range of medical professionals, including doctors, Chinese medicine practitioners, and nutritionists, to ensure credibility and accuracy. We interview these experts and invite them to contribute as bloggers, providing readers with reliable medical news, restorative treatments, wellness insights, and sports and fitness information. With a primary audience aged 25 to 54, UrbanLife Health appeals to a dynamic and relatively young workforce with high disposable incomes, addressing their health concerns while recognizing the broader societal implications of well-being.

UrbanLife Health has its official website, mobile app, Facebook page, Instagram profile, threads profile, Whatsapp channel and YouTube channel.

***PetCity***

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PetCity is an online platform dedicated to providing pet owners with the latest news, expert advice, and curated content tailored to their needs. From trendy product recommendations and pet health and wellness tips to guides on pet-friendly places, training advice, grooming tips, and lifestyle inspiration, PetCity covers all aspects of modern pet ownership. PetCity collaborates with shopping malls and pet brands to host large-scale pet-focused events. For example, in 2024, it organized a vibrant carnival and marketplace event, bringing together pet owners, pet brands, and NGOs to create a fun and supportive community for pets and their families.

PetCity has its official website, Facebook page, and Instagram profile.

***Kdaily***

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Kdaily is a platform for Korean-cultural enthusiasts to share and exchange for the latest trend, pop culture and everything about Korea. It includes content on K-drama reviews, behind-the-scenes footages, Korean culture, and Korean fashion and beauty trends. Its target audience includes students as well as the working class, who are likely to be interested in K-dramas as a way to de-stress and unwind after a long day at work. They may appreciate the slower pace and focus on character development in K-dramas as a way to escape the fast-paced world of their jobs.

Kdaily has its official website, Facebook page, and Instagram profile.

***TopBeauty***

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TopBeauty offers a range of contents including lifestyle, beauty (skincare & cosmetics), fashion, shopping, health & wellness, personal growth, relationships, and career-related insights. The platform enables audiences to share the quality of life and lifestyle content to promote both physical and mental health. It aims to stay relevant through implementing various activities, such as the issuance of the TopBeauty Awards. It is mainly targeted towards females who are interested in fashion, beauty, career development, financial planning, and balancing between work and family responsibilities.

TopBeauty has its official website, Facebook page, and Instagram profile, threads profile, Whatsapp channel.

***PopLady***

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PopLady is an online platform tailored for modern young women, offering the latest in fashion news, styling tips, beauty trends, and lifestyle updates. From curated product recommendations to insights on luxury brands and personal development, PopLady keeps its audience informed and inspired. Its content resonates with young women who prioritize style and career aspirations, focusing on a vibrant lifestyle over traditional family or retirement planning.

PopLady has its official website, Facebook page, and Instagram profile, threads profile, Whatsapp channel, XiaoHongShu profile.

**Our Solutions**

***Overview***

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We are a leading one-stop digital marketing solutions provider. We deliver a comprehensive suite of interconnected proprietary solutions and services throughout the marketing cycle and across multiple media platforms, including our own platforms consisting of the websites, social media channels and apps of our nine proprietary media brands, as well as third party social media platforms. The following chart illustrates our full-funnel suite of solutions:

![](formdrsa_011.jpg)

We build our foundation on a proprietary suite of technologies that includes AI and machine learning, real-time content monitoring, and advertisement performance prediction. This allows us to generate new business for our customers based on market research and the real-time data provided by our SaaS solution, MediaLens.

Using insights from MediaLens, our content marketing solutions create engaging content that boosts customer awareness. This content is published across our media platforms, including our websites, apps, and social media accounts.

We also reach our target audience through our proprietary database, leveraging its ad placement capabilities to enhance reach, traffic, engagement, and conversions, etc. Additionally, our SaaS solution helps maintain our user base and foster customer loyalty by prioritizing relationship management.

The full-funnel nature of our solutions enables us to lower costs since all technologies, services, and accounts are owned and operated by us, thereby attracting and retaining customers.

***Flywheel Effect***

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Our SaaS solutions and content marketing strategies are interconnected and complement each other throughout the marketing process. MediaLens, our flagship SaaS product, provides powerful data analysis of our reader groups on Facebook, Instagram and Youtube. Our content marketing solutions are also data-driven, allowing us to leverage insights from MediaLens to create engaging content for our media pages. This enables us to effectively reach our target audience and enhance the competitiveness of our services.

As we publish content on our platforms, our diverse portfolio of media brands enables us to gather extensive market data and drive traffic to the desired conversion funnel. Through a comprehensive tracking system, we capture critical audience behavior insights, such as content preferences, conversion patterns, and user profile data. These insights not only inform content creation and promotional strategy optimization but also assist our customers in achieving better audience engagement and higher conversion rates.

Moreover, the success of our content creation solutions fosters customer loyalty, encouraging clients to use our SaaS solution for its appealing analytical capabilities that drive successful advertising campaigns. The synergistic nature of our solutions can be illustrated in the diagram below:

![](formdrsa_012.jpg)

***Content Marketing Solutions***

Our inter-connected set of content marketing solutions span throughout the advertising process, including pre-production analytics, production, and distribution. They consist of the conceptualization of production ideas and advertising strategies such as the current popular content area or keywords within a specific content area that is likely to be viral, the production of the content by our in-house creative team, and the distribution of the content on our media brands.

Our content marketing solutions include:

● Digital marketing solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Advertorial
 and editorial contents which promote the customers' brands or products, which may be posted on our media brand website and
 mobile apps, as well as on their third party social media accounts such as Facebook and Instagram;

● Newsfeeds
 contents promoting customers' brands or products, which may be posted on our media brand website and mobile apps, as well as
 on their third party social media accounts such as Facebook, Instagram, or YouTube;

● Influencer
 marketing where we pair up customers' needs with appropriate influencers, influencers then publish relevant, agreed-upon content
 to reach target audience; and

● Display
 advertisements based on the clients' prompts or refine their existing materials by adjusting sizes, adding captions, and optimizing
 design layouts; and

● Sponsorship
 featuring customers' brand names or products in our branded contents, such as through the hosting of collaborated activities,
 online campaigns as well as off-line events;

● Additionally,
 we have also cooperated with external parties on providing services, including social media suppliers, to boost our contents in order
 to reach the desired target audience.

● Display banner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Includes
 advertising inventory in our websites sold through programmatic ad exchanges and direct buy arrangements with display ad networks.

We charge our customers on a project-by-project basis. The basis of charging is based on several factors, including content format and channels, in which content published from media channels with higher numbers of followers and engagement, and in formats involving talent or experts line-up, photo shooting and/or video production will be charged at a premium rate. Further premium will be charged as our sales team provides extra campaign planning, visual design and add-on technical development. For campaigns involving the management of client's own social media platforms, we charge a monthly retainer fee, in addition to content planning and performance reviews.

We primarily place advertisements through our social media accounts across various platforms, as well as on our media brand websites and mobile apps.

To enhance the effectiveness of our social media delivery, we utilize Meta Ad Manager, an online tool provided by Meta for creating and managing ads on Facebook, Instagram, and other Meta platforms. We do not have a framework agreement with Meta; instead, we typically place individual orders directly on the Meta platform. This allows us to specify launch times, boosting periods, budgets, and target audiences or interests. None of the individual orders accounted for more than 1% of our cost of revenue in 2023, 2024, and the six months ended June 30, 2025. We are also subject to the standard terms set by Meta, including their terms of service, privacy policy, and community standards.

*Advertorial and editorial contents*

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Advertorial and editorial contents may be posted on our media brand website and mobile apps, as well as on their third party social media accounts such as Facebook and Instagram. The difference between the two lies in the foundation of the creation process, as advertorial articles are created based on the prompt and summary provided by the customer, whereas editorial articles are self-created based on our own ideas, merely featuring the customers' products or services in certain sections. However, both go to promote the product and services of our customers.

*Newsfeeds contents*

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Newsfeeds contents consist of readily available advertisement materials created and given to us by the customers. Based on those materials, we make minor edits on top , such as adding captions, or adjusting certain phrases for the purpose of search engine optimization (SEO). These edits further optimize the existing advertisement content given by the customer to appeal to the interest of audiences, thereby enhancing advertisement value.

Newsfeeds content mainly consists of journal articles and videos, but also include other forms of media such as infographics or posters. They are typically posted on our media brand website and mobile apps, as well as on their third party social media accounts such as Facebook and Instagram.

*Influencer marketing*

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We pair up customers' needs with appropriate influencers, who then publish relevant, agreed-upon content to reach target audience. This could take the form of an influencer column, influencer publication, and influencer lineup.

Based on our customers' needs, we suggest potential influencers to them. Once our customer has selected an influencer, we coordinate the customers' needs to the influencer and help create a collaboration. The influencer then takes the customers' products and creates their own content, which may be published on the influencer's own social media accounts as well as our media brand pages, helping to reach the target audience.

*Display advertisements*

We create custom advertisements based on their prompts or refine their existing materials by adjusting sizes, adding captions, and optimizing design layouts based on the needs of the client. These ads are integrated into our designated spaces, including banners, pop-ups, and inter-page advertisement columns on our media brands' websites and mobile apps.

*Sponsorship*

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Sponsorships feature the customers' brand names or products in our branded contents, including the hosting of collaborated online campaigns as well as off-line events.

We create collaborated online campaigns that involves the organization of an online activity through the publication of content in a hashtag or topics, social polling, etc. The hashtag typically includes the abbreviation of the customers' brand or product name, and can be freely included on Facebook or Instagram. We publish and promote the event through posting on our social media accounts, which attract audiences and our existing followers to join, and consistently do so throughout the ongoing online campaign process to optimize participation.

We offer offline event management services where we host and organize offline events for our customers featuring their brand or product names. The offline events typically use the customers' ideas of organization, which may take the form of a conference, a pop-up stop, a panel discussion, festive campaigns, etc. We take full charge of the event organization, during the organization of offline events, our portfolio of services includes:

● Pre-event promotions;

● Participants registration;

● On-stage moderation;

● Event coordination;

● Corporate video interviews;

● Post-event PR.

Our services reach both online and offline audiences, and we sometimes bring offline events online through the on-site livestream of our video production crew, which help maximize the influence of the campaign and effectively promote our customers' brands and products.

*Display Banner*

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Our display banner segment includes advertising inventory in our websites sold through programmatic ad exchanges and direct buy arrangements with display ad networks. In the programmatic model, demand-side platforms optimize ad delivery based on real-time performance metrics and campaign KPIs, ensuring effective audience targeting and placement. In the direct buy model, we partner with ad networks to monetize available inventory at pre-negotiated rates or under long-term agreements. These banners are seamlessly integrated into our digital properties and are managed to maximize yield and performance.

***SaaS Solution: MediaLens***

MediaLens is our self-developed, data-driven analytics system combined with AI and machine learning capabilities for optimizing return on investment performances across various media channels, including our media brands and social media platforms. MediaLens' analytical capabilities serve as the foundation for our content creation solutions. When pitching these solutions to clients, we showcase the power of MediaLens to demonstrate our data-driven approach. MediaLens's suite of analytical capabilities include Ad Intelligence, competitor analysis, social media performance analysis and influencer marketing analysis to optimize customers' social media strategy and return on investment. The revenue generated from our SaaS solution are recorded under software-as-a-service segment.

*Ad intelligence*

Ad intelligence provides our customers with insights on their competitors by tracking their spending and benchmarking, monitoring their campaign data and tracking their advertisement value. It is also able to formulate content overviews of a given sector, advertiser calendar for selected advertiser and campaign level insight of a particular area.

![](formdrsa_013.jpg)

Detailed functions for Ad Intelligence include content overview, advertiser calendar, and campaign level insight by sector.

● *Content overview*. MediaLens is able to produce a content overview of the paid and branded content of a particular content sector in a given period. This provides customer with insights on the advertisement value and priorities related to influencer seeking and media placement. It is able to provide an in-depth analysis to show previous commercial content performance, brand alignment, price tags on each advertising feed, etc. This enables customers to gain a general understanding of advertisement campaign performances and pricings in their desired sector, so they could make more informed decisions.

● *Advertiser calendar.* MediaLens is able to formulate a content calendar of a selected advertiser and showcase their advertisement contents, including official, paid, and branded content. This enables customers to track advertiser behaviors and leverage it against their past performance results, so our customers are able to learn from the pattern to optimize their own advertising strategies.

● *Campaign level insight by sector.* MediaLens is able to formulate campaign insight of a given sector through performance data of existing tags. This showcases the different tags operated by different brands within a particular sector, and highlight their performance data including number of engagements, content, total prices, etc. This enables customers to leverage existing information and optimize their own advertising strategies based on historical data.

*Competitor analysis*

Furthermore, the competitor analysis function of MediaLens analyzes competitors' data and learn about their advantages and disadvantages. MediaLens is able to showcase the data on the performance of competitors' advertisements, their advertisement spendings, as well as their advertising strategies. Through learning about this, our customers are able to leverage the developing cycle of their competitors and optimize their own marketing strategies which distinguishes itself and stand out from competitors.

![](formdrsa_014.jpg)

*Social media performance analysis*

Social media performance analysis allows our customers to stay on top of trending topics and keywords, and thus achieve their desired results MediaLens through its tool Buzz, real time monitors current social trends and keywords through data of contents as well as advertisements assessed across multiple social platforms. It provides visualized market insights, and comes up with the best publishing time, topics and keywords. This enables customers to produce viral contents and optimize advertising results.

![](formdrsa_015.jpg)

*Influencer, publisher and advertiser analysis*

MediaLens also provides influencer, publisher and advertiser analysis. It produces customized market research report from industry overview down to individual brand, competitors and KOL performance reports, which help our customers to formulate the best marketing strategies and seize the latest marketing opportunities. Through the data provided by MediaLens, customers can examine existing data to select the right influencer or publisher which would maximize their campaign impact, while also having insight on their competitors' influencer strategy.

![](formdrsa_016.jpg)

**Our Customers**

We sell our data analytics solutions and content marketing campaign solutions to brand owners as well as marketing agencies. We mainly work with marketing agencies, who organize advertisement campaigns for a number of different brands. Through our consistent cooperation with them, we are open to the business opportunities to work with the different brands they represent. The table below presents a summary of the different customers we worked with during the six months ended June 30, 2025.

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| | |
|:---|:---|
| **Category** | **Number of Customers** |
| Advertising agencies | 99 |
| Brand owners and others | 219 |
| **Total** | **318** |

---

We are able to provide services for a diverse range of content areas. Brand owners that use our solutions span ten distinct sectors, including cosmetics and skincare, food and beverages, banking, and real estate.

**Branding, Marketing and Customer Development**

We have implemented various marketing strategies to promote our services. As a marketing solutions provider, our media brands and services serve as our own sales representatives. Additionally, our SaaS solutions are integrated into our content marketing offerings, allowing satisfied customers to easily return and purchase our SaaS products.

Our solutions enhance our brand reputation and help us attract customers. Our set of interconnected solutions that fulfil the customers' needs throughout the entire advertisement process including data analysis, content creation as well as distribution, is able to retain existing customers and facilitate customer loyalty, as well as attract new customers through its ability to simplify the advertisement process and provide full-funnel solutions. Moreover, through retaining loyal customers who are satisfied and may recommend our services to others, we are able to build our brand awareness as well as our brand reputation.

We build our brand awareness and attract customers for both our SaaS solutions as well as our content marketing solutions through our constant social appearances. For example, we have launched open houses which celebrate our newest data analytics technologies. Our media brand Urban Life has entered into the Fitness + Wellness Expo. We have participated in the HK Web3 Festival 2023, and our SaaS technology MediaLens has been showcased at MarketingPulse. These social appearances increase our brand awareness and make ourselves visible to customers, attracting them to work with us. Additionally, participating in these professional events also helps build the professionalism of our brand image, so customers would be more likely to conduct business with us.

Our media platforms act as our primary branding and marketing channel for the promotion of our content marketing solutions. Our brand awareness and popularity are enhanced through the audience and customers generated from the frequent and engaging content updates on our media brands. Additionally, the website for all our media brands gives the audience an option to advertise with us, promoting our services to all audiences of our media platforms. Potential customers are then made available of our services can then easily contact us if any need arise.

Additionally, we also use traditional channels to enhance our brand awareness, such as direct marketing through our sales representatives and customer referrals. We believe these combined efforts help not just increase our revenue, but raise our brand awareness, attract new customers and maintain our relationship with existing customers.

**Research and Development**

We are committed to the continued development and enhancement of our solutions, technologies, and brands. We are developing next-generation solutions, including chat commerce, AI integration and blockchain integration.

We are developing our technological capabilities using our MediaLens platform, igniting the potential and capabilities of the lite version of MediaLens Global SaaS.

As of June 30, 2025, our research and development team comprises of approximately 15 employees dedicated to data-driven advertising technology. For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2024 and 2025, our research and development expenses accounted for 14.1%, 14.8%, 15.5% and 8.4% of our operating expenses, respectively.

**Our Data Analytics Capabilities and Technologies**

***Utilization of Artificial Intelligence***

We utilize artificial intelligence to optimize our advertising and marketing efforts. The artificial intelligence we use encompasses a range of models, including:

● Machine Learning (ML) Models: Used for natural language processing (NLP), statistical regression, and predictive analytics.

● Large Language Models (LLMs): Employed for generative AI tasks such as text summarization, sentiment analysis, and content understanding, image description, auto content generation.

● Diffusion Models: Applied for image and video generation.

Unlike simple algorithmic automation, these AI systems learn from data, adapt to patterns, enabling dynamic optimization of advertising and marketing efforts. Our platform leverages a combination of internally developed AI processes and third-party AI products, selected based on specific use cases, performance requirements, and scalability needs.

We design custom machine learning workflows and train specialized regression models to address our unique business requirements. We enhance our open-source AI models (including LLMs and diffusion models) through targeted fine-tuning with data that we collect through our own websites and apps, as well as third-party social media platforms. We also utilize publicly available datasets such as data from different social media platforms such as Facebook, Instagram, YouTube for data analysis and system improvements. This approach ensures tight integration with our platform while improving model accuracy and business relevance.

Additionally, we strategically leverage industry-leading AI services including:

● Large Language Models: Google Gemini Pro, OpenAI GPT

● Cloud AI Infrastructure: GCP and AWS machine learning services

● Specialized AI tools for specific functional requirements

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***Our Technology Engine***

Data science technology is an essential part of our solutions. Our proprietary data analytics capabilities and technologies are built on a robust framework that incorporates advanced algorithms and software systems designed to optimize advertising and marketing efforts. Below are the key components of our technology engine:

*Natural Language Processing (NLP)*

Natural Language Processing (NLP) plays a crucial role in our technology engine. It allows us to analyze and interpret human language, enabling businesses to derive meaningful insights from textual data.

*Social Media Content Analysis*

 ****

We utilize the bag of words approach to analyze social media content. This model simplifies text by converting it into a collection of words, disregarding grammar and word order. This helps in identifying frequently mentioned themes, topics, and trends. By analyzing the frequency and context of words, we can extract insights that inform marketing strategies, content creation, and audience engagement.

*Sentiment Analysis*

NLP algorithms assess the sentiment of user-generated content, such as feed and comments on social media. This involves classifying text as positive, negative, or neutral. By understanding public sentiment, brands can gauge their reputation and make informed decisions to enhance their image. Early detection of negative sentiment allows for timely interventions, helping to mitigate potential PR crises.

*Prediction Algorithms*

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Prediction algorithms are a cornerstone of our analytics capabilities, enabling us to forecast outcomes based on historical data. One of the primary methods we utilize is regression modeling, which is particularly effective for predicting performance metrics in advertising and marketing campaigns.

We apply machine learning models to analyze historical performance data from social media feeds and advertisements. This helps forecast how future posts or ads will perform based on factors like timing, content type, and audience engagement.

*Ad Tagging System*

 ****

Our Ad tagging system is a powerful tool designed to categorize social media content effectively. This system enhances our ability to analyze and understand the dynamics of online marketing, particularly in relation to branded, paid, and organic content. The ad tagging system helps us determine which influencers are favored by advertisers based on the volume of branded content associated with them. It accurately classifies sponsored posts and advertisements, providing insights into how much brands are investing in paid media. By categorizing content accurately, we can track where advertising dollars are being allocated across different industries and types of content. This helps brands understand competitive spending and market trends.

**Data Protection and Security**

We collect data solely to analyze audience behaviors and advertising performance. We collect data through capturing tokens from social media platforms such as Facebook and Instagram , and we are therefore subject to the policies of respective platform providers.

We treat all information we collect as confidential. We do not disclose any information gathered whether from customers or any third party unless such disclosure is approved.

We have implemented adequate and appropriate physical, electronic and managerial measures to safeguard and secure our data assets. We perform incremental backups every six hours to capture any changes made to the data throughout the day. In addition to the six-hour backups, we also maintain daily incremental backups, ensuring that data is consistently updated. A full backup is conducted weekly, providing a complete snapshot of the data at that point in time. Our services are deployed on a serverless architecture within GCP. This design ensures high availability and resilience against localized failures. By utilizing Google's container architecture, we can efficiently manage and scale our applications, which enhances our overall disaster recovery capabilities.

**Intellectual Property**

We have developed many of the key technologies supporting our solutions in-house. and also integrate third-party technologies where appropriate to enhance our offerings. We utilize a combination of trademarks, copyrights, and trade secrets, including: copyright laws, trademark and trade secret laws, employee confidentiality agreement, no-hire agreement, non-compete agreement, third-party nondisclosure agreements, intellectual property licenses and other contractual rights established with our key employees, and third parties with whom we do business, to maintain and protect our proprietary information and other intellectual property. We also regularly monitor any infringement or misappropriation of our intellectual property rights.

As of June 30, 2025, we held two registered trademarks in Hong Kong and Taiwan. As of the same date, we also had 14 domain names, including our website https://www.presslogic.online.

**Employees**

As of December 31, 2023 and 2024 and June 30, 2025, we had a total of 125, 122 and 124 employees, respectively. The table below provides a breakdown of the number of our employees categorized by function as of June 30, 2025:

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| | | |
|:---|:---|:---|
| **Function** | **Number of Employees** | **% of Total** |
| Content Production | 55 | 44.4% |
| General and Administration | 17 | 13.7% |
| Sales and Marketing | 23 | 18.5% |
| Technology, Product Innovation, and Strategy | 29 | 23.4% |
| **Total** | **124** | **100.0%** |

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We enter into standard employment contracts with a confidentiality clause with our management and employees. We believe that we offer our employees competitive compensation packages and a supportive work environment that encourage employees to take initiative and grow. We provide specific training to new employees at orientation to familiarize them with our working environment and operational procedures. We also design and implement in-house training programs tailored to each job function and set of responsibilities to enhance performance. As a result, we have been able to attract and retain qualified personnel whilst maintaining a stable core management team.

As required by Hong Kong laws and regulations, we contribute to the mandatory provident fund and take out insurance policies for our Hong Kong-based employees. As required by Taiwan laws and regulations, we provide contributions to labor insurance, national health insurance, labor pension accounts, occupational accident insurance, and employment insurance for our Taiwan-based employees.

We believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes. None of our employees are represented by labor unions.

**Properties and Facilities**

We are headquartered in Hong Kong, where we lease approximately 1,300 square meters of properties for office, advertisement production/studio and research and development space. The lease expires between 2026 and 2027. We also lease approximately 550 square meters of properties for office space, advertisement production/studio space in Taiwan. The lease expires in November 2027.

**Legal Proceedings**

We may from time to time be subject to various legal or administrative proceedings or claims arising out of our ordinary course of business. We are currently not a party to any material legal or administrative proceedings. For more details, see "Risk Factors—Risks Relating to Our Business and Industry—We, our directors, management and employees are exposed to various risks related to legal or administrative proceedings or claims that could have an adverse effect upon our business, financial condition, results of operations and reputation, and may cause loss of business."

**Regulation**

This section sets forth a summary of the material laws and regulations that affect our business and operations. Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations applicable to the business and operations of our Group.

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

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

**Supply of Services (Implied Terms) Ordinance (Chapter 457 of the Laws of Hong Kong)**

The Supply of Services (Implied Terms) Ordinance (Chapter 457 of the Laws of Hong Kong) aims to consolidate and amend the law with respect to the terms to be implied in contracts for the supply of services (including a contract for the supply of a service whether or not goods are also transferred or to be transferred, or bailed or to be bailed by way of hire under the contract) provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under section 5, where the supplier is acting in the course of a business, there is an implied term that the supplier will carry out the service with reasonable care and skill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under section 6, where the supplier is acting in the course of a business, the time for service to be carried out is not fixed by the contract, is not left to be fixed in a manner agreed by the contract or is not determined by the course of dealing between the parties, there is an implied term that the supplier will carry out the service within a reasonable time.

Where a supplier is dealing with a party to a contract for supply of service who deals as a consumer, the supplier cannot, by reference to any contract term, exclude or restrict any liability of his arising under the contract by virtue of the Supply of Services (Implied Terms) Ordinance. Otherwise, where any right, duty or liability would arise under a contract for the supply of a service by virtue of the Supply of Services (Implied Terms) Ordinance, it may (subject to the Control of Exemption Clauses Ordinance) be negatived or varied by express agreement, or by the course of dealing between the parties, or by such usage as binds both parties to the contract.

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

The collection and processing of personal data in Hong Kong are governed by Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) ("PD(P)O").

The PD(P)O provides the principles that a data user must follow in any acts concerning personal data (the "Data Protection Principles"). Personal data refers to any data (a) relating directly or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

The Data Protection Principles are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Principle 1 — Purpose and manner of collection of personal data. This provides for the lawful and fair collection of personal data and sets out the information a data user must give to a data subject when collecting personal data from that subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Principle 2 — Accuracy and duration of retention of personal data. This provides that personal data should be accurate, up-to-date and kept no longer than necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Principle 3 — Use of personal data. This provides that unless the data subject gives consent otherwise personal data should be used for the purposes for which they were collected or a directly related purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Principle 4 — Security of personal data. This requires appropriate security measures to be applied to personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Principle 5 — Information to be generally available. This provides for openness by data users about the kinds of personal data they hold and the main purposes for which personal data are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Principle 6 — Access to personal data. This provides for data subjects to have rights of access to and correction of their personal data.

Contravention with the Data Protection Principles may entitle the Privacy Commissioner for Personal Data to issue a written notice directing the data user to remedy and prevent recurrence of contravention. Contravention with the above notice is an offence and the offender is liable on (i) first conviction to a maximum fine of HK$50,000 and to imprisonment for two years, and if the offence continues after the conviction, to a daily penalty of HK$1,000; and (ii) second or subsequent conviction to a maximum fine of HK$100,000 and to imprisonment for two years, and if the offence continues after the conviction, to a daily penalty of HK$2,000. It is a defense to the above offence if the data user shows that he exercised all due diligence to comply with the enforcement notice.

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

Pursuant to the Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong) ("IRO"), profits tax shall be charged for each year of assessment at the standard rate on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business.

Under the two-tiered profits tax rates regime set out in Schedule 8B to the IRO. The IRO Amendment Bill was enacted on 29 March 2018. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entity not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. Accordingly, starting from the year of assessment 2018/19, the Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million for the qualifying group entity.

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

The Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (the "EO") provides for the protection of the wages of employees and regulates the general conditions of employment and employment agencies. Under the EO, an employee is generally entitled to, amongst other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.

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

The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) (the "ECO") provides for the payment of compensation to employees injured in the course of employment. As stipulated by the ECO, an employer is required to take out an insurance policy to insure against the injury risk of his or her employees. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine and imprisonment. An employer who has taken out an insurance policy under the ECO is required to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed.

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

The Minimum Wage Ordinance provides for a prescribed minimum hourly wage rate (set at HK$42.1 per hour as of the date of this prospectus) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.

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

Employers are required to enroll their regular employees (except for certain exempt persons) aged between at least 18 but under 65 years of age and employed for 60 days or more in a Mandatory Provident Fund ("MPF") scheme within the first 60 days of employment.

For both employees and employers, it is mandatory to make regular contributions into a MPF scheme. For an employee, subject to the maximum and minimum levels of income (set at HK$30,000 and HK$7,100 per month, respectively, as of the date of this prospectus), an employer will deduct 5% of the relevant income on behalf of an employee as mandatory contributions to a registered MPF scheme with a ceiling (set at HK$1,500 as of the date of this prospectus). Employer will also be required to contribute an amount equivalent to 5% of an employee's relevant income to the MPF scheme, subject only to the maximum level of income (set at HK$30,000 as of the date of this prospectus).

**Management**

**Directors and Executive Officers**

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

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| | | |
|:---|:---|:---|
| **Directors and Executive Officers** | **Age** | **Position/Title** |
| Cheung Ho Chak Ryan | 36 | Founder, Chairman, and Chief Executive Officer |
| He Songlin | 47 | Director |
| Li Chi Fai | 36 | Director, Vice President of Finance and Operations |
| Chow Wing Yin | 37 | Founder, Chief Technology Officer |
| Jiao Jie\* | 44 | Independent director |
| Lai Ki Cheong\* | 36 | Independent director |

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\*Each of Ms. Jiao Jie and Mr. Lai Ki Cheong has accepted our appointment as an independent director, effective immediately upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

*Cheung Ho Chak Ryan* is our chairman and chief executive officer. Mr. Cheung founded PressLogic Holdings Limited, through which we commenced our operations in 2016, and has served as its chairman and chief executive officer since its inception. Prior to founding PressLogic Holdings Limited, Mr. Cheung worked as a director of structure solutions at Leonteq Securities in 2014 and in his last position as an assistant vice president of equity markets and commodities at Commerzbank AG from 2011 to 2014. Mr. Cheung received his bachelor's degree in Accounting and Finance in the University of Hong Kong in 2011.

*He Songlin* has served as our director since September 2025. Mr. He has also served in his last position as the vice president of finance of Meitu, Inc., an exempted company incorporated in the Cayman Islands (HKEX: 1357), and its affiliates since 2014 and as a part-time master's supervisor at Xiamen National Accounting Institute since 2024. Mr. He received his bachelor's degree in Accounting from Xiamen University in 2004 and his master's degree in Business Administration from Xiamen University in 2013. Meitu Investment Ltd, a company incorporated in the British Virgin Islands with limited liability and a wholly-owned subsidiary of Meitu, Inc., is a corporate director of PressLogic Holdings Limited and our principal shareholder.

*Li Chi Fai* is our director and vice president of finance and operations. Mr. Li has served as a director of PressLogic Holdings Limited since 2018. Prior to that, Mr. Li has worked as an assistant vice president at First Capital International Finance Limited from 2016 to 2017, as an associate in transaction support at Ernst & Young from 2014 to 2016, and in his last position as an assistant manager at KPMG from 2011 to 2014. Mr. Li received his bachelor's degree in Accounting and Finance in the University of Hong Kong in 2011.

*Chow Wing Yin* is our chief technology officer. Mr. Chow founded PressLogic Holdings Limited, through which we commenced our operations in 2016, and has served as its chief technology officer since its inception. Mr. Chow also served as a director of PressLogic Holdings Limited from 2017 to 2018. Prior to that, Mr. Chow worked as an IT security engineer at DMX Technologies Group Ltd. from 2013 to 2016 and as an analyst at Deloitte from 2012 to 2013. Mr. Chow received his bachelor's degree in Information Systems in the University of Hong Kong in 2012. Mr. Chow earned his CISA license in 2014.

*Jiao Jie* will serve as our director immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Ms. Jiao has served as the senior advisor of Play For Dream Inc. since 2024. Ms. Jiao also served as the chief financial officer of Play For Dream Inc. from 2019 to 2024. Currently, Ms. Jiao serves as the independent director of Amber International Holding Limited (NASDAQ: AMBR), LVGEM (China) Real Estate Investment Co., Ltd. (HKEX: 0095), Tianli Holdings Group Limited (HKEX: 0117), EPI (Holdings) Limited (HKEX: 0689), Palasino Holdings Limited (HKEX: 2536), TradeGo Fintech Limited (HKEX: 8017) and Quhuo Limited (NASDAQ: QH). Prior to that, Ms. Jiao served as the chief financial officer of iClick International Asia Limited from 2017 to 2018, and as the vice president of finance and corporate development at the same company from 2016 to 2017. Ms. Jiao received her dual bachelors' degree in law and economics from Peking University in 2003 and her masters' degree in law in Oxford University in 2004.

*Lai Ki Cheong* will serve as our director immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Lai has served as the director of investment banking at UOB Kay Hian (Hong Kong) Limited since 2020. Prior to that, Mr. Lai served in his last position as an associate director of corporate finance at Kingsman HK Capital Limited from 2018 to 2020, and in his last position as a senior manager of corporate finance at RaffAello Capital Limited from 2013 to 2018. Mr. Lai received his bachelors' degree in economics and finance in the University of Hong Kong in 2011 and his masters' degree in international corporate governance and financial regulation in the University of Warwick in 2012.

**Employment Agreements and Indemnification Agreements**

We have entered into employment agreements with each of our executive officers. Each of our executive officers is employed for a specified time period, which will be automatically extended unless either we or the executive officer give the other party advance written notice to terminate the employment before the end of the current employment term. We may terminate an executive officer's employment by giving a prior written notice or terminate for cause, at any time, without advance notice or remuneration under certain circumstances as agreed by the parties. An executive officer may terminate his or her employment at any time by giving a prior written notice.

Each executive officer has agreed to hold, unless expressly consented to by us, at all times during and after the termination of his or her employment agreement, in strict confidence and not to use, any of our confidential information or the confidential information of our clients, customers or partners. In addition, each executive officer has agreed to be bound by certain non-competition and non-solicitation restrictions during the term of his or her employment and for one year following the termination of employment.

We have also 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 a director or officer of our company.

**Board of Directors**

Our board of directors will consist of five directors, including two independent directors, namely Jiao Jie and Lai Ki Cheong, upon the SEC's declaration of effectiveness of our registration statement on Form F-1 to which this prospectus forms a part. A director is not required to hold any shares in our company to qualify to serve as a director. The Corporate Governance Rules of the Nasdaq generally require that a majority of an issuer's board of directors must consist of independent directors. However, the Corporate Governance Rules of the Nasdaq permit foreign private issuers like us to follow "home country practice" in certain corporate governance matters. We rely on this "home country practice" exception and do not have a majority of independent directors serving on our board of directors.

A director who to his knowledge 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 or her interest at a meeting of our directors. A general notice given to the board by any director to the effect that (i) he or she 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 (ii) he or she is to be regarded as interested in any contract or arrangement with 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/she has an interest, and after such general notice it shall not be necessary to give special notice relating to any particular transaction. A director may vote in respect of any contract or proposed contract or arrangement notwithstanding that he/she may be interested therein and if he/she does so, his/her vote shall be counted, and he/she may be counted in the quorum at any meeting of the directors at which any such contract or proposed contract or arrangement is considered. Our board of directors may exercise all of the powers of our company to raise or borrow money, to mortgage or charge its undertaking, property and assets (present and future), uncalled capital, or any part thereof, and to issue debentures, bonds or other securities whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third party. None of our directors has a service contract with us that provides for benefits upon termination of service as a director.

**Committees of the Board of Directors**

We intend to establish an audit committee, a compensation committee and a nominating and corporate governance committee under our board of directors and adopt a charter for each of these committees prior to the completion of this offering. Each committee's members and functions are described below.

***Audit Committee***.

Our audit committee will consist of Jiao Jie and Lai Ki Cheong, and is chaired by Jiao Jie. We have determined that Jiao Jie and Lai Ki Cheong satisfy the requirements of Rule 5605(a)(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 each of Jiao Jie and Lai Ki Cheong qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:

● reviewing and recommending to our board for approval, the appointment, re-appointment or removal of the independent auditor, after considering its annual performance evaluation of the independent auditor;

● approving the remuneration and terms of engagement of the independent auditor and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors at least annually;

● obtaining a written report from our independent auditor describing matters relating to its independence and quality control procedures;

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

● discussing with our independent auditor, among other things, the audits of the financial statements, including whether any material information should be disclosed, issues regarding accounting and auditing principles and practices;

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

● reviewing and recommending the financial statements for inclusion within our quarterly earnings releases and to our board for inclusion in our annual reports;

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

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

● at least annually, reviewing and reassessing the adequacy of the committee charter;

● approving annual audit plans, and undertaking an annual performance evaluation of the internal audit function;

● establishing and overseeing procedures for the handling of complaints and whistleblowing;

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

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

● reporting regularly to the board.

***Compensation Committee***.

Our compensation committee will consist of Cheung Ho Chak Ryan, Li Chi Fai and Lai Ki Cheong and is chaired by Cheung Ho Chak Ryan. We have determined that Lai Ki Cheong satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

● overseeing the development and implementation of compensation programs in consultation with our management;

● at least annually, reviewing and approving, or recommending to the board for its approval, the compensation for our executive officers;

● at least annually, reviewing and recommending to the board for determination with respect to the compensation of our non-executive directors;

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

● reviewing executive officer and director indemnification and insurance matters;

● overseeing our regulatory compliance with respect to compensation matters, including our policies on restrictions on compensation plans and loans to directors and executive officers;

● at least annually, reviewing and reassessing the adequacy of the committee charter;

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

● reporting regularly to the board.

 ****

***Nominating and Corporate Governance Committee***.

Our nominating and corporate governance committee will consist of Cheung Ho Chak Ryan, Li Chi Fai and Lai Ki Cheong, and is chaired by Cheung Ho Chak Ryan. We have determined that Lai Ki Cheong satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

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

● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us;

● developing and recommending to our board such policies and procedures with respect to nomination or appointment of members of our board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or Nasdaq rules, or otherwise considered desirable and appropriate;

● selecting and recommending to the board 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;

● at least annually, reviewing and reassessing the adequacy of the committee charter;

● developing and reviewing at least annually the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; and

● evaluating the performance and effectiveness of the board as a whole.

**Duties and Functions of Directors** 

Under Cayman Islands law, our directors owe fiduciary duties to our company, including 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. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a reasonable 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 post-offering amended and restated articles of association, 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, (iii) appointing officers and determining their terms of offices and responsibilities, and (iv) approving the transfer of shares of our company, including the registering of such shares in our share register. In addition, in the event of a tie vote, the chairman of such meeting has, in addition to his personal vote, the right to cast a tie-breaking vote.

**Terms of Directors and Officers**

Our officers are elected by and serve at the discretion of the board. Each director is not subject to a term of office and holds office until such time as his successor takes office or until the earlier of his death, resignation or removal from office by ordinary resolution. A director will be removed from office automatically if, among other things, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) dies or is found by our company to be of unsound mind; (iii) resigns by notice in writing to our company; (iv) is prohibited by law from being a director, or (v) ceases to be a director by virtue of any provision of Cayman Islands law or is removed from office pursuant to our post-offering second amended and restated memorandum and articles of association.

**Interested Transactions**

A director may, subject to any separate requirement for audit committee approval under applicable law or applicable Nasdaq rules, and unless disqualified by the chairman of the relevant board meeting, vote in respect of any contract or proposed contract or arrangement in which he or she is interested and may be counted in the quorum at such meeting, *provided that* the nature of the interest of any directors in such contract or transaction is disclosed by him or her at or prior to its consideration and any vote in that matter.

**Compensation of Directors and Executive Officers**

For the year ended December 31, 2024, we paid an aggregate of HK$4.1 million (US$0.5 million) in cash to our executive officers. We did not have any non-executive director in the year ended December 31, 2024. We have not set aside or accrued any amount to provide for pension, retirement or other similar benefits to our directors and executive officers.

**Equity Incentive Plan**

We adopted an equity incentive plan (the "2025 Equity Incentive Plan") in April 2025. The purpose of the 2025 Equity Incentive Plan is to aid us in recruiting and retaining key employees, directors or consultants of outstanding ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of us by providing incentives through the granting of awards. The maximum total number of ordinary shares which may be issued under the 2025 Equity Incentive Plan is 2,618,841.

As of the date of this prospectus, we have not granted any awards to the participants of the 2025 Equity Incentive Plan.

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

***Types of Awards***. The 2025 Equity Incentive Plan permits the direct award or sale of shares and the grant of options to purchase shares or restricted share units. Options may be ISOs intended to qualify under Code Section 422 or non-statutory options not intended to so qualify.

***Plan Administration***. The 2025 Equity Incentive Plan shall be administered by the chief executive officer (the "Administrator"), except that any grant of award to a participant representing in aggregate 1% or more (whether by way of one or more grants) of the total issued ordinary shares of our company (calculated on a fully-diluted basis) shall require the approval of the board.

***Eligibility***. Only employees, directors and consultants who are selected by the Administrator shall be eligible for the grant of options, restricted share units or the direct award or sale of shares.

***Award Agreement***. Any award granted under the 2025 Equity Incentive Plan is evidenced by an award agreement that sets forth terms, conditions and limitations on such award, which may include the number of options awarded, the exercise price, the vesting schedule, the provisions applicable in the event of the grantee's employment or service terminates, among others. We may amend or delete the terms of any award from time to time, provided that no such amendment shall impair the rights and benefits of any participant without his or her consent.

***Transfer Restrictions***. Unless otherwise determined by the board, awards shall not be transferable or assignable by the participant otherwise than by will or by the laws of descent and distribution. An award exercisable after the death of a participant may be exercised by the legatees, personal representatives or distributees of the participant.

***Termination and amendment of the 2025 Equity Incentive Plan.*** Our board of directors may amend or discontinue the 2025 Equity Incentive Plan, provided that such amendment or termination shall not impair the rights of a participant under any award without such participant's consent.

**Principal Shareholders**

The following table sets forth information concerning the beneficial ownership of our ordinary shares as of the date of this prospectus:

● each of our directors and executive officers; and

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

The calculations in the table below are based on 14,840,100 ordinary shares issued and outstanding as of the date of this prospectus, and ordinary shares outstanding immediately upon completion of this offering, including (i) Class A ordinary shares to be sold by us in this offering, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares, (ii) Class A ordinary shares into which all of our outstanding ordinary shares (other than the ordinary shares beneficially owned by Mr. Cheung Ho Chak Ryan) will automatically redesignate immediately prior to the completion of this offering on a one-for-one basis, and (iii) Class B ordinary shares redesignated from the outstanding ordinary shares beneficially owned by Mr. Cheung Ho Chak Ryan immediately prior to the completion of this offering.

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Ordinary Shares Beneficially Owned After This Offering** | **Ordinary Shares Beneficially Owned After This Offering** | **Ordinary Shares Beneficially Owned After This Offering** | **Ordinary Shares Beneficially Owned After This Offering** | **Ordinary Shares Beneficially Owned After This Offering** | **Ordinary Shares Beneficially Owned After This Offering** | **Ordinary Shares Beneficially Owned After This Offering** |
|  | **Ordinary Shares Beneficially <br> Owned Prior to This Offering** | **Ordinary Shares Beneficially <br> Owned Prior to This Offering** | **Class A Ordinary<br> Shares <br> Beneficially <br> Owned After This <br> Offering** | **Class A Ordinary<br> Shares <br> Beneficially <br> Owned After This <br> Offering** | **Class B <br> Ordinary Shares <br> Beneficially <br> Owned After <br> This Offering** | **Class B <br> Ordinary Shares <br> Beneficially <br> Owned After <br> This Offering** | **Total Ordinary Shares** | **Total Ordinary Shares** | **Aggregate Voting <br> Power** |
|  | **Number** | **%\*\*** | **Number** | **%+** | **Number** | **%++** | **Number** | **%^** | **%^^** |
| **Directors and Executive Officers:†** |  |  |  |  |  |  |  |  |  |
| Cheung Ho Chak Ryan<sup>(1)</sup> | 4273910 | 28.8 |  |  |  |  |  |  |  |
| He Songlin |  |  |  |  |  |  |  |  |  |
| Li Chi Fai | \* | \* |  |  |  |  |  |  |  |
| Chow Wing Yin | 1302070 | 8.8 |  |  |  |  |  |  |  |
| Jiao Jie†† |  | - |  |  |  |  |  |  |  |
| Lai Ki Cheong†† | - | - |  |  |  |  |  |  |  |
| All directors and executive officers as a group | 5634590 | 38.0 |  |  |  |  |  |  |  |
| **Principal Shareholders:** |  |  |  |  |  |  |  |  |  |
| Cheung Ho Chak Ryan<sup>(1)</sup> | 4273910 | 28.8 |  |  |  |  |  |  |  |
| Meitu Investment Ltd<sup>(2)</sup> | 4018145 | 27.1 |  |  |  |  |  |  |  |
| Chow Wing Yin | 1302070 | 8.8 |  |  |  |  |  |  |  |

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Notes:

\* Less than 1% of our total outstanding shares

\*\* For each person and group included in this column, 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 ordinary shares outstanding, which is 14,840,100 ordinary shares, and the number of ordinary shares such person or group has the right to acquire upon the exercise of options, warrants or other rights within 60 days after the date of this prospectus.

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| | |
|:---|:---|
| + | For each person and group included in this column, percentage ownership is calculated by dividing the number of Class A ordinary shares beneficially owned by such person or group, including Class A ordinary shares that such person or group has the right to acquire within 60 days after the date of this prospectus, by the sum of (1) , which is the total number of Class A ordinary shares outstanding immediately after the completion of this offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares), and (2) the number of Class A ordinary shares that such person or group has the right to acquire upon the exercise of options, warrants or other rights within 60 days after the date of this prospectus. |

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|:---|:---|
| ++ | For each person and group included in this column, percentage ownership is calculated by dividing the number of Class B ordinary shares beneficially owned by such person or group, including Class B ordinary shares that such person or group has the right to acquire within 60 days after the date of this prospectus, by the sum of (1) , which is the total number of Class B ordinary shares outstanding immediately after the completion of this offering, and (2) the number of Class B ordinary shares that such person or group has the right to acquire upon the exercise of options, warrants or other rights within 60 days after the date of this prospectus. |

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| | |
|:---|:---|
| ^ | For each person and group included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such person or group, including ordinary shares that such person or group has the right to acquire within 60 days after the date of this prospectus, by the sum of (1) , which is the total number of ordinary shares outstanding immediately after the completion of this offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares), and (2) the number of ordinary shares that such person or group has the right to acquire upon exercise of option, warrant or other right within 60 days after the date of this prospectus. |

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| | |
|:---|:---|
| ^^ | For each person or group included in this column, the percentage of total voting power represents voting power based on both Class A and Class B ordinary shares held by such person or group immediately after the completion of this offering with respect to all of our outstanding Class A and Class B ordinary shares as one class immediately after the completion of this offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares). Each holder of Class A ordinary shares is entitled to one vote per share. Each holder of our Class B ordinary shares is entitled to 10 votes per share on all matters subject to a shareholder's vote. Our Class B ordinary shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted into the equal number of Class A ordinary shares. |

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| | |
|:---|:---|
| † | Except as indicated otherwise below, the business address of our directors and executive officers is 26/F, Chinachem Leighton Plaza, 29 Leighton Road, Causeway Bay, Hong Kong. |
| †† | Each of Ms. Jiao Jie and Mr. Lai Ki Cheong has accepted our appointment as an independent director, effective immediately upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. |

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(1) Represents
 (i) 3,069,460 ordinary shares held of record by Cheung Ho Chak Ryan; and (ii) 1,204,450 ordinary shares held of record by Admire
 Lead Limited, a company incorporated in British Virgin Islands, which is wholly owned by Cheung Ho Chak Ryan. The registered address
 of Admire Lead Limited is Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands.

(2) Represents
 4,018,145 ordinary shares held of record by Meitu Investment Ltd, a company incorporated in British Virgin Islands. Meitu Investment
 Ltd is wholly owned by Meitu, Inc. The registered address of Meitu Investment Ltd is Start Chambers, Wickham's Cay II,
 P.O. Box 2221, Road Town, Tortola, British Virgin Islands. The registered office address of Meitu, Inc. is the offices of Conyers
 Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Meitu, Inc.
 is listed on the Hong Kong Stock Exchange.

As of the date of this prospectus, we are not aware of any of our ordinary shares being held by record holders in the United States. We are not aware of any of our shareholders being affiliated with a registered broker-dealer or being in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

**Related Party Transactions**

**Employment Agreements and Indemnification Agreements**

See "Management—Employment Agreements and Indemnification Agreements."

**Private Placements**

See "Description of Share Capital—History of Securities Issuances."

**Shareholders Agreement**

See "Description of Share Capital—Shareholders Agreement."

**Other Related Party Transactions**

*Transactions with PressLogic Holdings Limited*

 

For the years ended December 31, 2023 and December 31, 2024 and the six months ended June 30, 2024 and 2025, we maintain frequent transactions with PressLogic Holdings Limited due to business operation before the Restructuring. PressLogic Holdings Limited is an affiliate of PressLogic Inc, which is under the common control of the same controlling shareholder—Cheung Ho Chak Ryan. Cheung Ho Chak Ryan, Li Chi Fai and Meitu Investment Ltd are directors of PressLogic Holdings Limited. The following summarize our transactions with PressLogic Holdings Limited.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Year ended December 31,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | |
|  | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** | **Up to the date** <br> **of this**<br>**prospectus** |
|  | ***HK$*** | ***HK$*** | ***US$*** | **HK$** | ***HK$*** | ***US$*** | ***HK$*** |
|  |  |  |  | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |  |
| **Payments on behalf of PressLogic Holdings Limited** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Daily operation support | (8087100) | (6560000) | (835456) | (2530000) | (1000000) | (127356) | (1010323) |
| &nbsp;&nbsp;&nbsp;Management service fee | (454875) | (584042) | (74381) | (311353) | (219005) | (27892) | (239005) |
| &nbsp;&nbsp;&nbsp;Other expenses |  | (760524) | (96857) | (489177) | (375572) | (47831) | (401395) |
| **Collections on behalf of PressLogic Holdings Limited** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Display banner revenue | 457303 | 212953 | 27121 | 150933 | 123492 | 15727 | 135086 |
| &nbsp;&nbsp;&nbsp;Digital marketing solution revenue |  | 109023 | 13885 | 59471 | 173126 | 22049 | 173126 |
| &nbsp;&nbsp;&nbsp;Government subsidy from HKSTPC |  | 6000000 | 764137 | 2000000 | 2000000 | 254712 | 2000000 |
| **Payments made by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software development expenses | 4757640 | 4066368 | 517877 | 2069489 |  |  |  |
| &nbsp;&nbsp;&nbsp;Facebook boosting costs | 4694862 | 3798933 | 483817 | 1551581 | 901187 | 114772 | 912008 |
| &nbsp;&nbsp;&nbsp;Capital contribution | 9992 |  |  |  | 1560000 | 198675 | 1560000 |
| &nbsp;&nbsp;&nbsp;Other expenses | 217180 |  |  |  |  |  |  |
| **Collections by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Digital marketing solution revenue | (246611) |  |  |  |  |  |  |
| **Other transactions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sale of fixed assets |  | (439800) | (56011) | (364800) |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of consulting services | 24000 | 24000 | 3057 | 12000 | 12000 | 1528 | 16000 |
| &nbsp;&nbsp;&nbsp;Transfer of equity in subsidiaries | (7644466) | (3176501) | (404547) | (3267177) |  |  |  |
| **Settlement to PressLogic Holdings Limited** | (4764497) | (1107608) | (141061) | (1126176) | (10012000) | (1275089) | (12516000) |
| **Total** | **(11036572)** | **1582802** | **201579** | **(2245209)** | **(6836772)** | (870705) | (9370503) |

---

On June 30, 2023, we entered into a loan agreement with PressLogic Holdings Limited. As a result, an outstanding amount of HK$20,000,000, previously classified as amount due to related parties under current liabilities, was reclassified to non-current liabilities under the same category. The loan bears a fixed interest rate of 1% per annum and will mature in June 2028.

As of December 31, 2023 and 2024, the current portion of amount due to PressLogic Holdings Limited was HK$16.1 million, HK$17.8 million (US$2.3 million), respectively, which represented short-term advances provided by PressLogic Holdings Limited before the Restructuring to support our operating activities and working capital requirements. As of June 30, 2024 and 2025, the current portion of amount due to PressLogic Holdings Limited was HK$13.0 million and HK$11.0 million (US$1.4 million), respectively, which represented short-term advances provided by PressLogic Holdings Limited to support our operating activities and working capital requirements. These balances related to periods before and after the Restructuring, pursuant to which PressLogic Holdings Limited ceased to be part of our group but remained under the same controlling shareholder.

As of December 31, 2023 and 2024 and June 30, 2024 and 2025, the non-current portion of amount due to PressLogic Holdings Limited was HK$20.0 million, HK$20.0 million (US$2.5 million), HK$20.0 million and HK$20.0 million (US$2.5 million), respectively, which represented the loans of HK$20,000,000 from PressLogic Holdings Limited, which bears a fixed interest rate of 1% per annum and will mature in June 2028.

*Transactions with director and officer*

 

As of December 31, 2023 and 2024, we had HK$29.8 thousand and nil due to Cheung Ho Chak Ryan, which represented the staff reimbursement for business operations. The amount of HK$29.8 thousand was paid off in 2024.

As of December 31, 2023 and 2024, we had HK$816 and nil due to Chow Wing Yin, which represented the staff reimbursement for business operations. The amount of HK$816 was paid off in 2024.

As of June 30, 2025, we did not have any amount due to or due from directors and officers.

*Personal Guarantees Provided by Related Parties*

 

In December 2023, we entered into one short-term loan with HSBC, which is guaranteed by, among others, Cheung Ho Chak Ryan. In May 2024, we entered into one short-term loan with HSBC, which is guaranteed by, among others, Cheung Ho Chak Ryan and Chow Wing Yin. In February 2024, we entered into one short-term loan with HSBC, which is guaranteed by, among others, Cheung Ho Chak Ryan and Chow Wing Yin. For details of the loans, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Cash Flows and Working Capital."

**Description of Share Capital**

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, the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 500,000,000 ordinary shares with a par value of US$0.0001 each. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid. As of the date of this prospectus, there are 14,840,100 ordinary shares issued and outstanding.

We have adopted a second amended and restated memorandum and articles of association, which will become effective and replace our current amended and restated memorandum and articles of association in its entirety immediately prior to the completion of this offering. Our post-offering amended and restated memorandum and articles of association provides that, upon the closing of this offering, we will have two classes of shares, the Class A ordinary shares and Class B ordinary shares. Our authorized share capital upon completion of the offering will be US$50,000 divided into 450,000,000 Class A ordinary shares of a par value of US$0.0001 each, and 50,000,000 Class B ordinary shares of a par value of US$0.0001 each.

Immediately upon the completion of this offering, we will have Class A ordinary shares and Class B ordinary shares issued and outstanding, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. All incentive shares, including options, restricted shares and restricted share units, regardless of the grant dates, will entitle holders to an equivalent number of Class A ordinary shares once the vesting and exercising conditions are met.

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

The following are summaries of material provisions of our post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our shares.

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

*Share Rights.* Our Class A Ordinary Shares and Class B Ordinary Shares shall carry equal rights and rank *pari passu* with one another other than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) As regards conversion* A holder of Class B Ordinary Shares shall have the Conversion Right (as defined in the second amended and restated memorandum and articles of association) in respect of each Class B Ordinary Share. For the avoidance of doubt, a holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances. Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into one fully paid Class A Ordinary Share calculated at the Conversion Rate (as defined in the second amended and restated memorandum and articles of association). Such conversion shall take effect on the Conversion Date (as defined in the second amended and restated memorandum and articles of association).

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) As regards Voting Rights* Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with the Articles), vote together as one class on all matters submitted to a vote for Members' consent. Each Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) As regards Transfer* Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any person or entity which is not an Affiliate of such holder (as defined in the articles of association), such Class B Ordinary Shares validly transferred to the new holder shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) As regards dividends* Each Ordinary Share be entitled to such dividends as the Board may from time to time declare. In the event of a dividend being declared by the Board, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to such dividend on a *pari passu* basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) As regards a winding up or dissolution* In the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to the surplus assets of the Company on a *pari passu* basis.

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

*Dividends*. The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of the funds of our company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of 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 way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless a poll is demanded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● at least three shareholders present in person or (in the case of a shareholder being a corporation) by its duly authorised representative or by proxy for the time being entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● shareholder(s) present in person or (in the case of a shareholder being a corporation) by its duly authorised representative or by proxy and representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; or

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

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

*General Meetings of Shareholders*. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our post-offering memorandum and articles of association provide that we shall, if required by the Companies Act, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.

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

The Companies Act 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 post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding not less than one-half (50%) of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our post-offering memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Shares*. Subject to the restrictions set out below and under the heading "*Share Rights – (c) as regards transfer*" above), any of our shareholders may transfer all or any of his or her shares by an instrument of transfer in the usual or common form or in a form designated by the relevant stock exchange or any other form approved by our board of directors. Notwithstanding the foregoing, shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if applicable, the instrument of transfer is properly stamped;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

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

The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine. The period of thirty (30) days may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by our shareholders by ordinary resolution.

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

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

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

 

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

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

*Inspection of Books and Records*. Holders of our shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our post-offering memorandum and articles of association have provisions that provide our shareholders the right to inspect our register of shareholders with or without charge as determined by the Board. See "Where You Can Find Additional Information."

*Anti-Takeover Provisions.* Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that limit the ability of shareholders to requisition and convene general meetings of shareholders.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● may issue shares with no par value;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● may register as a segregated portfolio company.

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

**Differences in Corporate Law**

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

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

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

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

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

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved (i) in the case of a shareholder scheme, by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and (ii) in the case of a creditor scheme only, by 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:

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

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

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

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

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

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

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

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

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

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

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

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

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

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

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

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

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

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent. Our post-offering amended and restated articles of association provide that a resolution in writing signed (in such manner as to indicate, expressly or impliedly, unconditional approval) by or on behalf of all persons for the time being entitled to receive notice of and to attend and vote at our general meetings shall be treated as a resolution duly passed at a general meeting of the Company and, where relevant, as a special resolution so passed.

*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 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 post-offering amended and restated articles of association allow our shareholders holding shares not less than one-half (50%) of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our post-offering amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

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

 

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

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

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

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

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

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

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

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

 **

***Cayman Islands Data Protection***

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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 into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

*Investor Data*

 

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

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

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

*Who this Affects*

 

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

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

 

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

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

*Why We May Transfer Your Personal Data*

 

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

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

*The Data Protection Measures We Take*

 

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

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

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

*Contacting the Company*

 

For further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please contact us through our website at https://www.presslogic.online or through phone number +852 3709 2787.

***Anti-Money Laundering Matters***

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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.

**History of Securities Issuances** 

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

On April 10, 2025, the Company subdivided its authorized share capital to US$50,000 divided into 500,000,000 ordinary shares of a nominal or par value of US$0.0001 each. Following the subdivision, PressLogic Holdings Limited, the then existing shareholder of the Company, held 10,000 ordinary shares of a nominal or par value of US$0.0001 each.

In connection with the Restructuring, which was completed in April 2025,

● we issued an additional 14,830,100 ordinary shares of a par value of US$0.0001 to PressLogic Holdings Limited for a total consideration of US$1,483.01.

● PressLogic Holdings Limited subsequently made a distribution in specie of the ordinary shares of PressLogic Inc. to its shareholders.

For more information about the Restructuring, see "Our History, Corporate and Ownership Structure."

**Shareholders Agreement**

Our shareholders agreement was entered into in connection with the Restructuring by and among us and our shareholders. The shareholders agreement provides for certain special rights, including right to appoint directors, right of first refusal, drag-along right and tag-along right and contains provisions governing the board of directors and other corporate governance matters. Two directors shall be designated by the founders through Cheung Ho Chak Ryan, and one director shall be designated by Meitu Investment Ltd, so long as they directly or indirectly, in their own name or in the name of an entity wholly owned or controlled by them, not less than 10% of the issued share capital of the Company. The aforesaid special rights, as well as certain corporate governance provisions, will terminate upon the completion of this offering.

**Shares Eligible for Future Sale**

Upon completion of this offering, we will have Class A ordinary shares, or approximately % of our issued and outstanding ordinary shares, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. All of the Class A ordinary shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act. Sales of substantial amounts of the Class A ordinary share in the public market could adversely affect prevailing market prices of the Class A ordinary share. Prior to this offering, there has been no public market for our Class A ordinary shares, and while the Class A ordinary share have been approved for listing on the Nasdaq, we cannot assure you that a regular trading market will develop in the Class A ordinary share.

**Lock-up Agreements**

Our directors, executive officers and shareholders have agreed with the Representative, subject to certain customary exceptions, for a period of six months after the date of this prospectus, not to offer, sell or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares.

In addition, the Company has agreed for a period of six months from the closing of this offering, not to offer, sell or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares, subject to certain customary exceptions, or file or cause to be filed any registration statement with the SEC relating to the offering of any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares. See "Underwriting—Lock-Up Agreements."

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

**Rule 144**

All of our ordinary shares issued and outstanding prior to this offering are "restricted stock" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements. Under Rule 144 as currently in effect, a person who has beneficially owned our restricted stock for at least six months is generally entitled to sell the restricted securities without registration under the Securities Act beginning 90 days after the date of this prospectus, subject to certain additional restrictions.

Our affiliates may sell within any three-month period a number of restricted stock that does not exceed the greater of the following:

● 1% of the then issued and outstanding Class A ordinary shares of the same class, which will equal approximately Class A ordinary shares immediately after this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares; or

● the average weekly trading volume of our Class A ordinary shares or otherwise on the Nasdaq during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Affiliates who sell restricted securities under Rule 144 may not solicit orders or arrange for the solicitation of orders, and they are also subject to notice requirements and the availability of current public information about us.

Persons who are not our affiliates are only subject to one of these additional restrictions, the requirement of the availability of current public information about us, and this additional restriction does not apply if they have beneficially owned our restricted stock for more than one year.

**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our ordinary shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such ordinary shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

**Taxation**

*The following discussion of Cayman Islands and U.S. federal income tax consequences of an investment in the Class A ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in the Class A ordinary shares, such as the tax consequences under state, local and other tax laws. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Conyers Dill & Pearman, our Cayman Islands counsel.*

**Cayman Islands Taxation**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us or holders of the ordinary shares levied by the government of the Cayman Islands, except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of the 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 the ordinary shares, nor will gains derived from the disposal of the ordinary shares be subject to Cayman Islands income or corporation tax.

**Material U.S. Federal Income Tax Considerations**

The following is a summary of material U.S. federal income tax considerations that are likely to be relevant to the purchase, ownership and disposition of our Class A ordinary shares by a U.S. Holder (as defined below).

This summary is based on provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings and judicial interpretations thereof, in force as of the date hereof. Those authorities may be changed at any time, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below.

This summary is not a comprehensive discussion of all of the tax considerations that may be relevant to a particular investor's decision to purchase, hold, or dispose of Class A ordinary shares. In particular, this summary is directed only to U.S. Holders that acquire Class A ordinary shares in this offering and that hold Class A ordinary shares as capital assets for U.S. federal income tax purposes and does not address particular tax consequences that may be applicable to U.S. Holders who may be subject to special tax rules, such as banks, brokers or dealers in securities or currencies, traders in securities electing to use the mark to market method of tax accounting, financial institutions, life insurance companies, tax-exempt entities, regulated investment companies, real estate investment trusts, entities or arrangements that are treated as partnerships for U.S. federal income tax purposes (or partners therein), holders that own or are treated as owning 10% or more of our stock by vote or value, persons holding Class A ordinary shares as part of a hedging or conversion transaction or a straddle, or persons whose functional currency is not the U.S. dollar. Moreover, this summary does not address state, local or foreign taxes, the U.S. federal estate and gift taxes, or the Medicare contribution tax applicable to net investment income of certain non-corporate U.S. Holders, or alternative minimum tax consequences of acquiring, holding or disposing of Class A ordinary shares.

For purposes of this summary, a "U.S. Holder" is a beneficial owner of our Class A ordinary shares that is a citizen or resident of the United States or a U.S. domestic corporation or that otherwise is subject to U.S. federal income taxation on a net income basis in respect of such Class A ordinary shares.

**You should consult your own tax advisors about the consequences of the acquisition, ownership, and disposition of the Class A ordinary shares, including the relevance to your particular situation of the considerations discussed below and any consequences arising under foreign, state, local or other tax laws.**

***Taxation of Dividends***

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Subject to the discussion below under "—Passive Foreign Investment Company Status," the gross amount of any distribution of cash or property with respect to our Class A ordinary shares that is paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) will generally be includible in your taxable income as ordinary dividend income on the day on which you actually or constructively receive the dividend, and will not be eligible for the dividends-received deduction allowed to U.S. corporations under the Code.

We do not expect to maintain calculations of our earnings and profits in accordance with U.S. federal income tax principles. Therefore you should expect that distributions generally will be treated as dividends for U.S. federal income tax purposes.

Dividends received by an individual with respect to the Class A ordinary shares will be subject to taxation at a preferential rate if the dividends are "qualified dividends." Subject to certain exceptions for short-term positions, dividends paid on the Class A ordinary shares will be treated as qualified dividends if:

● the Class A ordinary shares are readily tradable on an established securities market in the United States; and

● we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend is paid, a passive foreign investment company (a "PFIC").

We intend to list the Class A ordinary shares on the Nasdaq Stock Market, and the Class A ordinary shares will qualify as readily tradable on an established securities market in the United States so long as they are so listed. As discussed in more detail below under "—Passive Foreign Investment Company Status," based on our financial statements and our expectations about the nature and amount of our income, assets and activities, and the market value of our equity, we do not expect to be a PFIC in our current taxable year or in the foreseeable future. Holders should consult their own tax advisors regarding the availability of the reduced dividend tax rate in light of their own particular circumstances.

If you receive distributions of additional shares or rights to subscribe for shares as part of a pro rata distribution to all our shareholders, you generally will not be subject to U.S. federal income tax in respect of the distributions, unless you have the right to receive cash or property, in which case you will be treated as if you received cash equal to the fair market value of the distribution.

***Taxation of Dispositions of Class A Ordinary Shares***

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Subject to the discussion below under "—Passive Foreign Investment Company Status," upon a sale, exchange or other taxable disposition of the Class A ordinary shares, you will realize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized on the disposition and your adjusted tax basis in the Class A ordinary shares. Such gain or loss will be capital gain or loss, and will generally be long-term capital gain or loss if the Class A ordinary shares have been held for more than one year. Long-term capital gain realized by a U.S. Holder that is an individual generally is subject to taxation at a preferential rate. The deductibility of capital losses is subject to limitations.

***Passive Foreign Investment Company Status***

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Special U.S. tax rules apply to investors in companies that are considered to be PFICs. We will be classified as a PFIC in a particular taxable year if, after applying certain look-through rules, either

● 75% or more of our gross income for the taxable year is passive income; or

● 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income.

For this purpose, passive income generally includes dividends, interest, gains from certain commodities transactions, rents, royalties and the excess of gains over losses from the disposition of assets that produce passive income. Cash is generally considered a passive asset for these purposes. Goodwill is an active asset under the PFIC rules to the extent attributable to activities that produce active income. If we own at least 25% (by value) of the stock of another corporation, for purposes of determining whether we are a PFIC, we will be treated as owning our proportionate share of the other corporation's assets and receiving our proportionate share of the other corporation's income.

Based on our financial statements and our expectations about the nature and amount of our income, assets and activities, and the market value of our equity, we do not expect to be a PFIC in our current taxable year or in the foreseeable future. However, the determination whether we are a PFIC must be made annually after the close of each taxable year based on the facts and circumstances at that time. Accordingly, we cannot be certain that we will not be a PFIC in the current year or in future years.

Changes in the composition of our income or assets may cause us to be or become a PFIC for the current or subsequent taxable years. The determination of whether we will be a PFIC for any taxable year will also depend in part upon the value of our goodwill as implied by the market value of the ordinary shares, which may fluctuate, and may be affected by how and how quickly we spend our liquid assets, including the cash raised in this offering. In estimating the value of our goodwill we have taken into account our anticipated market capitalization following this offering. If our market capitalization is less than anticipated or subsequently declines, we may become a PFIC for the current or future taxable years because our liquid assets and cash (which are for this purpose considered assets that produce passive income) may then represent a greater percentage of our overall assets. Further, while we believe our classification methodology and valuation approach are reasonable, it is possible that the IRS may challenge our classification or valuation of our goodwill, which may result in our being or becoming a PFIC for the current or one or more future taxable years.

If we are classified as a PFIC, and you do not make a mark-to-market election as described below, you will be subject to a special tax at ordinary income tax rates on "excess distributions" (generally, any distributions that you receive in a taxable year that are greater than 125% of the average annual distributions that you have received in the preceding three taxable years, or your holding period, if shorter) and gain that you recognize on the sale of your Class A ordinary shares. Under these rules (a) the excess distribution or gain will be allocated ratably over your holding period, (b) the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income, and (c) the amount allocated to each of the other taxable years will be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit will be imposed with respect to the resulting tax attributable to each such other taxable year. If we are a PFIC for any taxable year during which you own the Class A ordinary shares, we will generally continue to be treated as a PFIC with respect to you for all succeeding years during which you own the Class A ordinary shares, even if we cease to meet the threshold requirements for PFIC status, unless you make a timely "deemed sale" election, in which case any gain on the deemed sale will be taxed under the PFIC rules described above. Classification as a PFIC may also have other adverse tax consequences, including, in the case of individuals, the denial of a step-up in the basis of his or her ordinary shares at death.

If we are a PFIC and we have any direct, and in certain circumstances, indirect subsidiaries that are PFICs (each a "Subsidiary PFIC"), you will be treated as owning your pro rata share of the stock of each Subsidiary PFIC and will be subject to the PFIC rules with respect to each such Subsidiary PFIC. You should consult your own tax advisor about the possible application of the PFIC rules to any of our subsidiaries.

You may be able to avoid the unfavorable rules described above by electing to mark your Class A ordinary shares to market, provided the Class A ordinary shares are considered "marketable." The Class A ordinary shares will be marketable if they are regularly traded on certain qualifying U.S. stock exchanges, including Nasdaq Stock Market, or on a foreign stock exchange that meets certain requirements. If you make this mark-to-market election, you will be required in any year in which we are a PFIC to include as ordinary income the excess of the fair market value of your Class A ordinary shares at the end of your taxable year over your basis in those Class A ordinary shares. If at the end of your taxable year, your basis in the Class A ordinary shares exceeds their fair market value, you will be entitled to deduct the excess as an ordinary loss, but only to the extent of your net mark-to-market gains from previous years. Your adjusted tax basis in the Class A ordinary shares will be adjusted to reflect any income or loss recognized under these rules. In addition, any gain you recognize upon the sale of your Class A ordinary shares will be taxed as ordinary income in the year of sale and any loss will be treated as an ordinary loss to the extent of your net mark-to-market gains from previous years. Once made, the election cannot be revoked without the consent of the IRS unless the Class A ordinary shares cease to be marketable. A mark-to-market election cannot be made with respect to any Lower-tier PFIC unless the shares of such Lower-tier PFIC are themselves "marketable." You should consult your tax adviser regarding the availability and advisability of making a mark-to-market election in your particular circumstances if we are a PFIC for any taxable year.

If you are a U.S. Holder that owns an equity interest in a PFIC, you generally must annually file IRS Form 8621, and may be required to file other IRS forms. A failure to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of your taxable years for which such form is required to be filed. As a result, the taxable years with respect to which you fail to file the form may remain open to assessment by the IRS indefinitely, until the form is filed.

You should consult your own tax advisor regarding the U.S. federal income tax considerations discussed above and the desirability of making a mark-to-market election.

***Foreign Financial Asset Reporting.***

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Certain U.S. Holders that own "specified foreign financial assets" with an aggregate value in excess of U.S.$50,000 on the last day of the taxable year or U.S.$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets. "Specified foreign financial assets" include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on objective criteria. U.S. Holders who fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. Prospective investors are encouraged to consult with their own tax advisors regarding the possible application of these rules, including the application of the rules to their particular circumstances.

***Backup Withholding and Information Reporting***

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Dividends paid to, and proceeds from a sale or other disposition by, a holder that is a "United States person" (as defined in the Code) in respect of the Class A ordinary shares generally may be subject to the information reporting requirements of the Code and may be subject to backup withholding unless such holder provides an accurate taxpayer identification number and makes any other required certification or otherwise establishes an exemption.

A holder that is not a United States person may be required to comply with certification and identification procedures in order to establish its exemption from information reporting and backup withholding.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a holder will be allowed as a refund or credit against the holders U.S. federal income tax liability, provided the required information is furnished to the IRS in a timely manner.

**Underwriting** 

We have entered into an underwriting agreement dated , 2025 with American Trust Investment Services, Inc. (the "Representative"), acting as the lead or managing underwriter with respect to the Class A ordinary shares subject to this offering. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter named below has severally agreed to purchase from us, on a firm commitment basis, the number of Class A ordinary shares set forth opposite its name below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

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| | |
|:---|:---|
| **Name** | **Number of Class A ordinary shares** |
| American Trust Investment Services, Inc. |  |
| **Total** |  |

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The underwriters are offering the Class A ordinary shares subject to their acceptance of the Class A ordinary shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Class A ordinary shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Class A ordinary shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the Class A ordinary shares covered by the underwriters' over-allotment option described below.

We have granted the underwriters an option, exercisable for 30 days from the closing date of this offering, to purchase up to an additional Class A ordinary shares at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage of the additional shares as the number listed next to the underwriter's name in the preceding table bears to the total number of shares listed next to the names of all underwriters in the preceding table. If any additional Class A ordinary shares are purchased, the underwriters will offer these Class A ordinary shares on the same terms as those on which the other Class A ordinary shares are being offered.

The Representative has advised us that it proposes to offer the shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of US$ per share. The underwriters may allow, and certain dealers may re-allow, a discount from the concession not in excess of US$ per share to certain brokers and dealers. After this offering, the public offering price, concession and reallowance to dealers may be reduced by the Representative. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

**Discounts, Commission and Expenses**

The Company has agreed to pay the underwriters a cash fee equal to seven percent (7%) of the aggregate gross proceeds raised in this Offering. The Representative proposes initially to offer the Class A ordinary shares to the public at the offering price set forth on the cover page of this prospectus and to dealers at those prices less the aforesaid fee ("underwriting discount") set forth on the cover page of this prospectus. The following table shows the price per share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us.

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| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **No Exercise** | **Full Exercise** |
| Public offering price | US$ | US$ | US$ |
| Underwriting discounts and commissions to be paid by us | US$ | US$ | US$ |
| Proceeds, before expenses, to us | US$ | US$ | US$ |

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In connection with and upon closing of the offering contemplated herein, we will also pay to the Representative a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds received by us from the sale of the Class A ordinary shares.

We have agreed to pay all reasonable, necessary and accountable out-of-pocket expenses relating to the offering, including, but not limited to: (i) the costs of preparing, printing and filing the registration statement with the SEC, including amendments and supplements thereto, and post effective amendments, as well as the filings with FINRA and Nasdaq, and payment of all necessary fees in connection therewith and the printing of a sufficient quantity of preliminary and final prospectuses as the Representative may reasonably request; (ii) the costs of preparing, printing and delivering exhibits thereto, in such quantities as the Representative may reasonably request; (iii) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the Representative; (iv) the fees of counsel and accountants for the Company, including fees associated with any blue sky filings where applicable; (v) fees associated with the Company's transfer agent; and (vi) accountable expenses of the Representative (including fees and expenses of its counsel up to a maximum of US$160,000) whether or not the offering is consummated up to a maximum of US$310,000.

We have paid the Representative a US$60,000 advance (the "Advance") to be credited against the accountable expenses actually incurred by the Representative upon the successful completion of this offering and reimbursed the Representative US$24,000 for their legal expenses. Any Advance received by the Representative will be reimbursed to us to the extent not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

Additionally, we will pay the Representative a US$ consulting fee (the "Consulting Fee") upon the closing of this offering.

We estimate that the total expenses of the offering payable by us, excluding the underwriters' discount and commissions and non-accountable expense allowance will be approximately US$ .

**Representative's Warrants**

We have agreed to issue to the Representative (or its permitted assignees) warrants ("Representative Warrants") to purchase up to Class A ordinary shares (and up to Class A ordinary shares assuming the over-allotment option is exercised in full), which is equal to 5% of the shares offered hereby (excluding the over-allotment option). The Representative Warrants will be exercisable at any time, and from time to time, in whole or in part, during the three-year period commencing 180 days from the effective date of the registration statement of which this prospectus is a part, which period is in compliance with FINRA Rule 5110(e)(1). The Representative Warrants are exercisable for cash or on a cashless basis at a per share price equal to $ per Class A ordinary share, or 125% of the public offering price per Class A ordinary share in this offering. The Representative Warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The Representative (or permitted assignees) will not sell, transfer, assign, pledge or hypothecate the Representative Warrants or the Class A ordinary shares underlying the warrants, nor will they engage in any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days from the effective date of the registration statement of which this prospectus is a part. In addition, the Representative Warrants provide for certain demand and piggyback registration rights. The warrants provide for one demand registration right in accordance with FINRA Rule 5110(g)(8)(b) and unlimited piggyback registration rights. The demand registration rights and piggyback registration rights provided will terminate 5 years from the effective date of the registration statement of which this prospectus is a part in compliance with FINRA Rule 5110(g)(8(c), (d) and (e), respectively. [We will bear all fees and expenses attendant to registering the Class A ordinary shares issuable on exercise of the Representative Warrants other than underwriting commissions incurred and payable by the holders.] The exercise price and number of Class A ordinary shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary cash dividend or our recapitalization, reorganization, merger or consolidation.

**Right of First Refusal**

Subject to our right to terminate the underwriting agreement for cause pursuant to FINRA Rule 5110(g)(5)(B), we have granted the Representative a right of first refusal, for a period of twelve (12) months from the closing of this offering, to act as lead or joint-lead investment banker, lead or joint book-runner and/or lead or joint placement agent (the "Right of First Refusal"), which is exercisable in the Representative's sole discretion. For purposes of this Right of First Refusal, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering in the United States; and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company in the United States.

**Indemnification; Indemnification Escrow**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

The Company has agreed to set up an escrow account with a third-party escrow agent in the United States and will fund such account with US$300,000 that may be utilized by the underwriters to fund certain indemnification obligations of the Company to the underwriters and other indemnified persons as described herein and in the Underwriting Agreement, arising during the 12-month period following the closing of the offering. The escrow account will be interest bearing, and we will be free to invest the assets in low-risk investments (e.g., bonds, mutual funds, money market funds, etc.). All funds that are not subject to an indemnification claim will be returned to us after the applicable period expires. The Company will pay the reasonable fees and expenses of the escrow agent.

**Tail Financing**

If within 12 months from the effective date of termination or expiration of the engagement letter, the Company completes a public or private offering of its securities with any investor(s) introduced to the Company by the Representative during the term of the engagement letter, then the Company shall pay the Representative a tail fee equal to the compensation that would have been payable had the Representative participated in such transaction, provided that such investor(s) were first introduced to the Company by the Representative and documented in writing during the term of the engagement letter. This provision is intended to comply with FINRA Rule 5110(g)(5)(B). If the Company terminates the engagement letter for cause—defined as the Representative's material breach of its obligations or willful failure to perform the services contemplated herein—no tail fee (or other post-termination compensation) shall be payable. Any tail fee must be reasonable in relation to the underwriting or placement services originally contemplated and shall not exceed the cash fee rate set forth in the engagement letter. No tail fee is owed for any transaction consummated after the tail period.

**Lock-Up Agreements**

The Company, each of its directors and officers and holders of its securities (including warrants, options, convertible securities and Class A ordinary shares) on a fully diluted basis immediately prior to the consummation of this Offering have agreed or are otherwise contractually restricted for a period of six (6) months, after the date of closing of this Offering, without the prior written consent of the Representative not to directly or indirectly:

● issue (in the case of us), offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any Class A ordinary shares or other capital stock or any securities convertible into or exercisable or exchangeable for the Class A ordinary shares or other capital stock;

● in the case of us, file or cause the filing of any registration statement under the Securities Act with respect to any Class A ordinary shares or other capital stock or any securities convertible into or exercisable or exchangeable for Class A ordinary shares or other capital stock, filed with the SEC after the closing date of this Offering; or

● enter into any swap or other agreement, arrangement, hedge or transaction that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of Class A ordinary shares or other capital stock or any securities convertible into or exercisable or exchangeable for Class A ordinary shares or other capital stock, whether any transaction described in any of the foregoing bullet points is to be settled by delivery of the Class A ordinary shares or other capital stock, other securities, in cash or otherwise, or publicly announce an intention to do any of the foregoing.

The lock-up agreements are subject to customary exceptions, including transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as a bona fide gift or gifts, or for charitable contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to a partnership, limited liability company, or other entity of which the lock-up party and/or the immediate family of the lock-up party are the only members or partners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● by operation of law, such as pursuant to a qualified domestic relations order or in connection with a divorce settlement.

In all cases, the transferees must agree to be bound by the terms of the lock-up agreement, and no public filing or announcement reporting the transfer is required or will be made.

There are no existing agreements between the underwriters and any person who will execute a lock-up agreement in connection with this Offering providing consent to the sale of shares prior to the expiration of the lock-up period. The lock up does not apply to the issuance of shares upon the exercise of rights to acquire Class A ordinary shares pursuant to any existing stock option.

The Representative may in its sole discretion and at any time without notice release some or all of the ordinary shares subject to lock-up agreements prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the Representative will consider, among other factors, the security holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time.

**Nasdaq Capital Market Listing**

We have applied to list our Class A ordinary shares on the Nasdaq under the symbol "PLAI." We make no representation that such application will be approved or that our Class A ordinary shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Class A ordinary shares will be listed on the Nasdaq at the completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by Representative or by its affiliates. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Representative in its capacity as an underwriter, and should not be relied upon by investors.

Any underwriter who is a qualified market maker on the Nasdaq may engage in passive market making transactions on the Nasdaq in accordance with Rule 103 of Regulation M, during the Business Day prior to the pricing of the offering, before the commencement of offers or sales. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**No Public Market**

Prior to this offering, there has not been a public market for our securities in the U.S. and the public offering price for our Class A ordinary shares will be determined through negotiations between us and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Class A ordinary shares will trade in the public market subsequent to this offering or that an active trading market for our Class A ordinary shares will develop and continue after this offering.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A ordinary shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A ordinary shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A ordinary shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the overallotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A ordinary shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore was not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A ordinary shares or preventing or retarding a decline in the market price of our Class A ordinary shares. As a result, the price of our Class A ordinary shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A ordinary shares. These transactions may occur on the Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Determination of Offering Price**

The principal factors to be considered in determining the public offering price include:

● the information set forth in this prospectus and otherwise available to the Representative;

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

● our past and present financial performance;

● our prospects for future earnings and the present state of our company;

● the general condition of the securities market at the time of this offering;

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

● other factors deemed relevant by the underwriters and us.

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

**Passive Market Making**

In connection with this offering, underwriter, and selling group members may engage in passive market making transactions in our securities on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Other Relationships**

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions and expenses. In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Offers Outside the United States**

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

**Expenses Relating to this Offering**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the Financial Industry Regulatory Authority, or FINRA, filing fee and the Nasdaq listing fee, all amounts are estimates. The company will pay all of the expenses of this offering.

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| | | |
|:---|:---|:---|
| **Expenses** | | **Amount** |
| SEC registration fee | US$ |  |
| Nasdaq listing fee | US$ |  |
| FINRA filing fee | US$ |  |
| Printing and engraving expenses | US$ |  |
| Legal fees and expenses | US$ |  |
| Accounting fees and expenses | US$ |  |
| Miscellaneous costs | US$ |  |
| **Total** | **US$** |  |

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**Legal Matters**

We are being represented by Cleary Gottlieb Steen & Hamilton LLP with respect to certain legal matters of U.S. federal securities and New York state law. The underwriters are being represented by DeMint Law, PLLC with respect to certain legal matters of U.S. federal securities law. The validity of the Class A ordinary shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Conyers Dill & Pearman. Cleary Gottlieb Steen & Hamilton LLP may rely upon Conyers Dill & Pearman with respect to matters governed by Cayman Islands law.

**Experts**

The financial statements of PressLogic Inc. as of and for the years ended December 31, 2023 and 2024, included in this prospectus and the registration statement, have been audited by TAAD LLP, an independent registered public accounting firm, as set forth in their report thereon elsewhere herein, and have been included in reliance on their report given on their authority as experts in accounting and auditing.

The registered business address of TAAD LLP is 20955 Pathfinder Road, Suite 370, Diamond Bar, CA 91765, USA.

**Where You Can Find Additional Information**

We have filed with the U.S. Securities and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

Upon completion of this offering, we will become subject to the informational requirements of the Exchange Act. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at *www.sec.gov* that contains reports, proxy and information statements and other information we have filed electronically with the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**PRESSLOGIC INC.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| Audited Consolidated Financial Statements | **PAGE(S)** |
| [Report of Independent Registered Public Accounting Firm](#fin_001a) (PCAOB ID: 5854) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2023 and 2024](#fin_001) | F-3 |
| [Consolidated Statements of Income and Comprehensive Income for the fiscal years ended December 31, 2023 and 2024](#fin_002) | F-4 |
| [Consolidated Statements of Changes in Stockholders' Equity for the fiscal years ended December 31, 2023 and 2024](#fin_003) | F-5 |
| [Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2023 and 2024](#fin_004) | F-6 |
| [Notes to the Consolidated Financial Statements](#fin_005) | F-7 - F-29 |

---

---

| | |
|:---|:---|
| **Unaudited Interim Consolidated Financial Statements** | **PAGE(S)** |
| [Unaudited Interim Consolidated Balance Sheets as of December 31, 2024 and June 30, 2025](#fin_006) | F-30 |
| [Unaudited Interim Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2024 and 2025](#fin_007) | F-31 |
| [Unaudited Interim Consolidated Statements of Changes in Stockholders' Equity for the six months ended June 30, 2024 and 2025](#fin_008) | F-32 |
| [Unaudited Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2025](#fin_009) | F-33 |
| [Notes to the Unaudited Interim Consolidated Financial Statements](#fin_010) | F-34 - F-58 |

---

![](formdrsa_017.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Board of Directors and Stockholders of PressLogic Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of PressLogic Inc. and its subsidiaries (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of income, comprehensive income, stockholders' equity, and consolidated cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Basis for Opinion**

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

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

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

---

| |
|:---|
| **/s/ TAAD LLP** |
| We have served as the Company's auditor since 2024. |
| Diamond Bar, California |
| May 9, 2025, except Note 15, as to which the date is July 9, 2025 |

---

**PRESSLOGIC INC.**

**CONSOLIDATED BALANCE SHEETS**

**AS OF DECEMBER 31, 2023 AND 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NOTES** | **2023** | **2024** | **2024** |
|  |  | **HK$** | **HK$** | **USD$** |
| **Assets** |  |  |  |  |
| **Current assets:** |  |  |  |  |
| Cash and cash equivalents | 4 | 16810776 | 37304574 | $4804814 |
| Trade receivables, net | 5 | 29400289 | 34572473 | 4452920 |
| Contract costs | 7 | 146392 | 757 | 98 |
| Prepayments, other receivables and other assets | 6 | 3013688 | 1812874 | 233497 |
| Deferred initial public offering costs |  | - | 1290182 | 166175 |
| **Total current assets** |  | **49371145** | **74980860** | **9657504** |
| Property and equipment, net | 9 | 1740813 | 1386517 | 178583 |
| Intangible assets, net | 10 | 318234 | 228790 | 29468 |
| Right-of-use assets, net | 8 | 3235854 | 8117887 | 1045580 |
| Other non-current assets | 6 | 605067 | 919389 | 118417 |
| Deferred tax assets | 16 | 1650620 | 1055796 | 135986 |
| **Total non-current assets** |  | **7550588** | **11708379** | **1508034** |
| **TOTAL ASSETS** |  | **56921733** | **86689239** | $**11165538** |
| **Liabilities and stockholders' equity** |  |  |  |  |
| **Current liabilities:** |  |  |  |  |
| Borrowing-current | 11 | 4100000 | 16843334 | $2169414 |
| Trade payable | 13 | 1781500 | 985969 | 126992 |
| Other payables and accruals expenses | 12 | 5707195 | 6615359 | 852056 |
| Lease liabilities – current | 8 | 2753938 | 3951816 | 508992 |
| Contract liability | 14 | 1434010 | 1887908 | 243162 |
| Due to related parties-current | 15 | 16175424 | 17791886 | 2291588 |
| Income tax payables |  | - | 530390 | 68314 |
| **Total current liabilities** |  | **31952067** | **48606662** | **6260518** |
| **Non-current liabilities** |  |  |  |  |
| Lease liabilities – non current | 8 | 557513 | 4326953 | 557310 |
| Due to related parties- non current | 15 | 20000000 | 20000000 | 2575992 |
| **Total non-current liabilities** |  | **20557513** | **24326953** | **3133302** |
| **TOTAL LIABILITIES** |  | **52509580** | **72933615** | **9393820** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |
| **Stockholders' equity** |  |  |  |  |
| Class A ordinary shares (US$0.0001 par value; 450,000,000 Class A ordinary shares authorized 10,566,190 and 10,566,190 Class A ordinary shares issued and outstanding December 31, 2023 and 2024) | 17 | 8204 | 8204 | 1057 |
| Class B ordinary shares (US$0.0001 par value; 50,000,000 Class B ordinary shares authorized 4,273,910 and 4,273,910 Class B ordinary shares issued and outstanding December 31, 2023 and 2024) | 17 | 3318 | 3318 | 427 |
| Additional paid-in capital | 17 | 6759132 | 6759132 | 870573 |
| Retained earnings (Accumulated deficit) |  | (2685265) | 6453525 | 831211 |
| Accumulated other comprehensive loss | 17 | (537134) | (367059) | (47277) |
| **Total PressLogic Inc.'s equity** |  | **3548255** | **12857120** | **1655991** |
| Non-controlling interests | 17 | 863898 | 898504 | 115727 |
| **Total stockholders' equity** |  | **4412153** | **13755624** | **1771718** |
| **Total liabilities and stockholders' equity** |  | **56921733** | **86689239** | $**11165538** |

---

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

**PRESSLOGIC INC.**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

**FOR THE FISCAL YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended December 31,** | **For the fiscal years ended December 31,** | **For the fiscal years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HK$** | **HK$** | **USD$** |
| **Revenue, net** | **103570231** | **107714812** | **13873623** |
| **Costs and expenses:** |  |  |  |
| Cost of revenue | (31640351) | (33326733) | (4292469) |
| General and administrative expenses | (43338733) | (38070384) | (4903450) |
| Selling and marketing expenses | (16187560) | (15933674) | (2052251) |
| Research and development expenses | (9771388) | (9348597) | (1204095) |
| **Operating income** | **2632199** | **11035424** | **1421358** |
| **Other income (expenses), net** |  |  |  |
| Finance cost | (259095) | (987230) | (127155) |
| Other income | 500329 | 250417 | 32254 |
| **Income before income tax provision** | **2873433** | **10298611** | **1326457** |
| Income tax expense | (341523) | (1125215) | (144927) |
| **Net income** | **2531910** | **9173396** | **1181530** |
| Less: Net income attributable to non-controlling interest | 23839 | 34606 | 4457 |
| **Net income attributable to PressLogic Inc.** | **2508071** | **9138790** | **1177073** |
| **Other comprehensive income (loss)** |  |  |  |
| Foreign currency translation adjustment | 18419 | 170075 | 21906 |
| Fair value through other comprehensive loss | (156984) | - | - |
| **Total comprehensive income** | **2393345** | **9343471** | **1203436** |
| **Total comprehensive income attributable to PressLogic Inc.** | **2393345** | **9343471** | **1203436** |
| **Earnings per shares** |  |  |  |
| Class A ordinary shares – basic and diluted | 0.17 | 0.62 | 0.08 |
| Class B ordinary shares – basic and diluted | 0.17 | 0.62 | 0.08 |
| **Weighted average number of shares outstanding** |  |  |  |
| Class A ordinary shares | 10566190 | 10566190 | 10566190 |
| Class B ordinary shares | 4273910 | 4273910 | 4273910 |

---

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

**PRESSLOGIC INC.**

**CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY**

**FOR THE FISCAL YEARS ENDED DECEMBER 31, 2023 AND 2024**

**IN HK DOLLARS, EXCEPT SHARE DATA**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Additional** | **Additional** | **Accumulated**<br> **Other** | **Accumulated**<br> **Other** | **Retained**<br> **Earnings** | **Retained**<br> **Earnings** | **Total**<br> **PressLogic** | **Total**<br> **PressLogic** | **Non-** | **Non-** | **Total** | **Total** |
|  | **Class A** | **Class A** | **Class A** | **Class B** | **Class B** | **Class B** | **Paid-in** | **Paid-in** | **Comprehensive** | **Comprehensive** | **(Accumulated** | **(Accumulated** | **Inc.'s** | **Inc.'s** | **Controlling** | **Controlling** | **Stockholders'** | **Stockholders'** |
|  | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Amount** | **Capital** | **Capital** | **(Loss)/Income** | **(Loss)/Income** | **Deficit)** | **Deficit)** | **equity** | **equity** | **Interests** | **Interests** | **Equity** | **Equity** |
| **Balance as of December 31, 2022** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **6759132** | **HK$** | **(398569)** | **HK$** | **(5193336)** | **HK$** | **1178749** | **HK$** | **840059** | **HK$** | **2018808** |
| Net income |  |  |  |  |  |  |  |  |  |  |  | 2508071 |  | 2508071 |  | 23839 |  | 2531910 |
| Unrealized loss from the change in fair value of equity investment |  |  |  |  |  |  |  |  |  | (156984) |  |  |  | (156984) |  |  |  | (156984) |
| Foreign currency translation adjustment | - |  | - | - |  | - |  | - |  | 18419 |  | - |  | 18419 |  | - |  | 18419 |
| **Balance as of December 31, 2023** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **6759132** | **HK$** | **(537134)** | **HK$** | **(2685265)** | **HK$** | **3548255** | **HK$** | **863898** | **HK$** | **4412153** |
| Net income |  |  |  |  |  |  |  |  |  |  |  | 9138790 |  | 9138790 |  | 34606 |  | 9173396 |
| Foreign currency translation adjustment | - |  | - | - |  | - |  | - |  | 170075 |  | - |  | 170075 |  | - |  | 170075 |
| **Balance as of December 31, 2024** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **6759132** | **HK$** | **(367059)** | **HK$** | **6453525** | **HK$** | **12857120** | **HK$** | **898504** | **HK$** | **13755624** |

---

The accompanying notes are integral part of these consolidated financial statements.

**PRESSLOGIC INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE FISCAL YEARS ENDED DECEMBER 31, 2023 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Fiscal Years Ended** | **For The Fiscal Years Ended** | **For The Fiscal Years Ended** |
|  | **December 31** | **December 31** | **December 31** |
|  | **2023** | **2024** | **2024** |
|  | **HK$** | **HK$** | **USD** |
| **Cash Flows from Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income** | **2531910** | **9173396** | $**1181530** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 1203993 | 802115 | 103312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance (reversal) for expected credit loss | (287564) | 194997 | 25116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 5219985 | 4564015 | 587843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 89200 | 89444 | 11520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | (19668) | (61639) | (7939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 341523 | 594825 | 76613 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 3408377 | (5366722) | (691232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | (964069) | 314916 | 40561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables and other current assets | (312783) | 919557 | 118439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract costs | (146392) | 145634 | 18758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 756539 | (314322) | (40485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payable | 1232736 | (795531) | (102464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | (163618) | 530390 | 68314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liability | (1037541) | 453898 | 58462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 65158 | 908164 | 116971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | (11036572) | 1582802 | 203864 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **881214** | **13735939** | **1769183** |
| **Cash Flows from Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (123926) | (749519) | (96538) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment | 47166 | 363339 | 46798 |
| &nbsp;&nbsp;&nbsp;Investment in equity instrument | （156984) | - | - |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(233744)** | **(386180)** | **(49740)** |
| &nbsp;&nbsp;&nbsp;**Cash Flows from Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank borrowings | 4100000 | 12743334 | 1641336 |
| &nbsp;&nbsp;&nbsp;Payment of deferred offering costs |  | (1290182) | (166175) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities | (4886095) | (4478729) | (576858) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | **(786095)** | **6974423** | **898303** |
| &nbsp;&nbsp;&nbsp;**Effect of Exchange Rate Changes on Cash** | 5365 | 169616 | 21847 |
| &nbsp;&nbsp;&nbsp;**Net Increase/ (Decrease) in Cash and cash equivalent** | **(133260)** | **20493798** | **2639593** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalent Beginning of Year | 16944036 | 16810776 | 2165221 |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalent End of Year** | **16810776** | **37304574** | $**4804814** |
| &nbsp;&nbsp;&nbsp;**Supplemental disclosure of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest |  | 440710 | 56763 |
| &nbsp;&nbsp;&nbsp;**Supplemental disclosure of Non-Cash Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from related parties converted to loan from related parties | 20000000 |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange of lease liabilities | 1149336 | 9446048 | 1216647 |
| &nbsp;&nbsp;&nbsp;Changes of fair value through other comprehensive loss | (156984) |  |  |

---

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

**PRESSLOGIC INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

 

*<u>Business</u>*

 

The Company is a leading one-stop digital marketing solutions provider, who delivers a comprehensive suite of interconnected proprietary solutions and services to brand owners as well as marketing agencies throughout the marketing cycle and across multiple media platforms, including its own platforms consisting of the websites, social media channels and apps of our nine media brands, as well as third party social media platforms.

The Company operates in the online marketing industry primarily in the Asia Pacific region, in particular Hong Kong and Taiwan. Online marketing, also known as digital marketing or internet marketing, refers to the use of the internet and digital channels to promote products, services, or brands to a targeted audience. It includes various strategies and techniques designed to attract, engage, and convert potential customers. Online marketing solutions comprise of content marketing solutions and SaaS solutions.

*<u>Organization</u>*

 

Details of the Company and its subsidiaries (together the "Company") as of 31 December 2024 are set out in the table as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Company** | **Place of**<br> **incorporation** | **Date of**<br> **incorporation** | **Percentage of direct<br> or indirect economic<br> ownership** | **Principal activities** |
| PressLogic Inc. | Cayman Islands | November 27, 2024 | Parent | Investment Holding |
| PressLogic Limited | Hong Kong | April 14, 2016 | 100% | Provision of digital marketing services |
| InSmart Financials Limited | Hong Kong | February 6, 2018 | 100% | Provision of management services |
| PressLogic Taiwan Limited | Hong Kong | November 30, 2017 | 100% | Investment Holding |
| Maxlytics Limited | Hong Kong | October 9, 2020 | 100% | Provision of digital marketing services |
| MediaPlace Limited | Hong Kong | October 10, 2019 | 100% | Provision of SaaS services |
| Lead Famous Limited | BVI | September 2, 2019 | 90% | Investment Holding |
| Ample Advance Limited | BVI | September 2, 2019 | 70% | Investment Holding |
| Pop Media HK Limited | Hong Kong | October 10, 2019 | 90% | Provision of digital marketing services |
| Business Media Limited | Hong Kong | October 10, 2019 | 70% | Provision of digital marketing services |
| PressLogic Taiwan Limited Taiwan Branch | Taiwan | November 30, 2017 | 100% | Provision of digital marketing services |

---

PressLogic Inc. is a limited liability company incorporated under the laws of the Cayman Islands on November 27, 2024.

PressLogic Limited is a limited liability company incorporated on April 14, 2016 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

InSmart Financials Limited is a limited liability company incorporated on February 6, 2018 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

PressLogic Taiwan Limited is a limited liability company incorporated on November 30, 2017 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

Maxlytics Limited is a limited liability company incorporated on October 9, 2020 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

MediaPlace Limited is a limited liability company incorporated on October 10, 2019 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

Lead Famous Limited is a limited liability company incorporated on September 2, 2019 under the Laws of BVI and with 90% equity interest owned by PressLogic Inc. This 90% equity interest was acquired from Cheung Ho Chak Ryan and Chow Wing Yin by PressLogic Holdings Limited in October 2020, during which Cheung Ho Chak Ryan was the controlling shareholder of both Lead Famous Limited and PressLogic Holdings Limited. The 10% minority interest arose on December 5 2019, when a non-controlling shareholder subscribed to a 10% equity interest in Lead Famous Limited.

Ample Advance Limited is a limited liability company incorporated on September 2, 2019 under the Laws of BVI and with 70% equity interest owned by PressLogic Inc. This 70% equity interest was acquired from Cheung Ho Chak Ryan and Chow Wing Yin by PressLogic Holdings Limited in October 2020, during which Cheung Ho Chak Ryan was the controlling shareholder of both Ample Advance Limited and PressLogic Holdings Limited. The 30% minority interest arose on December 4 2019, when a non-controlling shareholder subscribed to a 30% equity interest in Lead Famous Limited.

Pop Media HK Limited is a limited liability company incorporated on October 10, 2019 under the Laws of Hong Kong and a wholly owned subsidiary of Lead Famous Limited.

Business Media Limited is a limited liability company incorporated on October 10, 2019 under the Laws of Hong Kong and a wholly owned subsidiary of Ample Advance Limited.

PressLogic Taiwan Limited Taiwan Branch is a branch established on November 30, 2017, under the laws of Taiwan. It is a wholly owned branch of PressLogic Taiwan Limited.

*<u>Reorganization</u>*

 

PressLogic Inc. was incorporated in the Cayman Islands on November 27, 2024. Following the transfer of PressLogic Limited, InSmart Financials Limited, PressLogic Taiwan Limited, Maxlytics Limited, MediaPlace Limited, Lead Famous Limited and Ample Advance Limited from PressLogic Holdings Limited to PressLogic Inc., the shareholders of PressLogic Holdings Limited received an aggregate of 10,566,190 Class A ordinary shares and 4,273,910 Class B ordinary shares of PressLogic Inc. through a distribution in specie by PressLogic Holdings Limited on 30 April, 2025, and the Class A and Class B share structure will be effective upon the completion of IPO. This distribution ensured that each shareholder's rights and equity interests in PressLogic Inc. were identical to their rights and equity interests in PressLogic Holdings Limited prior to the reorganization on as-converted basis.

The reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE**

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

*2.1 Basis of Presentation and Principles of Consolidation*

 

The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards("IFRSs") as issued by the International Accounting Standards Board ("IASB").

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

In preparing the consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates., transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transactions provide evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Non-controlling interests in the Company's subsidiaries are recorded in accordance with the IFRS 10 and are reported as a component of equity, separate from the parent's equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

*2.2 Use of Estimates and Assumptions*

 

The preparation of consolidated financial statements in conformity with International Financial Reporting Standards("IFRSs") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for trade receivable, recoverability, useful lives of long-lived assets, intangible assets and income taxes related to realization of deferred tax assets and uncertain tax position. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

*2.3 Foreign Currency Translation*

 

The reporting currency of the Company is Hong Kong Dollars ("HK$") and the accompanying financial statements have been expressed in HK$. The Company and its' subsidiaries in Hong Kong ("HK") and Taiwan Region ("Taiwan") as its functional currency, respectively. In general, for consolidation purposes, assets, and liabilities of its subsidiaries whose functional currency is not HK$ are translated into HK$, in accordance with IAS 21 – The Effects of Changes in Foreign Exchange Rates.

 

Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by Hong Kong Monetary Authority at the dates of the transactions. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in the Consolidated Statements of Income and Comprehensive Income. The financial statements of the Company are translated from the functional currency into HK$. Assets and liabilities denominated in foreign currencies are translated into HK$ using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into HK$ at the appropriate historical rates. Revenues, expenses, gains and losses are translated into HK$ at the average rates of exchange. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income as a component of PressLogic Inc.'s equity. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** |
| US$ to HK dollar Year End Rate | 7.811 | 7.764 |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2023** | **December 31,<br> 2024** |
| HK$ to New Taiwan dollar Year End Rate | 3.907 | 4.217 |
| HK$ to New Taiwan dollar Average Rate | 3.977 | 4.113 |

---

 

*2.4 Cash and Cash Equivalents*

 

For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents include cash on hand, cash at bank and deposits held at licensed payment platforms with original maturities of three months or less that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value.

 

 

*2*.*5 Trade Receivables and Expected Credit Losses*

 

Trade receivables are amounts due from customers for services performed in the ordinary course of business. Majority of trade receivables are from advertising services. They are generally due for settlement within one year (or in the normal operating cycle of the business if longer) and therefore all classified as current. The Company usually grants credit to customers with 30 days to 60 days and determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends.

In according with IFRS 9, expected credit loss ("ECL") is the weighted average of credit losses with respect to a financial instrument considering the time value of money, that result from all possible default events over the expected life of the financial instrument and credit losses represent the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive.

For trade receivables, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track the changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

*2.6 Prepayments, Other Receivable and Other Assets*

 

Prepayments, other receivable and other assets primarily consist of deposits and employee advances, prepayments made to vendors sever costs and software expenses or services providers for future services that have not been provided and other receivables from third parties. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2023 and 2024, management believes that the Company's other current assets are not impaired.

*2.7 Deferred Initial Public Offering Cost*

 

Deferred initial public offering costs consist principally of all direct offering costs incurred by the Group, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the initial public Offering ("IPO") of the Group's ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed.

*2.8 Property and Equipment*

 

Property and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to statements of income during the reporting period in which they are incurred.

The depreciation of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows:

---

| | |
|:---|:---|
| Owned assets | Useful lives |
| Leasehold improvements | Shorter of lease term or useful life |
| Computer equipment | 5 years |
| Furniture and fixtures | 5 years |
| Hardware and office equipment | 5 years |

---

The asset's residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Gains and losses on disposals are determined by comparing proceeds with carrying amount and included in profit or loss.

 

*2.9 Intangible Assets*

Acquired computer software is stated at historical cost less accumulated amortization and accumulated impairment losses (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the items. Costs associated with maintaining software programs are expensed as incurred.

The Company amortizes intangible assets with a limited useful life using the straight-line method over the following periods:

<u>Owned assets</u> <u>Useful lives</u> <br> Computer software 5 years

 

*2.10 Impairment of Long-Lived Assets*

 

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition at individual cash generating unit level. If the recoverable amount is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value less costs of disposal or value in use, using the expected future discounted cash flows. No impairment of long-lived assets was recognized for the years ended December 31, 2023 and 2024.

 

*2.11 Trade and Other Payables*

 

Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of the fiscal year which are unpaid. These amounts are presented as current liabilities unless payment is not due within 12 months after the reporting period (or in the normal operating cycle of the business if longer).

*2.12 Borrowings*

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the statements of income over the period of borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as prepayment for liquidity services and amortized over the period of the facility to which it relates.

Borrowings are removed from the consolidated balance sheets when the obligation specified in the contract is discharged, cancelled or repaid. The difference between the carrying amount of financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in statement of income as other income or finance costs.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

 

*2.13 Lease*

 

The Company, as a lessee, leases a number of offices premises and office equipment in Hong Kong and Taiwan from which it operates. Rental contracts are typically made for fixed periods from 2 to 3 years for office premises and 5 years for office equipment. All rental contracts only comprise fixed payments over the lease terms. Leasing expense for lease payment is recognized on a straight-line basis over the lease term.

Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

&nbsp;&nbsp;&nbsp;&nbsp;(1) fixed payments (including in-substance fixed payments), less any lease incentives receivable;

(2) variable lease payments that are based on a rate, initially measured using the rate as at the commencement date;

(3) amounts expected to be payable by the Company under residual value guarantee;

(4) the exercise price of a purchase option if the Company is reasonably certain to exercise that option, and

(5) payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. The Company uses the incremental borrowing rate, for the implicit rate cannot be readily determined, which is the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between principal and finance cost. The finance cost is charged to statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the amount of the initial measurement of lease liabilities;

(2) any lease payments made at or before the commencement date less any lease incentives received;

(3) any initial direct costs, and

(4) restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life.

The Company applies the short-term lease recognition exemption to its short-term leases of equipment and office (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment and computers that are considered to be of low value.

*2.14 Contract Costs*

 

Contract costs related to costs to obtain contracts, resulted from customers entering into service agreements with the Company. Contract costs are recognized as part of "selling and marketing expenses" in the statement of income in the period in which revenue from the services recognized, The balance of capitalized contract costs is expected to be realized within one year.

*2.15 Contract Liabilities*

 

Contract liabilities consist of payment received from customers in excess of revenue recognized. Contract liabilities will be recognized as revenue when services are provided. Contract liabilities were HK$1,434,010 and HK$1,887,908 as of December 31, 2023 and 2024, respectively.

*2.16 Related Parties*

 

The Company adopted IAS 24, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

 

*2.17 Revenue Recognition*

 

The Company follows the rules and guidance set out under IFRS 15, Revenue from Contracts with Customers ("IFRS 15") for revenue recognition. The core principle of IFRS 15 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with IFRS 15, revenues are recognized when the Company satisfies the performance obligations by delivering the contracted services to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Company satisfies a performance obligation

Revenue is measured at the fair value of the consideration received or receivable for the sales of services in the ordinary course of the Company's activities.

When another party is involved in providing goods or services to a customer, the Company determines whether the nature of its promise is a performance obligation to provide the specified services itself (i.e. the Company is a principal) or to arrange for those services to be provided by the other party (i.e. the Company is an agent).

The Company is a principal if it controls the specified services before those services are transferred to a customer. The Company is an agent if its performance obligation is to arrange for the provision of the specified services by another party. In this case, the Company does not control the specified services provided by another party before those services are transferred to the customer. When the Company acts as an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified services to be provided by the other party. This evaluation is performed separately for each performance obligation identified. For the years ended December 31, 2023 and 2024, there was no revenue recognized on a net basis where the Company is acting as an agent.

Revenue is recognized when or as the control of the services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time.

Control of the services is transferred over time if the Company's performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provides all of the benefits received and consumed simultaneously by the customer;

(b) creates and enhances an asset that the customer controls as the Company performs; or

(c) does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

If control of the services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. This evaluation is performed separately for each performance obligation identified.

*The accounting policy for the Company's principal revenue sources*

 

*<u>Revenue from programmatic advertising services</u>*

 

The Company generates revenue by displaying programmatic banner advertising services, promotional services for cooperative brands on our websites and social media platforms through display ad network such as Google Ads and Meta. The services contain one single performance obligation, which includes displaying banner services in the websites or social media accounts operating by us to their customers in exchange for consideration. The pricing is based on a cost-per-thousand-impressions (CPM) model. Revenue generated under this arrangement fluctuates due to dynamic CPM rates, which are influenced by market demand, advertising content quality, targeting precision and seasonal trends. The payment terms with the advertising network partners are fixed. The Company signs contracts based on service terms and recognizes revenue in generally as a monthly basis after impressions are delivered. No returns, refunds and other similar obligations during each reporting period.

*<u>Revenue from software-as-a-service ("SaaS")</u>*

 

The Company generates revenue by providing customers with SaaS services such as MediaLens software subscription services during the contractually agreed period, which is typically one year. This subscription service entitles customers to access and use MediaLens system in accordance with the subscription scope outlined in the "Service Description" and the terms and conditions stipulated in the agreement. The contract specifies in detail the monthly subscription contents of MediaLens analytics tools, including usage quotas, monthly page quotas, and other relevant information. The contracts contain one single performance obligation, being the provision of cloud-based SaaS solutions to their customers in exchange for contractual consideration. The terms of pricing and payment stipulated in the contract are fixed. The Company recognizes revenue based on the stage of fulfillment of the performance obligations stipulated in the contract over the agreed-upon service period, which is recognized on a straight-line basis over the contractual period. No returns, refunds and other similar obligations during each reporting period.

*<u>Revenue from digital marketing solutions service</u>*

 

The Company generates advertising revenue by the placement and delivery of digital advertisements on behalf of partner brands on third party social media platforms such as Facebook, Instagram and its own website (<u>https://www.presslogic.ai)</u>. These advertisements are in various forms, including articles, videos, and other media. The contractually stipulated pricing structure and payment terms are irrevocably fixed during the contractual period, with no price escalation or variation clauses. One performance obligation is clarified in the contracts with customers. The Company recognizes revenue at a point in time upon the services are delivered and the advertisements are published or over time based on the proportional fulfillment of the performance obligations stipulated in the contract throughout service period. No returns, refunds and other similar obligations during each reporting period.

*2.18 Cost of Revenue*

 

Cost of revenue mainly consists of boosting costs, production costs, employee costs and other costs.

 

*2.19 General and Administrative Expenses*

 

General and administrative expenses include salaries and employee benefits of office staff and management, amortization & depreciation for equipment, software expenses, consulting fees, rental expenses and other office expenses.

 

*2.20 Selling and Marketing Expenses*

 

Selling and marketing expenses mainly consist of sales commissions, salaries and wage expenses for sales and marketing personnel, and advertising expenses.

*2.21 Research and Development Expenses*

 

The Company expense all internal research costs as incurred, which primarily comprise employee costs and the expenses related to the research and development activities. For the fiscal years ended December 31, 2023 and 2024, total research and development expenses were approximately HK$9,771,388 and HK$9,348,597, respectively, which were recorded in research and development expenses in the consolidated statement of income and comprehensive income.

 

*2.22 Finance Costs*

 

Finance costs mainly consist of interests, bank charges and other costs related to operating leases and borrowing of funds.

*2.23 Share-based Payments*

 

Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby employees render services in exchange for equity instruments (equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is recognized in employee benefits expense, together with a corresponding increase in equity, over the period in which the service and, where applicable, the conditions are fulfilled (the vesting period) in IFRS 2 *share-based payment*. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the progress of the vesting period and the Company's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.

The non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company's best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met.

When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss in the statement of income.

On August 28, 2020, the Company adopted share incentive plans for two executives of total 290,504 shares options with an exercise price of $0.01 and a five-year expiration period before reorganization. As of December 31, 2024, the vesting conditions have been satisfied and reflected in retained earnings of $6.4 million using Binomial Tree Model under the estimation of expected volatility from 59.4% to 60.39%, risk-free interest rate of 0.31% and 0% dividend yield in the form of 726,260 ordinary A shares and 726,260 ordinary B shares respectively.

*2.24 Employee Benefits*

 

(a) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits, and annual leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as other payables and accruals expenses in the consolidated balance sheets.

(b) Employee compensation, medical insurance and other social insurance

Employee of the Company in Hong Kong and Taiwan are entitled to participate in various government-mandated and company-provided benefits schemes.

In Hong Kong, the Company makes monthly contributions to Mandatory Provident Fund ("MPF") scheme, as required by local regulations, based on a percentage of employees' relevant income and subject to statutory limits. In addition, the Company purchases employee compensation insurance and medical insurance on an annual basis.

In Taiwan, the Company contributes to labor insurance, national health insurance, and the labor pension fund in accordance with applicable laws and regulations. These contributions are made monthly and are calculated based on certain percentages of employees' salaries, subject to applicable ceilings.

*2.25 Value-added Tax ("VAT")*

The Company's subsidiaries in Taiwan are subject to VAT on revenue generated from providing services. Revenue from providing services is generally subject to VAT at applicable tax rates and subsequently paid to Taiwan tax authorities after netting input VAT on purchase. The excess of output VAT over input VAT is reflected as VAT tax payable, which was included in other current liabilities.

The Taiwan VAT rate is 5% for taxpayers providing services for the years ended Decembers 31, 2023 and 2024.

*2.26 Current and Deferred Income Tax*

 

The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

(a) Current income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(b) Deferred income tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and losses can be utilized.

(c) Offsetting

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current income tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(d) Uncertain tax positions

In determining the amount of current and deferred income tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes, interest or penalties may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities. Such changes to tax liabilities will impact tax expense in the period that such a determination is made.

*2.27 Comprehensive Income*

 

Comprehensive income is defined as the change in equity during the year from transactions and other events, excluding the changes resulting from investments by owners and distributions to owners, and is not included in the computation of income tax expense or benefit. For the fiscal years ended December 31, 2023 and 2024 presented, the Company's comprehensive income includes net income and other comprehensive income, which mainly consists of the foreign currency translation adjustment and unrealized fair value changes on equity investment.

*2.28 Other comprehensive Income (loss)*

 

Other comprehensive income (loss) consists of translation adjustment resulting from the Company translating its consolidated financial statements from functional currency into reporting currency and the investment in equity of companies without significant influence, which is measured at fair value through other comprehensive income

*2.29 Earnings per Share*

 

Basic earnings per share is computed by dividing net earnings attributable to shareholders by the weighted average number of Class A ordinary shares and Class B ordinary shares outstanding during the year.

*2.30 Commitments and Contingencies*

 

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

*2.31 Segment Reporting*

The Company manages its operations as a single operating segment. This is consistent with the internal reporting provided to the chief operating decision-maker ("CODM"). The CODM, identified as the Chief Executive Officer, is responsible for allocating resources and assessing performance. Strategic decisions are made based on the consolidated results of the Company as a whole, which the CODM reviews when evaluating overall performance and resource allocation.

The following tables present our segment information by category for the fiscal year ended December 31, 2023 and 2024:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For The Fiscal Year Ended**<br> **December 31, 2023** | **For The Fiscal Year Ended**<br> **December 31, 2023** | **For The Fiscal Year Ended**<br> **December 31, 2023** | **For The Fiscal Year Ended<br> December 31, 2024** | **For The Fiscal Year Ended<br> December 31, 2024** | **For The Fiscal Year Ended<br> December 31, 2024** | **Change** | **Change** | **Change** |
| <br>**Category** | **Sales<br> Amount** | **Sales<br> Amount** | **As % of<br> Sales** | **Sales<br> Amount** | **Sales<br> Amount** | **As % of<br> Sales** | **Amount** | **Amount** | **%** |
| Display banner | HK$ | 3720974 | 3.60% | HK$ | 1693668 | 1.58% | HK$ | (2027306) | (54.48)% |
| Software-as-a-service |  | 242583 | 0.23% |  | 865269 | 0.80% |  | 622686 | 256.69% |
| Digital marketing solution |  | 99151799 | 95.73% |  | 104571833 | 97.08% |  | 5420034 | 5.47% |
| Other |  | 454875 | 0.44% |  | 584042 | 0.54% |  | 129167 | 28.40% |
| **Total revenue** | **HK$** | **103570231** | **100%** | **HK$** | **107714812** | **100%** | **HK$** | **4144581** | **4.00%** |

---

The following tables present our segment information by geography for the fiscal year ended December 31, 2023 and 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For The Fiscal Year Ended**<br> **December 31, 2023** | **For The Fiscal Year Ended**<br> **December 31, 2023** | **For The Fiscal Year Ended**<br> **December 31, 2023** | **For The Fiscal Year Ended<br> December 31, 2024** | **For The Fiscal Year Ended<br> December 31, 2024** | **For The Fiscal Year Ended<br> December 31, 2024** | **Change** | **Change** | **Change** |
| <br>**Country/Region** | **Sales<br> Amount** | **Sales<br> Amount** | **As % of<br> Sales** | **Sales<br> Amount** | **Sales<br> Amount** | **As % of<br> Sales** | **Amount** | **Amount** | **%** |
| Hong Kong | HK$ | 85737931 | 82.78% | HK$ | 89103226 | 82.72% | HK$ | 3365295 | 3.93% |
| Taiwan Region |  | 14227055 | 13.74% |  | 15610628 | 14.49% |  | 1383573 | 9.72% |
| Singapore |  | 1023919 | 0.99% |  | 2074740 | 1.93% |  | 1050821 | 102.63% |
| Other Asia regions |  | 952628 | 0.92% |  | 692125 | 0.64% |  | (260503) | (27.35)% |
| Europe |  | 1192977 | 1.15% |  | 102405 | 0.10% |  | (1090572) | (91.42)% |
| North America |  | 435721 | 0.42% |  | 131688 | 0.12% |  | (304033) | (69.78)% |
| **Total revenue** | **HK$** | **103570231** | **100%** | **HK$** | **107714812** | **100%** | **HK$** | **4144581** | **4.00%** |

---

 

*2.32 Shared Service Expenses*

 

PressLogic Limited and PressLogic Holdings Limited share certain key management personnel, including the Chief Executive Officer (CEO), Chief Technology Officer (CTO), and Vice President of Finance and Operations. The salaries and MPF expenses attributable to these shared executives are allocated between the two entities proportionately based on proportionate turnover for the reporting period. PressLogic Holdings Limited provides software development services to the Company, with costs allocated based on specific IT projects.

*2.33 Recent Accounting Pronouncements*

 

(a) Amendments to the accounting standards adopted

The Group has applied the following amendments for the first time for their reporting period commencing January 1, 2023. The application of these new and amendments to IFRSs in the current year has had no material impact on the Group's financial positions and performance for the current years on the disclosures set out in these consolidated financial statements.

---

| | |
|:---|:---|
| **New Standards, Interpretations and Amendments** | **Effective date issued by IASB** |
| Amendments to IAS 1, "Disclosure of Accounting Policies" | January 1, 2023 |
| Amendments to IAS 8, "Definition of Accounting Estimates" | January 1, 2023 |
| Amendments to IAS 12, "Deferred Tax related to Assets and Liabilities arising from a Single Transaction" | January 1, 2023 |
| Amendments to IAS 1, "Classification of Liabilities as Current or Non-current" | January 1, 2024 |
| Amendments to IAS 1, "Non-current Liabilities with Covenants" | January 1, 2024 |

---

(b) New standards, interpretations and amendments in issue but not yet effective

---

| | |
|:---|:---|
| **New Standards, Interpretations and Amendments** | **Effective date issued by IASB** |
| Amendments to IAS 21, "Lack of Exchangeability" | January 1, 2025 |
| IFRS 18, "Presentation and Disclosure in Financial Statements" | January 1, 2027 |

---

Except for the IFRS 18, "Presentation and Disclosure in Financial Statements", the above standards and interpretations are not currently expected to have a significant impact to the Group's financial condition and financial performance based on the Group's assessment. The quantitative impact will be disclosed when the assessment is complete.

IFRS 18, "Presentation and Disclosure in Financial Statements" replaces IAS 1 and updates the structure of the statement of profit or loss, requires disclosures for certain profit or loss performance measures and enhanced principles on aggregation and disaggregation to the primary financial statements and notes.

**3. Financial risk**

The Company's activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk. The Company's overall risk management program is designed to identify, assess, and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance. Risk management activities are overseen by the senior management of the Company.

 

3.1 Market Risk

(a) Foreign Currency Risk

Foreign currency risk primarily arises from future commercial transactions and recognized assets and liabilities denominated in a currency other than the functional currency of the relevant entities. The Company manages its foreign currency risk by performing regular reviews of the Company's net foreign exchange exposures and tries to minimize non-functional currency transactions.

The Company operates mainly in the Hong Kong with most of the transactions settled in HK$. Management considers that the business is not exposed to significant foreign exchange risk as there are no significant assets or liabilities of the Company denominated in the currencies other than the respective functional currencies of the Company's entities.

(b) Interest Rate Risk

Fluctuations in market interest rates may negatively affect the Company's financial conditions and results of operations. The Company is exposed to floating interest rate risk on bank deposits and floating rate borrowings, and the risks due to changes in interest rates are not material. The Company has not used any derivative financial instruments to manage interest risk exposure.

 

3.2 Credit Risk

The carrying amounts of the cash and bank balances, trade receivables and other receivables included in the consolidated balance sheet represent the Company's maximum exposure to credit risk in relation to the Company's financial assets.

The Company has no significant concentration of credit risk. It has policies in place to ensure that sales are made to customers with an appropriate credit history.

The credit risk on cash and bank balances is limited because the counterparties are banks with high credit-rating assigned by international credit-rating agencies and certificates of deposit were on deposit at financial institutions in the Hong Kong with upper limited HK dollars 500,000 and in New Taiwan with upper limited Taiwan dollars 3,000,000 insurances to cover bank deposits in the event of bank failure.

The Company considers whether there has been a significant increase in credit risk of financial assets on an ongoing basis throughout each reporting period by comparing the risk of a default occurring as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding looking information.

3.3 Liquidity Risk

As of December 31, 2024, the Company had approximately HK$37.3 million in cash. The Company intends to maintain sufficient cash and cash equivalents. Due to the dynamic nature of the underlying business, the policy of the Company is to regularly monitor the Company's liquidity risk and to maintain adequate liquid assets such as cash and cash equivalents, or to retain adequate financing arrangements to meet the Company's liquidity requirements.

The Company expects that its existing cash and cash equivalents will be sufficient to fund its operations and meet all of its obligations as they fall due for at least twelve months from the date of the issuance of financial statements.

3.4 Concentration Risk

(a) Concentration of customers

The following table sets forth a summary of single customer who represent 10% or more of the Group's trade receivables:

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended December 31,** | **Fiscal year ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of the Group's total trade receivables** |  |  |
| PHD Limited | 16.62% | 15.22% |
| Optimum Media Direction | 13.89% | 13.43% |

---

(b) Concentration of vendors

The following table sets forth a summary of single supplier who represent 10% or more of the Company's cost of revenue:

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended December 31,** | **Fiscal year ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of the Group's total cost of revenue** |  |  |
| Meta Platforms Ireland Ltd. | 63.90% | 60.71% |

---

The following table sets forth a summary of single supplier who represent 10% or more of the Company's trade payables:

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended December 31,** | **Fiscal year ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of the Group's total trade payables** |  |  |
| Meta Platforms Ireland Ltd | 63.74% | 20.95% |

---

**4. Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Cash on hand | 3035 | 6761 |
| Cash in bank | 16806019 | 37296091 |
| Deposits held at licensed payment platforms | 1722 | 1722 |
| **Total** | **16810776** | **37304574** |

---

**5. Trade receivables**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Trade receivables | 29750442 | 35117164 |
| Less: Allowance of expected credit losses | (350153) | (544691) |
| **Total** | **29400289** | **34572473** |

---

The movement of expected credit loss for the years ended December 31, 2023 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Balance at beginning of the year | 665344 | 350153 |
| Additions (Reversal) | (287564) | 194997 |
| Less: write off | (27600) |  |
| Translation adjustments | (27) | (459) |
| **Allowance for expected credit loss** | **350153** | **544691** |

---

**6. Prepayments, other receivables and other assets**

The detailed information of prepayments, other receivables and other assets for the years ended December 31, 2023 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Other current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 876688 | 3350 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 2055695 | 1618111 |
| &nbsp;&nbsp;&nbsp;Cash advanced to employees | 44258 | 186547 |
| &nbsp;&nbsp;&nbsp;Others | 37047 | 4866 |
| &nbsp;&nbsp;&nbsp;**Subtotal** | **3013688** | **1812874** |
| Other non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 605067 | 919389 |
| &nbsp;&nbsp;&nbsp;**Total** | **3618755** | **2732263** |

---

**7. Contract costs**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Contract costs | 146392 | 757 |
| **Total** | **146392** | **757** |

---

The balance of contract costs is expected to be realized within one year.

**8. Leases**

The Company discounts lease payments based on the estimate of its incremental borrowing rate. As of December 31, 2023 and 2024, the operating lease's weighted average remaining lease term was 1.56 years and 2.69 years, respectively. As of December 31, 2023 and 2024, and weighted average discount rates were 5.30% and 5.17%, respectively. The rental expense for the fiscal year ended December 31, 2023 and 2024 was HK$5,209,577 and HK$4,491,528, respectively.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Right-of-use assets | **3235854** | **8117887** |
| Lease liabilities - current | 2753938 | 3951816 |
| Lease liabilities - non-current | 557513 | 4326953 |
| **Total lease liabilities** | **3311451** | **8278769** |

---

The following is a schedule, by fiscal year, of maturities of lease liabilities as of December 31, 2024:

---

| | |
|:---|:---|
| Lease payments for the fiscal year ending December 31: |  |
|  | HK$ |
| 2025 | 4137782 |
| 2026 | 3095300 |
| 2027 | 1289403 |
| 2028 | 1776 |
| 2029 | 592 |
| Total lease payments | **8524853** |
| Less: imputed interest | (246084) |
| Present value of lease liabilities | **8278769** |

---

**9. Property and equipment**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Leasehold improvement | 6301738 | 6298003 |
| Furniture and fixtures | 1364193 | 1416160 |
| Hardware and office equipment | 2306479 | 2303289 |
| Computer equipment | 2983883 | 2854199 |
| Less: accumulated depreciation | (11215480) | (11485134) |
| **Total** | **1740813** | **1386517** |

---

Depreciation expense recognized for the fiscal years ended December 31, 2023 and 2024 was HK$1,203,993 and HK$802,115, respectively.

**10. Intangible assets, net**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| ERP cost | 446000 | 446000 |
| Less: accumulated amortization | (127766) | (217210) |
| **Total** | **318234** | **228790** |

---

The Company purchased the financial ERP System from Multiable Company in July 2022. The original value of the software was HK$446,000.

For the fiscal year ended December 31, 2023 and 2024, the Company amortized HK$89,200 and HK$89,444, respectively.

The estimated amortization expense for these intangible assets in the next five years and thereafter is as follows:

---

| | | |
|:---|:---|:---|
| Period ending December 31: | Amount | Amount |
| &nbsp;&nbsp;&nbsp;2025 |  | 89200 |
| &nbsp;&nbsp;&nbsp;2026 |  | 89200 |
| &nbsp;&nbsp;&nbsp;2027 |  | 50390 |
| **Total:** | **HK$** | **228790** |

---

**11. Borrowing**

Borrowing-current represents amounts due to various banks normally due within one year. The principal of the loans is due at maturity. Accrued interest is due either monthly or quarterly.

Borrowing-current consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Current-HSBC | 4100000 | 16843334 |
| **Total** | **4100000** | **16843334** |

---

The borrowing consisted of the following as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Type** | **Principal Amount** | **Outstanding Amount** | **Issuance Date** | **Expiration Date** | **Interest Rate** |
|  |  | **HK$** | **HK$** |  |  | |
| HSBC | Short-term loan | 4100000 | 4100000 | 2023/12/18 | 2033/12/17 | 3.625% |
| HSBC | Short-term loan | 9000000 | 9000000 | 2024/05/14 | 2034/05/13 | 3.625% |
| HSBC | Short-term loan | 3743334 | 3743334 | 2024/02/29 | 2034/02/28 | 3.625% |

---

The borrowing consisted of the following as of December 31, 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Type** | **Principal Amount** | **Outstanding Amount** | **Issuance Date** | **Expiration Date** | **Interest Rate** |
|  |  | **HK$** | **HK$** |  |  | |
| HSBC | Short-term loan | 4100000 | 4100000 | 2023/12/18 | 2033/12/17 | 3.625% |

---

The Company entered into three short-term loans agreements with HSBC which will be subject to review by the lender at any time and to the lender's overriding right of suspension and withdrawal at anytime. On December 18, 2023, one loan of HK$4,100,000 guaranteed by Cheung Ho Chak Ryan, a director of PressLogic Inc. and among others, bears a floating interest rate of HSBC Prime Rate per annum minus 2.25% (3.625%), and will mature in December 2033. On May 14, 2024, one loan of HK$9,000,000 guaranteed by Chow Wing Yin, CTO, and Cheung Ho Chak Ryan, director of PressLogic Inc. and among others, bears a floating interest rate of HSBC Prime Rate per annum minus 2.25% (3.625%) and will mature in May 2034. On February 29, 2024, one loan of HK$3,743,334 guaranteed by Chow Wing Yin, CTO, and Cheung Ho Chak Ryan, a director of PressLogic Inc. and among others, bears a floating interest rate of HSBC Prime Rate per annum minus 2.25% (3.625%) and will mature in February 2034.

**12. Other payables and accrued expenses**

Other payables and accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Sales commission payable | 1413406 | 1222318 |
| Accrued interest expense | 101370 | 301370 |
| Staff reimbursement | 143436 | 40488 |
| Salary and welfare payable | 2244145 | 2319393 |
| Other tax payable <sup>(ii)</sup> | 112271 | 262151 |
| Auditors' remuneration provision | 134230 | 231730 |
| Government subsidy<sup>(i)</sup> | 973482 | 1356594 |
| Other payables and accrued liabilities | 584855 | 881315 |
| **Total** | **5707195** | **6615359** |

---

(i) Government subsidy

On September 22, 2023, the Company received a subsidy of HK$750,000 under the BUD Fund Programme operated by the Hong Kong Productivity Council. As of December 31, 2023 and 2024, the Company recorded HK$750,000 and HK$750,000 respectively as liabilities under government subsidy. The amount will be recognized as other income only upon successful completion of the programme audit.

On March 14, 2023, the Company entered into an Elite Programme operated by Hong Kong Science and Technology Parks Corporation ("HKSTPC") and entered into a Deed of Simple Agreement for Future Equity ("SAFE") and a Milestone Funding Agreement ("MSFA") with STP Asset (Elite) Holding Limited ("Holder").

Under MSFA, during the rental subsidy period (3 years lease period since June 1, 2023), HKSTPC agrees to deduct monthly rent (HK$31,926) payable by the Company to HKSTPC under the Lease, up to a maximum aggregate deduction limit of HK$1,500,000 for the entire rental subsidy period. As of December 31, 2023 and 2024, the Company exempted a total rental of HK$223,482 and HK$606,594 respectively and recorded as liabilities of government subsidy.

Under SAFE, the Holder was granted the right to convert the recognized subsidies or actual subsidies into the shares or equity interests of the Company upon a qualified equity financing. As a result, the Company may be required to convert a total of HK$223,482 and HK$606,594 into ordinary Class A shares of the Company to the Holder. Conversion shall occur upon the earliest of: (i) a Qualified Equity Financing (raising over $2 million or issuing ≥5% of total shares); (ii) the Holder's written election to convert if the Company undergoes or intends to undergo a Merger Event or IPO prior to a Qualified Equity Financing; or (iii) the Holder's Optional Conversion Election (being the written election to convert on or after March 14, 2026). The Conversion Price shall be: (i) for Qualified Equity Financing, the offering price of such round; (ii) pre-Qualified Equity Financing, the lower of the Company's latest financing price or an independent valuation price; (iii) for a pre-Qualified Equity Financing Merger Event, the higher of 80% of the issue price or the latest financing price.

(ii) Other tax payable primarily represents value-added tax ("VAT")

**13. Trade payable**

Trade payable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Account payable to ad suppliers | 1775400 | 974249 |
| Account payable to equipment suppliers |  | 11720 |
| Account payable to other suppliers | 6100 | - |
| **Total** | **1781500** | **985969** |

---

**14. Contract liability**

Contract liability consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Contract liability | 1434010 | 1887908 |
| **Total** | **1434010** | **1887908** |

---

Contract liability represents the obligations to transfer services to the customers and will be recognized as revenue when promised services are provided. Contract liabilities were HK$1,434,010 and HK$1,887,908 as of December 31, 2023 and 2024, respectively.

**15. Related party transactions**

(a) Amount due to related parties

As of December 31, 2023 and December 31, 2024, the amount due to related parties consisted of the following

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Amount due to related parties-current： |  |  |
| &nbsp;&nbsp;&nbsp;PressLogic Holdings Limited<sup>(1)</sup> | 16144856 | 17791886 |
| &nbsp;&nbsp;&nbsp;Cheung Ho Chak Ryan <sup>(2)</sup> | 29752 |  |
| &nbsp;&nbsp;&nbsp;Chow Wing Yin<sup>(3)</sup> | 816 |  |
| Amount due to related parties- non current： |  |  |
| &nbsp;&nbsp;&nbsp;PressLogic Holdings Limited | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;**Total** | **36175424** | **37791886** |

---

(1) PressLogic Holdings Limited, under the common control of the same controlling shareholder of the Company

(2) Cheung Ho Chak Ryan, Chief Executive Officer('CEO") of the Company

(3) Chow Wing Yin, Chief Technology Officer ("CTO") of the Company

(b) Transactions with PressLogic Holdings Limited

(i) For the fiscal year ended December 31, 2023 and 2024, the Company maintains frequent transactions with PressLogic Holdings Limited due to business operation before reorganization, the followings summarize the transactions occurred with PressLogic Holdings Limited.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2024** | **2024** |
| **Payments on behalf of PressLogic Holdings Limited** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Daily operation support | HK$ | (8087100) | HK$ | (6560000) |
| &nbsp;&nbsp;&nbsp;Management service fee |  | (454875) |  | (584042) |
| &nbsp;&nbsp;&nbsp;Other expenses |  |  |  | (760524) |
| **Collections on behalf of PressLogic Holdings Limited** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Display banner revenue |  | 457303 |  | 212953 |
| &nbsp;&nbsp;&nbsp;Digital marketing solution revenue |  |  |  | 109023 |
| &nbsp;&nbsp;&nbsp;Government subsidy from HKSTPC |  |  |  | 6000000 |
| **Payments made by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software development expenses |  | 4757640 |  | 4066368 |
| &nbsp;&nbsp;&nbsp;Facebook boosting costs |  | 4694862 |  | 3798933 |
| &nbsp;&nbsp;&nbsp;Capital contribution |  | 9992 |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses |  | 217180 |  |  |
| **Collections by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Digital marketing solution revenue |  | (246611) |  |  |
| **Other transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sale of fixed assets |  |  |  | (439800) |
| &nbsp;&nbsp;&nbsp;Purchase of consulting services |  | 24000 |  | 24000 |
| &nbsp;&nbsp;&nbsp;Transfer of equity in subsidiaries |  | (7644466) |  | (3176501) |
| &nbsp;&nbsp;&nbsp;Issue of shares to PressLogic Holdings Limited |  |  |  |  |
| **Settlement to PressLogic Holdings Limited** |  | (4764497) |  | (1107608) |
| &nbsp;&nbsp;&nbsp;**Total** |  | **(11036572)** |  | **1582802** |

---

On June 30, 2023, the Company entered into a loan agreement with PressLogic Holdings Limited. As a result, an outstanding amount of HK$20,000,000, previously classified as amount due to related parties under current liabilities, was reclassified to non-current liabilities under the same category. The loan bears a fixed interest rate of 1% per annum and will mature in June 2028.

**16. Incomes tax**

The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.

 **

***BVI***

 **

Lead Famous Limited and Ample Advance Limited were incorporated in BVI and are not subject to tax on income or capital gain under the laws of BVI. Additionally, upon payments of dividends by the Company or its subsidiaries to their shareholders, no withholding tax will be imposed.

***Cayman Islands***

The Company is incorporated as an exempted company with limited liability under the Companies Act of the Cayman Islands and is not subject to tax on income or capital gains. Additionally, the Cayman Islands do not impose a withholding tax on payments of dividends to shareholders. The Cayman Islands are not party to any double tax treaties that are applicable to any payments made by or to the Company.

***Hong Kong***

Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million.

***Taiwan***

Effective from 2018, Taiwan's Income Tax Law abolished the imputation system, raised the corporate income tax rate from 17% to 20%, and reduced the rate of surtax imposed on unappropriated earnings from 10% to 5%. Effective from 2020, Taiwan's Statute for Industrial Innovation extended the tax incentive by 10 years for R&D expenditure. In addition, if a company uses its undistributed earnings to construct or purchase buildings, software or hardware equipment, or technology for use in production or operation, such investment amounts may be deducted from the undistributed earnings in calculation of the current year's undistributed earnings for assessment of surtax imposed on undistributed earnings from the year 2018.

The alternative minimum tax ("AMT") imposed under Taiwan's AMT Act is a supplemental income tax which applies if the amount of regular income tax calculated pursuant to Taiwan's Income Tax Law and relevant laws and regulations is below the amount of basic tax prescribed under the AMT Act. The taxable income for calculating AMT includes most income that is exempt from income tax under various regulations, such as tax holidays. The prevailing AMT rate for business entities is 12%.

***Composition of income tax expenses***

 ****

The following table sets forth current and deferred portion of income tax expenses:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Current income tax expenses |  | 235471 |
| Deferred income tax | 341523 | 889744 |
| **Income tax expense** | **341523** | **1125215** |

---

Per the consolidated statements of income and comprehensive income, the income tax expenses for the Company can be reconciled to the income before income taxes for the fiscal years ended December 31, 2023 and 2024 as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | HK$ | HK$ |
| Income before income tax | 2873433 | 10298611 |
| Tax calculated at the Hong Kong profits tax rate | 16.5% | 16.5% |
| Computed expected income tax expense | 474116 | 1699271 |
| Tax effect of non-deductible expenses | 58104 | 48719 |
| Tax effect of deduction temporary difference not recognised | (98368) | (132095) |
| Preferential tax treatments | (158243) | (661044) |
| Non-taxable income | (40301) | (85185) |
| Tax effect of tax losses not recognised | 132095 | 185459 |
| Utilisation of tax losses previously not recognised | (28377) | 2853 |
| Effect of different tax rates in jurisdictions other than Hong Kong | 2497 | 67237 |
| **Income tax expense** | **341523** | **1125215** |

---

The significant components of the Company's deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **HK$** | **HK$** |
| **Deferred tax assets:** |  |  |
| Allowance of expected credit loss | 34151 | 49435 |
| Property and equipment | 186661 | 197175 |
| Net operating losses | 1421183 | 808379 |
| Right of use assets and lease liabilities | 8625 | 807 |
| Deferred tax assets | **1650620** | **1055796** |
| Less: Valuation allowance | - | - |
| **Deferred tax assets, net** | **1650620** | **1055796** |

---

**17. Equity**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Class A and Class B Ordinary shares* 

 

PressLogic Inc. had an authorized share capital of US$50,000 at incorporation, divided into Class A shares of par value of US $0.0001 each, of which 450,000,000 shares were issued and Class B shares of par value of US$0.0001 each, of which 50,000,000 shares were issued. Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle the holder thereof to ten votes on all matters subject to vote at our general meetings and shall be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into one fully paid Class A Ordinary Share calculated at the Conversion Rate.

On April 30, 2025, the shareholders of PressLogic Holdings received PressLogic Inc. 10,566,190 Class A ordinary shares and 4,273,910 Class B ordinary shares through a distribution in specie by PressLogic Holdings such that each shareholder's rights and equity interests in the PressLogic Inc. were identical to their rights and equity interests in PressLogic Holdings prior to the Reorganization on as-converted basis. And the Class A and Class B share structure will be effective upon the completion of IPO.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Additional paid-in capital* 

 

As of December 31, 2023 and 2024, the additional paid-in capital of the Company was HK$6,759,132 and HK$6,759,132, respectively.

On August 28, 2020, PressLogic Holdings Limited adopted share incentive plans for two executives of total 290,504 ordinary shares with an exercise price of $0.01 and a five-year expiration period before reorganization. As of December 31, 2024, the vesting conditions have been satisfied and reflected in additional paid in capital of HK$6.4 million using Binomial Tree Model under the estimation of expected volatility from 59.4% to 60.39%, risk-free interest rate of 0.31% and 0% dividend yield in the form of 726,260 ordinary A shares and 726,260 ordinary B shares respectively.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Accumulated other comprehensive income* 

 

On April 13, 2023, PressLogic Limited acquired a 2.1% equity interest in Project Melo with an initial fair value of HK$156,984. This investment has been classified as a financial asset at fair value through other comprehensive income (FVOCI) in accordance with IFRS 9. For the fiscal year ended December 31, 2023, the fair value adjustment of HK156,984 relating to the investment was recognized in accumulated other comprehensive income.

The balance of accumulated other comprehensive income as of December 31, 2023 and 2024 was summarized as following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
|  | **HK$** | **HK$** |
| **Accumulated other comprehensive income:** |  |  |
| Unrealized loss from the change in fair value of equity investment | (156984) | (156984) |
| Foreign currency translation adjustment | (380150) | (210075) |
| **Total other comprehensive income** | **(537134)** | **(367059)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Non-controlling interests* 

 

The results of non-controlling interest of 10% equity of Lead Famous Limited and its subsidiary and 30% equity of Ample Advance Limited and its subsidiary are shown in net income attributed to non-controlling interests on the consolidated statement of income and comprehensive income. Net income attributable to non-controlling interests was HK$863,898 and HK$898,504 during the fiscal years ended December 31, 2023 and 2024, respectively.

**18. Net income per share**

The Company computes earnings per share of Class A Ordinary Shares and Class B Ordinary Shares using the two-class method. Except for the voting rights as discussed in Note 17, all other rights, including the liquidation and dividend rights, of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical. As a result, the net income for each year is allocated based on the contractual participation rights of the Class A Ordinary Shares and Class B Ordinary Shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.

The following tables set forth the computation of basic net income per share of Class A Ordinary Shares and Class B Ordinary Shares:

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year ended December 31, 2023** | **For the Fiscal Year ended December 31, 2023** |
|  | **Class A**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** |
| *Basic net income per share:* |  |  |
| Numerator |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of undistributed income – HK$ | 1785753 | 722318 |
| Denominator |  |  |
| &nbsp;&nbsp;&nbsp;Number of shares used in per share computation | 10566190 | 4273910 |
| **Basic and diluted net income per share – HK$** | **0.17** | **0.17** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Year ended December 31, 2024** | **For the Fiscal Year ended December 31, 2024** |
|  | **Class A**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** |
| *Basic net income per share:* |  |  |
| Numerator |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of undistributed income – HK$ | 6506842 | 2631948 |
| Denominator |  |  |
| &nbsp;&nbsp;&nbsp;Number of shares used in per share computation | 10566190 | 4273910 |
| **Basic and diluted net income per share – HK$** | **0.62** | **0.62** |

---

**19. Subsequent Event**

The Company has evaluated subsequent events through May 9, 2025, the date the financial statements were issued and filed with the U.S. Securities and Exchange Commission. Based on the Company's evaluation, no other event has occurred requiring adjustment or disclosure in the notes to the consolidated financial statements, except the followings:

On April 1, 2025, the Company repurchased 14.53% of the minority interest of Ample Advance Limited in consideration of HK $1.56 million, consequently, PressLogic Inc. owned 84.53% equity of above mentioned subsidiary.

On April 10, 2025, the Company has adopted an equity incentive plan (the "2025 Equity Incentive Plan"). The purpose of the 2025 Equity Incentive Plan is to aid us in recruiting and retaining key employees, directors or consultants of outstanding ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of us by providing incentives through the granting of awards. The maximum total number of ordinary shares which may be issued under the 2025 Equity Incentive Plan is 2,618,841. As of the date of this prospectus, we have not granted any awards to the participants of the 2025 Equity Incentive Plan.

**PRESSLOGIC INC.**

**CONSOLIDATED BALANCE SHEETS**

**AS OF DECEMBER 31, 2024 AND JUNE 30, 2025（UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NOTES** | **December 31,**<br> **2024** | **June 30,**<br> **2025** | **June 30,**<br> **2025** |
|  |  | | **(Unaudited)** | **(Unaudited)** |
|  |  | **HK$** | **HK$** | **USD$** |
| **Assets** |  | | | |
| **Current assets:** |  |  |  |  |
| Cash and cash equivalents | 4 | 37304574 | 42489511 | $5411643 |
| Trade receivables, net | 5 | 34572473 | 26645348 | 3393663 |
| Contract costs | 7 | 757 | 757 | 96 |
| Prepayments, other receivables and other assets | 6 | 1812874 | 1761381 | 224337 |
| Deferred initial public offering costs |  | 1290182 | 5477753 | 697670 |
| **Total current assets** |  | **74980860** | **76374750** | **9727409** |
| Property and equipment, net | 9 | 1386517 | 1299202 | 165472 |
| Intangible assets, net | 10 | 228790 | 184265 | 23469 |
| Right-of-use assets, net | 8 | 8117887 | 6441197 | 820378 |
| Other non-current assets |  | 919389 | 953451 | 121436 |
| Deferred tax assets | 16 | 1055796 | 1366400 | 174030 |
| **Total non-current assets** |  | **11708379** | **10244515** | **1304785** |
| **TOTAL ASSETS** |  | **86689239** | **86619265** | $**11032194** |
| **Liabilities and stockholders' equity** |  |  |  |  |
| **Current liabilities:** |  |  |  |  |
| Borrowing-current | 11 | 16843334 | 16449493 | $2095076 |
| Trade payable | 13 | 985969 | 2494424 | 317700 |
| Other payables and accruals expenses | 12 | 6615359 | 7237680 | 921821 |
| Lease liabilities – current | 8 | 3951816 | 3969720 | 505601 |
| Contract liability | 14 | 1887908 | 2528122 | 321992 |
| Due to related parties-current | 15 | 17791886 | 10955114 | 1395289 |
| Income tax payables |  | 530390 | 1920716 | 244630 |
| **Total current liabilities** |  | **48606662** | **45555269** | **5802109** |
| **Non-current liabilities** |  |  |  |  |
| Lease liabilities – non current | 8 | 4326953 | 2669458 | 339993 |
| Due to related parties- non current | 15 | 20000000 | 20000000 | 2547284 |
| **Total non-current liabilities** |  | **24326953** | **22669458** | **2887277** |
| **TOTAL LIABILITIES** |  | **72933615** | **68224727** | **8689386** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |
| **Stockholders' equity** |  |  |  |  |
| Class A ordinary shares (US$0.0001 par value; 450,000,000 Class A ordinary shares authorized 10,566,190 and 10,566,190 Class A ordinary shares issued and outstanding December 31, 2024 and June 30, 2025) | 17 | 8204 | 8204 | 1057 |
| Class B ordinary shares (US$0.0001 par value; 50,000,000 Class B ordinary shares authorized 4,273,910 and 4,273,910 Class B ordinary shares issued and outstanding December 31, 2024 and June 30, 2025) | 17 | 3318 | 3318 | 427 |
| Additional paid-in capital | 17 | 6759132 | 5452231 | 694419 |
| Retained earnings |  | 6453525 | 12668636 | 1613530 |
| Accumulated other comprehensive loss | 17 | (367059) | (429060) | (54660) |
| **Total PressLogic Inc.'s equity** |  | **12857120** | **17703329** | **2254773** |
| Non-controlling interests | 17 | 898504 | 691209 | 88035 |
| **Total stockholders' equity** |  | **13755624** | **18394538** | **2342808** |
| **Total liabilities and stockholders' equity** |  | **86689239** | **86619265** | $**11032194** |

---

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

**PRESSLOGIC INC.**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

**FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **USD$** |
| **Revenue, net** | **45469367** | **52626163** | **6702689** |
| **Costs and expenses:** |  |  |  |
| Cost of revenue | (13929386) | (14570385) | (1855745) |
| General and administrative expenses | (18361968) | (20730129) | (2640276) |
| Selling and marketing expenses | (7095501) | (8174958) | (1041197) |
| Research and development expenses | (4654750) | (2659968) | (338785) |
| **Operating income** | **1427762** | **6490723** | **826686** |
| **Other income (expenses), net** |  |  |  |
| Finance income/(cost) | (615085) | 823263 | 104854 |
| Other income | 50122 | 26651 | 3394 |
| **Income before income tax provision** | **862799** | **7340637** | **934934** |
| Income tax expense | (279502) | (1079722) | (137518) |
| **Net income** | **583297** | **6260915** | **797416** |
| Less: Net income attributable to non-controlling interest | (70456) | 45804 | 5834 |
| **Net income attributable to PressLogic Inc.** | **653753** | **6215111** | **791582** |
| **Other comprehensive income (loss)** |  |  |  |
| Foreign currency translation adjustment | 145294 | (62001) | (7897) |
| **Total comprehensive income** | **728591** | **6198914** | **789519** |
| **Total comprehensive income attributable to PressLogic Inc.** | **728591** | **6198914** | **789519** |
| **Earnings per shares** |  |  |  |
| Class A ordinary shares – basic and diluted | 0.04 | 0.42 | 0.05 |
| Class B ordinary shares – basic and diluted | 0.04 | 0.42 | 0.05 |
| **Weighted average number of shares outstanding** |  |  |  |
| Class A ordinary shares | 10566190 | 10566190 | 10566190 |
| Class B ordinary shares | 4273910 | 4273910 | 4273910 |

---

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

**PRESSLOGIC INC.**

**CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY**

**FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025**

**IN HK DOLLARS, EXCEPT SHARE DATA**

**(UNAUDITED)**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | **Common Stock** | | | **Accumulated** | **Accumulated** | **Retained** | **Retained** | **Total** | **Total** | | | | |
|  | **Class A** | **Class A** | **Class A** | **Class B** | **Class B** | **Class B** | **Additional**<br> **Paid-in** | **Additional**<br> **Paid-in** | **Other**<br> **Comprehensive** | **Other**<br> **Comprehensive** | **Earnings**<br> **(Accumulated** | **Earnings**<br> **(Accumulated** | **PressLogic**<br> **Inc.'s** | **PressLogic**<br> **Inc.'s** | **Non-**<br> **Controlling** | **Non-**<br> **Controlling** | **Total**<br> **Stockholders'** | **Total**<br> **Stockholders'** |
|  | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Amount** | **Capital** | **Capital** | **(Loss)/Income** | **(Loss)/Income** | **Deficit)** | **Deficit)** | **equity** | **equity** | **Interests** | **Interests** | **Equity** | **Equity** |
| **Balance as of January 1, 2024** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **6759132** | **HK$** | **(537134)** | **HK$** | **(2685265)** | **HK$** | **3548255** | **HK$** | **863898** | **HK$** | **4412153** |
| Net income |  |  |  |  |  |  |  |  |  |  |  | 653753 |  | 653753 |  | (70456) |  | 583297 |
| Foreign currency translation adjustment | - |  | - | - |  |  |  | - |  | 145294 |  | - |  | 145294 |  | - |  | 145294 |
| **Balance as of June 30, 2024** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **6759132** | **HK$** | **(391840)** | **HK$** | **(2031512)** | **HK$** | **4374302** | **HK$** | **793442** | **HK$** | **5140744** |
| **Balance as of January 1, 2025** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **6759132** | **HK$** | **(367059)** | **HK$** | **6453525** | **HK$** | **12857120** | **HK$** | **898504** | **HK$** | **13755624** |
| Net Income |  |  |  |  |  |  |  |  |  |  |  | 6215111 |  | 6215111 |  | 45804 |  | 6260915 |
| Acquisition of non-controlling interests | - |  | - | - |  | - |  | (1306901) |  |  |  | - |  | (1306901) |  | (253099) |  | (1560000) |
| Foreign currency translation adjustment | - |  | - | - |  | - |  | - |  | (62001) |  | - |  | (62001) |  | - |  | (62001) |
| **Balance as of June 30, 2025** | **10566190** | **HK$** | **8204** | **4273910** | **HK$** | **3318** | **HK$** | **5452231** | **HK$** | **(429060)** | **HK$** | **12668636** | **HK$** | **17703329** | **HK$** | **691209** | **HK$** | **18394538** |

---

The accompanying notes are integral part of these unaudited consolidated financial statements.

**PRESSLOGIC INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** |
|  | **June 30** | **June 30** | **June 30** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **USD$** |
| **Cash Flows from Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income** | **583297** | **6260915** | $**797416** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 502870 | 288704 | 36771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance (Reversal) for expected credit loss | 73834 | (216986) | (27636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 2570527 | 1954258 | 248903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 44769 | 44524 | 5671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | (13903) | (1800) | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 41512 | (310021) | (39486) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 3841251 | 8573055 | 1091900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | 140254 | 52606 | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables and other current assets | 1485797 | 932599 | 118780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract costs | 140610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (926152) | (931381) | (118625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payable | (771580) | 1441390 | 183581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 240114 | 1316071 | 167620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liability | (492999) | 639269 | 81420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | (8715) | 335866 | 42777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | (2245209) | (8396772) | (1069448) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **5206277** | **11982297** | **1526115** |
| **Cash Flows from Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (534768) | (177854) | (22652) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment | 314747 | 1800 | 229 |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(220021)** | **(176054)** | **(22423)** |
| **Cash Flows from Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank borrowings | 12743334 |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bank borrowings |  | (393841) | (50161) |
| &nbsp;&nbsp;&nbsp;Payment of deferred offering costs |  | (4187571) | (533347) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities | (2422227) | (1918785) | (244385) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | **10321107** | **(6500197)** | **(827893)** |
| &nbsp;&nbsp;&nbsp;**Effect of Exchange Rate Changes on Cash** | 290287 | (121109) | (15423) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Cash and cash equivalent** | **15597650** | **5184937** | **660376** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalent Beginning of period | 16810776 | 37304574 | 4751267 |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalent End of Period** | **32408426** | **42489511** | $**5411643** |
| &nbsp;&nbsp;&nbsp;**Supplemental disclosure of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 146732 | 252317 | 32136 |
| &nbsp;&nbsp;&nbsp;**Supplemental disclosure of Non-Cash Investing and Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange of lease liabilities | 7178342 | 19549 | 2490 |
| &nbsp;&nbsp;&nbsp;Outstanding payment for the acquisition of non-controlling interests | - | 1560000 | 198688 |

---

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

**PRESSLOGIC INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

 

*<u>Business</u>*

 

The Company is a leading one-stop digital marketing solutions provider, who delivers a comprehensive suite of interconnected proprietary solutions and services to brand owners as well as marketing agencies throughout the marketing cycle and across multiple media platforms, including its own platforms consisting of the websites, social media channels and apps of our nine media brands, as well as third party social media platforms.

The Company operates in the online marketing industry primarily in the Asia Pacific region, in particular Hong Kong and Taiwan. Online marketing, also known as digital marketing or internet marketing, refers to the use of the internet and digital channels to promote products, services, or brands to a targeted audience. It includes various strategies and techniques designed to attract, engage, and convert potential customers. Online marketing solutions comprise of content marketing solutions and SaaS solutions.

*<u>Organization</u>*

 

Details of the Company and its subsidiaries (together the "Company") are set out in the table as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Company** | **Place of**<br> **incorporation** | **Date of**<br> **incorporation** | **Percentage of**<br> **direct<br> or indirect**<br> **economic<br> ownership** | **Principal activities** |
| PressLogic Inc. | Cayman Islands | November 27, 2024 | Parent | Investment Holding |
| PressLogic Limited | Hong Kong | April 1 4, 2016 | 100% | Provision of digital marketing services |
| InSmart Financials Limited | Hong Kong | February 6, 2018 | 100% | Provision of management services |
| PressLogic Taiwan Limited | Hong Kong | November 30, 2017 | 100% | Investment Holding |
| Maxlytics Limited | Hong Kong | October 9, 2020 | 100% | Provision of digital marketing services |
| MediaPlace Limited | Hong Kong | October 10, 2019 | 100% | Provision of SaaS services |
| Lead Famous Limited | BVI | September 2, 2019 | 90% | Investment Holding |
| Ample Advance Limited | BVI | September 2, 2019 | 84.53% | Investment Holding |
| Pop Media HK Limited | Hong Kong | October 10, 2019 | 90% | Provision of digital marketing services |
| Business Media Limited | Hong Kong | October 10, 2019 | 84.53% | Provision of digital marketing services |
| PressLogic Taiwan Limited Taiwan Branch | Taiwan | November 30, 2017 | 100% | Provision of digital marketing services |

---

PressLogic Inc. is a limited liability company incorporated under the laws of the Cayman Islands on November 27, 2024.

PressLogic Limited is a limited liability company incorporated on April 14, 2016 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

InSmart Financials Limited is a limited liability company incorporated on February 6, 2018 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

PressLogic Taiwan Limited is a limited liability company incorporated on November 30, 2017 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

Maxlytics Limited is a limited liability company incorporated on October 9, 2020 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

MediaPlace Limited is a limited liability company incorporated on October 10, 2019 under the Laws of Hong Kong and a wholly owned subsidiary of PressLogic Inc.

Lead Famous Limited is a limited liability company incorporated on September 2, 2019 under the Laws of BVI and with 90% equity interest owned by PressLogic Inc. This 90% equity interest was acquired from Cheung Ho Chak Ryan and Chow Wing Yin by PressLogic Holdings Limited in October 2020, during which Cheung Ho Chak Ryan was the controlling shareholder of both Lead Famous Limited and PressLogic Holdings Limited. The 10% minority interest arose on December 5 2019, when a non-controlling shareholder subscribed to a 10% equity interest in Lead Famous Limited.

Ample Advance Limited is a limited liability company incorporated on September 2, 2019 under the Laws of BVI and with 70% equity interest owned by PressLogic Inc. This 70% equity interest was acquired from Cheung Ho Chak Ryan and Chow Wing Yin by PressLogic Holdings Limited in October 2020, during which Cheung Ho Chak Ryan was the controlling shareholder of both Ample Advance Limited and PressLogic Holdings Limited. The 30% minority interest arose on December 4 2019, when a non-controlling shareholder subscribed to a 30% equity interest in Lead Famous Limited. On April 1, 2025, Mr. Luk Kin Ting transferred a 14.5% (1,453 ordinary shares) equity interest in Ample Advance Limited and its subsidiary to PressLogic Holdings Limited at a consideration of HK$1.56 million. Subsequently, PressLogic Holdings Limited transferred this portion of shares to PressLogic Inc. on April 11, 2025.

Pop Media HK Limited is a limited liability company incorporated on October 10, 2019 under the Laws of Hong Kong and a wholly owned subsidiary of Lead Famous Limited.

Business Media Limited is a limited liability company incorporated on October 10, 2019 under the Laws of Hong Kong and a wholly owned subsidiary of Ample Advance Limited.

PressLogic Taiwan Limited Taiwan Branch is a branch established on November 30, 2017, under the laws of Taiwan. It is a wholly owned branch of PressLogic Taiwan Limited.

*<u>Reorganization</u>*

 

PressLogic Inc. was incorporated in the Cayman Islands on November 27, 2024. Following the transfer of PressLogic Limited, InSmart Financials Limited, PressLogic Taiwan Limited, Maxlytics Limited, MediaPlace Limited, Lead Famous Limited and Ample Advance Limited from PressLogic Holdings Limited to PressLogic Inc., the shareholders of PressLogic Holdings Limited received an aggregate of 10,566,190 Class A ordinary shares and 4,273,910 Class B ordinary shares of PressLogic Inc. through a distribution in specie by PressLogic Holdings Limited on 30 April, 2025, and the Class A and Class B share structure will be effective upon the completion of IPO. This distribution ensured that each shareholder's rights and equity interests in PressLogic Inc. were identical to their rights and equity interests in PressLogic Holdings Limited prior to the reorganization on as-converted basis.

The reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE**

The principal accounting policies applied in the preparation of these unaudited consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

*2.1 Basis of Presentation and Principles of Consolidation*

 

The unaudited consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards("IFRSs") as issued by the International Accounting Standards Board ("IASB").

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

In preparing the unaudited consolidated financial statements in conformity with IFRSs requires the use of certain critical accounting estimates., transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transactions provide evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Non-controlling interests in the Company's subsidiaries are recorded in accordance with the IFRS 10 and are reported as a component of equity, separate from the parent's equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the non-controlling interest are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

*2.2 Use of Estimates and Assumptions*

 

The preparation of unaudited financial statements in conformity with International Financial Reporting Standards("IFRSs") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. Significant accounting estimates reflected in the Company's consolidated financial statements include expected credit loss for trade receivable, recoverability, useful lives of long-lived assets, intangible assets and income taxes related to realization of deferred tax assets and uncertain tax position. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

*2.3 Foreign Currency Translation*

 

The reporting currency of the Company is Hong Kong Dollars ("HK$") and the accompanying financial statements have been expressed in HK$. The Company and its' subsidiaries in Hong Kong ("HK") and Taiwan Region ("Taiwan") as its functional currency, respectively. In general, for consolidation purposes, assets, and liabilities of its subsidiaries whose functional currency is not HK$ are translated into HK$, in accordance with IAS 21 – The Effects of Changes in Foreign Exchange Rates.

 

Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by Hong Kong Monetary Authority at the dates of the transactions. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded in the Consolidated Statements of Income and Comprehensive Income. The financial statements of the Company are translated from the functional currency into HK$. Assets and liabilities denominated in foreign currencies are translated into HK$ using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into HK$ at the appropriate historical rates. Revenues, expenses, gains and losses are translated into HK$ at the average rates of exchange. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income as a component of PressLogic Inc.'s equity.

 

 

***Convenience translation***

 

Periodic reports made to shareholders will include current period amounts translated into US dollars using the then current exchange rates for the convenience of the readers. Translations of amounts in the consolidated balance sheet, and the related consolidated statements of income and comprehensive income, changes in stockholder's equity and cash flows from HK$ into US$ as of and for the year ended June 30, 2025 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = HK$7.852 on June 30, 2025, as published in Hong Kong Monetary Authority.

The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br> 2024** | **December 31,<br> 2024** | **June 30,<br> 2025** |
| US$ to HK dollar Period End Spot Rate | 7.810 | 7.764 | 7.852 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br> 2024** | **December 31,<br> 2024** | **June 30,<br> 2025** |
| HK$ to New Taiwan dollar Period End Spot Rate | 4.146 | 4.217 | 3.717 |
| HK$ to New Taiwan dollar Average Rate | 4.078 | 4.113 | 4.087 |

---

*2.4 Cash and Cash Equivalents*

 

For the purpose of presentation in the unaudited consolidated statements of cash flows, cash and cash equivalents includes cash on hand, cash at bank and deposits held at licensed payment platforms with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

 

*2*.*5 Trade Receivables and Expected Credit Losses*

 

Trade receivables are amounts due from customers for services performed in the ordinary course of business. Majority of trade receivables are from advertising services. They are generally due for settlement within one year (or in the normal operating cycle of the business if longer) and therefore all classified as current. The Company usually grants credit to customers with 30 days to 60 days and determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends.

In according with IFRS 9, expected credit loss ("ECL") is the weighted average of credit losses with respect to a financial instrument considering the time value of money, that result from all possible default events over the expected life of the financial instrument and credit losses represent the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive.

For trade receivables, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track the changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

*2.6 Prepayments, Other Receivable and Other Assets*

 

Prepayments, other receivable and other assets primarily consist of deposits and employee advances, prepayments made to vendors sever costs and software expenses or services providers for future services that have not been provided and other receivables from third parties. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2024 and June 30, 2025, management believes that the Company's other current assets are not impaired.

*2.7 Deferred Initial Public Offering Cost*

 

Deferred initial public offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the initial public Offering ("IPO") of the Company's ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed.

*2.8 Property and Equipment*

 

Property and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to statements of income during the reporting period in which they are incurred.

The depreciation of property and equipment is calculated using the straight-line method over their estimated useful lives, as follows:

---

| | |
|:---|:---|
| Owned assets | Useful lives |
| Leasehold improvements | Shorter of lease term or useful life |
| Computer equipment | 5 years |
| Furniture and fixtures | 5 years |
| Hardware and office equipment | 5 years |

---

The asset's residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Gains and losses on disposals are determined by comparing proceeds with carrying amount and included in profit or loss.

*2.9 Intangible Assets*

Acquired computer software is stated at historical cost less accumulated amortization and accumulated impairment losses (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the items. Costs associated with maintaining software programs are expensed as incurred.

The Company amortizes intangible assets with a limited useful life using the straight-line method over the following periods:

<u>Owned assets</u> <u>Useful lives</u> <br>Computer software 5 years

 

*2.10 Impairment of Long-Lived Assets*

 

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition at individual cash generating unit level. If the recoverable amount is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value less costs of disposal or value in use, using the expected future discounted cash flows. No impairment of long-lived assets was recognized for the six months ended June 30, 2024 and 2025.

*2.11 Trade and Other Payables*

 

Trade and other payables represent liabilities for goods and services provided to the Company prior to the end of the reporting date which are unpaid. These amounts are presented as current liabilities unless payment is not due within 12 months after the reporting period (or in the normal operating cycle of the business if longer).

*2.12 Borrowings*

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the statements of income over the period of borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as prepayment for liquidity services and amortized over the period of the facility to which it relates.

Borrowings are removed from the consolidated balance sheets when the obligation specified in the contract is discharged, cancelled or repaid. The difference between the carrying amount of financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in statement of income as other income or finance costs.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

 

*2.13 Lease*

 

The Company, as a lessee, leases a number of offices premises and office equipment in Hong Kong and Taiwan from which it operates. Rental contracts are typically made for fixed periods from 2 to 3 years for office premises and 5 years for office equipment. All rental contracts only comprise fixed payments over the lease terms. Leasing expense for lease payment is recognized on a straight-line basis over the lease term.

Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

&nbsp;&nbsp;&nbsp;&nbsp;(1) fixed payments (including in-substance fixed payments), less any lease incentives receivable;

(2) variable lease payments that are based on a rate, initially measured using the rate as at the commencement date;

(3) amounts expected to be payable by the Company under residual value guarantee;

(4) the exercise price of a purchase option if the Company is reasonably certain to exercise that option, and

(5) payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. The Company uses the incremental borrowing rate, for the implicit rate cannot be readily determined, which is the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between principal and finance cost. The finance cost is charged to statement of income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the amount of the initial measurement of lease liabilities;

(2) any lease payments made at or before the commencement date less any lease incentives received;

(3) any initial direct costs, and

(4) restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life.

The Company applies the short-term lease recognition exemption to its short-term leases of equipment and office (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment and computers that are considered to be of low value.

*2.14 Contract Costs*

 

Contract costs related to costs to obtain contracts, resulted from customers entering into service agreements with the Company. Contract costs are recognized as part of "selling and marketing expenses" in the consolidated statement of income and comprehensive income in the period in which revenue from the services recognized, the balance of capitalized contract costs is expected to be realized within one year.

*2.15 Contract Liabilities*

 

Contract liabilities consist of payment received from customers in excess of revenue recognized. Contract liabilities will be recognized as revenue when services are provided. Contract liabilities were HK$1,887,908 and HK$2,528,122 as of December 31, 2024 and June 30, 2025, respectively.

*2.16 Related Parties*

 

The Company adopted IAS 24, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

*2.17 Revenue Recognition*

 

The Company follows the rules and guidance set out under IFRS 15, Revenue from Contracts with Customers ("IFRS 15") for revenue recognition. The core principle of IFRS 15 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with IFRS 15, revenues are recognized when the Company satisfies the performance obligations by delivering the contracted services to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Company satisfies a performance obligation

Revenue is measured at the fair value of the consideration received or receivable for the sales of services in the ordinary course of the Company's activities.

When another party is involved in providing goods or services to a customer, the Company determines whether the nature of its promise is a performance obligation to provide the specified services itself (i.e. the Company is a principal) or to arrange for those services to be provided by the other party (i.e. the Company is an agent).

The Company is a principal if it controls the specified services before those services are transferred to a customer. The Company is an agent if its performance obligation is to arrange for the provision of the specified services by another party. In this case, the Company does not control the specified services provided by another party before those services are transferred to the customer. When the Company acts as an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified services to be provided by the other party. This evaluation is performed separately for each performance obligation identified. For the six months ended June 30, 2024 and 2025, there was no revenue recognized on a net basis where the Company is acting as an agent.

Revenue is recognized when or as the control of the services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time.

Control of the services is transferred over time if the Company's performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provides all of the benefits received and consumed simultaneously by the customer;

(b) creates and enhances an asset that the customer controls as the Company performs; or

(c) does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

If control of the services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. This evaluation is performed separately for each performance obligation identified.

 

*The accounting policy for the Company's principal revenue sources*

 

*<u>Revenue from programmatic advertising services</u>*

 

The Company generates revenue by displaying programmatic banner advertising services, promotional services for cooperative brands on our websites and social media platforms through display ad network such as Google Ads and Meta. The services contain one single performance obligation, which includes displaying banner services in the websites or social media accounts operating by us to their customers in exchange for consideration. The pricing is based on a cost-per-thousand-impressions (CPM) model. Revenue generated under this arrangement fluctuates due to dynamic CPM rates, which are influenced by market demand, advertising content quality, targeting precision and seasonal trends. The payment terms with the advertising network partners are fixed. The Company signs contracts based on service terms and recognizes revenue in generally as a monthly basis after impressions are delivered. No returns, refunds and other similar obligations during each reporting period.

*<u>Revenue from software-as-a-service ("SaaS"）</u>*

 

The Company generates revenue by providing customers with SaaS services such as MediaLens software subscription services during the contractually agreed period, which is typically one year. This subscription service entitles customers to access and use MediaLens system in accordance with the subscription scope outlined in the "Service Description" and the terms and conditions stipulated in the agreement. The contract specifies in detail the monthly subscription contents of MediaLens analytics tools, including usage quotas, monthly page quotas, and other relevant information. The contracts contain one single performance obligation, being the provision of cloud-based SaaS solutions to their customers in exchange for contractual consideration. The terms of pricing and payment stipulated in the contract are fixed. The Company recognizes revenue based on the stage of fulfillment of the performance obligations stipulated in the contract over the agreed-upon service period, which is recognized on a straight-line basis over the contractual period. No returns, refunds and other similar obligations during each reporting period.

*<u>Revenue from digital marketing solutions service</u>*

 

The Company generates advertising revenue by the placement and delivery of digital advertisements on behalf of partner brands on third party social media platforms such as Facebook, Instagram and its own website (<u>https://www.presslogic.ai)</u>. These advertisements are in various forms, including articles, videos, and other media. The contractually stipulated pricing structure and payment terms are irrevocably fixed during the contractual period, with no price escalation or variation clauses. One performance obligation is clarified in the contracts with customers. The Company recognizes revenue at a point in time upon the services are delivered and the advertisements are published or over time based on the proportional fulfillment of the performance obligations stipulated in the contract throughout service period. No returns, refunds and other similar obligations during each reporting period.

*2.18 Cost of Revenue*

 

Cost of revenue mainly consists of boosting costs, production costs, employee costs and other costs.

 

*2.19 General and Administrative Expenses*

 

General and administrative expenses include salaries and employee benefits of office staff and management, amortization and depreciation for equipment, software expenses, consulting fees, rental expenses and other office expenses.

 

*2.20 Selling and Marketing Expenses*

 

Selling and marketing expenses mainly consist of sales commissions, salaries and wage expenses for sales and marketing personnel, and advertising expenses.

*2.21 Research and Development Expenses*

 

The Company expense all internal research costs as incurred, which primarily comprise employee costs and the expenses related to the research and development activities. For the six months ended June 30, 2024 and 2025, total research and development expenses were approximately HK$4,654,750 and HK$2,659,968, respectively, which were recorded in research and development expenses in the consolidated statement of income and comprehensive income.

*2.22 Finance Costs*

 

Finance costs mainly consist of interests, bank charges and other costs related to operating leases and borrowing of funds.

*2.23 Share-based Payments*

 

Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby employees render services in exchange for equity instruments (equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is recognized in employee benefits expense, together with a corresponding increase in equity, over the period in which the service and, where applicable, the conditions are fulfilled (the vesting period) in IFRS 2 *share-based payment*. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the progress of the vesting period and the Company's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.

The non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company's best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met.

When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss in the statement of income.

On August 28, 2020, the Company adopted share incentive plans for two executives of total 290,504 shares options with an exercise price of $0.01 and a five-year expiration period before reorganization. As of June 30, 2025, the vesting conditions have been satisfied and reflected in retained earnings of $6.4 million using Binomial Tree Model under the estimation of expected volatility from 59.4% to 60.39%, risk-free interest rate of 0.31% and 0% dividend yield in the form of 726,260 ordinary A shares and 726,260 ordinary B shares respectively.

*2.24 Employee Benefits*

 

(a) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits, and annual leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as other payables and accruals expenses in the consolidated balance sheets.

(b) Employee compensation, medical insurance and other social insurance

Employee of the Company in Hong Kong and Taiwan are entitled to participate in various government-mandated and company-provided benefits schemes.

In Hong Kong, the Company makes monthly contributions to Mandatory Provident Fund ("MPF") scheme, as required by local regulations, based on a percentage of employees' relevant income and subject to statutory limits. In addition, the Company purchases employee compensation insurance and medical insurance on an annual basis.

In Taiwan, the Company contributes to labor insurance, national health insurance, and the labor pension fund in accordance with applicable laws and regulations. These contributions are made monthly and are calculated based on certain percentages of employees' salaries, subject to applicable ceilings.

2.25 Value-added Tax ("VAT")

The Company's subsidiaries in Taiwan are subject to VAT on revenue generated from providing services. Revenue from providing services is generally subject to VAT at applicable tax rates and subsequently paid to Taiwan tax authorities after netting input VAT on purchase. The excess of output VAT over input VAT is reflected as VAT tax payable, which was included in other current liabilities.

The Taiwan VAT rate is 5% for taxpayers providing services for the six months ended June 30, 2024 and 2025.

 

*2.26 Current and Deferred Income Tax*

 

The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

(a) Current income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(b) Deferred income tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and losses can be utilized.

(c) Offsetting

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current income tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(d) Uncertain tax positions

In determining the amount of current and deferred income tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes, interest or penalties may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities. Such changes to tax liabilities will impact tax expense in the period that such a determination is made.

*2.27 Comprehensive Income*

 

Comprehensive income is defined as the change in equity during the year from transactions and other events, excluding the changes resulting from investments by owners and distributions to owners, and is not included in the computation of income tax expense or benefit. For the six months ended June 30, 2024 and 2025 presented, the Company's comprehensive income includes net income and other comprehensive income, which mainly consists of the foreign currency translation adjustment and unrealized fair value changes on equity investment.

*2.28 Other comprehensive Income (loss)*

 

Other comprehensive income (loss) consists of translation adjustment resulting from the Company translating its consolidated financial statements from functional currency into reporting currency and the investment in equity of companies without significant influence, which is measured at fair value through other comprehensive income

*2.29 Earnings per Share*

 

Basic earnings per share is computed by dividing net earnings attributable to shareholders by the weighted average number of Class A ordinary shares and Class B ordinary shares outstanding during the year.

*2.30 Commitments and Contingencies*

 

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

*2.31 Segment Reporting*

The Company manages its operations as a single operating segment. This is consistent with the internal reporting provided to the chief operating decision-maker ("CODM"). The CODM, identified as the Chief Executive Officer, is responsible for allocating resources and assessing performance. Strategic decisions are made based on the consolidated results of the Company as a whole, which the CODM reviews when evaluating overall performance and resource allocation.

The following tables present our segment information by category for the six months ended June 30, 2024 and 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **Change** | **Change** | **Change** |
| <br>**Category** | <br> **2024** | <br> **2024** | **As % of**<br> **Sales** | **2025** | **2025** | **As % of**<br> **Sales** | **Amount** | **Amount** | **%** |
| Display banner | HK$ | 1173852 | 2.58% | HK$ | 561740 | 1.07% | HK$ | (612112) | (52.15)% |
| Software-as-a-service |  | 718451 | 1.58% |  | 676900 | 1.29% |  | (41551) | (5.78)% |
| Digital marketing solution |  | 43265711 | 95.15% |  | 51168517 | 97.23% |  | 7902806 | 18.27% |
| Other |  | 311353 | 0.68% |  | 219006 | 0.42% |  | (92347) | (29.66)% |
| **Total revenue** | **HK$** | **45469367** | **100%** | **HK$** | **52626163** | **100%** | **HK$** | **7156796** | **15.74%** |

---

The following tables present our segment information by geography for the six months ended June 30, 2024 and 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **For The Six Months Ended** | **Change** | **Change** | **Change** |
| <br>**Country/Region** | **2024** | **2024** | **As % of**<br> **Sales** | **2025** | **2025** | **As % of**<br> **Sales** | **Amount** | **Amount** | **%** |
| Hong Kong | HK$ | 37185470 | 81.79% | HK$ | 43675839 | 82.99% | HK$ | 6490365 | 17.45% |
| Taiwan Region |  | 7821493 | 17.20% |  | 7947211 | 15.10% |  | 125718 | 1.61% |
| Singapore |  | 41729 | 0.09% |  | 298586 | 0.57% |  | 256861 | 615.60% |
| Other Asia regions |  | 335211 | 0.74% |  | 441090 | 0.84% |  | 105879 | 31.59% |
| Europe |  | 19833 | 0.04% |  | 263414 | 0.50% |  | 243581 | 1228.16% |
| North America |  | 65631 | 0.14% |  | 23 | 0.00% |  | (65608) | (99.96)% |
| **Total revenue** | **HK$** | **45469367** | **100%** | **HK$** | **52626163** | **100%** | **HK$** | **7156796** | **15.74%** |

---

*2.32 Shared Service Expenses*

 

PressLogic Limited and PressLogic Holdings Limited share certain key management personnel, including the Chief Executive Officer (CEO), Chief Technology Officer (CTO), and Vice President of Finance and Operations. The salaries and MPF expenses attributable to these shared executives are allocated between the two entities proportionately based on proportionate turnover for the reporting period. PressLogic Holdings Limited provides software development services to the Company, with costs allocated based on specific IT projects.

*2.33 New and amended standards adopted by the Group*

 

(a) Amendments to the accounting standards adopted

The application of these new and amendments to IFRSs in the current year has had no material impact on the Company's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

---

| | |
|:---|:---|
| **New Standards, Interpretations and Amendments** | **Effective date issued by IASB** |
| Amendments to IAS 21, "Lack of Exchangeability" | January 1, 2025 |

---

(b) New standards, interpretations and amendments in issue but not yet effective

---

| | |
|:---|:---|
| **New Standards, Interpretations and Amendments** | **Effective date issued by IASB** |
| IFRS 18, "Presentation and Disclosure in Financial Statements" | January 1, 2027 |

---

Except for the IFRS 18, "Presentation and Disclosure in Financial Statements", the above standards and interpretations are not currently expected to have a significant impact to the Group's financial condition and financial performance based on the Group's assessment. The quantitative impact will be disclosed when the assessment is complete.

IFRS 18, "Presentation and Disclosure in Financial Statements" replaces IAS 1 and updates the structure of the statement of profit or loss, requires disclosures for certain profit or loss performance measures and enhanced principles on aggregation and disaggregation to the primary financial statements and notes.

**3. Financial risk**

The Company's activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk. The Company's overall risk management program is designed to identify, assess, and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance. Risk management activities are overseen by the senior management of the Company.

 

3.1 Market Risk

(a) Foreign Currency Risk

Foreign currency risk primarily arises from future commercial transactions and recognized assets and liabilities denominated in a currency other than the functional currency of the relevant entities. The Company manages its foreign currency risk by performing regular reviews of the Company's net foreign exchange exposures and tries to minimize non-functional currency transactions.

The Company operates mainly in the Hong Kong with most of the transactions settled in HK$. Management considers that the business is not exposed to significant foreign exchange risk as there are no significant assets or liabilities of the Company denominated in the currencies other than the respective functional currencies of the Company's entities.

(b)Interest Rate Risk

Fluctuations in market interest rates may negatively affect the Company's financial conditions and results of operations. The Company is exposed to floating interest rate risk on bank deposits and floating rate borrowings, and the risks due to changes in interest rates are not material. The Company has not used any derivative financial instruments to manage interest risk exposure.

 

3.2 Credit Risk

The carrying amounts of the cash and bank balances, trade receivables and other receivables included in the consolidated balance sheet represent the Company's maximum exposure to credit risk in relation to the Company's financial assets.

The Company has no significant concentration of credit risk. It has policies in place to ensure that sales are made to customers with an appropriate credit history.

The credit risk on cash and bank balances is limited because the counterparties are banks with high credit-rating assigned by international credit-rating agencies and certificates of deposit were on deposit at financial institutions in the Hong Kong with upper limited HK dollars 500,000 and in New Taiwan with upper limited Taiwan dollars 3,000,000 insurances to cover bank deposits in the event of bank failure.

The Company considers whether there has been a significant increase in credit risk of financial assets on an ongoing basis throughout each reporting period by comparing the risk of a default occurring as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding looking information.

3.3 Liquidity Risk

As of June 30, 2025, the Company had approximately HK$42.49 million in cash. The Company intends to maintain sufficient cash and cash equivalents. Due to the dynamic nature of the underlying business, the policy of the Company is to regularly monitor the Company's liquidity risk and to maintain adequate liquid assets such as cash and cash equivalents, or to retain adequate financing arrangements to meet the Company's liquidity requirements.

The Company expects that its existing cash and cash equivalents will be sufficient to fund its operations and meet all of its obligations as they fall due for at least twelve months from the date of the issuance of financial statements.

3.4 Concentration Risk

(a) Concentration of customers

The following table sets forth a summary of single customer who represent 10% or more of the Group's trade receivables:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
| **Percentage of the Company's total trade receivables** |  |  |
| PHD Limited | 15.22% | 12.17% |
| Optimum Media Direction | 13.43% | 6.67% |

---

(b) Concentration of vendors

The following table sets forth a summary of single supplier who represent 10% or more of the Company's cost of revenue:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2024** | **2025** |
| **Percentage of the Company's total cost of revenue** |  |  |
| Meta Platforms Ireland Ltd. | 62.27% | 53.37% |

---

The following table sets forth a summary of single supplier who represent 10% or more of the Company's trade payables:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
| **Percentage of the Company's total trade payables** |  |  |
| Meta Platforms Ireland Ltd. | 20.95% | 62.40% |

---

**4. Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Cash on hand | 6761 | 3294 |
| Cash in bank | 37296091 | 38793369 |
| Cashier's checks |  | 3691126 |
| Deposits held at licensed payment platforms | 1722 | 1722 |
| **Total** | **37304574** | **42489511** |

---

**5. Trade receivables**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Trade receivables | 35117164 | 26973844 |
| Less: Allowance of expected credit losses | (544691) | (328496) |
| **Total** | **34572473** | **26645348** |

---

The movement of expected credit loss for the year ended December 31, 2024 and for the six months ended June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Allowance for expected credit loss, beginning balance | 350153 | 544691 |
| Additions (Reversal) | 194997 | (216986) |
| Translation adjustments | (459) | 791 |
| **Allowance for expected credit loss, ending balance** | **544691** | **328496** |

---

**6. Prepayments, other receivables and other assets**

The detailed information of prepayments, other receivables and other assets as of December 31, 2024 and June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Other current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 3350 | 3700 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 1618111 | 1719396 |
| &nbsp;&nbsp;&nbsp;Cash advanced to employees | 186547 | 28421 |
| &nbsp;&nbsp;&nbsp;Others | 4866 | 9864 |
| &nbsp;&nbsp;&nbsp;**Subtotal** | **1812874** | **1761381** |
| Other non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 919389 | 953451 |
| &nbsp;&nbsp;&nbsp;**Total** | **2732263** | **2714832** |

---

**7. Contract costs**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Contract costs | 757 | 757 |
| **Total** | **757** | **757** |

---

The balance of contract costs is expected to be realized within one year.

**8. Leases**

The Company discounts lease payments based on the estimate of its incremental borrowing rate. As of December 31, 2024 and June 30, 2025, the lease's weighted average remaining lease term was 2.69 years and 2.25 years, respectively. As of December 31, 2024 and June 30, 2025, and weighted average discount rate was 5.17% and 4.93%, respectively. The rental expense for the six months ended June 30, 2024 and 2025 was HK$2,570,527 and HK$1,954,258 respectively.

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Right-of-use assets | **8117887** | **6441197** |
| Lease liabilities - current | 3951816 | 3969720 |
| Lease liabilities - non-current | 4326953 | 2669458 |
| **Total lease liabilities** | **8278769** | **6639178** |

---

Future undiscounted lease payments under leases as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | HK$ |
| Remaining 2025 | 2198870 |
| 2026 | 3221794 |
| 2027 | 1405494 |
| 2028 | 3432 |
| 2029 | 2248 |
| Thereafter | 552 |
| Total lease payments | **6832390** |
| Less: imputed interest | (193212) |
| Present value of lease liabilities | **6639178** |

---

**9. Property and equipment**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Leasehold improvement | 6298003 | 6412258 |
| Furniture and fixtures | 1416160 | 1459230 |
| Hardware and office equipment | 2303289 | 2450596 |
| Computer equipment | 2854199 | 2972657 |
| Less: accumulated depreciation | (11485134) | (11995539) |
| **Total** | **1386517** | **1299202** |

---

Depreciation expense recognized for the six months ended June 30, 2024 and 2025 was HK$502,870 and HK$288,704, respectively.

**10. Intangible assets, net**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| ERP cost | 446000 | 446000 |
| Less: accumulated amortization | (217210) | (261735) |
| **Total** | **228790** | **184265** |

---

The Company purchased the financial ERP System from Multiable Company in July 2022. The original value of the software was HK$446,000.

For the six months ended June 30, 2024 and 2025, the Company amortized HK$44,769 and HK$44,524, respectively.

The estimated amortization expense for these intangible assets in the next five years and thereafter as of June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| Period by fiscal year: | Amount | Amount |
| &nbsp;&nbsp;&nbsp;Remaining 2025 |  | 44675 |
| &nbsp;&nbsp;&nbsp;2026 |  | 89200 |
| &nbsp;&nbsp;&nbsp;2027 |  | 50390 |
| **Total:** | **HK$** | **184265** |

---

**11. Borrowing**

Borrowing-current represents amounts due to various banks normally due within one year. The principal of the loans is due at maturity. Accrued interest is due either monthly or quarterly.

Borrowing-current consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Current-HSBC | 16843334 | 16449493 |
| **Total** | **16843334** | **16449493** |

---

The borrowing consisted of the following as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Type** | **Principal Amount** | **Outstanding Amount** | **Issuance Date** | **Expiration Date** | **Interest Rate** |
| |  | **HK$** | **HK$** |  |  | |
| HSBC | Short-term loan | 4100000 | 3900245 | 2023/12/18 | 2033/12/17 | 3.0% |
| HSBC | Short-term loan | 9000000 | 8927307 | 2024/05/14 | 2034/05/13 | 3.0% |
| HSBC | Short-term loan | 3743334 | 3621941 | 2024/02/29 | 2034/02/28 | 3.0% |

---

The borrowing consisted of the following as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Type** | **Principal Amount** | **Outstanding Amount** | **Issuance Date** | **Expiration Date** | **Interest Rate** |
| |  | **HK$** | **HK$** |  |  | |
| HSBC | Short-term loan | 4100000 | 4100000 | 2023/12/18 | 2033/12/17 | 3.625% |
| HSBC | Short-term loan | 9000000 | 9000000 | 2024/05/14 | 2034/05/13 | 3.625% |
| HSBC | Short-term loan | 3743334 | 3743334 | 2024/02/29 | 2034/02/28 | 3.625% |

---

The Company entered into three short-term loans agreements with HSBC which will be subject to review by the lender at any time and to the lender's overriding right of suspension and withdrawal at anytime. On December 18, 2023, one loan of HK$4,100,000 guaranteed by Cheung Ho Chak Ryan, a director of PressLogic Inc. and among others, bears a floating interest rate of HSBC Prime Rate per annum minus 2.25% (3%-3.625%), and will mature in December 2033. On May 14, 2024, one loan of HK$9,000,000 guaranteed by Chow Wing Yin, CTO, and Cheung Ho Chak Ryan, director of PressLogic Inc. and among others,bears a floating interest rate of HSBC Prime Rate per annum minus 2.25% (3%-3.625%) and will mature in May 2034. On February 29, 2024, one loan of HK$3,743,334 guaranteed by Chow Wing Yin, CTO, and Cheung Ho Chak Ryan, a director of PressLogic Inc. and among others, bears a floating interest rate of HSBC Prime Rate per annum minus 2.25% (3%-3.625%) and will mature in February 2034.

One loan of HK$4,100,000 is to be repaid on the 18th day of each month, which the first repayment is due on January 18, 2025, with a monthly repayment amount of HK$43,368. As of June 30, 2025, a total of HK$260,439 has been repaid, consisting of HK$199,755 in principal and HK$60,684 in interest. One loan of HK$9,000,000 carries equal monthly installment on the 14th day of each month and the initial repayment of HK$95,193 was paid on June 14, 2025. As of June 30, 2025, a total of HK$95,193 has been repaid, consisting of HK$72,693 in principal and HK$22,500 in interest. One loan of HK$3,743,334 carries equal monthly installment on the 29th day of each month and the initial repayment of HK$39,593 was paid on March 29, 2025. As of June 30, 2025, a total of HK$158,372 has been repaid, consisting of HK$121,393 in principal and HK$36,982 in interest.

**12. Other payables and accrued expenses**

Other payables and accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Sales commission payable | 1222318 | 1273458 |
| Accrued interest expense | 301370 | 401370 |
| Staff reimbursement | 40488 | 80364 |
| Salary and welfare payable | 2319393 | 2257288 |
| Other tax payable | 262151 | 129987 |
| Auditors' remuneration provision | 231730 | 203450 |
| Government subsidy<sup>(i)</sup> | 1356594 | 941556 |
| Other payables and accrued liabilities<sup>(ii)</sup> | 881315 | 1950207 |
| **Total** | **6615359** | **7237680** |

---

(i) Government subsidy

On March 14, 2023, the Company entered into an Elite Programme operated by Hong Kong Science and Technology Parks Corporation ("HKSTPC") and entered into a Deed of Simple Agreement for Future Equity ("SAFE") and a Milestone Funding Agreement ("MSFA") with STP Asset (Elite) Holding Limited ("Holder").

Under MSFA, during the rental subsidy period (3 years lease period since June 1, 2023), HKSTPC agrees to deduct monthly rent (HK$31,926) payable by the Company to HKSTPC under the Lease, up to a maximum aggregate deduction limit of HK$1,500,000 for the entire rental subsidy period. As of December 31, 2024 and June 30, 2025, the Company exempted a total rental of HK$606,594 and HK$191,556 respectively and recorded as liabilities of government subsidy.

Under SAFE, the Holder was granted the right to convert the recognized subsidies or actual subsidies into the shares or equity interests of the Company upon a qualified equity financing. As a result, the Company may be required convert a total of HK$606,594 and HK$191,556 into ordinary Class A shares of the Company to the Holder. Conversion shall occur upon the earliest of: (i) a Qualified Equity Financing (raising over $2 million or issuing ≥5% of total shares); (ii) the Holder's written election to convert if the Company undergoes or intends to undergo a Merger Event or IPO prior to a Qualified Equity Financing; or (iii) the Holder's Optional Conversion Election (being the written election to convert on or after March 14, 2026). The Conversion Price shall be: (i) for Qualified Equity Financing, the offering price of such round; (ii) pre-Qualified Equity Financing, the lower of the Company's latest financing price or an independent valuation price; (iii) for a pre-Qualified Equity Financing Merger Event, the higher of 80% of the issue price or the latest financing price.

(ii) Other payables and accrued liabilities primarily represent value-added tax ("VAT").

**13. Trade payable**

Trade payable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Account payable to ad suppliers | 974249 | 2494424 |
| Account payable to equipment suppliers | 11720 | - |
| **Total** | **985969** | **2494424** |

---

**14. Contract liability**

Contract liability consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Contract liability | 1887908 | 2528122 |
| **Total** | **1887908** | **2528122** |

---

Contract liability represents the obligations to transfer services to the customers and will be recognized as revenue when promised services are provided. Contract liabilities were HK$1,887,908 and HK$2,528,122 as of December 31, 2024 and June 30, 2025, respectively.

**15. Related party transactions**

(a) Amount due to related parties

As of December 31, 2024 and June 30, 2025, the amount due to related parties consisted of the following

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Amount due to related parties-current： |  |  |
| &nbsp;&nbsp;&nbsp;PressLogic Holdings Limited<sup>(1)</sup> | 17791886 | 10955114 |
| Amount due to related parties- non current： |  |  |
| &nbsp;&nbsp;&nbsp;PressLogic Holdings Limited | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;**Total** | **37791886** | **30955114** |

---

(1) PressLogic Holdings Limited, under the common control of the same controlling shareholder of the Company.

(b) Transactions with PressLogic Holdings Limited

(i) For the six months ended June 30, 2024 and 2025, the Company maintains frequent transactions with PressLogic Holdings Limited due to business operation before reorganization, the followings summarize the transactions occurred with PressLogic Holdings Limited.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2025** | **2025** |
| **Payments on behalf of PressLogic Holdings Limited** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Daily operation support | HK$ | (2530000) | HK$ | (1000000) |
| &nbsp;&nbsp;&nbsp;Management service fee |  | (311353) |  | (219005) |
| &nbsp;&nbsp;&nbsp;Other expenses |  | (489177) |  | (375572) |
| **Collections on behalf of PressLogic Holdings Limited** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Display banner revenue |  | 150933 |  | 123492 |
| &nbsp;&nbsp;&nbsp;Digital marketing solution revenue |  | 59471 |  | 173126 |
| &nbsp;&nbsp;&nbsp;Government subsidy from HKSTPC |  | 2000000 |  | 2000000 |
| **Payments made by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software development expenses |  | 2069489 |  |  |
| &nbsp;&nbsp;&nbsp;Facebook boosting costs |  | 1551581 |  | 901187 |
| &nbsp;&nbsp;&nbsp;Capital contribution |  |  |  | 1560000 |
| **Collections by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Digital marketing solution revenue |  |  |  |  |
| **Other transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sale of fixed assets |  | (364800) |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of consulting services |  | 12000 |  | 12000 |
| &nbsp;&nbsp;&nbsp;Transfer of equity in subsidiaries |  | (3267177) |  |  |
| **Settlement to PressLogic Holdings Limited** |  | (1126176) |  | (10012000) |
| **Subtotal** | **HK$** | **(2245209)** | **HK$** | **(8396772)** |
| **Non-Cash payments made by PressLogic Holdings Limited on behalf of the Company** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of non-controlling interests |  | **-** |  | 1560000 |
| **Total** | **HK$** | **(2245209)** | **HK$** | **(6836772)** |

---

On June 30, 2023, the Company entered into a loan agreement with PressLogic Holdings Limited. As a result, an outstanding amount of HK$20,000,000, previously classified as amount due to related parties under current liabilities, was reclassified to non-current liabilities under the same category. The loan bears a fixed interest rate of 1% per annum and will mature in June 2028.

**16. Incomes tax**

The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.

***BVI***

 ****

Lead Famous Limited and Ample Advance Limited were incorporated in BVI and are not subject to tax on income or capital gain under the laws of BVI. Additionally, upon payments of dividends by the Company or its subsidiaries to their shareholders, no withholding tax will be imposed.

***Cayman Islands***

The Company is incorporated as an exempted company with limited liability under the Companies Act of the Cayman Islands and is not subject to tax on income or capital gains. Additionally, the Cayman Islands do not impose a withholding tax on payments of dividends to shareholders. The Cayman Islands are not party to any double tax treaties that are applicable to any payments made by or to the Company.

***Hong Kong***

Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million.

***Taiwan***

Effective from 2018, Taiwan's Income Tax Law abolished the imputation system, raised the corporate income tax rate from 17% to 20%, and reduced the rate of surtax imposed on unappropriated earnings from 10% to 5%. Effective from 2020, Taiwan's Statute for Industrial Innovation extended the tax incentive by 10 years for R&D expenditure. In addition, if a company uses its undistributed earnings to construct or purchase buildings, software or hardware equipment, or technology for use in production or operation, such investment amounts may be deducted from the undistributed earnings in calculation of the current year's undistributed earnings for assessment of surtax imposed on undistributed earnings from the year 2018.

The alternative minimum tax ("AMT") imposed under Taiwan's AMT Act is a supplemental income tax which applies if the amount of regular income tax calculated pursuant to Taiwan's Income Tax Law and relevant laws and regulations is below the amount of basic tax prescribed under the AMT Act. The taxable income for calculating AMT includes most income that is exempt from income tax under various regulations, such as tax holidays. The prevailing AMT rate for business entities is 12%.

***Composition of income tax expenses***

 ****

The following table sets forth current and deferred portion of income tax expenses:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30，** | **Six Months Ended June 30，** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Current income tax expenses | 235286 | 1390326 |
| Deferred income tax | 44216 | (310604) |
| **Income tax expense** | **279502** | **1079722** |

---

Per the consolidated statements of income and comprehensive income, the income tax expenses for the Company can be reconciled to the income before income taxes for the six months ended June 30, 2024 and 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30，** | **Six Months Ended June 30，** |
|  | **2024** | **2025** |
|  | HK$ | HK$ |
| Income before income tax | 862799 | 7340637 |
| Tax calculated at the Hong Kong profits tax rate | 16.5% | 16.5% |
| Computed expected income tax expense | 142362 | 1211205 |
| Tax effect of non-deductible expenses | 93406 | 51118 |
| Tax effect of deduction temporary difference not recognised | (124422) | (297633) |
| Preferential tax treatments |  | (165000) |
| Non-taxable income | (20536) | (53155) |
| Tax effect of tax losses not recognised | 126664 | 268061 |
| Utilisation of tax losses previously not recognised | 14287 |  |
| Effect of different tax rates in jurisdictions other than Hong Kong | 47741 | 65126 |
| **Income tax expense** | **279502** | **1079722** |

---

The significant components of the Company's deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
| **Deferred tax assets:** |  |  |
| Allowance of expected credit loss | 49435 | 33062 |
| Property and equipment | 197175 | 193117 |
| Net operating losses | 808379 | 1136915 |
| Right of use assets and lease liabilities | 807 | 3306 |
| Deferred tax assets | **1055796** | **1366400** |
| Less: valuation allowance | - | - |
| **Deferred tax assets, net** | **1055796** | **1366400** |

---

**17. Equity**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Class A and Class B Ordinary shares* 

 

PressLogic Inc. had an authorized share capital of US$50,000 at incorporation, divided into Class A shares of par value of US $0.0001 each, of which 450,000,000 shares were issued and Class B shares of par value of US$0.0001 each, of which 50,000,000 shares were issued. Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle the holder thereof to ten votes on all matters subject to vote at our general meetings and shall be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into one fully paid Class A Ordinary Share calculated at the Conversion Rate..

On April 30, 2025, the shareholders of PressLogic Holdings received PressLogic Inc. 10,566,190 Class A ordinary shares and 4,273,910 Class B ordinary shares through a distribution in specie by PressLogic Holdings such that each shareholder's rights and equity interests in the PressLogic Inc. were identical to their rights and equity interests in PressLogic Holdings prior to the Reorganization on as-converted basis. And the Class A and Class B share structure will be effective upon the completion of IPO.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Additional paid-in capital* 

 

As of December 31, 2024 and June 30, 2025, the additional paid-in capital of the Company was HK$6,759,132 and HK$5,452,231, respectively.

On August 28, 2020, PressLogic Holdings Limited adopted share incentive plans for two executives of total 290,504 ordinary shares with an exercise price of $0.01 and a five-year expiration period before reorganization. As of December 31, 2024, the vesting conditions have been satisfied and reflected in additional paid in capital of HK$6.4 million using Binomial Tree Model under the estimation of expected volatility from 59.4% to 60.39%, risk-free interest rate of 0.31% and 0% dividend yield in the form of 726,260 ordinary A shares and 726,260 ordinary B shares respectively.

On April 1, 2025, PressLogic Inc acquired 14.5% minority interest in Ample Advance Limited or 1,453 ordinary shares from Mr. Luk Kin Ting at the consideration of HK$1.56 million. This transaction increased PressLogic's total equity interest in Ample Advance Limited to 84.57%. As of acquisition date, the net assets of Ample Advance Limited and its subsidiary was HK$1,741,904. The difference between cash consideration and carrying amount of acquired shares was recognized directly in "Additional paid in capital" in amount of HK$1,306,901 on the consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Accumulated other comprehensive income* 

 

On April 13, 2023, PressLogic Limited acquired a 2.1% equity interest in Project Melo with an initial fair value of HK$156,984. This investment has been classified as a financial asset at fair value through other comprehensive income (FVOCI) in accordance with IFRS 9. For the fiscal year ended December 31, 2023, the fair value adjustment of HK156,984 relating to the investment was recognized in accumulated other comprehensive income.

The balance of accumulated other comprehensive income as of December 31, 2024 and June 30, 2025 was summarized as following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
| **Accumulated other comprehensive income:** |  |  |
| Unrealized loss from the change in fair value of equity investment | (156984) | (156984) |
| Foreign currency translation adjustment | (210075) | (272076) |
| **Total other comprehensive income** | **(367059)** | **(429060)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Non-controlling interests* 

On April 1, 2025, PressLogic Inc. acquired 14.5% minority interest in Ample Advance Limited or 1,453 ordinary shares at the consideration of HK$1.56 million. As result, the non-controlling interest was reduced by HK$253 thousand.

For the six months ended June 30, 2024 and 2025, net income attributable to non-controlling interests on the consolidated statements of comprehensive income comprised: 10% equity interest in Lead Famous Limited and its subsidiary, and 30% and 15.47% interests in Ample Advance Limited and its subsidiary, respectively.

The balance of non-controlling interest were HK$793,442 and HK$691,209 as of June 30, 2024 and 2025, respectively.

**18. Net income per share**

The Company computes earnings per share of Class A Ordinary Shares and Class B Ordinary Shares using the two-class method. Except for the voting rights as discussed in Note 17, all other rights, including the liquidation and dividend rights, of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical. As a result, the net income for each year is allocated based on the contractual participation rights of the Class A Ordinary Shares and Class B Ordinary Shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.

The following tables set forth the computation of basic net income per share of Class A Ordinary Shares and Class B Ordinary Shares:

---

| | | |
|:---|:---|:---|
|  | **For the Six months ended June 30, 2024** | **For the Six months ended June 30, 2024** |
|  | **Class A**<br> **Ordinary Shares**<br> **HK$** | **Class B**<br> **Ordinary Shares**<br> **HK$** |
| *Basic net income per share:* |  |  |
| Numerator |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of undistributed income | 465474 | 188279 |
| Denominator |  |  |
| &nbsp;&nbsp;&nbsp;Number of shares used in per share computation | 10566190 | 4273910 |
| **Basic and diluted net income per share** | **0.04** | **0.04** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six months ended June 30, 2025** | **For the Six months ended June 30, 2025** |
|  | **Class A**<br> **Ordinary Shares**<br> **HK$** | **Class B**<br> **Ordinary Shares**<br> **HK$** |
| *Basic net income per share:* |  |  |
| Numerator |  |  |
| &nbsp;&nbsp;&nbsp;Allocation of undistributed income | 4425175 | 1789936 |
| Denominator |  |  |
| &nbsp;&nbsp;&nbsp;Number of shares used in per share computation | 10566190 | 4273910 |
| **Basic and diluted net income per share** | **0.42** | **0.42** |

---

**19. Subsequent Event**

The Company has evaluated subsequent events through August 26, 2025, the date the financial statements were issued and filed with the U.S. Securities and Exchange Commission. Based on the Company's evaluation, no other event has occurred requiring adjustment or disclosure in the notes to the consolidated financial statements, except the followings:

On July 2, 2025, the Company acquired 100% of the equity interest of Baby-Kingdom.com Limited, one of Hong Kong's largest parenting discussion forums and online platforms offering parenting insights, and family-related content. The acquisition aims to strengthen the Company's media presence in the parenting sector. The acquisition is not material to the Company's unaudited consolidated financial statement. Based on the significance tests under Rule 3-05 of Regulation S-X (investment, asset, and income tests), the transaction did not exceed the 20% threshold under any test and therefore was not significant. As of the date these unaudited consolidated financial statements are issued, the initial accounting for the business combination is incomplete, and the allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed has not been finalized. Accordingly, the amounts recognized for assets acquired, liabilities assumed, and any resulting goodwill have not yet been determined.

**Part II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 6. Indemnification of Directors and Officers**

Cayman Islands law does not limit the extent to which a company's 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 or committing a crime. Under our second amended and restated memorandum and articles of association, which will become effective immediately prior to the completion of this offering, to the fullest extent permissible under Cayman Islands law every director and officer of our company shall be indemnified against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him, other than by reason of such person's own dishonesty, willful default or fraud, in connection with the execution or discharge of his duties, powers, authorities or discretions as a director or officer of our company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him 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.

Pursuant to the form of indemnification agreements to be filed as Exhibit 10.2 to this Registration Statement, we will agree to indemnify our directors and executive officers against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our company.

The Underwriting Agreement, the form of which to be filed as Exhibit 1.1 to this Registration Statement, will also provide for indemnification of us and our officers and directors.

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

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

During the past three years, we have issued the following securities without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions, pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and/or Rule 701 of the Securities Act. None of the transactions involved an underwriter.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Purchaser** | **Date of Issuance** | **Number of Securities** |  | **Consideration** |
| ***Ordinary Shares*** |  |  |  |  |
| PressLogic Holdings Limited | April 10, 2025 | 10,000 ordinary shares |  | N/A |
| PressLogic Holdings Limited | April 10, 2025 | 14,830,100 ordinary shares | US$ | 1483.01 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

See Exhibit Index for a complete list of all exhibits filed as part of this registration, which Exhibit Index is incorporated herein by reference.

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

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

**Item 9. Undertakings**

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

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 in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

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

**PRESSLOGIC INC.**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Document** |
| 1.1\* | Form of Underwriting Agreement |
| 3.1† | [Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect](ex3-1.htm) |
| 3.2 | [Form of Second Amended and Restated Memorandum and Articles of Association of the Registrant, effective immediately upon the completion of this offering](ex3-2.htm) |
| 4.1\* | Registrant's Specimen Certificate for Class A Ordinary Shares |
| 4.2\* | Form of Representative's Warrants |
| 5.1 | [Opinion of Conyers Dill & Pearman regarding the validity of the ordinary shares being registered](ex5-1.htm) |
| 8.1 | [Opinion of Conyers Dill & Pearman regarding certain Cayman Island tax matters](ex8-1.htm) |
| 10.1 | [2025 Equity Incentive Plan](ex10-1.htm) |
| 10.2 | [Form of Indemnification Agreement between the Registrant and its directors and officers](ex10-2.htm) |
| 10.3 | [Form of Employment Agreement between the Registrant and its executive officers](ex10-3.htm) |
| 10.4 | [Form of Director Agreement between the Registrant and its non-executive directors](ex10-4.htm) |
| 21.1 | [Principal Subsidiaries of the Registrant](ex21-1.htm) |
| 23.1 | [Consent of TAAD LLP, an independent registered public accounting firm](ex23-1.htm) |
| 23.2 | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3 | [Consent of Fieldfisher](ex23-3.htm) |
| 24.1 | [Powers of Attorney (included on signature page)](#mj_001) |
| 99.1 | [Code of Business Conduct and Ethics of the Registrant](ex99-1.htm) |
| 99.2 | [Consent of Frost & Sullivan](ex99-2.htm) |
| 99.3 | [Consent of Ms. Jiao Jie](ex99-3.htm) |
| 99.4 | [Consent of Mr. Lai Ki Cheong](ex99-4.htm) |
| 107 | [Filing fee table](ex107.htm) |

---

\* To be filed by amendment.

† Certain portions of this exhibit have been redacted or omitted in accordance with Item 601(a)(6) of Regulation S-K.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on September 24, 2025.

---

| | |
|:---|:---|
| **PressLogic Inc.** | **PressLogic Inc.** |
| By: | /s/ Cheung Ho Chak Ryan |
| Name: | Cheung Ho Chak Ryan |
| Title: | Chairman and Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Cheung Ho Chak Ryan as the attorney-in-fact with full power of substitution for him in any and all capacities to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of Class A ordinary shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign in the name and on behalf of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Cheung Ho Chak Ryan |  |  |
| Cheung Ho Chak Ryan | Chairman and Chief Executive Officer (principal executive officer) | September 24, 2025 |
| /s/ He Songlin |  |  |
| He Songlin | Director | September 24, 2025 |
| /s/ Li Chi Fai |  |  |
| Li Chi Fai | Director and Vice President of Finance and Operations (principal financial officer and principal accounting officer) | September 24, 2025 |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of PressLogic Inc. has signed this registration statement or amendment thereto in New York on September 24, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | /s/ Coleen De Vries |
| Name: | Coleen De Vries |
| Title: | Senior Vice President on behalf of |
| Cogency Global Inc. | Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

CERTAIN INFORMATION IN THIS DOCUMENT, MARKED BY BRACKETS [\*\*\*\*], HAS BEEN EXCLUDED PURSUANT TO ITEM 601(A)(6) OF REGULATION S-K UNDER THE SECURITIES ACT OF 1933, AS AMENDED, BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) CONTAINS PERSONAL INFORMATION.

![](ex3-1_001.jpg)

Amended and Restated

Memorandum of Association of

PressLogic Inc.

(*Adopted by way of special resolution passed on 24 September 2025*)

Grand Cayman

Cayman Islands

**conyers.com**

**THE COMPANIES ACT (REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**PressLogic Inc.**

(*adopted by way of special resolution passed on 24 September 2025*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name of the Company is PressLogic Inc..

2. The
 registered office of the Company shall be at the offices of Conyers Trust Company (Cayman)
 Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.

3. Subject
 to the following provisions of this Memorandum, the objects for which the Company is established
 are unrestricted.

4. Subject
 to the following provisions of this Memorandum, 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 Section 27(2) of the Companies Act.

5. Nothing
 in this Memorandum shall permit the Company to carry on a business for which a licence is
 required under the laws of the Cayman Islands unless duly licensed.

6. The
 Company shall 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 clause 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.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares of a nominal
 or par value of US$0.0001 each. Subject to the provisions of the Companies Act and the articles
 of association of the Company, the Company shall have the power to redeem or purchase any
 of its ordinary shares and to increase, reduce, sub-divide or consolidate the share capital
 and to issue all or any part of its capital whether original, redeemed, increased or reduced
 with or without any preference, priority or special privilege 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.

9. The
 Company may exercise the power contained in the Companies Act to deregister in the Cayman
 Islands and be registered by way of continuation in another jurisdiction.

![](ex3-1_001.jpg)

Amended and Restated

Articles of Association of

PressLogic Inc.

(*Adopted by way of special resolution passed on 24 September 2025*)

Grand Cayman

Cayman Islands

**conyers.com**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **interpretation** | **interpretation** | **1** |
| **1.** | Definitions | 1 |
| **SHARES** | **SHARES** | **7** |
| **2.** | Power to Issue Shares | 7 |
| **3.** | Redemption, Purchase, Surrender and Treasury Shares | 7 |
| **4.** | Rights Attaching to Shares | 9 |
| **5.** | Calls on Shares | 11 |
| **6.** | Joint and Several Liability to Pay Calls | 11 |
| **7.** | Forfeiture of Shares | 11 |
| **8.** | Share Certificates | 12 |
| **9.** | Fractional Shares | 12 |
| **REGISTRATION OF SHARES** | **REGISTRATION OF SHARES** | **13** |
| **10.** | Register of Members | 13 |
| **11.** | Registered Holder Absolute Owner | 13 |
| **12.** | Transfer of Registered Shares | 13 |
| **13.** | Restrictions on Transfers | 14 |
| **14.** | Right of First Refusal | 15 |
| **15.** | Drag Along Right | 16 |
| **16.** | Tag Along Rights | 18 |
| **17.** | Event of Default | 19 |
| **18.** | Transmission of Registered Shares | 20 |
| **19.** | Listed Shares | 21 |
| **ALTERATION OF SHARE CAPITAL** | **ALTERATION OF SHARE CAPITAL** | **21** |
| **20.** | Power to Alter Capital | 21 |
| **21.** | Variation of Rights Attaching to Shares | 22 |
| **DIVIDENDS AND CAPITALISATION** | **DIVIDENDS AND CAPITALISATION** | **22** |
| **22.** | Dividends | 22 |
| **23.** | Power to Set Aside Profits | 22 |
| **24.** | Method of Payment | 23 |
| **25.** | Capitalisation | 23 |
| **MEETINGS OF SHAREHOLDERS** | **MEETINGS OF SHAREHOLDERS** | **23** |
| **26.** | Annual General Meetings | 23 |
| **27.** | Extraordinary General Meetings | 23 |
| **28.** | Requisitioned General Meetings | 23 |
| **29.** | Notice | 23 |
| **30.** | Giving Notice and Access | 24 |
| **31.** | Postponement of General Meeting | 24 |
| **32.** | Electronic Participation in Meetings | 25 |
| **33.** | Quorum at General Meetings | 25 |
| **34.** | Chairman to Preside | 25 |
| **35.** | Voting on Resolutions | 25 |
| **36.** | Power to Demand a Vote on a Poll | 25 |
| **37.** | Voting by Joint Holders of Shares | 26 |
| **38.** | Instrument of Proxy | 26 |
| **39.** | Representation of Corporate Shareholder | 27 |
| **40.** | Adjournment of General Meeting | 27 |
| **41.** | Written Resolutions | 27 |
| **42.** | Directors Attendance at General Meetings | 27 |
| **Protective Provisions** | **Protective Provisions** | **27** |
| **43.** | Reserved Matters | 27 |
| **DIRECTORS AND OFFICERS** | **DIRECTORS AND OFFICERS** | **29** |
| **44.** | Composition of the Board | 29 |
| **45.** | Chairman | 29 |
| **46.** | Election And Removal of Directors | 29 |

---

---

| | | |
|:---|:---|:---|
| **47.** | Term of Office of Directors | 30 |
| **48.** | Alternate Directors | 30 |
| **49.** | Vacancy in the Office of Director | 31 |
| **50.** | Remuneration of Directors | 31 |
| **51.** | Defect in Appointment | 31 |
| **52.** | Directors to Manage Business | 31 |
| **53.** | Powers of the Board of Directors | 31 |
| **54.** | Register of Directors and Officers | 33 |
| **55.** | Officers | 33 |
| **56.** | Appointment of Officers | 33 |
| **57.** | Duties of Officers | 33 |
| **58.** | Remuneration of Officers | 33 |
| **59.** | Conflicts of Interest | 33 |
| **60.** | Indemnification and Exculpation of Directors and Officers | 34 |
| **MEETINGS OF THE BOARD OF DIRECTORS** | **MEETINGS OF THE BOARD OF DIRECTORS** | **34** |
| **61.** | Board Meetings | 34 |
| **62.** | Notice of Board Meetings | 35 |
| **63.** | Electronic Participation in Meetings | 35 |
| **64.** | Representation of Director | 35 |
| **65.** | Quorum at Board Meetings | 35 |
| **66.** | Board to Continue in the Event of Vacancy | 35 |
| **67.** | Chairman to Preside | 35 |
| **68.** | Written Resolutions | 36 |
| **69.** | Validity of Prior Acts of the Board | 36 |
| **CORPORATE RECORDS** | **CORPORATE RECORDS** | **36** |
| **70.** | Minutes | 36 |
| **71.** | Register of Mortgages and Charges | 36 |
| **72.** | Form and Use of Seal | 36 |
| **ACCOUNTS** | **ACCOUNTS** | **37** |
| **73.** | Books of Account | 37 |
| **74.** | Financial Year End | 37 |
| **AUDITS** | **AUDITS** | **37** |
| **75.** | Audit | 37 |
| **76.** | Appointment of Auditors | 37 |
| **77.** | Remuneration of Auditors | 37 |
| **78.** | Duties of Auditor | 38 |
| **79.** | Access to Records | 38 |
| **VOLUNTARY WINDING-UP AND DISSOLUTION** | **VOLUNTARY WINDING-UP AND DISSOLUTION** | **38** |
| **80.** | Winding-Up | 38 |
| **CHANGES TO CONSTITUTION** | **CHANGES TO CONSTITUTION** | **38** |
| **81.** | Changes to Articles | 38 |
| **82.** | Changes to the Memorandum of Association | 38 |
| **83.** | Discontinuance | 38 |
| **84.** | Mergers and Consolidations | 38 |

---

**PressLogic Inc.**

**THE COMPANIES ACT (REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**PressLogic Inc.**

(*adopted by way of special resolution passed on 24 September 2025*)

**Table A**

**The regulations in Table A in the First Schedule to the Act (as defined below) do not apply to the Company.**

**interpretation** 

**1.** **Definitions** 

1.1. In
 these Articles, the following words and expressions shall, where not inconsistent with the
 context, have the following meanings, respectively:

---

| | |
|:---|:---|
| **Act** | the Companies Act of the Cayman Islands; |
| **Acceptance Period** | shall have the meaning ascribed in Article 14.3; |
| **Accepting Shareholder** | shall have the meaning ascribed in Article 16.5; |
| **Adherence Deed** | shall have the meaning ascribed in Article 13.2; |
| **Admire Lead** | Admire Lead Limited, a company incorporated in the British Virgin Islands, the registered office of which is Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands; |
| **Affiliate** | shall mean, with respect to any specified Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified Person and (a) in the case of a natural Person, shall include, without limitation, such Person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, any company in the equity capital of which he/she, his/her family interests taken together are directly or indirectly interested so as to exercise or control the exercise of ten per cent (10%) or more of the voting power at general meetings, or to control the composition of a majority of the board of directors and any other company which is its subsidiary or holding company or a fellow subsidiary of any such holding company; (b) in the case of a company or corporation, any other Person which is controlled by or under common control with, such company or corporation. "**Control**" (including with correlative meanings, the terms "**controlling**", "**controlled by**", and "**under common control with**") as applied to any Person hereunder, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through ownership of voting securities, by contract or otherwise; |

---

**PressLogic Inc.**

---

| | |
|:---|:---|
| **Affiliated Entities** | shall mean and include PressLogic HK, the Company Subsidiaries and any company or entity that is a subsidiary of any member of the Group or is controlled by any member of the Group through shareholding, board control, or loan, trust, license or any other commercial arrangement, and any future acquired or created Entities of which the Company, directly or indirectly, owns more than fifty per cent (50%) of the voting rights or which the Company, directly or indirectly, otherwise has the power to control; |
| **Alternate Director** | an alternate director appointed in accordance with these Articles; |
| **Annual Budget** | shall have the meaning ascribed in Article 53(b); |
| **Articles** | these Articles of Association as altered from time to time; |
| **Auditor** | the person or firm for the time being appointed as Auditor of the Company and shall include an individual or partnership; |
| **Avas** | Chay Kai Seng Avas, holder of [\*\*\*\*] No.: [\*\*\*\*] of [\*\*\*\*]; |
| **Board** | the board of directors (including, for the avoidance of doubt, a sole director) appointed or elected pursuant to these Articles and acting at a meeting of directors at which there is a quorum or by written resolution in accordance with these Articles; |
| **Business Day** | shall mean any day other than a Saturday or Sunday or public holiday or other day on which commercial banks are required or authorized by local law to be closed in the PRC, British Virgin Islands or Hong Kong; |
| **Business Direction** | shall mean the business directions of the Group as adopted by the Board as from time to time; |
| **Chairman** | shall have the meaning ascribed in Article 45.1; |
| **Change of Control** | shall include (a) any direct or indirect sale or transfer of the business or substantially all of the assets comprising the business of the Company; or (b) any change in the entity ownership occurring when any Person or company, directly or indirectly, becomes the beneficial owner of voting equity shares of the Company (to the extent of more than 50% of the voting shares) or the rights to acquire such shares; |
| **Choco Up** | Choco Up Holdings Limited, a company incorporated in the British Virgin Islands (Company Number: 2049187), the correspondence address of which is OMC Chambers, Wickham Cay1, Road Town, Tortola British Virgin Islands; |
| **Company** | the company for which these Articles are approved and confirmed; |
| **Company Subsidiaries** | shall mean each direct and indirect wholly owned subsidiary of the Company from time to time; |
| **Connected Person(s)** | shall have the meaning ascribed to it under the Listing Rules; |
| **Davy** | Cheung Tsz Kin Davy, holder of [\*\*\*\*] No.: [\*\*\*\*], of [\*\*\*\*]; |
| **DA Purchaser** | shall have the meaning ascribed in Article 15.1; |
| **DA Shares** | shall have the meaning ascribed in Article 15.1; |
| **DA Shareholders** | shall have the meaning ascribed in Article 15.1; |

---

**PressLogic Inc.**

---

| | |
|:---|:---|
| **Defaulting Shareholder** | shall have the meaning ascribed in Article 17.1; |
| **Director** | a director, including a sole director, for the time being of the Company and shall include an Alternate Director; |
| **Drag Along Notice** | shall have the meaning ascribed in Article 15.2; |
| **Dragged Shares** | shall have the meaning ascribed in Article 15.1; |
| **Edward** | Chow Wing Yin, holder of [\*\*\*\*] No.: [\*\*\*\*], of [\*\*\*\*]; |
| **Entity** | shall mean any corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, cooperative, foundation, society, political party, union, company (including any limited liability company or joint stock company), firm or other enterprise, association, organization or entity; |
| **ESOP** | the share option scheme to be adopted by the Company, as amended from time to time |
| **Event of Default** | shall have the meaning ascribed in Article 17.2; |
| **Excess Securities** | shall have the meaning ascribed in Article 4.6(a); |
| **Founders** | Ryan and Edward, and each a "**Founder**" |
| **Founders' Representative** | shall have the meaning ascribed in Article 44.1; |
| **Fully Participating Shareholder** | shall have the meaning ascribed in Article 4.6(a); |
| **General Quorum** | shall have the meaning ascribed in Article 65; |
| **Group** | shall mean the Company and the Affiliated Entities; |
| **Hatching Venture** | Hatching Venture Limited, a company incorporated in Hong Kong (company number: 3060577), the correspondence address of which is Room 1606, 16th floor, China Insurance Group Building, 139-141 Des Voeux Road Central, Hong Kong; |
| **Hong Kong** | means the Hong Kong Special Administrative Region of PRC; |
| **Igniting Capital** | Igniting Capital Alpha Limited, a company incorporated in the British Virgin Islands (company number: 2079448), the correspondence address of which is Coastal Building, Wickham's Cay II, P. O. Box 2221, Road Town, Tortola, VG1110, British Virgin Islands; |
| **Independent Auditor** | shall have the meaning ascribed in Article 4.2(b); |
| **Intellectual Property Rights** | means any and all trade and service marks, patents, copyrights, design rights, (whether registered or not and all applications for any of the foregoing), database rights and rights in know-how, confidential information and inventions and other intellectual property rights of a similar or corresponding character whensoever and howsoever arising for the full term thereof and all renewals and extensions thereof which may now or in the future subsist in Hong Kong and/or all other countries in the world; |

---

**PressLogic Inc.**

---

| | |
|:---|:---|
| **Interested Director** | shall have the meaning ascribed in Article 59.2; |
| **Investors** | Vision Aim, Marcus, Joseph, Davy, Avas, Kenny, Percy, Silver Joyce, Top Shine, Jonathan, Wooden Presslogic, Sy, Hatching Venture, Igniting Capital, Triple Way, Meitu, Primus Polykov, Choco Up, STP and Yan and each an "**Investor**" |
| **IPO** | shall have the meaning ascribed in Article 43.2; |
| **Issuance Period** | shall have the meaning ascribed in Article 4.6(c); |
| **Issuance Securities** | shall have the meaning ascribed in Article 4.4; |
| **Jonathan** | Lin Hou Pu Jonathan, holder of [\*\*\*\*] No.: [\*\*\*\*] of [\*\*\*\*]; |
| **Joseph** | Mirpuri Joseph Gul, holder of [\*\*\*\*] No.: [\*\*\*\*], of [\*\*\*\*]; |
| **Kenny** | Lam Kwok Fung Kenny, holder of [\*\*\*\*] No.: [\*\*\*\*] of [\*\*\*\*]; |
| **Listing Rules** | shall mean the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; |
| **PRC** | shall mean the People's Republic of China, with the exclusion of Hong Kong, Macau Special Administrative Region and Taiwan; |
| **Participants** | shall mean (i) any director, chief executive, employee, officer, consultant or advisor (whether full-time or part-time) of any member of the Group; (ii) any discretionary objects of a discretionary trust established by any director, chief executive, employee, officer, consultant or advisor (whether full time or part time) of any member of the Group; and (iii) a company beneficially owned by any director, chief executive, employee, officer, consultant, advisor (whether full time or part time) of any member of the Group, provided that the Board may at its sole and absolute discretion determine whether or not one falls within the above categories; |
| **Parties** | the Company, the Founders and the Investors and each a "**Party**"; |
| **Percy** | Hung Percy, holder of [\*\*\*\*] No.: [\*\*\*\*] of [\*\*\*\*]; |
| **Person** | shall mean any individual or Entity; |
| **Preemptive Acceptance Notice** | shall have the meaning ascribed in Article 4.6(a); |
| **Preemptive Acceptance Period** | shall have the meaning ascribed in Article 4.6(a); |
| **Preemptive Offer** | shall have the meaning ascribed in Article 4.5(b); |
| **Preemptive Offer Notice** | shall have the meaning ascribed in Article 4.5(a); |
| **PressLogic HK** | PressLogic Limited, a company limited by share capital and incorporated in Hong Kong and a wholly owned subsidiary of the Company; |
| **Primus Polyakov** | Primus Polyakov Limited, a company incorporated in Hong Kong (Company Number: 74252750), the correspondence address of which is 5/F, Building 5E, 5 Science Park East Avenue, Science Park, Sha Tin, Hong Kong |

---

**PressLogic Inc.**

---

| | |
|:---|:---|
| **Proposed Issuance** | shall have the meaning ascribed in Article 4.5(a); |
| **Proposed Recipient** | shall have the meaning ascribed in Article 4.4; |
| **Proposed Tag Along Transfer** | shall have the meaning ascribed in Article 16.1; |
| **Purchaser** | shall have the meaning ascribed in Article 14.4; |
| **Marcus** | Li Chi Fai, holder of [\*\*\*\*] No.: [\*\*\*\*], of [\*\*\*\*]; |
| **Meitu** | Meitu Investment Ltd, a company incorporated in the British Virgin Islands (Company Number: 1860733) with correspondence address at Room 8106B, Level 81, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.<br>|
| **Meitu's Representative** | shall have the meaning ascribed in Article 44.1; |
| **month** | calendar month; |
| **Non-defaulting Shareholder** | shall have the meaning ascribed in Article 17.1; |
| **notice** | written notice as further provided in these Articles unless otherwise specifically stated; |
| **Offer** | shall have the meaning ascribed in Article 16.2; |
| **Offer Period** | shall have the meaning ascribed in Article 16.3; |
| **Officer** | any person appointed by the Board to hold an office in the Company; |
| **ordinary resolution** | a resolution passed at a general meeting (or, if so specified, a meeting of Shareholders holding a class of shares) of the Company by a simple majority of the votes cast, or a written resolution passed by the unanimous consent of all Shareholders entitled to vote; |
| **paid-up** | paid-up or credited as paid-up; |
| **Proposed Purchaser** | shall have the meaning ascribed in Article 14.1(b); |
| **Proposed Transferor** | shall have the meaning ascribed in Article 14.1; |
| **Proposed Transfer Price** | shall have the meaning ascribed in Article 14.1(b); |
| **Qualifying Awardee** | shall have the meaning ascribed in Article 14.1; |
| **Register of Directors and Officers** | the register of directors and officers referred to in these Articles; |
| **Register of Members** | the register of members maintained by the Company in accordance with the Act; |
| **Ryan** | Cheung Ho Chak Ryan, holder of [\*\*\*\*] No.: [\*\*\*\*], of [\*\*\*\*]; |
| **Seal** | the common seal or any official or duplicate seal of the Company; |

---

**PressLogic Inc.**

---

| | |
|:---|:---|
| **Secretary** | the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary; |
| **share** | includes a fraction of a share; |
| **Shareholder** | the person registered in the Register of Members as the holder of shares in the Company and, when two or more persons are so registered as joint holders of shares, means the person whose name stands first in the Register of Members as one of such joint holders or all of such persons, as the context so requires; |
| **Shareholders Agreement** | The shareholders' agreement dated on or around the date of these Articles entered into between the Company, the Founders and the Investors; |
| **Silver Joyce** | Silver Joyce International Limited, a company incorporated in the British Virgin Islands (company number: 1722137), the registered office of which is 3rd Floor, J & C Building, Road Town, Tortola, British Virgin Islands, VG1110; |

---

---

| | | |
|:---|:---|:---|
| **Special Resolution** | (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution passed by a majority of at least two-thirds of such members as, being entitled to do so, vote in person or by proxy at a general meeting of which notice specifying the intention to propose a resolution as a special resolution has been duly given (and for the avoidance of doubt, unanimity qualifies as a majority); or<br>|
|  | (ii) | a written resolution passed by unanimous consent of all Members entitled to vote; |

---

---

| | |
|:---|:---|
| **STP** | STP Asset (Elite) Holding Limited, a company incorporated in the British Virgin Islands (Company Number: 73920998), the correspondence address of which is 5/F, Building 5E, 5 Science Park East Avenue, Science Park, Sha Tin, Hong Kong; |
| **subsidiary** | shall have the meaning ascribed to it in section 2 of the Companies Ordinance (Chapter 622 of the laws of Hong Kong) and "subsidiaries" shall be construed accordingly; |
| **Sy** | Sy Ming Fai, holder of [\*\*\*\*] No.: [\*\*\*\*] of [\*\*\*\*]; |
| **System** | means the apparatus/ process/ equipment/ software utilised or adopted by the Company for the purpose of carrying on its business; |
| **Top Shine** | Top Shine Limited, a company incorporated in the British Virgin Islands (company number: 1020898), the registered office of which is P.O. Box 933, 2nd Floor, Abbott Bldg., Road Town, Tortola, British Virgin Islands; |
| **Transfer Notice** | shall have the meaning ascribed in Article 14.1; |
| **Transfer Shares** | shall have the meaning ascribed in Article 14.1(a) ; |
| **Triple Way** | Triple Way Investments Limited, a company incorporated in Hong Kong (company number: 2031313), the correspondence address of which is Room 1115, 11/F, Wing On Plaza, 62 Mody Road, Tsim Sha Tsui, Kowloon, Hong Kong; |

---

**PressLogic Inc.**

---

| | |
|:---|:---|
| **Vision Aim** | Vision Aim Investments Limited a company incorporated in the British Virgin Islands (Company Number: 2039058), the registered office of which is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands; |
| **written resolution** | a resolution passed in accordance with Article 36 or 62; and |
| **Wooden Presslogic** | Wooden Presslogic Limited, a company incorporated in the British Virgin Islands (company number: 2055800), the correspondence address of which is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands; |
| **Yan** | Yan Man Kwong, holder of [\*\*\*\*] No.: [\*\*\*\*], of [\*\*\*\*]; |
| **year** | calendar year. |

---

1.2. In
 these Articles, where not inconsistent with the context:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 denoting the plural number include the singular number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 denoting the masculine gender include the feminine and neuter genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include companies, associations or bodies of persons whether corporate
 or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 words:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may"
 shall be construed as permissive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 reference to statutory provision shall be deemed to include any amendment or re-enactment
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 word "corporation" means corporation whether or not a company within the meaning
 of the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless
 otherwise provided herein, words or expressions defined in the Act shall bear the same meaning
 in these Articles.

1.3. In
 these Articles expressions referring to writing or its cognates shall, unless the contrary
 intention appears, include facsimile, printing, lithography, photography, electronic mail
 and other modes of representing words in visible form.

1.4. Headings
 used in these Articles are for convenience only and are not to be used or relied upon in
 the construction hereof.

**SHARES**

**2.** **Power to Issue Shares** 

Subject to these Articles and to any resolution of the Shareholders to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Board shall have the power to issue any unissued shares on such terms and conditions as it may determine and any shares or class of shares (including the issue or grant of options, warrants and other rights, renounceable or otherwise in respect of shares) may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital, or otherwise, provided that no share shall be issued at a discount except in accordance with the Act.

**3.** **Redemption, Purchase, Surrender and Treasury Shares** 

3.1. Subject
 to the Act, the Company is authorised to issue shares which are to be redeemed or are liable
 to be redeemed at the option of the Company or a Shareholder and may make payments in respect
 of such redemption in accordance with the Act.

**PressLogic Inc.**

3.2. The
 Company is authorised to purchase any share in the Company (including a redeemable share)
 by agreement with the holder and may make payments in respect of such purchase in accordance
 with the Act.

3.3. The
 Company authorises the Board to determine the manner or any of the terms of any redemption
 or purchase.

3.4. A
 delay in payment of the redemption price shall not affect the redemption but, in the case
 of a delay of more than thirty days, interest shall be paid for the period from the due date
 until actual payment at a rate which the Board, after due enquiry, estimates to be representative
 of the rates being offered by Class A banks in the Cayman Islands for thirty day deposits
 in the same currency.

3.5. The
 Company authorises the Board pursuant to section 37(5) of the Act to make a payment in respect
 of the redemption or purchase of its own shares otherwise than out of its profits, share
 premium account, or the proceeds of a fresh issue of shares.

3.6. No
 share may be redeemed or purchased unless it is fully paid-up.

3.7. The
 Company may accept the surrender for no consideration of any fully paid share (including
 a redeemable share) unless, as a result of the surrender, there would no longer be any issued
 shares of the company other than shares held as treasury shares.

3.8. The
 Company is authorised to hold treasury shares in accordance with the Act.

3.9. The
 Board may designate as treasury shares any of its shares that it purchases or redeems, or
 any shares surrendered to it, in accordance with the Act.

3.10. Shares
 held by the Company as treasury shares shall continue to be classified as treasury shares
 until such shares are either cancelled or transferred in accordance with the Act.

**PressLogic Inc.**

**4.** **Rights Attaching to Shares** 

4.1. Subject
 to Article 2, the Memorandum of Association and any resolution of the Shareholders to the
 contrary and without prejudice to any special rights conferred thereby on the holders of
 any other shares or class of shares, the share capital of the Company shall be divided into
 shares of a single class the holders of which shall, subject to these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the event of a winding-up or dissolution of the Company, whether voluntary or involuntary
 or for the purpose of a reorganisation or otherwise or upon any distribution of capital,
 be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally
 be entitled to enjoy all of the rights attaching to shares.

4.2. <u>Financial Reports</u>. The Company shall provide to each Shareholder who owns more than ten per cent
 (10%) of the issued share capital of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) audited
 consolidated annual financial statements of the Group within ninety (90) days after the end
 of each financial year, audited by an Independent Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unaudited
 consolidated quarterly financial statements of the Group within forty-five (45) days after
 the end of each fiscal quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unaudited
 consolidated monthly management accounts of the Group within thirty (30) days after the end
 of each month.

All financial statements delivered by the Company pursuant to this Article 4.2(b) shall be prepared in accordance with IFRS and should be accompanied by a report and opinion thereon by an independent registered public accounting firm being one of the international accounting firms (the "**Independent Auditor**").

4.3. <u>Financial Records</u>. The Company shall allow each Shareholder who owns more than ten per cent (10%)
 of the issued share capital of the Company and its authorized representatives the right during
 normal business hours to inspect the books and accounting records of the Group, to make extracts
 and copies therefrom at its own expense and to have full access to all of the Company's
 and the Group's property and assets. Each Shareholder shall have access, at all reasonable
 times during normal business hours and with prior written notice, to the facilities and financial
 books and records of any member of the Group and the right to discuss the business, operations
 and conditions of the Group with the directors, officers, employees, accountants, legal counsels,
 investment bankers and other advisors of the relevant member of the Group.

*<u>Pre-Emptive Rights</u>*

 

4.4. <u>Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall not issue any securities (including any equity securities or any debt or other
 securities of any kind) of any type or class ()"**Issuance Securities**") to
 any Person (the "**Proposed Recipient**") unless the Company has offered each
 Shareholder the right to purchase such holder's pro rata share of such Issuance Securities
 for a per unit consideration, payable solely in cash, equal to the per unit consideration
 to be paid by the Proposed Recipient and otherwise on the same terms and conditions as are
 offered to the Proposed Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article 4.4, an Shareholder's pro rata share of Issuance Securities
 at any time shall be calculated as the product of (i) the number of Issuance Securities and
 (ii) a fraction, the numerator of which is the total amount of Shares owned by such Shareholder
 at such time, and the denominator of which is the total amount of Shares owned by all Shareholders
 at such time, in each case (for both the numerator and the denominator) on a fully diluted
 basis (but excluding any unexercised options).

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 restrictions set out in Article 4.4(a) shall not apply to (i) any issuance of Shares upon
 the conversion, exercise or exchange of options, warrants or convertible securities issued
 after the date of the Shareholders Agreement in accordance with the terms hereof, (ii) issuance
 of Shares in an initial public offering approved by the Board in accordance with the Shareholders
 Agreement, and (iii) issuance of equity securities as consideration in connection with a
 bona fide business acquisition by the Company, whether by merger, consolidation, amalgamation
 or other business combination transaction, joint venture, sale or exchange of securities
 or other similar transaction involving the Company or a member of the Group, as approved
 by the Board.

4.5. <u>Pre-emptive Offer Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 less than twenty (20) days before a proposed issuance of securities other than in connection
 with an issuance permitted under Article 4.4(c) (a "**Proposed Issuance** "),
 the Company shall deliver to each Shareholder a written notice (a "**Preemptive Offer Notice**") which shall set forth (i) the number, type and terms of such Issuance
 Securities, (ii) the consideration to be received by the Company in connection with the Proposed
 Issuance and (iii) a summary of any other material terms and conditions of the Proposed Issuance,
 including the name of the Proposed Recipient and the proposed issuance date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall, by delivering the Preemptive Offer Notice, offer each Shareholder the option
 to acquire all or any portion of its pro rata share of the Issuance Securities (the "**Preemptive Offer** "). Such Preemptive Offer Notice shall also be accompanied by any written
 offer, if any, from the Proposed Recipient to purchase such Issuance Securities. The Preemptive
 Offer shall remain open and irrevocable for the periods set forth below (and, to the extent
 the Preemptive Offer is accepted during such periods, until the consummation of the issuance
 contemplated by the Preemptive Offer).

4.6. <u>Exercise of Pre-emptive Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Shareholder shall have the right and option, for a period of fifteen (15) days after delivery
 of the Preemptive Offer Notice (the "**Preemptive Acceptance Period** "), to
 elect to purchase all or any portion of its pro rata share of the Issuance Securities (and
 any of its Affiliates' pro rata share of the Issuance Securities not purchased by such
 Affiliates) at the purchase price and on the terms and conditions stated in the Preemptive
 Offer Notice. Each Shareholder may accept the Preemptive Offer by delivering a written notice
 (the "**Preemptive Acceptance Notice**") to the Company within the Preemptive
 Acceptance Period specifying the maximum number of Issuance Securities such Shareholder will
 purchase. If any Shareholder does not exercise its preemptive rights under this Article 4.6
 or elects to exercise such rights with respect to less than its full pro rata share of the
 Issuance Securities, any Shareholder that has elected to exercise its preemptive rights with
 respect to its full pro rata share of the Issuance Securities (a "**Fully Participating Shareholder**") shall be entitled to purchase from the Company an additional number
 of Issuance Securities equal to the product of (x) the aggregate number of Excess Securities
 (defined below) and (y) a fraction, the numerator of which is the total number of Shares
 owned by such Fully Participating Shareholder on the date of the Preemptive Offer Notice,
 and the denominator of which is the total number of Shares owned by all Fully Participating
 Shareholders that elect to purchase Excess Securities, in each case (for both the numerator
 and the denominator) on a fully diluted basis.

For the purposes of this Article 4.6, "**Excess Securities**" means the aggregate number of Issuance Securities equal to (i) the number of Issuance Securities represented by each Shareholder's pro rata share minus (ii) the number of Issuance Securities for which such Shareholder exercised its preemptive rights as specified in the Preemptive Acceptance Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 sales of Issuance Securities to the Shareholders pursuant to any Preemptive Offer Notice
 shall be consummated contemporaneously at the offices of the Company on a mutually satisfactory
 Business Day within twenty (20) Business Days after the expiration of the Preemptive Acceptance
 Period. The delivery of certificates or other instruments (including an extract of the Company's
 updated register of members), if any, evidencing such Issuance Securities shall be made by
 the Company or such other member of the Group, as applicable, on such date against payment
 of the purchase price for such Issuance Securities.

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 any Issuance Securities set forth in the Preemptive Offer Notice remain unpurchased or unsubscribed
 for after the Shareholders have either exercised or waived their rights under this Article
 4.6, then the Company may issue all or any portion of such Issuance Securities so offered
 and not purchased or subscribed for, at a price not less than the purchase price and on terms
 and conditions not more favorable to the Proposed Recipient than the purchase price and terms
 and conditions stated in the Preemptive Offer Notice at any time within sixty (60) days after
 the expiration of the Preemptive Acceptance Period (the "**Issuance Period** "); <u>provided</u>, that in connection with and as a condition to such issuance (solely in the
 case of any issuance of Shares), each purchaser or recipient of such Shares who is not then
 a Party to the Shareholders Agreement shall execute and deliver to the Company an Adherence
 Deed; <u>provided</u>, further, that if such issuance is subject to any regulatory approval
 applicable to any Shareholder, the Issuance Period shall be extended until the expiration
 of the fifth (5th) Business Day following the receipt of all such regulatory approvals, but
 in no event later than one hundred and eighty (180) days following the expiration of the
 Preemptive Acceptance Period. In the event that all of the Issuance Securities is not so
 issued during the Issuance Period, the right of the Company to issue such unsold Issuance
 Securities shall expire and the obligations of Article 4.4 to 4.6 shall be reinstated and
 such Shares shall not be offered unless first reoffered to the Shareholders in accordance
 with Article 4.4 to 4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 Shareholder that fails to deliver a Preemptive Acceptance Notice in accordance with Article
 4.6(a) shall be deemed to have irrevocably waived any and all rights under Article 4.4 to
 4.6 with respect to a Preemptive Offer (but not with respect to any future Preemptive Offers).
 Any issuance and sale of Shares by the Company without first giving the Shareholders the
 rights described in Article 4.4 to 4.6 shall be void ab initio and of no force and effect.

**5.** **Calls on Shares** 

5.1. The
 Board may make such calls as it thinks fit upon the Shareholders in respect of any monies
 (whether in respect of nominal value or premium) unpaid on the shares allotted to or held
 by such Shareholders and, if a call is not paid on or before the day appointed for payment
 thereof, the Shareholder may at the discretion of the Board be liable to pay the Company
 interest on the amount of such call at such rate as the Board may determine, from the date
 when such call was payable up to the actual date of payment. The Board may differentiate
 between the holders as to the amount of calls to be paid and the times of payment of such
 calls.

5.2. The
 Company may accept from any Shareholder the whole or a part of the amount remaining unpaid
 on any shares held by him, although no part of that amount has been called up.

5.3. The
 terms of any issue of shares may include different provisions with respect to different Shareholders
 in the amounts and times of payments of calls on their shares.

**6.** **Joint and Several Liability to Pay Calls** 

The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

**7.** **Forfeiture of Shares** 

7.1. If
 any Shareholder fails to pay, on the day appointed for payment thereof, any call in respect
 of any share allotted to or held by such Shareholder, the Board may, at any time thereafter
 during such time as the call remains unpaid, direct the Secretary to forward such Shareholder
 a notice in writing in the form, or as near thereto as circumstances admit, of the following:

Notice of Liability to Forfeiture for Non-Payment of Call

**PressLogic Inc.** (the "Company")

You have failed to pay the call of [amount of call] made on [date], in respect of the [number] share(s) [number in figures] standing in your name in the Register of Members of the Company, on [date], the day appointed for payment of such call. You are hereby notified that unless you pay such call together with interest thereon at the rate of [ ] per annum computed from the said [date] at the registered office of the Company the share(s) will be liable to be forfeited.

**PressLogic Inc.**

Dated this [date]

______________________________________

[Signature of Secretary] By Order of the Board

7.2. If
 the requirements of such notice are not complied with, any such share may at any time thereafter
 before the payment of such call and the interest due in respect thereof be forfeited by a
 resolution of the Board to that effect, and such share shall thereupon become the property
 of the Company and may be disposed of as the Board shall determine. Without limiting the
 generality of the foregoing, the disposal may take place by sale, repurchase, redemption
 or any other method of disposal permitted by and consistent with these Articles and the Act.

7.3. A
 Shareholder whose share or shares have been so forfeited shall, notwithstanding such forfeiture,
 be liable to pay to the Company all calls owing on such share or shares at the time of the
 forfeiture, together with all interest due thereon and any costs and expenses incurred by
 the Company in connection therewith.

7.4. The
 Board may accept the surrender of any shares which it is in a position to forfeit on such
 terms and conditions as may be agreed. Subject to those terms and conditions, a surrendered
 share shall be treated as if it had been forfeited.

**8.** **Share Certificates** 

8.1. Every
 Shareholder shall be entitled to a certificate under the common seal (if any) or a facsimile
 thereof of the Company or bearing the signature (or a facsimile thereof) of a Director or
 the Secretary or a person expressly authorised to sign specifying the number and, where appropriate,
 the class of shares held by such Shareholder and whether the same are fully paid up and,
 if not, specifying the amount paid on such shares. The Board may by resolution determine,
 either generally or in a particular case, that any or all signatures on certificates may
 be printed thereon or affixed by mechanical means.

8.2. If
 any share certificate shall be proved to the satisfaction of the Board to have been worn
 out, lost, mislaid, or destroyed the Board may cause a new certificate to be issued and request
 an indemnity for the lost certificate if it sees fit.

8.3. Share
 certificates may not be issued in bearer form.

8.4. So
 long as the Shareholders Agreement remains in effect, each certificate representing Shares
 shall be stamped or otherwise imprinted with a legend (in addition to any legend required
 under applicable laws) substantially similar to the following:

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS' AGREEMENT BY AND AMONG THE HOLDER HEREOF, THE COMPANY AND CERTAIN OTHER SHAREHOLDERS OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY UPON PRODUCTION OF THE PROPOSED DOCUMENTATION WITH RESPECT TO THE INTENDED SALE, PLEDGE, HYPOTHECATION OR TRANSFER.

**9.** **Fractional Shares** 

The Company may issue its shares in fractional denominations and deal with such fractions to the same extent as its whole shares and shares in fractional denominations shall have in proportion to the respective fractions represented thereby all of the rights of whole shares including (but without limiting the generality of the foregoing) the right to vote, to receive dividends and distributions and to participate in a winding-up.

**PressLogic Inc.**

**REGISTRATION OF SHARES**

**10.** **Register of Members** 

10.1. The
 Board shall cause to be kept in one or more books a Register of Members which may be kept
 in or outside the Cayman Islands at such place as the Board shall appoint and shall enter
 therein the following particulars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name and address of each Shareholder, the number, and (where appropriate) the class of shares
 held by such Shareholder and the amount paid or agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the shares held by a Shareholder carry voting rights under the Articles and, if so, whether
 such voting rights are conditional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 date on which each person was entered in the Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 date on which any person ceased to be a Shareholder.

10.2. The
 Board may cause to be kept in any country or territory one or more branch registers of such
 category or categories of members as the Board may determine from time to time and any branch
 register shall be deemed to be part of the Company's Register of Members.

10.3. Any
 register maintained by the Company in respect of listed shares may be kept by recording the
 particulars set out in Article 10.1 in a form otherwise than legible if such recording otherwise
 complies with the laws applicable to and the rules and regulations of the relevant approved
 stock exchange.

**11.** **Registered Holder Absolute Owner** 

11.1. The
 Company shall be entitled to treat the registered holder of any share as the absolute owner
 thereof and accordingly shall not be bound to recognise any equitable claim or other claim
 to, or interest in, such share on the part of any other person.

11.2. No
 person shall be entitled to recognition by the Company as holding any share upon any trust
 and the Company shall not be bound by, or be compelled in any way to recognise, (even when
 having notice thereof) any equitable, contingent, future or partial interest in any share
 or any other right in respect of any share except an absolute right to the entirety of the
 share in the holder. If, notwithstanding this Article, notice of any trust is at the holder's
 request entered in the Register of Members or on a share certificate in respect of a share,
 then, except as aforesaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 notice shall be deemed to be solely for the holder's convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company shall not be required in any way to recognise any beneficiary, or the beneficiary,
 of the trust as having an interest in the share or shares concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company shall not be concerned with the trust in any way, as to the identity or powers of
 the trustees, the validity, purposes or terms of the trust, the question of whether anything
 done in relation to the shares may amount to a breach of trust or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 holder shall keep the Company fully indemnified against any liability or expense which may
 be incurred or suffered as a direct or indirect consequence of the Company entering notice
 of the trust in the Register of Members or on a share certificate and continuing to recognise
 the holder as having an absolute right to the entirety of the share or shares concerned.

**12.** **Transfer of Registered Shares** 

12.1. An
 instrument of transfer shall be in writing in the form of the following, or as near thereto
 as circumstances admit, or in such other form as the Board may accept:

**PressLogic Inc.**

Transfer of a Share or Shares

**PressLogic Inc.** (the "Company")

FOR VALUE RECEIVED……………….. [amount] , I, [name of transferor] hereby sell, assign and transfer unto [transferee] of [address] , [number] shares of the Company.

DATED this [date]

---

| | |
|:---|:---|
| Signed by: | In the presence of: |
| Transferor | Witness |
| Transferee | Witness |

---

12.2. Such
 instrument of transfer shall be signed by (or in the case of a party that is a corporation,
 on behalf of) the transferor and transferee, provided that, in the case of a fully paid share,
 the Board may accept the instrument signed by or on behalf of the transferor alone. The transferor
 shall be deemed to remain the holder of such share until the same has been transferred to
 the transferee in the Register of Members.

12.3. The
 Board may refuse to recognise any instrument of transfer unless it is accompanied by the
 certificate in respect of the shares to which it relates and by such other evidence as the
 Board may reasonably require showing the right of the transferor to make the transfer.

12.4. The
 joint holders of any share may transfer such share to one or more of such joint holders,
 and the surviving holder or holders of any share previously held by them jointly with a deceased
 Shareholder may transfer any such share to the executors or administrators of such deceased
 Shareholder.

12.5. The
 Board may in its absolute discretion and without assigning any reason therefor refuse to
 register the transfer of a share. If the Board refuses to register a transfer of any share
 the Secretary shall, within three months after the date on which the transfer was lodged
 with the Company, send to the transferor and transferee notice of the refusal.

**13.** **Restrictions on Transfers** 

13.1. Subject
 to compliance with Articles 14, 15 and/or 16, no Shareholder shall sell, give, assign, hypothecate,
 pledge, encumber, grant a security interest in or otherwise dispose of, or suffer to exist
 (whether by operation of law or otherwise) any encumbrance on, any Shares or any right, title
 or interest therein or thereto (each, a "**Transfer** "), except as expressly
 permitted by this Article 13. Any attempt to Transfer any Shares in violation of the preceding
 sentence shall be null and void *ab initio*, and the Company shall not register any
 such Transfer.

13.2. Notwithstanding
 any other provision of the Shareholders Agreement, no Transfer may be made pursuant to this
 Article 13 unless and until (a) the transferee shall have agreed in writing to be bound by
 the terms of the Shareholders Agreement by duly executing an adherence deed substantially
 in the form attached to as <u>Exhibit A</u> to the Shareholders Agreement (the "**Adherence Deed** "), (b) such Transfer complies in all respects with the other applicable provisions
 of the Shareholders Agreement, and (c) such Transfer complies in all respects with applicable
 securities laws.

13.3. The
 following Transfers may be made without compliance with the provisions of Article 14 and
 Article 16:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Transfer as approved in writing by all the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Transfer in effecting the plan of initial public offering approved and recommended by the
 Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 sale of Shares on the public market in connection with or following an initial public offering
 approved by the Board, but subject to any lock-ups required by the rules of any stock exchange
 or underwriters; or

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 Transfer by a Shareholder to an entity which is wholly-owned by such Shareholder.

**14.** **Right of First Refusal** 

14.1. Save
 and except for Admire Lead transferring all or any part of the Shares held by it to an existing
 or former employee, consultant, advisor or officer of the Company and/or the Company Subsidiaries
 nominated and approved by the board of directors of Admire Lead (the "**Qualifying Awardee**") and subject to Article 15, in the event a Shareholder (the "**Proposed Transferor**") proposes to transfer all or any part of the Shares held by it, the
 Proposed Transferor shall give notice in writing ()"**Transfer Notice**") to
 the Board that it desires to transfer the same. In the Transfer Notice, the Proposed Transferor
 shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 number of the Shares which the Proposed Transferor wishes to transfer (the "**Transfer Shares** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 price at which the Proposed Transferor wishes to sell the Transfer Shares and the identity
 of any person (the "**Proposed Purchaser**") who has indicated a willingness
 to purchase the Transfer Shares at such price (the "**Proposed Transfer Price** ").

14.2. The
 Transfer Notice shall constitute the Company (by its Board) as the agent of the Proposed
 Transferor empowered to sell the Transfer Shares at the Proposed Transfer Price on the terms
 and conditions hereof. Once given a Transfer Notice may not be revoked save with the prior
 written consent of the Company.

14.3. Within
 seven (7) days after the actual receipt of a Transfer Notice by the Board, the Board shall
 serve a copy of that Transfer Notice on the Shareholders offering for the purchase at the
 Proposed Transfer Price by the Board to the Shareholders. Every such offer shall be made
 in writing and shall specify (a) the total number of the Transfer Shares; and (b) a period
 (being not less than 14 days and not more than 21 days) within which the offer can be accepted
 (the "**Acceptance Period**") or shall lapse, and shall be accompanied by
 a form of application for use by the Shareholders. Upon the expiry of the Acceptance Period,
 the Board shall allocate the Transfer Shares for the purchase by a Shareholder in the event
 of he/she has agreed to purchase the Transfer Shares or such lesser number of Transfer Shares
 for which he/she may have applied. In the event if there are more than one Shareholder for
 the purchase of the Transfer Shares, the Board shall allot the Transfer Shares to such Shareholder(s)
 on a pro rata basis according to their existing shareholding in the Company. In the event
 that the exercise of the right of first refusal by Meitu constitutes a major transaction
 or a very substantial acquisition or any other transaction that requires regulatory and/or
 the shareholders approval of Meitu's parent entity, Meitu, Inc., pursuant to the Listing
 Rules or any other securities laws or rules applicable to it, the end of the Acceptance Period
 mentioned above will be extended to the date of the regulatory approval or shareholders meeting
 held by Meitu's parent entity to seek such shareholder approval (whichever is later).
 For the avoidance of doubt, in the event that Meitu is not able to obtain the requisite approval
 from its shareholders and/or the relevant regulators (including, without limitation, The
 Stock Exchange of Hong Kong Limited or the Securities and Futures Commission of Hong Kong),
 any right of first refusal of Meitu under this section in respect of the particular transaction
 shall be deemed not exercised by Meitu.

14.4. If
 by the foregoing procedure the Board shall receive acceptances in respect of all the Transfer
 Shares by the Shareholders, the Board shall forthwith give written notice to the Proposed
 Transferor and to the Shareholder who has agreed to purchase the same (and if more than one
 Shareholders applying for the Transfer Shares, such Shareholder(s) for the allocation of
 Transfer Shares on a pro rata basis) (the "**Purchaser** "), and the Proposed
 Transferor shall thereupon become bound upon receiving the Proposed Transfer Price (whose
 receipt shall be a good discharge to the Purchaser, the Company and the Board therefor none
 of whom shall be bound to see the application thereof) to transfer to the Purchaser those
 Transfer Shares as accepted. Each such notice shall state the name and address of the Purchaser,
 the number of Transfer Shares agreed to be purchased by it or allocated by the Board (as
 the case may be) and the time appointed by the Board for the completion of the purchase (being
 not less than 7 days nor more than 28 days after the date of the said notice). Subject to
 the giving of such notice, the purchase shall be completed at the time appointed by the Board.

14.5. If
 by the foregoing procedure the Board shall receive acceptances in respect of none or part
 only of the Transfer Shares within the Acceptance Period, the Board shall forthwith give
 written notice of that fact to the Proposed Transferor, and the Proposed Transferor:

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 thereupon become bound upon payment of the transfer price to transfer to the Purchaser (if
 any) those Transfer Shares accepted by him/her and the provisions of Article 14.4 shall apply
 mutatis mutandis thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 within a period of 3 months after the date of the Board's said notice sell all or any
 of those Transfer Shares which have not been accepted as aforesaid to the Proposed Purchaser
 only at not less than the Transfer Price.

14.6. If
 the Proposed Transferor having become bound to transfer any Transfer Shares pursuant to this
 Article fails in transferring the same, the Board may authorize some person (who is as security
 for the performance of Proposed Transferor's obligations hereby irrevocably and unconditionally
 appointed as the attorney of Proposed Transferor for the purpose) to execute the necessary
 share transfer forms of such Transfer Shares and may deliver it on his behalf and the Company
 may receive the purchase money and shall thereupon (subject to such instrument being duly
 stamped) cause the transferee to be registered as the holder of such Transfer Shares and
 shall hold such purchase money on behalf of the Proposed Transferor. The Company shall not
 be bound to earn or pay interest on any money so hold and shall not pay such money to the
 Proposed Transferor until he or she shall have delivered his or her share certificates (or
 an appropriate indemnity in respect of any lost certificates) to the Company. The receipt
 of the Company for such purchase money shall be a good discharge to the transferee who shall
 not be bound to see to the application thereof, and after the name of the transferee has
 been entered in the register of Shareholders in purported exercise of the aforesaid power
 the validity of the proceedings shall not be questioned by any person.

14.7. Without
 prejudice to the generality of Article 14.1, the Board may require to be satisfied that any
 Shares being transferred by the Proposed Transferor pursuant to Article 14.5 are being transferred
 in pursuance of a bona fide sale for the consideration stated in the transfer to the Proposed
 Purchaser and if not so satisfied may refuse to register the share transfer forms.

14.8. An
 obligation to transfer Shares under the provisions of this Article 14 shall be deemed to
 be an obligation to transfer the entire legal and beneficial interest in such Shares free
 from and lien, charge or other encumbrance.

14.9. The
 Proposed Transferor shall procure that before the Proposed Purchaser is registered as a holder
 of any Shares, such person shall enter into an Adherence Deed covenanting with the Shareholders
 and the Company from time to time to observe, perform and be bound by all the terms of the
 Shareholders Agreement which are capable of applying to such person as if the person is Proposed
 Transferor. The Company shall not register any such person as the holder of any Shares until
 such a deed has been duly executed. Upon being so registered, that person shall be deemed
 to be a Party to the Shareholders Agreement as the Proposed Transferor with all necessary
 modifications.

14.10. The
 provisions of this Article 14 may be waived in whole or in part in any particular case with
 the prior written consent of the Shareholders.

14.11. Notwithstanding
 anything to the contrary contained in the Shareholders Agreement, the restrictions in this
 Article 14 shall not in any way restrict Admire Lead transferring all or any part of its
 Shares to any Qualifying Awardee(s) provided that such Qualifying Awardee(s) shall duly enter
 into an Adherence Deed covenanting with the Shareholders and the Company to observe, perform
 and be bound by all the terms of the Shareholders Agreement which are capable of applying
 to such person.

14.12. Notwithstanding
 anything to the contrary contained in the Shareholders Agreement, none of the Shareholders
 shall be permitted to transfer or dispose of any Shares or any interests in any Shares, to
 any person who is, in the reasonable opinion of the Board, a competitor of the Group or an
 affiliate of a competitor of the Group, and the Company shall not register any such transfer
 of Shares.

**15.** **Drag Along Right** 

15.1. Notwithstanding
 the restrictions in Article 14, if at any time the Founders (collectively, the "**DA Shareholders**") wishes to transfer all of their Shares (the "**DA Shares** ")
 to a bona fide arm's length purchaser who is not a Shareholder then (the "**DA Purchaser** "), the DA Shareholders may (but is not obliged to) require, subject to
 prior notification in writing to the Board, any or all of the other Shareholders (at DA Shareholders'
 election) to sell and transfer all his/her/its/their Shares (the "**Dragged Shares** ")
 to DA Purchaser (or as DA Purchaser directs) in accordance with the provisions of this Article
 15, <u>provided</u> that such transfer implies an equity valuation of the Company at HK$830,000,000
 or more.

**PressLogic Inc.**

15.2. DA
 Shareholders may exercise the option under Article 15.1 by giving written notice to that
 effect (the "**Drag Along Notice**") at any time before the transfer of the
 DA Shares to the DA Purchaser. The Drag Along Notice shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 any or all of the other Shareholders (at DA Shareholders' election) that is/are required
 to transfer all the Dragged Shares pursuant to this Article 15;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Person to whom the Dragged Shares are to be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 consideration payable for the Dragged Shares which shall, for each Dragged Share, be an amount
 at least equal to the price per Share offered by DA Purchaser for the DA Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 the case that the implied equity valuation of the Company is equal to HK$830,000,000, the
 consideration for the Dragged Shares shall be in cash. In the case that the implied equity
 valuation of the Company is higher than HK$830,000,000, the consideration for the Dragged
 Shares may be in a combination of cash and shares (or other species); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 proposed date of the transfer.

15.3. Once
 issued, a Drag Along Notice shall be irrevocable. However, a Drag Along Notice shall lapse
 if, for any reason, DA Shareholders have not sold the DA Shares to DA Purchaser within thirty
 (30) Business Days of serving the Drag Along Notice. DA Shareholders may serve further Drag
 Along Notices following the lapse of any particular Drag Along Notice. If the proposed price
 per Dragged Share is not agreed by all Shareholders, the Board shall appoint an independent
 valuer to certify a price representing the fair value for such price per Dragged Share, <u>provided</u> that such fair value as certified by the independent valuer shall also imply an equity valuation
 of the Company at HK$830,000,000 or more.

15.4. Within
 ten (10) Business Days of DA Shareholders serving a Drag Along Notice on the other Shareholder(s)
 (or, if the proposed price per Dragged Share is not agreed by all Shareholders, within ten
 (10) Business Days of certification of the price representing the fair value for such price
 per Dragged Share by the independent valuer appointed by the Board), the other Shareholder(s),
 as applicable, shall deliver duly executed share transfer forms for the Dragged Shares, together
 with the relevant share certificates (or a suitable indemnity for any lost share certificates)
 to the Company. The Company shall then pay the other Shareholder(s) as applicable, on behalf
 of DA Shareholders, the amounts they are due for their Shares pursuant to Article 15.2(c)
 (or, if applicable, pursuant to the price certified by the independent valuer appointed by
 the Board) to the extent that DA Purchaser has put the Company in the requisite funds. The
 Company's receipt for the price shall be a good discharge to DA Purchaser. The Company
 shall hold the amounts due to the other Shareholder(s), as applicable, pursuant to Article
 15.2(c) in trust for the other Shareholder(s), as applicable, without any obligation to pay
 interest.

15.5. To
 the extent that DA Purchaser has not put the Company in funds to pay the consideration due
 pursuant Article 15.2(c) (or, if applicable, pursuant to the price certified by the independent
 valuer appointed by the Board), the other Shareholder(s), as applicable, shall be entitled
 to the return of the share transfer forms and share certificates (or suitable indemnity)
 for the Dragged Shares and the other Shareholder(s), as applicable, shall have no further
 rights or obligations under this Article 15 in respect of its Shares.

15.6. If
 the other Shareholder(s), as applicable, does not, on completion of the sale of the Dragged
 Shares, execute transfer(s) in respect of all of the Dragged Shares, the other Shareholder(s)
 as applicable, shall be deemed to have irrevocably appointed any person nominated for the
 purpose by DA Shareholders to be its agent and attorney to execute all necessary transfer(s)
 on its behalf, against receipt by the Company (on trust for the other Shareholder(s), as
 applicable) of the consideration payable for the Dragged Shares, to deliver such transfer(s)
 to DA Purchaser (or as it may direct) as the holder thereof. After DA Purchaser (or its nominee)
 has been registered as the holder, the validity of such proceedings shall not be questioned
 by the other Shareholder(s), as applicable. Failure to produce a share certificate shall
 not impede the registration of shares under this Article 15.

**PressLogic Inc.**

15.7. In
 the event that the exercise of any drag along right on the Shares held by Meitu would constitute
 a major transaction or a very substantial disposal or any other transaction of Meitu that
 requires regulatory and/or the shareholders' approval of Meitu's parent entity,
 Meitu, Inc., pursuant to the Listing Rules or any other securities laws or rules applicable
 to it, no drag-along right under this Article 15 shall be exercisable by any Shareholder
 on the Shares held by Meitu unless Meitu, Inc. has obtained all applicable shareholders and/or
 regulatory approval as maybe required under the Listing Rules. Meitu irrevocably and unconditionally
 agree and undertake to other Parties that it shall (if applicable) proceed to convene a shareholders'
 meeting to seek all necessary shareholders' and/or regulatory approvals in accordance
 with the Listing Rules and/or other applicable laws and regulations in Hong Kong with regard
 to the transaction as soon as reasonably practicable upon receipt of the Drag Along Notice.

**16.** **Tag Along Rights** 

16.1. Save
 and except for Admire Lead transferring all or any part of the Shares held by it to a Qualifying
 Awardee, the remainder of this Article 16 shall apply to the Shares that the Proposed Transferor
 proposes to transfer which exceeds 5% of the issued share capital of the Company on any rolling
 12 months basis (the "**Proposed Tag Along Transfer** ").

16.2. To
 the extent that any Shareholder (other than the Proposed Transferor) does not exercise its
 right of first refusal pursuant to Article 14, before carrying out a Proposed Tag Along Transfer,
 the Proposed Transferor shall procure that the Proposed Purchaser makes an offer (the "**Offer** ")
 to each such Shareholder to purchase the same proportion of the Shares the Proposed Transferor
 proposes to transfer to the Proposed Purchaser in the Proposed Tag Along Transfer as is equal
 to the percentage of the total Shares such Shareholder holds in the Company for a consideration
 in cash per Share that is at least equal to the higher of the highest price per Share offered
 or paid by the Proposed Purchaser in the Proposed Tag Along Transfer.

16.3. The
 Offer shall be given by written notice, at least twenty (20) Business Days before the date
 of the carrying out of the Proposed Tag Along Transfer (the "**Offer Period** ").
 To the extent not described in any accompanying documents, the said notice shall set out,
 as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 identity of the Proposed Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 purchase price and other terms and conditions of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 proposed sale date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 number of Shares proposed to be purchased by the Proposed Purchaser.

In the event that the exercise of the tag along right by Meitu constitutes a major transaction or a very substantial acquisition or any other transaction that requires regulatory and/or the shareholders approval of Meitu's parent entity, Meitu, Inc., pursuant to the Listing Rules or any other securities laws or rules applicable to it, the Offer Period mentioned above will be extended to the date of the regulatory approval or shareholders meeting held by Meitu's parent entity to seek such shareholder approval (whichever is later). For the avoidance of doubt, in the event that Meitu is not able to obtain the requisite approval from its shareholders and/or the relevant regulators (including, without limitation, The Stock Exchange of Hong Kong Limited or the Securities and Futures Commission of Hong Kong), any tag along right of Meitu under this section in respect of the particular transaction shall be deemed not exercised by Meitu.

16.4. If
 the Proposed Purchaser fails to make the Offer to all Shareholders (other than the Proposed
 Transferor) in accordance with Article 16.2 and Article 16.3, the Proposed Transferor shall
 not be entitled to carry out the Proposed Tag Along Transfer (or any part thereof) and the
 Company shall not register any transfer of Shares effected in accordance with the Proposed
 Tag Along Transfer.

16.5. If
 the Offer is accepted by any Shareholder (the "**Accepting Shareholder** ")
 on or before the proposed date of the Proposed Tag Along Transfer, the carrying out of the
 Proposed Tag Along Transfer (or any part thereof) shall be conditional on the completion
 of the purchase of all such relevant Shares held by the Accepting Shareholders.

**PressLogic Inc.**

16.6. For
 the avoidance of doubt, the Proposed Tag Along Transfer is subject to the pre-emption provisions
 of Article 14, but the purchase of Shares from the Accepting Shareholders pursuant to this
 Article 16 shall not be subject to those provisions.

16.7. Notwithstanding
 anything to the contrary contained in the Shareholders Agreement, the restrictions in this
 Article 16 shall not in any way restrict Admire Lead from transferring all or any part of
 its Shares to any Qualifying Awardee(s) provided that such Qualifying Awardee(s) shall duly
 enter into an Adherence Deed covenanting with the Shareholders and the Company to observe,
 perform and be bound by all the terms of the Shareholders Agreement which are capable of
 applying to such person.

**17.** **Event of Default** 

17.1. If
 an Event of Default occurs in relation to a Shareholder (the "**Defaulting Shareholder** "),
 any other Shareholder (the "**Non-defaulting Shareholder**") may, at its option,
 while that Event of Default continues, provide written notice to the Defaulting Shareholder
 requiring that the Defaulting Shareholder offer all of its Shares in the Company to the Non-Defaulting
 Shareholder, in which case, the Defaulting Shareholder is deemed to have issued an irrevocable
 Transfer Notice in accordance with Article 14 for all of its Shares at a price to be determined
 by an independent valuer on the date that the written notice is received by the Defaulting
 Shareholder, and Article 14 (subject to any necessary modifications) will apply to such Shares
 of the Defaulting Shareholder (save that the costs of the independent valuer will be borne
 by the Defaulting Shareholder). The independent valuer shall be determined by the mutual
 agreement of the Defaulting Shareholder and the Non-defaulting Shareholder, failing which
 the Non-Defaulting Shareholder shall have the right to choose one of the top five accountants'
 firm in Hong Kong to act as the independent valuer. The Parties hereby agree to be bound
 by the valuation determined by the independent valuer.

17.2. The
 following constitute Events of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 a Shareholder commits a material breach of the Shareholders Agreement and that breach, if
 capable of remedy, is not rectified within thirty (30) days or such longer period as is reasonable
 after a written notice of that breach has been given to the Defaulting Shareholder requesting
 such breach be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a Shareholder is a company and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has
 an application, petition, commencement of proceedings presented against it (that is not discharged
 or withdrawn within thirty (30) days of its presentation), an order made, a resolution passed
 or a meeting summoned or convened for the purpose of considering a resolution for its liquidation
 (except for the purposes of bona fide reconstruction or amalgamation with the consent of
 the other Shareholders, whose consent not to be unreasonably withheld or delayed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has
 a receiver, or receiver and manager, appointed over its assets or undertaking or any material
 part of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) has
 any execution or other process of any Court or authority issued against or levied upon any
 of its material assets and that execution or process is not discharged or withdrawn within
 sixty (60) days of the date of issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has
 ceased to pay its debts or suspended payment generally or has ceased or threatened to cease
 to carry on its business or being unable to pay its debts within the meaning of section 178
 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) has
 an administrator, trustee, liquidator or provisional liquidator appointed for all or any
 material part of its assets or undertaking unless as part of a voluntary liquidation as part
 of a shareholder restructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) has
 entered into or resolved to enter into an arrangement, composition or compromise with or
 assignment for the benefit of its creditors generally or any class of creditors or proceedings
 are commenced to sanction such an arrangement, composition or compromise other than for the
 purposes of a bona fide scheme of solvent reconstruction or amalgamation; or

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) has
 a meeting of directors, shareholders or creditors convened, summoned or held for the purpose
 of considering or agreeing to any resolution for the liquidation or administration of the
 Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 Shareholder becomes insolvent or is adjudged bankrupt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 Shareholder being an individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 convicted of an offence of dishonesty or any other criminal offence resulting in a custodial
 sentence being imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 declared to be mentally incapacitated or mentally disordered (as both defined in the Mental
 Health Ordinance (Chapter 136 of the Laws of Hong Kong));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) becomes
 terminally ill (and for the purposes of this sub-clause a Shareholder will be regarded as
 being "terminally ill" if that Shareholder has an illness which a consulting
 physician has determined as being likely to result in death within 12 months or less);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) dies;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) suffers
 total permanent disablement (to the extent that the relevant Shareholder is no longer able
 to take a full and active part in the affairs of the Company).

17.3. In
 this Article 17, where any Shares are held by the trustees of a trust, a reference to a Shareholder
 shall include any person that is a principal beneficiary of that trust. On the happening
 of an Event of Default to such person, the trustees of the relevant trust shall be required
 to offer the Shares held by that trust and submit a transfer notice in accordance with Article
 17.1. This Article 17 shall not apply if the person who suffers an Event of Default is not
 a principal beneficiary of the relevant trust. The Board will have the power to conclusively
 determine if a person is a principal beneficiary of a trust, taking such advice as it considers
 necessary.

**18.** **Transmission of Registered Shares** 

18.1. In
 the case of the death of a Shareholder, the survivor or survivors where the deceased Shareholder
 was a joint holder, and the legal personal representatives of the deceased Shareholder where
 the deceased Shareholder was a sole holder, shall be the only persons recognised by the Company
 as having any title to the deceased Shareholder's interest in the shares. Nothing herein
 contained shall release the estate of a deceased joint holder from any liability in respect
 of any share which had been jointly held by such deceased Shareholder with other persons.
 Subject to the provisions of Section 39 of the Act, for the purpose of this Article, legal
 personal representative means the executor or administrator of a deceased Shareholder or
 such other person as the Board may, in its absolute discretion, decide as being properly
 authorised to deal with the shares of a deceased Shareholder.

18.2. Any
 person becoming entitled to a share in consequence of the death or bankruptcy of any Shareholder
 may be registered as a Shareholder upon such evidence as the Board may deem sufficient or
 may elect to nominate some person to be registered as a transferee of such share, and in
 such case the person becoming entitled shall execute in favour of such nominee an instrument
 of transfer in writing in the form, or as near thereto as circumstances admit, of the following:

Transfer by a Person Becoming Entitled on Death/Bankruptcy of a Shareholder

**PressLogic Inc.** (the "Company")

I/We, having become entitled in consequence of the [death/bankruptcy] of [name and address of deceased Shareholder] to [number] share(s) standing in the Register of Members of the Company in the name of the said [name of deceased/bankrupt Shareholder] instead of being registered myself/ourselves, elect to have [name of transferee] (the "Transferee") registered as a transferee of such share(s) and I/we do hereby accordingly transfer the said share(s) to the Transferee to hold the same unto the Transferee, his or her executors, administrators and assigns, subject to the conditions on which the same were held at the time of the execution hereof; and the Transferee does hereby agree to take the said share(s) subject to the same conditions.

**PressLogic Inc.**

DATED this [date]

---

| | |
|:---|:---|
| Signed by: | In the presence of: |
| Transferor | Witness |
| Transferee | Witness |

---

18.3. On
 the presentation of the foregoing materials to the Board, accompanied by such evidence as
 the Board may require to prove the title of the transferor, the transferee shall be registered
 as a Shareholder. Notwithstanding the foregoing, the Board shall, in any case, have the same
 right to decline or suspend registration as it would have had in the case of a transfer of
 the share by that Shareholder before such Shareholder's death or bankruptcy, as the
 case may be.

18.4. Where
 two or more persons are registered as joint holders of a share or shares, then in the event
 of the death of any joint holder or holders the remaining joint holder or holders shall be
 absolutely entitled to the said share or shares and the Company shall recognise no claim
 in respect of the estate of any joint holder except in the case of the last survivor of such
 joint holders.

**19.** **Listed Shares** 

19.1. Notwithstanding
 anything to the contrary in these Articles, shares that are listed or admitted to trading
 on an approved stock exchange may be evidenced and transferred in accordance with the rules
 and regulations of such exchange.

**ALTERATION OF SHARE CAPITAL**

**20.** **Power to Alter Capital** 

20.1. Subject
 to the Act, the Company may from time to time by ordinary resolution alter the conditions
 of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its capital by such sum divided into shares of such amounts as the resolution shall prescribe
 or, if the Company has shares without par value, increase its share capital by such number
 of shares without nominal or par value, or increase the aggregate consideration for which
 its shares may be issued, as it thinks expedient;

&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) convert
 all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares
 of any denomination;

&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
 of Association; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 shares which at the date of the passing of the resolution have not been taken or agreed to
 be taken by any person, and diminish the amount of its share capital by the amount of the
 shares so cancelled or, in the case of shares without par value, diminish the number of shares
 into which its capital is divided.

20.2. For
 the avoidance of doubt it is declared that paragraph 15.1(b), (c) and (d) do not apply if
 at any time the shares of the Company have no par value.

**PressLogic Inc.**

20.3. Subject
 to the Act, the Company may from time to time by Special Resolution reduce its share capital.

**21.** **Variation of Rights Attaching to Shares** 

If, at any time, the share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether or not the Company is being wound-up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of the class at which meeting the necessary quorum shall be two persons at least holding or representing by proxy one-third of the issued shares of the class. The rights conferred upon the holders of the shares of any class or series issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class or series, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

**DIVIDENDS AND CAPITALISATION**

**22.** **Dividends** 

22.1. The
 Board may, subject to these Articles and in accordance with the Act, declare a dividend to
 be paid to the Shareholders, in proportion to the number of shares held by them, and such
 dividend may be paid in cash or wholly or partly by the distribution of specific assets (which
 may consist of the shares or securities of any other company).

22.2. Where
 the Board determines that a dividend shall be paid wholly or partly by the distribution of
 specific assets, the Board may settle all questions concerning such distribution. Without
 limiting the generality of the foregoing, the Board may fix the value of such specific assets
 and vest any such specific assets in trustees on such terms as the Board thinks fit.

22.3. Dividends
 may be declared and paid out of profits of the Company, realised or unrealised, or from any
 reserve set aside from profits which the Board determines is no longer needed, or not in
 the same amount. Dividends may also be declared and paid out of share premium account or
 any other fund or account which can be authorised for this purpose in accordance with the
 Act.

22.4. No
 unpaid dividend shall bear interest as against the Company.

22.5. The
 Company may pay dividends in proportion to the amount paid up on each share where a larger
 amount is paid up on some shares than on others.

22.6. The
 Board may declare and make such other distributions (in cash or in specie) to the Shareholders
 as may be lawfully made out of the assets of the Company. No unpaid distribution shall bear
 interest as against the Company.

22.7. The
 Board may fix any date as the record date for determining the Shareholders entitled to receive
 any dividend or other distribution, but, unless so fixed, the record date shall be the date
 of the Directors' resolution declaring same.

**23.** **Power to Set Aside Profits** 

23.1. The
 Board may, before declaring a dividend, set aside out of the surplus or profits of the Company,
 such amount as it thinks proper as a reserve to be used to meet contingencies or for equalising
 dividends or for any other purpose. Pending application, such sums may be employed in the
 business of the Company or invested, and need not be kept separate from other assets of the
 Company. The Board may also, without placing the same to reserve, carry forward any profit
 which it decides not to distribute.

23.2. Subject
 to any direction from the Company in general meeting, the Board may on behalf of the Company
 exercise all the powers and options conferred on the Company by the Act in regard to the
 Company's share premium account.

**PressLogic Inc.**

**24.** **Method of Payment** 

24.1. Any
 dividend, interest, or other monies payable in cash in respect of the shares may be paid
 to such person and in such manner (including, without limitation, cheque, draft, electronic
 transfer etc.) as the Shareholder may in writing direct.

24.2. In
 the case of joint holders of shares, any dividend, interest or other monies payable in cash
 in respect of shares may be paid to such person and in such manner (including, without limitation,
 cheque, draft, electronic transfer etc.) as the joint holders may in writing direct. If two
 or more persons are registered as joint holders of any shares any one can give an effectual
 receipt for any dividend paid in respect of such shares.

24.3. The
 Board may deduct from the dividends or distributions payable to any Shareholder all monies
 due from such Shareholder to the Company on account of calls or otherwise.

**25.** **Capitalisation** 

25.1. The
 Board may capitalise any amount for the time being standing to the credit of any of the Company's
 share premium or other reserve accounts or to the credit of the profit and loss account or
 otherwise available for distribution by applying such amount in paying up unissued shares
 to be allotted as fully paid bonus shares pro rata to the Shareholders.

25.2. The
 Board may capitalise any amount for the time being standing to the credit of a reserve account
 or amounts otherwise available for dividend or distribution by applying such amounts in paying
 up in full, partly or nil paid shares of those Shareholders who would have been entitled
 to such amounts if they were distributed by way of dividend or distribution.

**MEETINGS OF SHAREHOLDERS**

**26.** **Annual General Meetings** 

Meetings of the Shareholders shall be held at least once every twelve (12) months. The place of the meeting of the Shareholders shall be Hong Kong and as determined by the Board, unless otherwise agreed by all the Shareholders.

**27.** **Extraordinary General Meetings** 

27.1. General
 meetings other than annual general meetings shall be called extraordinary general meetings.

27.2. The
 Chairman or any two Directors or any Director and the Secretary or the Board may convene
 an extraordinary general meeting whenever in their judgment such a meeting is necessary.

**28.** **Requisitioned General Meetings** 

28.1. The
 Board shall, on the requisition of Shareholders holding at the date of the deposit of the
 requisition not less than one-tenth of such of the paid-up share capital of the Company as
 at the date of the deposit carries the right to vote at general meetings, forthwith proceed
 to convene an extraordinary general meeting. To be effective the requisition shall state
 the objects of the meeting, shall be in writing, signed by the requisitionists, and shall
 be deposited at the registered office. The requisition may consist of several documents in
 like form each signed by one or more requisitionists.

28.2. If
 the Board does not, within twenty-one days from the date of the requisition, duly proceed
 to call an extraordinary general meeting, the requisitionists, or any of them representing
 more than one half of the total voting rights of all of them, may themselves convene an extraordinary
 general meeting; but any meeting so called shall not be held more than ninety days after
 the requisition. An extraordinary general meeting called by requisitionists shall be called
 in the same manner, as nearly as possible, as that in which general meetings are to be called
 by the Board.

**29.** **Notice** 

29.1. At
 least fourteen (14) days' written notice of any meeting of the Shareholders shall be
 given to each Shareholder by the Board stating the date, time, place and the general nature
 of the business to be considered at the meeting unless all Shareholders approve a shorter
 notice period.

**PressLogic Inc.**

29.2. The
 Board may fix any date as the record date for determining the Shareholders entitled to receive
 notice of and to vote at any general meeting of the Company but, unless so fixed, as regards
 the entitlement to receive notice of a meeting or notice of any other matter, the record
 date shall be the date of despatch of the notice and, as regards the entitlement to vote
 at a meeting, and any adjournment thereof, the record date shall be the date of the original
 meeting.

29.3. A
 general meeting shall, notwithstanding that it is called on shorter notice than that specified
 in these Articles, be deemed to have been properly called if it is so agreed by (i) all the
 Shareholders entitled to attend and vote thereat in the case of an annual general meeting;
 and (ii) in the case of an extraordinary general meeting, by seventy-five percent of the
 Shareholders entitled to attend and vote thereat.

29.4. The
 accidental omission to give notice of a general meeting to, or the non-receipt of a notice
 of a general meeting by, any person entitled to receive notice shall not invalidate the proceedings
 at that meeting.

**30.** **Giving Notice and Access** 

30.1. A
 notice may be given by the Company to a Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 delivering it to such Shareholder in person, in which case the notice shall be deemed to
 have been served upon such delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 sending it by post to such Shareholder's address in the Register of Members, in which
 case the notice shall be deemed to have been served seven days after the date on which it
 is deposited, with postage prepaid, in the mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 sending it by courier to such Shareholder's address in the Register of Members, in
 which case the notice shall be deemed to have been served two days after the date on which
 it is deposited, with courier fees paid, with the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 transmitting it by electronic means (including facsimile and electronic mail, but not telephone)
 in accordance with such directions as may be given by such Shareholder to the Company for
 such purpose, in which case the notice shall be deemed to have been served at the time that
 it would in the ordinary course be transmitted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 publication of an electronic record of it on a website and notification of such publication
 (which shall include the address of the website, the place on the website where the document
 may be found, and how the document may be accessed on the website), such notification being
 given by any of the methods set out in paragraphs (a) through (d) hereof, in which case the
 notice shall be deemed to have been served at the time when the instructions for access and
 the posting on the website are complete.

30.2. Any
 notice required to be given to a Shareholder shall, with respect to any shares held jointly
 by two or more persons, be given to whichever of such persons is named first in the Register
 of Members and notice so given shall be sufficient notice to all the holders of such shares.

30.3. In
 proving service under paragraphs 30.1(b), (c) and (d), it shall be sufficient to prove that
 the notice was properly addressed and prepaid, if posted or sent by courier, and the time
 when it was posted, deposited with the courier, or transmitted by electronic means.

**31.** **Postponement of General Meeting** 

The Board may postpone any general meeting called in accordance with these Articles provided that notice of postponement is given to the Shareholders before the time for such meeting. Notice of the date, time and place for the postponed meeting shall be given to each Shareholder in accordance with Article 30 of these Articles.

**PressLogic Inc.**

**32.** **Electronic Participation in Meetings** 

Any Shareholder of the Company may participate in any meeting of the Shareholders by telephone, video conferencing or other means by which all participants may speak and hear each other, and any Shareholder so participating shall be deemed to be present in person at such meeting.

**33.** **Quorum at General Meetings** 

33.1. No
 business of the Company shall be transacted at any general meeting unless a quorum of Shareholders
 is present at the time when the meeting proceeds to business. Any Shareholder(s) holding
 at least fifty per cent (50%) of the voting rights of the Company present in person or by
 proxy shall constitute a quorum.

33.2. If
 within half an hour from the time appointed for the meeting a quorum is not present, then,
 in the case of a meeting convened on a requisition, the meeting shall be deemed cancelled
 and, in any other case, the meeting shall stand adjourned to the same day one week later,
 at the same time and place or to such other day, time or place as the Board may determine.
 Unless the meeting is adjourned to a specific date, time and place announced at the meeting
 being adjourned, fresh notice of the resumption of the meeting shall be given to each Shareholder
 entitled to attend and vote thereat in accordance with these Articles.

**34.** **Chairman to Preside** 

Unless otherwise agreed by a majority of those attending and entitled to vote thereat, the Chairman, if there be one, shall act as chairman at all meetings of the Shareholders at which such person is present. In his absence, a chairman of the meeting shall be appointed or elected by those present at the meeting and entitled to vote.

**35.** **Voting on Resolutions** 

35.1. Subject
 to the Act and these Articles, any question proposed for the consideration of the Shareholders
 at any general meeting shall be decided by the affirmative votes of a majority of the votes
 cast in accordance with these Articles and in the case of an equality of votes the resolution
 shall fail.

35.2. No
 Shareholder shall be entitled to vote at a general meeting unless such Shareholder has paid
 all the calls on all shares held by such Shareholder.

35.3. At
 any general meeting a resolution put to the vote of the meeting shall, in the first instance,
 be voted upon by a show of hands and, subject to any rights or restrictions for the time
 being lawfully attached to any class of shares and subject to these Articles, every Shareholder
 present in person and every person holding a valid proxy at such meeting shall be entitled
 to one vote and shall cast such vote by raising his hand.

35.4. At
 any general meeting if an amendment is proposed to any resolution under consideration and
 the chairman of the meeting rules on whether or not the proposed amendment is out of order,
 the proceedings on the substantive resolution shall not be invalidated by any error in such
 ruling.

35.5. At
 any general meeting a declaration by the chairman of the meeting that a question proposed
 for consideration has, on a show of hands, been carried, or carried unanimously, or by a
 particular majority, or lost, and an entry to that effect in a book containing the minutes
 of the proceedings of the Company shall, subject to these Articles, be conclusive evidence
 of that fact.

**36.** **Power to Demand a Vote on a Poll** 

36.1. Notwithstanding
 the foregoing, a poll may be demanded by the chairman of the meeting or at least one Shareholder.

36.2. Where
 a poll is demanded, subject to any rights or restrictions for the time being lawfully attached
 to any class of shares, every person present at such meeting shall have one vote for each
 share of which such person is the holder or for which such person holds a proxy and such
 vote shall be counted by ballot as described herein, or in the case of a general meeting
 at which one or more Shareholders are present by telephone, electronic or other communication
 facilities or means, in such manner as the chairman of the meeting may direct and the result
 of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded
 and shall replace any previous resolution upon the same matter which has been the subject
 of a show of hands. A person entitled to more than one vote need not use all his votes or
 cast all the votes he uses in the same way.

**PressLogic Inc.**

36.3. A
 poll demanded for the purpose of electing a chairman of the meeting or on a question of adjournment
 shall be taken forthwith. A poll demanded on any other question shall be taken at such time
 and in such manner during such meeting as the chairman of the meeting may direct. Any business
 other than that upon which a poll has been demanded may be conducted pending the taking of
 the poll.

36.4. Where
 a vote is taken by poll, each person physically present and entitled to vote shall be furnished
 with a ballot paper on which such person shall record his vote in such manner as shall be
 determined at the meeting having regard to the nature of the question on which the vote is
 taken, and each ballot paper shall be signed or initialled or otherwise marked so as to identify
 the voter and the registered holder in the case of a proxy. Each person present by telephone,
 electronic or other communication facilities or means shall cast his vote in such manner
 as the chairman of the meeting shall direct. At the conclusion of the poll, the ballot papers
 and votes cast in accordance with such directions shall be examined and counted by a committee
 of not less than two Shareholders or proxy holders appointed by the chairman of the meeting
 for the purpose and the result of the poll shall be declared by the chairman of the meeting.

**37.** **Voting by Joint Holders of Shares** 

In the case of joint holders, the vote of the senior who tenders a vote (whether in person or by proxy) shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members.

**38.** **Instrument of Proxy** 

38.1. An
 instrument appointing a proxy shall be in writing or transmitted by electronic mail in substantially
 the following form or such other form as the chairman of the meeting shall accept:

Proxy

**PressLogic Inc.** (the "Company")

I/We, [insert names here] , being a Shareholder of the Company with [number] shares, HEREBY APPOINT [name] of [address] or failing him, [name] of [address] to be my/our proxy to vote for me/us at the meeting of the Shareholders to be held on [date] and at any adjournment thereof. [Any restrictions on voting to be inserted here].

Signed this [date]

____________________________

Shareholder(s)

38.2. The
 instrument of proxy shall be signed or, in the case of a transmission by electronic mail,
 electronically signed in a manner acceptable to the chairman of the meeting, by the appointor
 or by the appointor's attorney duly authorised in writing, or if the appointor is a
 corporation, either under its seal or signed or, in the case of a transmission by electronic
 mail, electronically signed in a manner acceptable to the chairman of the meeting, by a duly
 authorised officer or attorney.

38.3. A
 Shareholder who is the holder of two or more shares may appoint more than one proxy to represent
 him and vote on his behalf in respect of different shares.

38.4. The
 decision of the chairman of any general meeting as to the validity of any appointment of
 a proxy shall be final.

**PressLogic Inc.**

**39.** **Representation of Corporate Shareholder** 

39.1. A
 corporation which is a Shareholder may, by written instrument, authorise such person or persons
 as it thinks fit to act as its representative at any meeting and any person so authorised
 shall be entitled to exercise the same powers on behalf of the corporation which such person
 represents as that corporation could exercise if it were an individual Shareholder, and that
 Shareholder shall be deemed to be present in person at any such meeting attended by its authorised
 representative or representatives.

39.2. Notwithstanding
 the foregoing, the chairman of the meeting may accept such assurances as he thinks fit as
 to the right of any person to attend and vote at general meetings on behalf of a corporation
 which is a Shareholder.

**40.** **Adjournment of General Meeting** 

The chairman of a general meeting may, with the consent of the Shareholders at any general meeting at which a quorum is present, and shall if so directed by the meeting, adjourn the meeting. Unless the meeting is adjourned to a specific date, place and time announced at the meeting being adjourned, fresh notice of the date, place and time for the resumption of the adjourned meeting shall be given to each Shareholder entitled to attend and vote thereat, in accordance with these Articles.

**41.** **Written Resolutions** 

41.1. Subject
 to these Articles, anything which may be done by resolution of the Company in general meeting
 or by resolution of a meeting of any class of the Shareholders may be done without a meeting
 by written resolution in accordance with this Article.

41.2. A
 written resolution is passed when it is signed by (or in the case of a Shareholder that is
 a corporation, on behalf of) all the Shareholders, or all the Shareholders of the relevant
 class thereof, entitled to vote thereon and may be signed in as many counterparts as may
 be necessary.

41.3. A
 resolution in writing made in accordance with this Article is as valid as if it had been
 passed by the Company in general meeting or by a meeting of the relevant class of Shareholders,
 as the case may be, and any reference in any Article to a meeting at which a resolution is
 passed or to Shareholders voting in favour of a resolution shall be construed accordingly.

41.4. A
 resolution in writing made in accordance with this Article shall constitute minutes for the
 purposes of the Act.

41.5. For
 the purposes of this Article, the date of the resolution is the date when the resolution
 is signed by (or in the case of a Shareholder that is a corporation, on behalf of) the last
 Shareholder to sign and any reference in any Article to the date of passing of a resolution
 is, in relation to a resolution made in accordance with this Article, a reference to such
 date.

**42.** **Directors Attendance at General Meetings** 

The Directors shall be entitled to receive notice of, attend and be heard at any general meeting.

**Protective Provisions**

**43.** **Reserved Matters** 

43.1. Each
 Party shall not, and shall procure the directors appointed by it shall not, without the prior
 written approval of Meitu (for as long as Meitu's shareholding remains at or above
 10% of the entire issued share capital of the Company (on a fully-diluted basis) from time
 to time) and Ryan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) alter,
 change or vary the rights, preferences or privileges of any existing type or class of shares
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 into any agreement(s) or transaction(s) with any director or Connected Person(s) of the Company;

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue,
 allot or authorize the issue or allotment of any equity of the Company (or securities convertible
 or exchangeable into equity of the Company) that would imply an equity valuation (on a fully-diluted
 basis) of the Company of less than HK$270.0 million, except Ordinary Shares issued pursuant
 to the ESOP; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) create,
 authorize or issue (by reclassification or otherwise) any new class of shares in the Company,
 including but not limited to redeemable convertible preference shares, save and except redeemable
 convertible preference shares with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 implied equity valuation (on a fully-diluted basis) of the Company of more than HK$270.0
 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 interest rate of not more than 7% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 redemption period of not more than five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 entitlement to receive in preference to the holders of the Ordinary Shares a per share amount
 equal to not more than the original subscription or purchase price per share and any interests
 accrued thereon, plus any declared but unpaid dividends (i.e. liquidity preference); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such
 securities representing less than 10% (on a fully-diluted basis) of the entire issued share
 capital of the Company from time to time.

43.2. <u>Provided that</u> Article 43.1 (except Article 43.1(b)) shall not be applicable to the creation, authorization
 or issuance of shares by the Company for the principal purpose of capital restructuring in
 connection with a proposed initial public offering ()"**IPO**") of securities
 of the Company or its holding company on an internationally recognized securities exchange
 that is expected to be completed within twelve (12) months and where a sponsor has been appointed
 by the Company or its holding company.

**PressLogic Inc.**

**DIRECTORS AND OFFICERS**

**44.** **Composition of the Board** 

44.1. Unless
 otherwise determined by the Company in general meeting, the number of Directors shall not
 be less than two (2). There shall be no maximum number of Directors unless otherwise determined
 from time to time by the Board. The Directors shall be elected or appointed in accordance
 with Article 46 and shall hold office until the expiration of his term or until their successors
 are elected or appointed. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Two
 (2) directors of the Board shall be designated by the Founders through Ryan (the "**Founders' Representative** "), and one (1) director shall be designated by Meitu ()"**Meitu's Representative** "). The initial Founder's Representatives will be Ryan and
 Marcus. The initial Meitu's Representative will be Meitu. The Parties shall ensure
 that the Founders' Representatives and Meitu's Representative are elected as
 directors of the Company. The rights to nominate a director in this clause include the rights
 to remove and replace any director so nominated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Article 44.1(c), each of Meitu and the Founders (through Ryan) shall be entitled to nominate,
 and to remove from office and replace such number of directors to the board of directors
 for each of the Company Subsidiaries in accordance with the number of Meitu's and Founders'
 representatives to be nominated to the Board as set out in Article 44.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 any other provision of the Shareholders Agreement, the right to appoint a director pursuant
 to Article 44.1 is conditional on such Shareholder holding, directly or indirectly, in their
 own name or in the name of an entity wholly owned or controlled by them, not less than 10%
 of the issued share capital of the Company.

**45.** **Chairman** 

45.1. The
 chairman of the Board (the "**Chairman**") shall be appointed and removed
 by the Board. The Chairman shall preside, or in his absence, the Board may by a unanimous
 vote elect one of the directors of the Company to preside temporarily, as chairman of all
 meetings of the Board and of the meetings of the Shareholders. The Chairman or any temporary
 replacement thereof shall not have a second or casting vote in the event of an equality of
 votes.

**46.** **Election And Removal of Directors** 

46.1. There
 shall be no shareholding qualification for Directors unless prescribed by Special Resolution.

46.2. A
 Director may be appointed by the Shareholder who is entitled to appoint such Director by
 giving the Company and the other Shareholders a notice in writing. A Director appointed by
 a Shareholder pursuant to this Article 46.2, may only be removed and/or replaced by the Shareholder
 that has appointed such Director to the Board by giving the Company and the other Shareholders
 a notice in writing. A Shareholder may at any time remove any Director appointed, designated
 or nominated by such Shareholder, with or without cause.

46.3. Notwithstanding
 Article 46.2, the Directors shall have the power from time to time and at any time to appoint
 any person as a Director to fill a casual vacancy on the Board or as an addition to the existing
 Board.

46.4. A
 Director, other than a Director appointed pursuant to Article 46.2, may, by way of ordinary
 resolution be removed at any time before the expiration of his period of office notwithstanding
 anything in these Articles or any agreement between the Company and the Director (but without
 prejudice to any claim to damages under any such agreement).

46.5. The
 appointment or removal of a Director appointed pursuant to Article 46.2, shall, unless the
 notice indicates otherwise, take effect from the date the relevant written notice is duly
 and properly received by the Company. A copy of such notice shall be sent to the Shareholders
 other than the Shareholder appointing or removing such Director.

46.6. If
 a Director appointed pursuant to Article 46.2 dies, resigns, retires or is incapacitated
 and is removed as a Director, the Shareholder which appointed that Director may appoint another
 Director.

**PressLogic Inc.**

46.7. If
 a Director appointed pursuant to Article 46.2 is or becomes prohibited By the Act or the
 Articles from acting as a Director, the Shareholder which appointed that Director shall promptly
 remove such Director (unless such person has already ceased to be a Director).

46.8. If
 a Shareholder fails to remove a relevant Director in accordance with Article 46.7, the Directors
 not appointed by that Shareholder shall (if necessary) determine which of the Director(s)
 appointed by that Shareholder shall be removed as a Director and, in both cases, may resolve
 to remove the relevant Director(s) (such removal to take effect from the date the Board's
 resolution is passed).

**47.** **Term of Office of Directors** 

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; but no such term shall be implied in the absence of express provision.

**48.** **Alternate Directors** 

48.1. Any
 Director may appoint a person or persons to act as a Director in the alternative to himself
 by notice deposited with the Secretary.

48.2. Any
 person elected or appointed pursuant to this Article shall have all the rights and powers
 of the Director or Directors for whom such person is elected or appointed in the alternative,
 provided that such person shall not be counted more than once in determining whether or not
 a quorum is present.

48.3. An
 Alternate Director shall be entitled to receive notice of all Board meetings and to attend
 and vote at any such meeting at which a Director for whom such Alternate Director was appointed
 in the alternative is not personally present and generally to perform at such meeting all
 the functions of such Director for whom such Alternate Director was appointed.

48.4. An
 Alternate Director's office shall terminate -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the occurrence in relation to the Alternate Director of any event which, if it occurred in
 relation to his appointor, would result in the termination of the appointor's directorship;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when
 the Alternate Director's appointor revokes the appointment by notice to the Company
 in writing specifying when the appointment is to terminate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Alternate Director's appointor ceases for any reason to be a Director.

48.5. If
 an Alternate Director is himself a Director or attends a Board meeting as the Alternate Director
 of more than one Director, his voting rights shall be cumulative.

48.6. Unless
 the Board determines otherwise, an Alternate Director may also represent his appointor at
 meetings of any committee of the Board on which his appointor serves; and the provisions
 of this Article shall apply equally to such committee meetings as to Board meetings.

48.7. Save
 as provided in these Articles an Alternate Director shall not, as such, have any power to
 act as a Director or to represent his appointor and shall not be deemed to be a Director
 for the purposes of these Articles.

**PressLogic Inc.**

**49.** **Vacancy in the Office of Director** 

The office of Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 removed from office pursuant to these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies
 or becomes bankrupt, or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 or becomes of unsound mind or an order for his detention is made under the Mental Health
 Act of the Cayman Islands or any analogous law of a jurisdiction outside the Cayman Islands,
 or dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resigns
 his office by notice to the Company.

**50.** **Remuneration of Directors** 

The remuneration (if any) of the Directors shall, subject to any direction that may be given by the Company in general meeting, be determined by the Board as it may from time to time determine and shall be deemed to accrue from day to day. The Directors may also be paid all travel, hotel and other expenses properly incurred by them in attending and returning from Board meetings, any committee appointed by the Board, general meetings, or in connection with the business of the Company or their duties as Directors generally.

**51.** **Defect in Appointment** 

All acts done in good faith by the Board, any Director, a member of a committee appointed by the Board, any person to whom the Board may have delegated any of its powers, or any person acting as a Director shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any Director or person acting as aforesaid, or that he was, 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 or act in the relevant capacity.

**52.** **Directors to Manage Business** 

The business of the Company shall be managed and conducted by the Board. In managing the business of the Company, the Board may exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the Company in general meeting subject, nevertheless, to these Articles and the provisions of the Act.

**53.** **Powers of the Board of Directors** 

Subject to the Reserved Matters, the Board may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approve
 or deviate from or amend the annual budget of any member of the Group (the "**Annual Budget** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the main business presently conducted by the Group (other than those set out in the Annual
 Budget), or procure any member of the Group to enter into any new lines of business that
 are not supportive or ancillary to the business presently conducted, or exit from the current
 line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) borrow
 any money or obtain any financial facilities from banks or other financial institutions exceeding
 the aggregate of the amount or value of HK$10,000,000 a year in the ordinary course of business
 of the Group or for the purpose of obtaining debt financing if so required under Article
 53(e), or create, allow to arise or issue any debenture constituting a pledge, lien or charge
 (whether by way of fixed or floating charge, mortgage encumbrance or other security) on all
 or any of the undertaking, assets or rights of any member of the Group in the ordinary course
 of business of the Group <u>provided</u> that the Board should immediately notify the Shareholders
 in writing after a resolution on the above has been passed and prior to execution of such
 resolution;

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) purchase
 or lease by the Group of any business and/or assets in the ordinary course of business of
 the Group or the investment by any member of the Group in any other Person relating to the
 core business of the relevant member of the Group, by either equity financing (including
 but not limited to utilizing the assets of the Group) or debt financing, or a combination
 of both, of which the part of equity financing exceeds the aggregate of the amount or value
 of HK$10,000,000 a year and the part of debt financing exceeds the aggregate of the amount
 of HK$10,000,000 a year, <u>provided</u> that the Board should immediately notify the Shareholders
 in writing. For the avoidance of doubt, the purchase or lease or investment mentioned above
 may be up to the aggregate of HK$20,000,000 a year, of which HK$10,000,000 is from equity
 financing and the remaining HK$10,000,000 is from debt financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) approve
 and recommend to the Shareholders a plan for listing and/or initial public offering of the
 whole Group and/or part of the Group in any jurisdiction, <u>provided</u> in the event that
 there are competing proposals, the Board shall appoint independent pre-IPO advisor to evaluate
 and recommend to the Board amongst the competing proposal, and the same should be adopted
 by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) appoint
 an independent advisor in Hong Kong or other jurisdiction (depending on the proposals) in
 relation to listing and/or initial public offering as required under Article 53(e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) approve
 the entry into by any member of the Group of any agreement(s) or arrangement(s) with an aggregate
 value of more than HK$100,000 per annum with any related party of the Group, except for the
 entry into by any member of the Group of any agreement(s) or arrangement(s) with PressLogic
 Holdings Limited and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) declare,
 make or pay any dividend, distributions (whether in cash, securities or other property) or
 other transfer of cash or other assets to the Shareholders in pro rata to their respective
 shareholdings in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approve
 any sale, transfer, grant of an exclusive license, or other disposal of, or the incurrence
 of any lien on, or voluntary termination of license of any material intellectual property
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) approve
 any changes to the option and/or share award limit, terms of grant requiring the Board's
 approval in accordance with the ESOP and/or the terms and conditions of the ESOP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) determine
 the authorized signatory(ies) of any member of the Group for operation of bank accounts,
 and determine the custody of all corporate documents, including seals and chops of any member
 of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) appoint
 and remove any authorized person of any member of the Group who is legally authorized to
 determine, amongst others, the authorized signatory(ies) and the custody of all corporate
 documents, including seals and chops of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) appoint,
 remove and change any senior management personnel of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) appoint
 one or more Directors to the office of managing director or chief executive officer of the
 Company, who shall, subject to the control of the Board, supervise and administer all of
 the general business and affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) appoint
 a person to act as manager of the Company's day-to-day business and may entrust to
 and confer upon such manager such powers and duties as it deems appropriate for the transaction
 or conduct of such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) by
 power of attorney, appoint any company, firm, person or body of persons, whether nominated
 directly or indirectly by the Board, to be an attorney of the Company for such purposes and
 with such powers, authorities and discretions (not exceeding those vested in or exercisable
 by the Board) and for such period and subject to such conditions as it may think fit and
 any such power of attorney may contain such provisions for the protection and convenience
 of persons dealing with any such attorney as the Board may think fit and may also authorise
 any such attorney to sub-delegate all or any of the powers, authorities and discretions so
 vested in the attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) procure
 that the Company pays all expenses incurred in promoting and incorporating the Company;

**PressLogic Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) delegate
 any of its powers (including the power to sub-delegate) to a committee of one or more persons
 appointed by the Board and every such committee shall conform to such directions as the Board
 shall impose on them. Subject to any directions or regulations made by the Board for this
 purpose, the meetings and proceedings of any such committee shall be governed by the provisions
 of these Articles regulating the meetings and proceedings of the Board, including provisions
 for written resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) delegate
 any of its powers (including the power to sub-delegate) to any person on such terms and in
 such manner as the Board may see fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) present
 any petition and make any application in connection with the liquidation or reorganisation
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) in
 connection with the issue of any share, pay such commission and brokerage as may be permitted
 by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) authorise
 any company, firm, person or body of persons to act on behalf of the Company for any specific
 purpose and in connection therewith to execute any deed, agreement, document or instrument
 on behalf of the Company.

**54.** **Register of Directors and Officers** 

The Board shall keep and maintain a Register of Directors and Officers in accordance with the Act.

**55.** **Officers** 

The Officers shall consist of a Secretary and such additional Officers as the Board may determine all of whom shall be deemed to be Officers for the purposes of these Articles.

**56.** **Appointment of Officers** 

The Secretary (and additional Officers, if any) shall be appointed by the Board from time to time.

**57.** **Duties of Officers** 

The Officers shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Board from time to time.

**58.** **Remuneration of Officers** 

The Officers shall receive such remuneration as the Board may determine.

**59.** **Conflicts of Interest** 

59.1. Any
 Director, or any Director's firm, partner or any company with whom any Director is
 associated, may act in any capacity for, be employed by or render services to the Company
 on such terms, including with respect to remuneration, as may be agreed between the parties.
 Nothing herein contained shall authorise a Director or a Director's firm, partner or
 company to act as Auditor to the Company.

59.2. A
 Director who is directly or indirectly interested in a contract or proposed contract with
 the Company (an "**Interested Director**") shall declare the nature of such
 interest.

59.3. An
 Interested Director who has complied with the requirements of the foregoing Article may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 in respect of such contract or proposed contract; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 counted in the quorum for the meeting at which the contract or proposed contract is to be
 voted on,

**PressLogic Inc.**

and no such contract or proposed contract shall be void or voidable by reason only that the Interested Director voted on it or was counted in the quorum of the relevant meeting and the Interested Director shall not be liable to account to the Company for any profit realised thereby.

**60.** **Indemnification and Exculpation of Directors and Officers** 

60.1. The
 Directors, Secretary and other Officers (such term to include any person appointed to any
 committee by the Board) acting in relation to any of the affairs of the Company or any subsidiary
 thereof, and the liquidator or trustees (if any) acting in relation to any of the affairs
 of the Company or any subsidiary thereof and every one of them (whether for the time being
 or formerly) and their heirs, executors, administrators and personal representatives (each
 an "indemnified party") shall be indemnified and secured harmless out of the
 assets of the Company from and against all actions, costs, charges, losses, damages and expenses
 which they or any of them shall or may incur or sustain by or by reason of any act done,
 concurred in or omitted in or about the execution of their duty, or supposed duty, or in
 their respective offices or trusts, and no indemnified party shall be answerable for the
 acts, receipts, neglects or defaults of the others of them or for joining in any receipts
 for the sake of conformity, or for any bankers or other persons with whom any monies or effects
 belonging to the Company shall or may be lodged or deposited for safe custody, or for insufficiency
 or deficiency of any security upon which any monies of or belonging to the Company shall
 be placed out on or invested, or for any other loss, misfortune or damage which may happen
 in the execution of their respective offices or trusts, or in relation thereto, PROVIDED
 THAT this indemnity shall not extend to any matter in respect of any fraud or dishonesty
 in relation to the Company which may attach to any of the indemnified parties. Each Shareholder
 agrees to waive any claim or right of action such Shareholder might have, whether individually
 or by or in the right of the Company, against any Director or Officer on account of any action
 taken by such Director or Officer, or the failure of such Director or Officer to take any
 action in the performance of his duties with or for the Company or any subsidiary thereof,
 PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud or dishonesty
 in relation to the Company which may attach to such Director or Officer.

60.2. The
 Company may purchase and maintain insurance for the benefit of any Director or Officer against
 any liability incurred by him in his capacity as a Director or Officer or indemnifying such
 Director or Officer in respect of any loss arising or liability attaching to him by virtue
 of any rule of law in respect of any negligence, default, breach of duty or breach of trust
 of which the Director or Officer may be guilty in relation to the Company or any subsidiary
 thereof.

**MEETINGS OF THE BOARD OF DIRECTORS**

**61.** **Board Meetings** 

The Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. A resolution put to the vote at a Board meeting shall be carried by the affirmative votes of a majority of the votes cast and in the case of an equality of votes the resolution shall fail.

**PressLogic Inc.**

**62.** **Notice of Board Meetings** 

62.1. A
 Director may, and the Secretary on the requisition of a Director shall, at any time summon
 a Board meeting. Notice of a Board meeting shall be deemed to be duly given to a Director
 if it is given to such Director verbally (including in person or by telephone) or otherwise
 communicated or sent to such Director by post, electronic means or other mode of representing
 words in a visible form at such Director's last known address or in accordance with
 any other instructions given by such Director to the Company for this purpose.

62.2. At
 least seven (7) Business Days' notice shall be given to each director of the Company
 of any meeting of the Board unless all such directors approve a shorter notice period.

**63.** **Electronic Participation in Meetings** 

Directors may participate in any meeting by such telephonic, electronic or other communication facilities or means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

**64.** **Representation of Director** 

64.1. A
 Director which is a corporation may, by written instrument, authorise such person or persons
 as it thinks fit to act as its representative at any meeting and any person so authorised
 shall be entitled to exercise the same powers on behalf of the corporation which such person
 represents as that corporation could exercise if it were an individual Director, and that
 Director shall be deemed to be present in person at any such meeting attended by its authorised
 representative or representatives.

64.2. Notwithstanding
 the foregoing, the chairman of the meeting may accept such assurances as he thinks fit as
 to the right of any person to attend and vote at Board meetings on behalf of a corporation
 which is a Director.

64.3. A
 Director who is not present at a Board meeting, and whose Alternate Director (if any) is
 not present at the meeting, may be represented at the meeting by a proxy duly appointed,
 in which event the presence and vote of the proxy shall be deemed to be that of the Director.
 All the provisions of these Articles regulating the appointment of proxies by Shareholders
 shall apply equally to the appointment of proxies by Directors.

**65.** **Quorum at Board Meetings** 

The quorum necessary for the transaction of business at any meeting of the Board shall be two (2) directors, of which at least one (1) director shall be the Meitu's Representative and at least one (1) director shall be one of the Founder's Representative (the "**General Quorum**"). The place of the meeting of the Board shall be in Hong Kong and at the business premises of the Company, unless all the directors otherwise agree. A quorum must be present at the beginning of and throughout each meeting. If within 30 minutes of the time appointed for a meeting a quorum is not present, the meeting shall stand adjourned until the same time and place on the same day in the next week and if at such adjourned meeting a quorum is not present within 30 minutes from the time appointed for such adjourned meeting, the director(s) present in person (or in the case of a corporation, by its duly authorised representative) or by proxy shall be a quorum and may transact the business for which the meeting was called for regardless of whether the General Quorum was present or not.

**66.** **Board to Continue in the Event of Vacancy** 

The Board may act notwithstanding any vacancy in its number.

**67.** **Chairman to Preside** 

Unless otherwise agreed by a majority of the Directors attending, the Chairman, if there be one, shall act as chairman at all Board meetings at which such person is present. In his absence a chairman of the meeting shall be appointed or elected by the Directors present at the meeting.

**PressLogic Inc.**

**68.** **Written Resolutions** 

68.1. Anything
 which may be done by resolution of the Directors may, without a meeting and without any previous
 notice being required, be done by written resolution in accordance with this Article.

68.2. A
 written resolution may be signed by (or in the case of a Director that is a corporation,
 on behalf of) all the Directors in as many counterparts as may be necessary.

68.3. A
 written resolution made in accordance with this Article is as valid as if it had been passed
 by the Directors in a directors' meeting, and any reference in any Article to a meeting
 at which a resolution is passed or to Directors voting in favour of a resolution shall be
 construed accordingly.

68.4. A
 resolution in writing made in accordance with this Article shall constitute minutes for the
 purposes of the Act.

68.5. For
 the purposes of this Article, the date of the resolution is the date when the resolution
 is signed by (or in the case of a Director that is a corporation, on behalf of) the last
 Director to sign and any reference in any Article to the date of passing of a resolution
 is, in relation to a resolution made in accordance with this Article, a reference to such
 date.

**69.** **Validity of Prior Acts of the Board** 

No regulation or alteration to these Articles made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if that regulation or alteration had not been made.

**CORPORATE RECORDS**

**70.** **Minutes** 

The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of
 all elections and appointments of Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of
 the names of the Directors present at each Board meeting and of any committee appointed by
 the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of
 all resolutions and proceedings of general meetings of the Shareholders, Board meetings,
 meetings of managers and meetings of committees appointed by the Board.

**71.** **Register of Mortgages and Charges** 

71.1. The
 Board shall cause to be kept the Register of Mortgages and Charges required by the Act.

71.2. The
 Register of Mortgages and Charges shall be open to inspection in accordance with the Act,
 at the registered office of the Company on every business day in the Cayman Islands, subject
 to such reasonable restrictions as the Board may impose, so that not less than two hours
 in each such business day be allowed for inspection.

**72.** **Form and Use of Seal** 

72.1. The
 Company may adopt a seal, which shall bear the name of the Company in legible characters,
 and which may, at the discretion of the Board, be followed with or preceded by its dual foreign
 name or translated name (if any), in such form as the Board may determine. The Board may
 adopt one or more duplicate seals for use in or outside Cayman and, if the Board thinks fit,
 a duplicate Seal may bear on its face the name of the country, territory, district or place
 where it is to be issued.

72.2. The
 Seal (if any) shall only be used by the authority of the Board or of a committee of the Board
 authorised by the Board in that behalf and, until otherwise determined by the Board, the
 Seal shall be affixed in the presence of a Director or the Secretary or an assistant secretary
 or some other person authorised for this purpose by the Board or the committee of the Board.

**PressLogic Inc.**

72.3. Notwithstanding
 the foregoing, the Seal (if any) may without further authority be affixed by way of authentication
 to any document required to be filed with the Registrar of Companies in the Cayman Islands,
 and may be so affixed by any Director, Secretary or assistant secretary of the Company or
 any other person or institution having authority to file the document as aforesaid.

**ACCOUNTS**

**73.** **Books of Account** 

73.1. The
 Board shall cause to be kept proper books of account including, where applicable, material
 underlying documentation including contracts and invoices, and with respect to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 sums of money received and expended by the Company and the matters in respect of which the
 receipt and expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 sales and purchases of goods by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 assets and liabilities of the Company.

73.2. Such
 books of account shall be kept and proper books of account shall not be deemed to be kept
 with respect to the matters aforesaid if there are not kept, at such place as the Board thinks
 fit, such books as are necessary to give a true and fair view of the state of the Company's
 affairs and to explain its transactions.

73.3. Such
 books of account shall be retained for a minimum period of five years from the date on which
 they are prepared.

73.4. No
 Shareholder (not being a Director) shall have any right of inspecting any account or book
 or document of the Company.

**74.** **Financial Year End** 

Unless the Directors otherwise prescribe, the financial year end of the Company shall be 31 December in each year.

**AUDITS**

**75.** **Audit** 

Nothing in these Articles shall be construed as making it obligatory to appoint Auditors.

**76.** **Appointment of Auditors** 

76.1. The
 Company may in general meeting appoint Auditors to hold office for such period as the Shareholders
 may determine.

76.2. Whenever
 there are no Auditors appointed as aforesaid the Board may appoint Auditors to hold office
 for such period as the Board may determine or earlier removal from office by the Company
 in general meeting.

76.3. The
 Auditor may be a Shareholder but no Director, Officer or employee of the Company shall, during
 his continuance in office, be eligible to act as an Auditor of the Company.

**77.** **Remuneration of Auditors** 

77.1. The
 remuneration of an Auditor appointed by the Shareholders shall be fixed by the Company in
 general meeting.

77.2. The
 remuneration of an Auditor appointed by the Board in accordance with these Articles shall
 be fixed by the Board.

**PressLogic Inc.**

**78.** **Duties of Auditor** 

The Auditor shall make a report to the Shareholders on the accounts examined by him and on every set of financial statements laid before the Company in general meeting, or circulated to Shareholders, pursuant to this Article during the Auditor's tenure of office.

**79.** **Access to Records** 

79.1. The
 Auditor shall at all reasonable times have access to the Company's books, accounts
 and vouchers and shall be entitled to require from the Company's Directors and Officers
 such information and explanations as the Auditor thinks necessary for the performance of
 the Auditor's duties and, if the Auditor fails to obtain all the information and explanations
 which, to the best of his knowledge and belief, are necessary for the purposes of their audit,
 he shall state that fact in his report to the Shareholders.

79.2. The
 Auditor shall be entitled to attend any general meeting at which any financial statements
 which have been examined or reported on by him are to be laid before the Company and to make
 any statement or explanation he may desire with respect to the financial statements.

**VOLUNTARY WINDING-UP AND DISSOLUTION**

**80.** **Winding-Up** 

80.1. The
 Company may be voluntarily wound-up by a Special Resolution.

80.2. If
 the Company shall be wound up the liquidator may, with the sanction of a Special Resolution,
 divide amongst the Shareholders in specie 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 such purpose, set such value as he deems fair upon any property to be divided as aforesaid
 and may determine how such division shall be carried out as between the Shareholders or different
 classes of Shareholders. The liquidator may, with the like sanction, vest the whole or any
 part of such assets in the trustees upon such trusts for the benefit of the Shareholders
 as the liquidator shall think fit, but so that no Shareholder shall be compelled to accept
 any shares or other securities or assets whereon there is any liability.

**CHANGES TO CONSTITUTION**

**81.** **Changes to Articles** 

Subject to the Act and to the conditions contained in its Memorandum of Association, the Company may, by Special Resolution, alter or add to its Articles.

**82.** **Changes to the Memorandum of Association** 

Subject to the Act and these Articles, the Company may from time to time by Special Resolution alter its Memorandum of Association with respect to any objects, powers or other matters specified therein.

**83.** **Discontinuance** 

The Board may exercise all the powers of the Company to transfer by way of continuation the Company to a named country or jurisdiction outside the Cayman Islands pursuant to the Act.

**84.** **Mergers and Consolidations** 

The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Act) upon such terms as the Board may determine and (to the extent required by the Act) with the approval of a Special Resolution.

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THE SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**PressLogic Inc.**

(Conditionally adopted by way of a special resolution passed on 10 April 2025 and with effect from [●] 2025)

1. The
 name of the Company is **PressLogic Inc.**.

2. The
 registered office of the Company shall be at the offices of Conyers Trust Company (Cayman)
 Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.

3. Subject
 to the following provisions of this Memorandum, the objects for which the Company is established
 are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 act and perform all the functions of a holding company in all its branches and to coordinate
 the policy and administration of any subsidiary company or companies wherever incorporated
 or carrying on business or of any group of companies of which the Company or any subsidiary
 company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell,
 deal in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures,
 debenture stock, annuities, notes, mortgages, bonds, obligations and securities, foreign
 exchange, foreign currency deposits and commodities, issued or guaranteed by any company
 wherever incorporated, or by any government, sovereign, ruler, commissioners, public body
 or authority, supreme, municipal, local or otherwise, by original subscription, tender, purchase,
 exchange, underwriting, participation in syndicates or in any other manner and whether or
 not fully paid up, and to meet calls thereon.

4. Subject
 to the following provisions of this Memorandum, 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 Section 27(2) of the Companies Act.

5. Nothing
 in this Memorandum shall permit the Company to carry on a business for which a licence is
 required under the laws of the Cayman Islands unless duly licensed.

6. The
 Company shall 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 clause 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.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 share capital of the Company is US$50,000 divided into 500,000,000 shares with a par value
 of US$0.0001 each comprising of (a) 450,000,000 Class A Ordinary Shares with a par value
 of US$0.0001 each, and (b) 50,000,000 Class B Ordinary Shares with a par value of US$0.0001
 each, with the power for the Company, insofar as is permitted by law, to redeem or purchase
 any of its shares and to increase or reduce the said share capital subject to the provisions
 of the Companies Act (As Revised) and the Articles of Association of the Company and to issue
 any part of its capital, whether original, redeemed or increased, with or without any preference,
 priority or special privilege or subject to any postponement of rights or to any conditions
 or restrictions; and so that, unless the conditions of issue shall otherwise expressly declare,
 every issue of shares, whether declared to be preference or otherwise, shall be subject to
 the power hereinbefore contained.

9. The
 Company may exercise the power contained in the Companies Act to deregister in the Cayman
 Islands and be registered by way of continuation in another jurisdiction.

10. Capitalised
 terms that are not defined in this Memorandum bear the same meanings as those given in the
 Articles of Association of the Company.

The Companies Act (As Revised)

Exempted Company Limited by Shares

THE SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**PressLogic Inc.**

(Conditionally adopted by way of a special resolution passed on 10 April 2025 and with effect from [●] 2025)

<u>I N D E X</u>

---

| | |
|:---|:---|
| SUBJECT | Article No. |
| Table A | 1 |
| Interpretation | 2 |
| Share Capital | 3 |
| Alteration Of Capital | 4-7 |
| Share Rights | 8-10 |
| Variation Of Rights | 11-12 |
| Shares | 13-16 |
| Share Certificates | 17-22 |
| Lien | 23-25 |
| Calls On Shares | 26-34 |
| Forfeiture Of Shares | 35-43 |
| Register Of Members | 44-45 |
| Record Dates | 46 |
| Transfer Of Shares | 47-52 |
| Transmission Of Shares | 53-55 |
| Untraceable Members | 56 |
| General Meetings | 57-59 |
| Notice Of General Meetings | 60-61 |
| Proceedings At General Meetings | 62-66 |
| Voting | 67-78 |
| Proxies | 79-84 |
| Corporations Acting By Representatives | 85 |
| No Action By Written Resolutions Of Members | 86 |
| Board Of Directors | 87 |
| Disqualification Of Directors | 88 |
| Executive Directors | 89-90 |
| Alternate Directors | 91-94 |
| Directors' Fees And Expenses | 95-98 |
| Directors' Interests | 99-102 |
| General Powers Of The Directors | 103-108 |
| Borrowing Powers | 109-112 |
| Proceedings Of The Directors | 113-122 |
| Officers | 123-129 |
| Register of Directors and Officers | 130 |
| Minutes | 131 |
| Seal | 132 |
| Authentication Of Documents | 133 |
| Destruction Of Documents | 134 |
| Dividends And Other Payments | 135-144 |
| Reserves | 145 |
| Capitalisation | 146-147 |
| Subscription Rights Reserve | 148 |
| Accounting Records | 149-150 |
| Notices | 151-153 |
| Signatures | 154 |
| Winding Up | 155-156 |
| Indemnity | 157 |
| Financial Year End | 158 |
| Amendment To Memorandum and Articles of Association |  |
| And Name of Company | 159 |
| Information | 160 |

---

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

THE SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**PressLogic Inc.**

(Conditionally adopted by way of a special resolution passed on 10 April 2025 and with effect from [●] 2025)

<u>TABLE A</u>

1. The regulations in Table A in the Schedule to the Companies Act (As Revised) do not apply to the Company.

<u>INTERPRETATION</u>

2. (1) In these Articles, unless the context otherwise requires, the words standing in the first column of the following table shall bear the meaning set opposite them respectively in the second column.

---

| | |
|:---|:---|
| <u>WORD</u> | <u>MEANING</u> |
| "Act" | The Companies Act, Cap. 22 (As Revised) of the Cayman Islands. |
| "Affiliate"<br>| shall have the meaning given to it in Rule 405 of the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. |
| "Articles" | these Articles in their present form or as supplemented or amended or substituted from time to time. |
| "Audit Committee" | the audit committee of the Company formed by the Board from time to time. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognized firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| <br> "Class A Ordinary Shares" | Class A Ordinary Shares with a par value of US$0.0001 each of the Company having the rights set out in these Articles. |
| "Class B Ordinary Shares" | Class B Ordinary Shares with a par value of US$0.0001 each of the Company having the rights set out in these Articles. |
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | PressLogic Inc. |
| "competent regulatory authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |
| "Conversion Date" | in respect of a Conversion Notice means the day on which that Conversion Notice is delivered. |

---

---

| | |
|:---|:---|
| "Conversion Notice" | a written notice delivered to the Company at its Office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 10. |
| "Conversion Number" | in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate. |
| "Conversion Rate" | means, at any time, on a 1 : 1 basis.<br>|
| "Conversion Right" | in respect of a Class B Ordinary Share means the right of its holder, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion. |

---

---

| | |
|:---|:---|
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder respectively. |
| "Designated Stock Exchange" | the stock exchange in the United States of America on which any shares of the Company are listed for trading. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |
| "electronic communication" | a communication sent, transmitted, conveyed and received by wire, by radio, by optical means or by other similar means in any form through any medium. |
| "electronic meeting" | a general meeting held and conducted wholly and exclusively by virtual attendance and participation by Members and/or proxies by means of electronic facilities. |
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "hybrid meeting" | a general meeting convened for the (i) physical attendance by Members and/or proxies at the Principal Meeting Place and where applicable, one or more Meeting Locations and (ii) virtual attendance and participation by Members and/or proxies by means of electronic facilities. |
| "Meeting Location" | has the meaning given to it in Article 65A. |
| "Independent Director" | a director who is an independent director as defined in the applicable rules and regulations of the Designated Stock Exchange. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "Memorandum of Association" | the memorandum of association of the Company, as amended from time to time. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated and as further defined in these Articles. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |

---

---

| | |
|:---|:---|
| "paid up" | paid up or credited as paid up. |
| "physical meeting" | a general meeting held and conducted by physical attendance and participation by Members and/or proxies at the Principal Meeting Place and/or where applicable, one or more Meeting Locations. |
| "Principal Meeting Place" | shall have the meaning given to it in Article 60(2).<br>|
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |
| "Securities Act" | mean the U.S. Securities Act 1933 as amended, or any<br> similar federal statute and the rules and regulations of the SEC thereunder as the same shall be in effect from time to time. |
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | shares in the capital of the Company including Class A Ordinary Shares and Class B Ordinary Shares. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 these Articles, unless there be something within the subject or context inconsistent with
 such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include companies, associations and bodies of persons whether corporate
 or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall"
 or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions
 referring to writing shall, unless the contrary intention appears, be construed as including
 printing, lithography, email, facsimile, photography and other modes of representing or reproducing
 words or figures in a legible and non-transitory form or, to the extent permitted by and
 in accordance with the Statutes and other applicable laws, rules and regulations, any visible
 substitute for writing (including an electronic communication), or modes of representing
 or reproducing words partly in one visible form and partly in another visible form, and including
 where the representation takes the form of electronic display, or represented by any other
 substitute or format for storage or transmission for writing or partly one and partly another
 provided that both the mode of service of the relevant document or Notice and the Member's
 election comply with all applicable Statutes, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 requirement as to delivery under the Articles include delivery in the form of an electronic
 record (as defined in the Electronic Transactions Act of the Cayman Islands) or an electronic
 communication;

(g) references
 to any law, ordinance, statute or statutory provision shall be interpreted as relating to
 any statutory modification or re-enactment thereof for the time being in force;

(h) save
 as aforesaid words and expressions defined in the Statutes shall bear the same meanings in
 these Articles if not inconsistent with the subject in the context;

(i) references
 to a document (including, but without limitation, a resolution in writing) being signed or
 executed include references to it being signed or executed under hand or under seal or by
 electronic signature or by electronic communication or by any other method and references
 to a Notice or document include a Notice or document recorded or stored in any digital, electronic,
 electrical, magnetic or other retrievable form or medium and information in visible form
 whether having physical substance or not;

(j) Sections
 8 and 19 of the Electronic Transaction Act of the Cayman Islands, as amended from time to
 time, shall not apply to these Articles to the extent it imposes obligations or requirements
 in addition to those set out in these Articles;

(k) the
 right of a Member to speak at an electronic meeting or a hybrid meeting shall include the
 right to raise questions or make statements to the chairman of the meeting, verbally or in
 written form, by means of electronic facilities. Such a right shall be deemed to have been
 duly exercised if the questions or statements may be heard or seen by all or only some of
 the persons present at the meeting (or only by the chairman of the meeting) in which event
 the chairman of the meeting shall relay the questions raised or the statements made verbatim
 to all persons present at the meeting, either orally or in writing using electronic facilities;

(l) a
 reference to a meeting shall mean a meeting convened and held in any manner permitted by
 these Articles and any Member or Director attending and participating at a meeting by means
 of electronic facilities shall be deemed to be present at that meeting for all purposes of
 the Statutes and these Articles, and attend, participate, attending, participating, attendance
 and participation shall be construed accordingly;

(m) references
 to a person's participation in the business of a general meeting include without limitation
 and as relevant the right (including, in the case of a corporation, through a duly authorised
 representative) to speak or communicate, vote, be represented by a proxy and have access
 in hard copy or electronic form to all documents which are required by the Statutes or these
 Articles to be made available at the meeting, and participate and participating in the business
 of a general meeting shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) references
 to electronic facilities include, without limitation, website addresses, webinars, webcast,
 video or any form of conference call systems (telephone, video, web or otherwise;

(o) where
 a Member is a corporation, any reference in these Articles to a Member shall, where the context
 requires, refer to a duly authorised representative of such Member; and

(p) references
 to "in the ordinary course of business" and comparable expressions mean the ordinary
 and usual course of business of the relevant party, consistent in all material respects (including
 nature and scope) with the prior practice of such party.

<u>SHARE CAPITAL</u>

3. (1) The share capital of the Company at the date on which these Articles come into effect shall be US$50,000 divided into (a) 450,000,000 Class A Ordinary Shares with a par value of US$0.0001 each and (b) 50,000,000 Class B Ordinary Shares with a par value of US$0.0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority, the Company shall have the power to purchase or otherwise acquire its own shares and such power shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it in its absolute discretion thinks fit and any determination by the Board of the manner of purchase shall be deemed authorized by these Articles for purposes of the Act. Subject to the Act, the Company is hereby authorized to make payments in respect of a redemption or purchase of its own shares in any manner authorized by the Act, including out of its capital. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company is authorised to hold treasury shares in accordance with the Act and may designate as treasury shares any of its shares that it purchases or redeems, or any share surrendered to it subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until such shares are either cancelled or transferred as the Board may determine on such terms and subject to such conditions as it in its absolute discretion thinks fits in accordance with the Act subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company may accept the surrender for no consideration of any fully paid share unless, as a result of such surrender, there would no longer be any issued shares of the Company other than shares held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No share shall be issued to bearer.

<u>ALTERATION OF CAPITAL</u>

4. (1) The Company may from time to time by ordinary resolution in accordance with the Act alter the conditions of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its capital by such sum, to be divided into shares of such amounts, as the resolution shall
 prescribe;

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

(c) without
 prejudice to the powers of the Board under Article 13, 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 authorized 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";

(d) sub-divide
 its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum
 of Association (subject, nevertheless, to the Act), and may by such resolution determine
 that, as between the holders of the shares resulting from such sub-division, one or more
 of the shares may have any such preferred, deferred or other rights or be subject to any
 such restrictions as compared with the other or others as the Company has power to attach
 to unissued or new shares;

(e) cancel
 any shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person, and diminish the amount of its capital by the amount of the shares
 so cancelled or, in the case of shares, without par value, diminish the number of shares
 into which its capital is divided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No alteration may be made of the kind contemplated by Article 4(1), or otherwise, to the par value of the Class A Ordinary Shares or the Class B Ordinary Shares unless an identical alteration is made to the par value of the Class A Ordinary Shares or the Class B Ordinary Shares, as the case may be.

5. The Board may settle as it considers expedient any difficulty which arises in relation to any consolidation and division under the Article 4 and in particular but without prejudice to the generality of the foregoing may issue certificates in respect of fractions of shares or 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 Members who would have been entitled to the fractions, and for this purpose the Board may authorise any 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.

6. The Company may from time to time by special resolution, subject to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve or other undistributable reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject to the provisions of the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred on the holders of any shares or class of shares, and without prejudice to Article 13 hereof, any share in the Company (whether forming part of the present capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of any shares or attaching to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

10. Subject to Article 13(1), the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company immediately upon the effectiveness of these Articles shall be divided into shares of two classes, Class A Ordinary Shares and Class B Ordinary Shares. The Class A Ordinary Shares and the Class B Ordinary Shares shall carry equal rights and rank *pari passu* with one another other than as set out below:

(a) *As regards conversion* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the provisions hereof and to compliance with all fiscal and other laws and regulations
 applicable thereto, including the Act, a holder of Class B Ordinary Shares shall have the
 Conversion Right in respect of each Class B Ordinary Share. For the avoidance of doubt, a
 holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares
 into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Class B Ordinary Share shall be converted at the option of the holder, at any time after
 issue and without the payment of any additional sum, into one fully paid Class A Ordinary
 Share calculated at the Conversion Rate. Such conversion shall take effect on the Conversion
 Date. A Conversion Notice shall not be effective if it is not accompanied by the share certificates
 in respect of the relevant Class B Ordinary Shares and such other evidence (if any) as the
 Directors may reasonably require to prove the title of the person exercising such right (or,
 if such certificates have been lost or destroyed, such evidence of title and such indemnity
 as the Directors may reasonably require). Any and all taxes and stamp, issue and registration
 duties (if any) arising on conversion shall be borne by the holder of Class B Ordinary Shares
 requesting conversion.

(iii) On
 the Conversion Date, every Class B Ordinary Share to be converted shall automatically be
 re-designated and re-classified as an Ordinary Share with such rights and restrictions attached
 thereto and shall rank pari passu in all respects with the Class A Ordinary Shares then in
 issue and the Company shall enter or procure the entry of the name of the relevant holder
 of Class B Ordinary Shares as the holder of the same number of Class A Ordinary Shares resulting
 from the conversion of the Class B Ordinary Shares in, and make any other necessary and consequential
 changes to, the Register and shall procure that certificates in respect of the relevant Class
 A Ordinary Shares, together with a new certificate for any unconverted Class B Ordinary Shares
 comprised in the certificate(s) surrendered by the holder of the Class B Ordinary Shares,
 are issued to the holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until
 such time as the Class B Ordinary Shares have been converted into Class A Ordinary Shares,
 the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at
 all times keep available for issue and free of all liens, charges, options, mortgages, pledges,
 claims, equities, encumbrances and other third-party rights of any nature, and not subject
 to any pre-emptive rights out of its authorised but unissued share capital, such number of
 authorised but unissued Class A Ordinary Shares as would enable all Class B Ordinary Shares
 to be converted into Class A Ordinary Shares and any other rights of conversion into, subscription
 for or exchange into Class A Ordinary Shares to be satisfied in full; and

(2) not
 make any issue, grant or distribution or take any other action if the effect would be that
 on the conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required
 to issue Class A Ordinary Shares at a price lower than the par value thereof

(b) *As regards Voting Rights* 

Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with Article 11 below), vote together as one class on all matters submitted to a vote for Members' consent. Each Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of the Company.

(c) *As regards Transfer* 

Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any person or entity which is not an Affiliate of such holder, such Class B Ordinary Shares validly transferred to the new holder shall be automatically and immediately converted into an equal number of Class A Ordinary Shares. For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Company's Register; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any of Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the related Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically converted into the same number of Class A Ordinary Shares upon the Company's registration of the third party or its designee as a Member holding that number of Class A Ordinary Shares in the Register.

(d) *As regards dividends* 

 

Each Ordinary Share be entitled to such dividends as the Board may from time to time declare. In the event of a dividend being declared by the Board, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to such dividend on a *pari passu* basis.

(e) *As regards a winding up or dissolution* 

In the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to the surplus assets of the Company on a *pari passu* basis.

<u>VARIATION OF RIGHTS</u>

11. Subject to the Act and without prejudice to Article 8, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied, modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. To every such separate general meeting all the provisions of these Articles relating to general meetings of the Company shall, *mutatis mutandis*, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notwithstanding
 Article 59 which shall not apply to this Article 11, separate general meetings of the holders
 of a class or series of shares may be called only by (i) the Chairman of the Board, or (ii)
 a majority of the entire Board (unless otherwise specifically provided by the terms of issue
 of the shares of such class or series). Nothing in this Article 11 shall be deemed to give
 any Member or Members the right to call a class or series meeting;

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

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

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

12. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied, modified or abrogated by the creation or issue of further shares ranking *pari passu* therewith.

<u>SHARES</u>

13. (1) Subject to the Act, these Articles and, where applicable, the rules and regulations of the Designated Stock Exchange and without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion determine but so that no shares shall be issued at a discount to their nominal value. In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by the Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time to time determine.

14. The Company may in connection with the issue of any shares exercise all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other.

15. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share or (except only as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

16. Subject to the Act and these Articles, the Board may at any time after the allotment of shares but before any person has been entered in the Register as the holder, recognise a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Board considers fit to impose.

<u>SHARE CERTIFICATES</u>

17. Every share certificate shall be issued under the Seal or a facsimile thereof or with the Seal printed thereon and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.

18. (1) In the case of a share held jointly by several persons, the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

19. The Company is not obliged to issue a share certificate to a Member unless the Member requests it in writing from the Company. Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled without payment, to receive one certificate for all such shares of any one class or several certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time determines.

20. Share certificates shall be issued within the relevant time limit as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company. Every share certificate of the Company shall bear legends required under the applicable laws, including the Securities Act.

21. (1) Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article 21. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

22. 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 Member upon request and on payment of such fee as the Board may determine and, subject to compliance with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board has determined that the original has been destroyed.

<u>LIEN</u>

23. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such member, and whether the period for the payment or discharge of the same shall have actually become due or not, and notwithstanding that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member or not. The Company's lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of this Article 23.

24. Subject to these Articles, the Company may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy.

25. The net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred 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 relating to the sale.

<u>CALLS ON SHARES</u>

26. Subject to these Articles and to the terms of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14) clear days' Notice specifying the time and place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines but no Member shall be entitled to any such extension, postponement or revocation except as a matter of grace and favour.

27. A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.

28. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The joint holders of a share shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys due 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 on the amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest in whole or in part.

30. No Member shall be entitled to receive any dividend or bonus or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or be reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.

31. On the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is entered in the Register as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt.

32. Any amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call duly made and notified.

33. On the issue of shares the Board may differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment.

34. The Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one (1) month's Notice of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.

<u>FORFEITURE OF SHARES</u>

35. (1) If a call remains unpaid after it has become due and payable the Board may give to the person from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring
 payment of the amount unpaid together with any interest which may have accrued and which
 may still accrue up to the date of actual payment; and

(b) stating
 that if the Notice is not complied with the shares on which the call was made will be liable
 to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

36. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect to give such Notice.

37. The Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.

38. Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

39. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Board shall in its discretion so requires) interest thereon from the date of forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board shall determine. The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. For the purposes of this Article 39 any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment.

40. A declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry.

41. Notwithstanding any such forfeiture as aforesaid the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

42. The forfeiture of a share shall not prejudice the right of the Company to any call already made or instalment payable thereon.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

44. (1) The Company shall keep in one or more books a Register of its Members and shall enter therein the following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name and address of each Member, the number and class of shares held by him and the amount
 paid or agreed to be considered as paid on such shares;

(b) the
 date on which each person was entered in the Register; and

(c) the
 date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

45. The Register and branch register of Members, as the case may be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge or by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office or such other place at which the Register is kept in accordance with the Act. The Register including any overseas or local or other branch register of Members may, after compliance with any notice requirements of the Designated Stock Exchange or by any electronic means in such manner as may be accepted by the Designated Stock Exchange to that effect, be closed for inspection at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.

<u>RECORD DATES</u>

46. For the purpose of determining the Members entitled to notice of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any such determination of Members, which date shall not be more than sixty (60) days nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other such action.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

47. (1) Subject to these Articles, including, without limitation, in the case of Class B Ordinary Shares, Article 10(c), any Member 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the provisions of subparagraph (1) above, for so long as any shares are listed on the Designated Stock Exchange, titles to such listed shares may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares. The register of members of the Company in respect of its listed shares (whether the Register or a branch register) may be kept by recording the particulars required by Section 40 of the Act in a form otherwise than legible if such recording otherwise complies with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares.

48. The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to Article 47, the Board may also resolve, either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

49. (1) The Board may, in its absolute discretion, and without giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

50. Without limiting the generality of the Article 49, the Board may decline to recognise any instrument of transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such
 lesser sum as the Board may from time to time require is paid to the Company in respect thereof;

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

(c) the
 instrument of transfer is lodged at the Office or such other place at which the Register
 is kept in accordance with the Act or the Registration Office (as the case may be) accompanied
 by the relevant share certificate(s) and such other evidence as the Board may reasonably
 require to show the right of the transferor to make the transfer (and, if the instrument
 of transfer is executed by some other person on his behalf, the authority of that person
 so to do); and

(d) if
 applicable, the instrument of transfer is duly and properly stamped.

51. If the Board refuses to register a transfer of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

52. The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine. The period of thirty (30) days may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution.

<u>TRANSMISSION OF SHARES</u>

53. If a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the only persons recognised by the Company as having any title to his interest in the shares; but nothing in this Article will release the estate of a deceased Member (whether sole or joint) from any liability in respect of any share which had been solely or jointly held by him.

54. Any person becoming entitled to a share in consequence of the death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required by the Board, elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof. If he elects to become the holder he shall notify the Company in writing either at the Registration Office or the Office, as the case may be, to that effect. If he elects to have another person registered he shall execute a transfer of the share in favour of that person. The provisions of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer as aforesaid as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.

55. A person becoming entitled to a share by reason of the death or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend payable or other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually transferred such share, but, subject to the requirements of Article 76(2) being met, such a person may vote at meetings.

<u>UNTRACEABLE MEMBERS</u>

56. (1) Without prejudice to the rights of the Company under paragraph (2) of this Article 56, the Company may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 cheques or warrants in respect of dividends of the shares in question, being not less than
 three in total number, for any sum payable in cash to the holder of such shares in respect
 of them sent during the relevant period in the manner authorised by the Articles have remained
 uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so
 far as it is aware at the end of the relevant period, the Company has not at any time during
 the relevant period received any indication of the existence of the Member who is the holder
 of such shares or of a person entitled to such shares by death, bankruptcy or operation of
 law; and

(c) the
 Company, if so required by the rules governing the listing of shares on the Designated Stock
 Exchange, has given notice to, and caused advertisement in newspapers to be made in accordance
 with the requirements of, the Designated Stock Exchange of its intention to sell such shares
 in the manner required by the Designated Stock Exchange, and a period of three (3) months
 or such shorter period as may be allowed by the Designated Stock Exchange has elapsed since
 the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser 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 relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

<u>GENERAL MEETINGS</u>

57. The Company shall, if required by the Statute, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. An annual general meeting of the Company shall be held at such time and place as may be determined by the Board.

58. Each general meeting, other than an annual general meeting, shall be called an extraordinary general meeting. All General meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations as provided in Article 65A, as a hybrid meeting or as an electronic meeting, as may be determined by the Board in its absolute discretion.

59. A majority of the Board or the Chairman of the Board may call extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall determine. Any one or more Members holding not less than one-half (50%) of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition shall at all times have the right, by written requisition to the Board or the Secretary of the Company, to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of such requisition. If within twenty one (21) days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

<u>NOTICE OF GENERAL MEETINGS</u>

60. (1) An annual general meeting and any extraordinary general meeting may be called by not less than ten (10) clear days' Notice but a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a meeting called as an annual general meeting, by all the Members entitled to
 attend and vote thereat; and

(b) in
 the case of any other meeting, by a majority in number of the Members having the right to
 attend and vote at the meeting, being a majority together holding not less than ninety-five
 per cent. (95%) in nominal value of the issued shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify (a) the time and place of the meeting, (b) save for an electronic meeting, the place of the meeting and if there is more than one meeting location as determined by the Board pursuant to Article 65A, the principal place of the meeting (the "**Principal Meeting Place**"), (c) if the general meeting is to be a hybrid meeting or an electronic meeting, the Notice shall include a statement to that effect and with details of the electronic facilities for attendance and participation by electronic means at the meeting or where such details will be made available by the Company prior to the meeting, and (d) in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors.

61. The accidental omission to give Notice of a meeting or (in cases where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or the proceedings at that meeting.

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

62. (1) All business shall be deemed special that is transacted at an extraordinary general meeting, and also all business that is transacted at an annual general meeting, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 declaration and sanctioning of dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration
 and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
 and other documents required to be annexed to the balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting of the Company, two (2) Members entitled to vote and present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third in nominal value of the total issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.

63. If within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week at the same time and (where applicable) same place(s) or to such time and (where applicable) such place(s) and in such form and manner referred to in Article 58 as the Board may absolutely determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.

64. (1) The Chairman of the Board shall preside as chairman at every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by its duly authorised representative or by proxy and entitled to vote shall elect one of their number to be chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the chairman of a general meeting is participating in the general meeting using an electronic facility or facilities and becomes unable to participate in the general meeting using such electronic facility or facilities, another person (determined in accordance with Article 64(1) above) shall preside as chairman of the meeting unless and until the original chairman of the meeting is able to participate in the general meeting using the electronic facility or facilities

65. The chairman may adjourn the meeting from time to time (or indefinitely) and/or from place to place(s) and/or from one form to another (a physical meeting, a hybrid meeting or an electronic meeting), but no business shall be transacted at any adjourned meeting other than the business which might lawfully have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned for fourteen (14) days or more, at least seven (7) clear days' notice of the adjourned meeting shall be given specifying the time and place of the adjourned meeting but it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned meeting and the general nature of the business to be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment.

65A. (1) The Board may, at its absolute discretion, arrange for persons entitled to attend a general meeting to do so by simultaneous attendance and participation by means of electronic facilities at such location or locations ("**Meeting Location(s)**") determined by the Board at its absolute discretion. Any Member or any proxy attending and participating in such way or any Member or proxy attending and participating in an electronic meeting or a hybrid meeting by means of electronic facilities is deemed to be present at and shall be counted in the quorum of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All general meetings are subject to the following and, where appropriate, all references to a "Member" or "Members" in this sub-paragraph (2) shall include a proxy or proxies respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 a Member is attending a Meeting Location and/or in the case of a hybrid meeting, the meeting
 shall be treated as having commenced if it has commenced at the Principal Meeting Place;

(b) Members
 present in person or by proxy at a Meeting Location and/or Members attending and participating
 in an electronic meeting or a hybrid meeting by means of electronic facilities shall be counted
 in the quorum for and entitled to vote at the meeting in question, and that meeting shall
 be duly constituted and its proceedings valid provided that the chairman of the meeting is
 satisfied that adequate electronic facilities are available throughout the meeting to ensure
 that Members at all Meeting Locations and Members participating in an electronic meeting
 or a hybrid meeting by means of electronic facilities are able to participate in the business
 for which the meeting has been convened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 Members attend a meeting by being present at one of the Meeting Locations and/or where Members
 participating in an electronic meeting or a hybrid meeting by means of electronic facilities,
 a failure (for any reason) of the electronic facilities or communication equipment, or any
 other failure in the arrangements for enabling those in a Meeting Location other than the
 Principal Meeting Place to participate in the business for which the meeting has been convened
 or in the case of an electronic meeting or a hybrid meeting, the inability of one or more
 Members or proxies to access, or continue to access, the electronic facilities despite adequate
 electronic facilities having been made available by the Company, shall not affect the validity
 of the meeting or the resolutions passed, or any business conducted there or any action taken
 pursuant to such business provided that there is a quorum present throughout the meeting.

(d) if
 any of the Meeting Locations is not in the same jurisdiction as the Principal Meeting Place
 and/or in the case of a hybrid meeting, the provisions of these Articles concerning the service
 and giving of Notice for the meeting, and the time for lodging proxies, shall apply by reference
 to the Principal Meeting Place; and in the case of an electronic meeting, the time for lodging
 proxies shall be as stated in the Notice for the meeting.

65B. The Board and, at any general meeting, the chairman of the meeting may from time to time make arrangements for managing attendance and/or participation and/or voting at the Principal Meeting Place, any Meeting Location(s) and/or participation in an electronic meeting or a hybrid meeting by means of electronic facilities (whether involving the issue of tickets or some other means of identification, passcode, seat reservation, electronic voting or otherwise) as it shall in its absolute discretion consider appropriate, and may from time to time change any such arrangements, provided that a Member who, pursuant to such arrangements, is not entitled to attend, in person or by proxy, at any Meeting Location shall be entitled so to attend at one of the other Meeting Locations; and the entitlement of any Member so to attend the meeting or adjourned meeting or postponed meeting at such Meeting Location or Meeting Locations shall be subject to any such arrangement as may be for the time being in force and by the Notice of meeting or adjourned meeting or postponed meeting stated to apply to the meeting.

65C. If it appears to the chairman of the general meeting that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 electronic facilities at the Principal Meeting Place or at such other Meeting Location(s)
 at which the meeting may be attended have become inadequate for the purposes referred to
 in Article 65A(1) or are otherwise not sufficient to allow the meeting to be conducted substantially
 in accordance with the provisions set out in the Notice of the meeting; or

(b) in
 the case of an electronic meeting or a hybrid meeting, electronic facilities being made available
 by the Company have become inadequate; or

(c) it
 is not possible to ascertain the view of those present or to give all persons entitled to
 do so a reasonable opportunity to communicate and/or vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 is violence or the threat of violence, unruly behaviour or other disruption occurring at
 the meeting or it is not possible to secure the proper and orderly conduct of the meeting;

then, without prejudice to any other power which the chairman of the meeting may have under these Articles or at common law, the chairman may, at his/her absolute discretion, without the consent of the meeting, and before or after the meeting has started and irrespective of whether a quorum is present, interrupt or adjourn the meeting (including adjournment for indefinite period). All business conducted at the meeting up to the time of such adjournment shall be valid.

65D. The Board and, at any general meeting, the chairman of the meeting may make any arrangement and impose any requirement or restriction the Board or the chairman of the meeting, as the case may be, considers appropriate to ensure the security and orderly conduct of a meeting (including, without limitation, requirements for evidence of identity to be produced by those attending the meeting, the searching of their personal property and the restriction of items that may be taken into the meeting place, determining the number and frequency of and the time allowed for questions that may be raised at a meeting). Members shall also comply with all requirements or restrictions imposed by the owner of the premises at which the meeting is held. Any decision made under this Article shall be final and conclusive and a person who refuses to comply with any such arrangements, requirements or restrictions may be refused entry to the meeting or ejected (physically or electronically) from the meeting.

65E. If, after the sending of Notice of a general meeting but before the meeting is held, or after the adjournment of a meeting but before the adjourned meeting is held (whether or not Notice of the adjourned meeting is required), the Directors, in their absolute discretion, consider that it is inappropriate, impracticable, unreasonable or undesirable for any reason to hold the general meeting on the date or at the time or place or by means of electronic facilities specified in the Notice calling the meeting, they may change or postpone the meeting to another date, time and/or place and/or change the electronic facilities and/or change the form of the meeting (a physical meeting, an electronic meeting or a hybrid meeting) without approval from the Members. Without prejudice to the generality of the foregoing, the Directors shall have the power to provide in every Notice calling a general meeting the circumstances in which a postponement of the relevant general meeting may occur automatically without further notice, including without limitation where a number 8 or higher typhoon signal, black rainstorm warning or other similar event is in force at any time on the day of the meeting. This Article shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when
 a meeting is so postponed, the Company shall endeavour to post a Notice of such postponement
 on the Company's website as soon as practicable (provided that failure to post such
 a Notice shall not affect the automatic postponement of a meeting);

(b) when
 only the form of the meeting or electronic facilities specified in the Notice are changed,
 the Board shall notify the Members of details of such change in such manner as the Board
 may determine;

(c) when
 a meeting is postponed or changed in accordance with this Article, subject to and without
 prejudice to Article 65, unless already specified in the original Notice of the meeting,
 the Board shall fix the date, time, place (if applicable) and electronic facilities (if applicable)
 for the postponed or changed meeting and shall notify the Members of such details in such
 manner as the Board may determine; further all proxy forms shall be valid (unless revoked
 or replaced by a new proxy) if they are received as required by these Articles not less than
 48 hours before the time of the postponed meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice
 of the business to be transacted at the postponed or changed meeting shall not be required,
 nor shall any accompanying documents be required to be recirculated, provided that the business
 to be transacted at the postponed or changed meeting is the same as that set out in the original
 Notice of general meeting circulated to the Members.

65F. All persons seeking to attend and participate in an electronic meeting or a hybrid meeting shall be responsible for maintaining adequate facilities to enable them to do so. Subject to Article 65C, any inability of a person or persons to attend or participate in a general meeting by way of electronic facilities shall not invalidate the proceedings of and/or resolutions passed at that meeting.

65G. Without prejudice to other provisions in Article 65, a physical meeting may also be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting

66. If an amendment is proposed to any resolution under consideration but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

67. (1) Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Except as required by applicable law and subject to these Articles, holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all matters submitted to a vote of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to any special rights or restrictions as to voting for the time being attached to any shares by or in accordance with these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 any general meeting on a show of hands, every Member holding Class A Ordinary Shares present
 in person (or being a corporation, is present by a duly authorised representative), or by
 proxy shall have one (1) vote for every fully paid Ordinary Share of which he is the holder
 and on a poll every Member present in person or by proxy or, in the case of a Member being
 a corporation, by its duly authorised representative shall have one (1) vote for every fully
 paid Ordinary Share of which he is the holder; and

(b) at
 any general meeting on a show of hands, every Member holding Class B Ordinary Shares present
 in person (or being a corporation, is present by a duly authorised representative), or by
 proxy shall have ten (10) votes for every fully paid Class B Ordinary Share of which he is
 the holder and on a poll every Member present in person or by proxy or, in the case of a
 Member being a corporation, by its duly authorised representative shall have ten (10) votes
 for every fully paid Class B Ordinary Share of which he is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No amount paid up or credited as paid up on a share in advance of calls or instalments is treated for the foregoing purposes as paid up on the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything contained in these Articles, where more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), (a) each such proxy present holding Class A Ordinary Shares shall have one (1) vote for every fully paid Ordinary Share of which he is the holder and (b) each such proxy present holding Class B Ordinary Shares shall have ten (10) votes for every fully paid Class B Ordinary Share of which he is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A resolution put to the vote of a meeting shall be decided by way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless voting by way of a poll is required by the rules and regulations of the Designated Stock Exchange or (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 at least three Members present in person or (in the case of a Member being a corporation)
 by its duly authorised representative or by proxy for the time being entitled to vote at
 the meeting; or

(b) by
 a Member or Members present in person or (in the case of a Member being a corporation) by
 its duly authorised representative or by proxy and representing not less than one tenth of
 the total voting rights of all Members having the right to vote at the meeting; or

(c) by
 a Member or Members present in person or (in the case of a Member being a corporation) by
 its duly authorised representative or by proxy and holding shares in the Company conferring
 a right to vote at the meeting being shares on which an aggregate sum has been paid up equal
 to not less than one tenth of the total sum paid up on all shares conferring that right.

A demand by a person as proxy for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a demand by a Member. Votes (whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors or the chairman of the meeting may determine.

68. Unless a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall be conclusive evidence of the facts without proof of the number or proportion of the votes recorded for or against the resolution.

69. If a poll is duly demanded the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The Company shall only be required to disclose the voting figures on a poll if such disclosure is required by the rules and regulations of the Designated Stock Exchange.

70. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately.

71. The demand for a poll shall not prevent the continuance of a meeting or the transaction of any business other than the question on which the poll has been demanded, and, with the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier.

72. On a poll votes may be given either personally or by proxy.

73. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he uses in the same way.

74. All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority is required by these Articles, by the Act or the rules and regulations of the Designated Stock Exchange. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be entitled to a second or casting vote in addition to any other vote he may have.

75. Where there are joint holders of any share any one of such joint holders may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto, but if more than one of such joint holders be present at any meeting the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased Member in whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.

76. (1) A Member who is a patient for any purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, *curator bonis* or other person in the nature of a receiver, committee or *curator bonis* appointed by such court, and such receiver, committee, *curator bonis* or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or postponed meeting, or poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 54 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting or postponed meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

77. No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares in the Company have been paid.

78. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 objection shall be raised to the qualification of any voter; or

(b) any
 votes have been counted which ought not to have been counted or which might have been rejected;
 or

(c) any
 votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

<u>PROXIES</u>

79. Any Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual or a Member which is a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as such Member could exercise.

80. 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 its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument of proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.

81. (1) The Company may, at its absolute discretion, provide an electronic address for the receipt of any document or information relating to proxies for a general meeting (including any instrument of proxy or invitation to appoint a proxy, any document necessary to show the validity of, or otherwise relating to, an appointment of proxy (whether or not required under these Articles) and notice of termination of the authority of a proxy). If such an electronic address is provided, the Company shall be deemed to have agreed that any such document or information (relating to proxies as aforesaid) may be sent by electronic means to that address, subject as hereafter provided and subject to any other limitations or conditions specified by the Company when providing the address. Without limitation, the Company may from time to time determine that any such electronic address may be used generally for such matters or specifically for particular meetings or purposes and, if so, the Company may provide different electronic addresses for different purposes. The Company may also impose any conditions on the transmission of and its receipt of such electronic communications including, for the avoidance of doubt, imposing any security or encryption arrangements as may be specified by the Company. If any document or information required to be sent to the Company under this Article is sent to the Company by electronic means, such document or information is not treated as validly delivered to or deposited with the Company if the same is not received by the Company at its designated electronic address provided in accordance with this Article or if no electronic address is so designated by the Company for the receipt of such document or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The instrument appointing a proxy and (if required by the Board) the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority, shall be delivered to such place or one of such places (if any) as may be specified for that purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified at the Registration Office or the Office, as may be appropriate) , or if the Company has provided an electronic address in accordance with the preceding paragraph, shall be received at the electronic address specified, not less than forty-eight (48) hours before the time appointed for holding the meeting, the postponed meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.

82. Instruments of proxy shall be in any common form or in such other form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment or postponement of the meeting as for the meeting to which it relates. The Board may decide, either generally or in any particular case, to treat a proxy appointment as valid notwithstanding that the appointment or any of the information required under these Articles has not been received in accordance with the requirements of these Articles. Subject to aforesaid, if the proxy appointment and any of the information required under these Articles is not received in the manner set out in these Articles, the appointee shall not be entitled to vote in respect of the shares in question.

83. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the meeting or other document sent therewith) two (2) hours at least before the commencement of the meeting, the postponed meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.

84. Anything which under these Articles a Member may do by proxy he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments appointing proxies shall apply *mutatis mutandis* in relation to any such attorney and the instrument under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

85. (1) Any corporation which is a Member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or a central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

86. A resolution in writing signed (in such manner as to indicate, expressly or impliedly, unconditional approval) by or on behalf of all persons for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall, for the purposes of these Articles, be treated as a resolution duly passed at a general meeting of the Company and, where relevant, as a special resolution so passed. Any such resolution shall be deemed to have been passed at a meeting held on the date on which it was signed by the last Member to sign, and where the resolution states a date as being the date of his signature thereof by any Member the statement shall be prima facie evidence that it was signed by him on that date. Such a resolution may consist of several documents in the like form, each signed by one or more relevant Members

<u>BOARD OF DIRECTORS</u>

87. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless otherwise determined from time to time by the Board. The Directors shall be elected or appointed in accordance with Article 87 and 88 and shall hold office until the expiration of his term or until their successors are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may, by way of an ordinary resolution of Members be removed at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company may from time to time in general meeting by ordinary resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

<u>DISQUALIFICATION OF DIRECTORS</u>

88. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.

<u>EXECUTIVE DIRECTORS</u>

89. The Board may from time to time appoint any one or more of its body to be a managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the Company for such period (subject to their continuance as Directors) and upon such terms as the Board may determine and the Board may revoke or terminate any of such appointments. Any such revocation or termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director. A Director appointed to an office under this Article 91 shall be subject to the same provisions as to removal as the other Directors of the Company, and he shall (subject to the provisions of any contract between him and the Company) ipso facto and immediately cease to hold such office if he shall cease to hold the office of Director for any cause.

90. Notwithstanding Articles 95, 96, 97 and 98, an executive director appointed to an office under Article 89 hereof shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise or by all or any of those modes) and such other benefits (including pension and/or gratuity and/or other benefits on retirement) and allowances as the Board may from time to time determine, and either in addition to or in lieu of his remuneration as a Director.

<u>ALTERNATE DIRECTORS</u>

91. Any Director may at any time by Notice delivered to the Office or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate Director. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall continue until the happening of any event which, if he were a Director, would cause him to vacate such office or if his appointer ceases for any reason to be a Director. Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his own right and may act as alternate to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to exercise and discharge all the functions, powers and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director save that as an alternate for more than one Director his voting rights shall be cumulative.

92. An alternate Director shall only be a Director for the purposes of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations of a Director when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent *mutatis mutandis* as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from time to time direct.

93. Every person acting as an alternate Director shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor is for the time being absent from the People's Republic of China or otherwise not available or unable to act, the signature of an alternate Director to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless the notice of his appointment provides to the contrary, be as effective as the signature of his appointor.

94. An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate Director PROVIDED always that, if at any meeting any Director retires but is re-elected at the same meeting, any appointment of such alternate Director pursuant to these Articles which was in force immediately before his retirement shall remain in force as though he had not retired.

<u>DIRECTORS' FEES AND EXPENSES</u>

95. The Directors shall receive such remuneration as the Board may from time to time determine. Each Director shall be entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the board or general meetings or separate meetings of any class of shares or of debenture of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Each Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties as a Director.

97. Any Director who, by request, goes or resides abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any other Article.

98. The Board shall determine any payment to any Director or past Director of the Company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office (not being payment to which the Director is contractually entitled).

<u>DIRECTORS' INTERESTS</u>

99. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold
 any other office or place of profit with the Company (except that of Auditor) in conjunction
 with his office of Director for such period and upon such terms as the Board may determine.
 Any remuneration (whether by way of salary, commission, participation in profits or otherwise)
 paid to any Director in respect of any such other office or place of profit shall be in addition
 to any remuneration provided for by or pursuant to any other Article;

(b) act
 by himself or his firm in a professional capacity for the Company (otherwise than as Auditor)
 and he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue
 to be or become a director, managing director, joint managing director, deputy managing director,
 executive director, manager or other officer or member of any other company promoted by the
 Company or in which the Company may be interested as a vendor, shareholder or otherwise and
 (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
 or other benefits received by him as a director, managing director, joint managing director,
 deputy managing director, executive director, manager or other officer or member of or from
 his interests in any such other company. Subject as otherwise provided by these Articles
 the Directors may exercise or cause to be exercised the voting powers conferred by the shares
 in any other company held or owned by the Company, or exercisable by them as Directors of
 such other company in such manner in all respects as they think fit (including the exercise
 thereof in favour of any resolution appointing themselves or any of them directors, managing
 directors, joint managing directors, deputy managing directors, executive directors, managers
 or other officers of such company) or voting or providing for the payment of remuneration
 to the director, managing director, joint managing director, deputy managing director, executive
 director, manager or other officers of such other company and any Director may vote in favour
 of the exercise of such voting rights in manner aforesaid notwithstanding that he may be,
 or about to be, appointed a director, managing director, joint managing director, deputy
 managing director, executive director, manager or other officer of such a company, and that
 as such he is or may become interested in the exercise of such voting rights in manner aforesaid.

100. Subject to the Act and to these Articles, no Director or proposed or intending Director shall be disqualified by his office from contracting with the Company, either with regard to his tenure of any office or place of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any such contract or any other contract or arrangement 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 or the Members for any remuneration, profit or other benefits realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established provided that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance with Article 101 herein.

101. A Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of the Board at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is a member or officer of a specified company or firm and is to be regarded as interested
 in any contract or arrangement which may after the date of the Notice be made with that company
 or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is to be regarded as interested in any contract or arrangement which may after the date of
 the Notice be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

102. Following a declaration being made pursuant to the last preceding two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of the Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

103. (1) The business of the Company shall be managed and conducted by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether relating to the management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any one Director on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 give to any person the right or option of requiring at a future date that an allotment shall
 be made to him of any share at par or at such premium as may be agreed;

(b) to
 give to any Directors, officers or employees of the Company an interest in any particular
 business or transaction or participation in the profits thereof or in the general profits
 of the Company either in addition to or in substitution for a salary or other remuneration;
 and

(c) to
 resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
 outside the Cayman Islands subject to the provisions of the Act.

104. The Board may establish any regional or local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected thereby.

105. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.

106. The Board may entrust to and confer upon a managing director, joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

107. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or transferable or not, and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine. The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine.

108. (1) The Board may establish or concur or join with other companies (being subsidiary companies of the Company or companies with which it is associated in business) in establishing and making contributions out of the Company's moneys to any schemes or funds for providing pensions, sickness or compassionate allowances, life assurance or other benefits for employees (which expression as used in this and the following paragraph shall include any Director or ex-Director who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies) and ex-employees of the Company and their dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

109. The Board may exercise all the powers of the Company to raise or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Act, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

110. Debentures, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued.

111. Any debentures, bonds or other securities may be issued at a discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.

112. (1) Where any uncalled capital of the Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

113. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined by a majority of votes. In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.

114. A meeting of the Board may be convened by the Secretary on request of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone or by electronic means to an electronic address from time to time notified to the Company by such Director or (if the recipient consents to it being made available on a website) by making it available on a website or in such other manner as the Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or any Director.

115. (1) The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two (2) of the Board. An alternate Director shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not be counted more than once for the purpose of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference, telephone, electronic or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

116. The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles as the quorum, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.

117. The Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.

118. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

119. (1) The Board may delegate any of its powers, authorities and discretions to committees, consisting of such Director or Directors and other persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

120. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding Article, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.

121. A resolution in writing signed by all the Directors except such as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. A notification of consent to such resolution given by a Director in writing to the Board by any means (including by means of electronic communication) shall be deemed to be his/her signature to such resolution in writing for the purpose of this Article. Such resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature of a Director shall be treated as valid.

122. All acts bona fide done by the Board or by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of such committee.

<u>OFFICERS</u>

123. The officers of the Company shall consist of the Chairman of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles. In addition to the officers of the Company, the Board may also from time to time determine and appoint managers and delegate to the same such powers and duties as are prescribed by the Board.

124. The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

125. The officers shall receive such remuneration as the Directors may from time to time determine.

126. The Secretary and additional officers, if any, shall be appointed by the Board and shall hold office on such terms and for such period as the Board may determine. If thought fit, two or more persons may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant or deputy Secretaries.

127. The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

128. The officers of the Company shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Directors from time to time.

129. A provision of the Act or of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

130. The Company shall cause to be kept in one or more books at its Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the Directors and Officers and such other particulars as required by the Act or as the Directors may determine. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of any change that takes place in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

131. (1) The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of
 all elections and appointments of officers;

(b) of
 the names of the Directors present at each meeting of the Directors and of any committee
 of the Directors;

(c) of
 all resolutions and proceedings of each general meeting of the Members, meetings of the Board
 and meetings of committees of the Board and where there are managers, of all proceedings
 of meetings of the managers.

(2) Minutes
 shall be kept by the Secretary at the Office.

<u>SEAL</u>

132. (1) The Company shall have one or more Seals, as the Board may determine. For the purpose of sealing documents creating or evidencing securities issued by the Company, the Company may have a securities seal which is a facsimile of the Seal of the Company with the addition of the word "Securities" on its face or in such other form as the Board may approve. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any instrument to which a Seal is affixed shall be signed autographically by one Director or by such other person (including a Director) or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article 132 shall be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

133. Any Director or the Secretary or any person appointed by the Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere than at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted meeting.

<u>DESTRUCTION OF DOCUMENTS</u>

134. (1) The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 share certificate which has been cancelled at any time after the expiry of one (1) year from
 the date of such cancellation;

(b) any
 dividend mandate or any variation or cancellation thereof or any notification of change of
 name or address at any time after the expiry of two (2) years from the date such mandate
 variation cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 instrument of transfer of shares which has been registered at any time after the expiry of
 seven (7) years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies
 of powers of attorney, grants of probate and letters of administration at any time after
 the expiry of seven (7) years after the account to which the relevant power of attorney,
 grant of probate or letters of administration related has been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article 134 shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article 134 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 134 to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article 134 and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

135. Subject to the Act, the Board may from time to time declare dividends in any currency to be paid to the Members.

136. Dividends may be declared and paid out of the profits of the Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no longer needed. The Board may also declare and pay dividends out of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

137. Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 dividends shall be declared and paid according to the amounts paid up on the shares in respect
 of which the dividend is paid, but no amount paid up on a share in advance of calls shall
 be treated for the purposes of this Article as paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 dividends shall be apportioned and paid pro rata according to the amounts paid up on the
 shares during any portion or portions of the period in respect of which the dividend is paid.

138. The Board may from time to time pay to the Members such interim dividends as appear to the Board to be justified by the profits of the Company and in particular (but without prejudice to the generality of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board may pay such interim dividends in respect of those shares in the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend and provided that the Board acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference for any damage that they may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential rights and may also pay any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion of the Board, justifies such payment.

139. The Board may deduct from any dividend or other moneys payable to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

140. No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against the Company.

141. Any dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address as appearing in the Register or addressed to such person and at such address as the holder or joint holders may in writing 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 notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect of the shares held by such joint holders.

142. All dividends or bonuses unclaimed for one (1) year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof.

143. Whenever the Board has resolved that a dividend be paid or declared, the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient, and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest any such specific assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The Board may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

144. (1) Whenever the Board has resolved that a dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 such dividend be satisfied wholly or in part in the form of an allotment of shares credited
 as fully paid up, provided that the Members entitled thereto will be entitled to elect to
 receive such dividend (or part thereof if the Board so determines) in cash in lieu of such
 allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; and

(iv) the
 dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid)
 shall not be payable in cash on shares in respect whereof the cash election has not been
 duly exercised ("the non-elected shares") and in satisfaction thereof shares
 of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
 shares on the basis of allotment determined as aforesaid and for such purpose the Board shall
 capitalise and apply out of any part of the undivided profits of the Company (including profits
 carried and standing to the credit of any reserves or other special account, share premium
 account, capital redemption reserve other than the Subscription Rights Reserve) as the Board
 may determine, such sum as may be required to pay up in full the appropriate number of shares
 of the relevant class for allotment and distribution to and amongst the holders of the non-elected
 shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the Members entitled to such dividend shall be entitled to elect to receive an allotment
 of shares credited as fully paid up in lieu of the whole or such part of the dividend as
 the Board may think fit. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; and

(iv) the
 dividend (or that part of the dividend in respect of which a right of election has been accorded)
 shall not be payable in cash on shares in respect whereof the share election has been duly
 exercised ("the elected shares") and in lieu thereof shares of the relevant class
 shall be allotted credited as fully paid up to the holders of the elected shares on the basis
 of allotment determined as aforesaid and for such purpose the Board shall capitalise and
 apply out of any part of the undivided profits of the Company (including profits carried
 and standing to the credit of any reserves or other special account, share premium account,
 capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine,
 such sum as may be required to pay up in full the appropriate number of shares of the relevant
 class for allotment and distribution to and amongst the holders of the elected shares on
 such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The
 shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank *pari passu* in all respects with shares of the same class (if any) then in issue save
 only as regards participation in the relevant dividend or in any other distributions, bonuses
 or rights paid, made, declared or announced prior to or contemporaneously with the payment
 or declaration of the relevant dividend unless, contemporaneously with the announcement by
 the Board of their proposal to apply the provisions of sub-paragraph (a) or (b) of paragraph
 (2) of this Article 144 in relation to the relevant dividend or contemporaneously with their
 announcement of the distribution, bonus or rights in question, the Board shall specify that
 the shares to be allotted pursuant to the provisions of paragraph (1) of this Article shall
 rank for participation in such distribution, bonus or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board may do all acts and things considered necessary or expedient to give effect to any
 capitalisation pursuant to the provisions of paragraph (1) of this Article 144, with full
 power to the Board to make such provisions as it thinks fit in the case of shares becoming
 distributable in fractions (including provisions whereby, in whole or in part, fractional
 entitlements are aggregated and sold and the net proceeds distributed to those entitled,
 or are disregarded or rounded up or down or whereby the benefit of fractional entitlements
 accrues to the Company rather than to the Members concerned). The Board may authorise any
 person to enter into on behalf of all Members interested, an agreement with the Company providing
 for such capitalisation and matters incidental thereto and any agreement made pursuant to
 such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may determine and resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article 144 a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article 144 shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class by the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall *mutatis mutandis* apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

<u>RESERVES</u>

145. (1) The Board shall establish an account to be called the 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 in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation to the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

146. The Company may, upon the recommendation of the Board, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption reserve and the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the basis that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Article 146, a share premium account and any capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company to be allotted to such Members credited as fully paid.

147. The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

148. The following provisions shall have effect to the extent that they are not prohibited by and are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants issued by the Company to subscribe for shares of the Company shall remain exercisable, the Company does any act or engages in any transaction which, as a result of any adjustments to the subscription price in accordance with the provisions of the conditions of the warrants, would reduce the subscription price to below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as from the date of such act or transaction the Company shall establish and thereafter (subject as provided in this Article 148) maintain in accordance with the provisions of this Article 148 a reserve (the "Subscription Rights Reserve") the amount of which shall at no time be less than the sum which for the time being would be required to be capitalised and applied in paying up in full the nominal amount of the additional shares required to be issued and allotted credited as fully paid pursuant to sub-paragraph (c) below on the exercise in full of all the subscription rights outstanding and shall apply the Subscription Rights Reserve in paying up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Subscription Rights Reserve shall not be used for any purpose other than that specified above
 unless all other reserves of the Company (other than share premium account) have been extinguished
 and will then only be used to make good losses of the Company if and so far as is required
 by law;

(c) upon
 the exercise of all or any of the subscription rights represented by any warrant, the relevant
 subscription rights shall be exercisable in respect of a nominal amount of shares equal to
 the amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be the relevant portion thereof
 in the event of a partial exercise of the subscription rights) and, in addition, there shall
 be allotted in respect of such subscription rights to the exercising warrantholder, credited
 as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 said amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be, the relevant portion thereof
 in the event of a partial exercise of the subscription rights); and

(ii) the
 nominal amount of shares in respect of which such subscription rights would have been exercisable
 having regard to the provisions of the conditions of the warrants, had it been possible for
 such subscription rights to represent the right to subscribe for shares at less than par
 and immediately upon such exercise so much of the sum standing to the credit of the Subscription
 Rights Reserve as is required to pay up in full such additional nominal amount of shares
 shall be capitalised and applied in paying up in full such additional nominal amount of shares
 which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if,
 upon the exercise of the subscription rights represented by any warrant, the amount standing
 to the credit of the Subscription Rights Reserve is not sufficient to pay up in full such
 additional nominal amount of shares equal to such difference as aforesaid to which the exercising
 warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter
 becoming available (including, to the extent permitted by law, share premium account) for
 such purpose until such additional nominal amount of shares is paid up and allotted as aforesaid
 and until then no dividend or other distribution shall be paid or made on the fully paid
 shares of the Company then in issue. Pending such payment and allotment, the exercising warrantholder
 shall be issued by the Company with a certificate evidencing his right to the allotment of
 such additional nominal amount of shares. The rights represented by any such certificate
 shall be in registered form and shall be transferable in whole or in part in units of one
 share in the like manner as the shares for the time being are transferable, and the Company
 shall make such arrangements in relation to the maintenance of a register therefor and other
 matters in relation thereto as the Board may think fit and adequate particulars thereof shall
 be made known to each relevant exercising warrantholder upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank *pari passu* in all respects with the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any warrantholder or class of warrantholders under this Article without the sanction of a special resolution of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrantholders and shareholders.

<u>ACCOUNTING RECORDS</u>

149. The Board shall cause true accounts to be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure take place, and of the property, assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to give a true and fair view of the Company's affairs and to explain its transactions.

150. The accounting records shall be kept at the Office or, at such other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Board or the Company in general meeting.

<u>NOTICES</u>

151. Any Notice or document, whether or not, to be given or issued under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or electronic communication and any such Notice and document may be served or delivered by the Company on or to any Member either (i) personally or (ii) by sending it through the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose or, (iii) by transmitting it to any such address or transmitting it to any telex or facsimile transmission number or electronic number or electronic address or website supplied by him to the Company for the giving of Notice to him or which the person transmitting the notice reasonably and bona fide believes at the relevant time will result in the Notice being duly received by the Member or (iv) by advertisement in appropriate newspapers in accordance with the requirements of the Designated Stock Exchange or, (v) to the extent permitted by the applicable laws, by placing it on the Company's website. 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 and notice so given shall be deemed a sufficient service on or delivery to all the joint holders.

152. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 served or delivered by post, shall where appropriate be sent by airmail and shall be deemed
 to have been served or delivered on the day following that on which the envelope containing
 the same, properly prepaid and addressed, is put into the post; in proving such service or
 delivery it shall be sufficient to prove that the envelope or wrapper containing the notice
 or document was properly addressed and put into the post and a certificate in writing signed
 by the Secretary or other officer of the Company or other person appointed by the Board that
 the envelope or wrapper containing the Notice or other document was so addressed and put
 into the post shall be conclusive evidence thereof;

(b) if
 sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
 from the server of the Company or its agent. A Notice placed on the Company's website
 is deemed given by the Company to a Member on the day on which it is placed on the Company's
 website;

(c) if
 served or delivered in any other manner contemplated by these Articles, shall be deemed to
 have been served or delivered at the time of personal service or delivery or, as the case
 may be, at the time of the relevant despatch or transmission or publication; and in proving
 such service or delivery a certificate in writing signed by the Secretary or other officer
 of the Company or other person appointed by the Board as to the act and time of such service,
 delivery, despatch or transmission or publication shall be conclusive evidence thereof; and

(d) may
 be given to a Member in the English language or such other language as may be approved by
 the Directors, subject to due compliance with all applicable Statutes, rules and regulations.

153. (1) Any Notice or other document delivered or sent by post to or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service or delivery of the Notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every Notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every Member or a person who is entitled to receive notice from the Company under the provisions of the Statutes or these Articles may register with the Company an electronic address to which notices can be served upon him.

<u>SIGNATURES</u>

154. For the purposes of these Articles, a cable or telex or facsimile or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director, or, in the case of a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or duly authorised representative thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to the person relying thereon at the relevant time be deemed to be a document or instrument in writing signed by such holder or Director in the terms in which it is received. The signature to any notice or document to be given by the Company may be written, printed or made electronically.

<u>WINDING UP</u>

155. (1) Subject to Article 155(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless otherwise provided by the Act, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

156. (1) Subject to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares (i) if the Company shall be wound up and the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst such members in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall be wound up and the assets available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

<u>INDEMNITY</u>

157. (1) Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, or other officer for the time being and from time to time of the Company (but not including the Auditor) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, proceeding, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud, willful default or dishonesty which may attach to such Director.

<u>FINANCIAL YEAR</u>

158. Unless otherwise determined by the Directors, the financial year of the Company shall end on the 31 of December in each year.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION</u>

<u>AND NAME OF COMPANY</u>

159. No Article shall be rescinded, altered or amended and no new Article shall be made until the same has been approved by a special resolution of the Members. A special resolution shall be required to alter the provisions of the Memorandum of Association or to change the name of the Company.

<u>INFORMATION</u>

160. No Member shall be entitled to require discovery of or any information respecting any detail of the Company's trading or any matter 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 Directors it will be inexpedient in the interests of the members of the Company to communicate to the public.

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | **CONYERS DILL & PEARMAN**<br> 29<sup>th</sup> Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br> T +852 2524 7106 \| F +852 2845 9268<br>**conyers.com** |

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24 September 2025

Matter No. 1005735/110991363

852 2842 9530

<u>Richard.Hall@conyers.com</u>

**PressLogic Inc.**

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

Dear Sir/Madam,

**Re: PressLogic Inc. (the "Company")**

We have acted as special Cayman Islands legal counsel to the Company in connection with a registration statement on form F-1 initially filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 24 September 2025, as amended (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto), relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of class A ordinary shares par value US$0.0001 each (the "**Class A Ordinary Shares**") of the Company.

**1.** **DOCUMENTS REVIEWED** 

For the purposes of giving this opinion, we have examined a copy of the Registration Statement.

We have also reviewed copies of:

1.1. a
 copy of the Second Amended and Restated Memorandum and Articles of Association of the Company
 adopted by the Company on 10 April 2025 (the "**Listing M&As**") to be
 effective immediately upon the completion of the listing of the Company's Class A Ordinary
 Shares on the Nasdaq Stock Market (the "**IPO** ");

1.2. unanimous
 written resolutions of the directors of the Company dated 24 September 2025, and unanimous
 written resolutions of the sole member of the Company dated 10 April 2025 (collectively,
 the "**Resolutions** ");

1.3. a
 Certificate of Good Standing issued by the Registrar of Companies in relation to the Company
 on 24 September 2025 (the "**Certificate Date** ");

1.4. the
 register of members of the Company maintained at the registered office of the Company; and

1.5. such
 other documents and made such enquiries as to questions of law as we have deemed necessary
 in order to render the opinion set forth below.

**2.** **ASSUMPTIONS** 

We have assumed:

2.1. the
 genuineness and authenticity of all signatures and the conformity to the originals of all
 copies (whether or not certified) examined by us and the authenticity and completeness of
 the originals from which such copies were taken;

2.2. that
 where a document has been examined by us in draft form, it will be or has been executed and/or
 filed in the form of that draft, and where a number of drafts of a document have been examined
 by us all changes thereto have been marked or otherwise drawn to our attention;

2.3. the
 accuracy and completeness of all factual representations made in the Registration Statement
 and other documents reviewed by us;

2.4. that
 the Resolutions were passed at one or more duly convened, constituted and quorate meetings
 or by unanimous written resolutions, will remain in full force and effect and will not be
 rescinded or amended;

2.5. that
 there is no provision of the law of any jurisdiction, other than the Cayman Islands, which
 would have any implication in relation to the opinions expressed herein;

2.6. that
 upon issue of any Class A Ordinary Shares to be sold by the Company, the Company will receive
 consideration for the full issue price thereof which shall be equal to at least the par value
 thereof; and

2.7. the
 validity and binding effect under the laws of the United States of America of the Registration
 Statement and that the Registration Statement will be duly filed with the Commission.

**3.** **QUALIFICATIONS** 

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands.

**4.** **OPINION** 

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The
 Company is duly incorporated and existing under the laws of the Cayman Islands and, based
 on the Certificate of Good Standing, is in good standing as at the Certificate Date. Pursuant
 to the Companies Act (the "**Act** "), a company is deemed to be in good standing
 if all fees and penalties under the Act have been paid and the Registrar of Companies has
 no knowledge that the Company is in default under the Act.

4.2. Based
 solely on our review of the Listing M&As, immediately upon the completion of the IPO,
 the Company will have an authorised share capital of US$50,000 divided into 500,000,000 shares
 with a par value of US$0.0001 each comprising of (a) 450,000,000 Class A Ordinary Shares
 with a par value of US$0.0001 each, and (b) 50,000,000 Class B Ordinary Shares with a par
 value of US$0.0001 each.

4.3. The
 Company has taken all corporate action required to authorise the allotment and issue of the
 Class A Ordinary Shares. When issued and paid for as contemplated by the Registration Statement,
 the Class A Ordinary Shares will be validly issued, fully paid and non-assessable (which
 term when used herein means that no further sums are required to be paid by the holders thereof
 in connection with the issue of such shares).

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the captions "Enforceability of Civil Liabilities" and "Legal Matters" in the prospectus forming a part of the Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ Conyers Dill & Pearman

**Conyers Dill & Pearman**

conyers.com \| 2

## Exhibit 8.1

**Exhibit 8.1**

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| | |
|:---|:---|
| ![](ex8-1_001.jpg) | **CONYERS DILL & PEARMAN**<br> 29th Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br> T +852 2524 7106 \| F +852 2845 9268<br>**conyers.com** |

---

24 September 2025

Matter No. 1005735/110991364

852 2842 9530

Richard.Hall@conyers.com

**PressLogic Inc.**

Cricket Square, Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

Dear Sir/Madam,

**Re: PressLogic Inc. (the "Company")**

We have acted as special Cayman Islands legal counsel to the Company in connection with a registration statement on form F-1 initially filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 24 September 2025 (as amended, the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of class A ordinary shares par value US$0.0001 each of the Company.

**1.** **DOCUMENTS REVIEWED** 

For the purposes of giving this opinion, we have examined and relied upon copies of the following documents:

1.1. the
 Registration Statement; and

1.2. a
 draft of the prospectus (the "**Prospectus**") contained in the Registration
 Statement which is in substantially final form; and

1.3. such
 other documents and made such enquiries as to questions of law as we have deemed necessary
 in order to render the opinion set forth below.

**2.** **ASSUMPTIONS** 

We have assumed:

2.1. the
 genuineness and authenticity of all signatures, stamps and seals and the conformity to the
 originals of all copies of documents (whether or not certified) examined by us and the authenticity
 and completeness of the originals from which such copies were taken;

2.2. the
 accuracy and completeness of all factual representations made in the Prospectus and Registration
 Statement reviewed by us;

2.3. the
 validity and binding effect under the laws of the United States of America of the Registration
 Statement and the Prospectus and that the Registration Statement will be duly filed with
 or declared effective by the Commission; and

2.4. that
 the Prospectus, when published, will be in substantially the same form as that examined by
 us for purposes of this opinion.

**3.** **QUALIFICATIONS** 

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands.

**4.** **OPINION** 

On the basis of and subject to the foregoing, we are of the opinion that the statements under the caption "**Taxation — Cayman Islands Taxation**" 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 and that such statements constitute our opinion.

**5.** **CONSENT** 

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement and further consent to the reference of our name in the Prospectus forming part of the Registration Statement. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ Conyers Dill & Pearman

**Conyers Dill & Pearman**

conyers.com \| 2

## Exhibit 10.1

**Exhibit 10.1**

**<u>2025</u> EQUITY INCENTIVE PLAN<br>** 

<br> 1. Purpose of the
Plan

The purpose of this <u>2025</u> Equity Incentive Plan (the "Plan") is to aid the Company and its Affiliates in recruiting and retaining key employees, directors or consultants of outstanding ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of the Company and its Affiliates by providing incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors or consultants will have in the welfare of the Company as a result of their proprietary interest in the Company's success.

2. Definitions

The following capitalized terms used in the Plan have the respective meanings set forth in this Section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Applicable Laws**: All laws, statutes, regulations, ordinances, rules or governmental requirements
 that are applicable to this Plan or any Award granted pursuant to this Plan, including but
 not limited to applicable laws of the People's Republic of China, the United States
 and the Cayman Islands, and the rules and requirements of any applicable national securities
 exchange.

(b) **Act**:
 The U.S. Securities Exchange Act of 1934, as amended, or any successor thereto.

(c) **Administrator** shall have the meaning set forth in Section 4 hereof.

(d) **Affiliate**:
 With respect to the Company, any entity directly or indirectly controlling, controlled by,
 or under common control with, the Company or any other entity designated by the Board in
 which the Company or an Affiliate has an interest.

(e) **Award**:
 An Option, Restricted Share or Restricted Share Unit award granted to a Participant pursuant
 to the Plan.

(f) **Beneficial Owner**: A "beneficial owner", as such term is defined in Rule 13d-3 under
 the Act (or any successor rule thereto).

(g) **Board**:
 The board of directors of the Company.

(h) **Change of Control**: The occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company to any "person" or "group" (as such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other than the Permitted Holders;

&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) any person or group, other than the Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed to have "beneficial ownership" of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting share of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Code**:
 The U.S. Internal Revenue Code of 1986, as amended, or any successor thereto.

(j) **Company**:
 PressLogic Inc., a company incorporated under the laws of the Cayman Islands.

(k) **Disability**:
 Inability of a Participant to perform in all material respects his duties and responsibilities
 to the Company, or any Subsidiary of the Company, by reason of a physical or mental disability
 or infirmity which inability is reasonably expected to be permanent and has continued (i)
 for a period of not less than 90 consecutive days or (ii) such shorter period as the Administrator
 may reasonably determine in good faith. The Disability determination shall be in the sole
 discretion of the Administrator and a Participant (or his representative) shall furnish the
 Administrator with medical evidence documenting the Participant's disability or infirmity
 which is satisfactory to the Administrator.

(l) **Effective Date**: The date the Board approves the Plan, or such later date as is designated by the
 Board.

(m) **Employment**:
 The term "Employment" as used herein shall be deemed to refer to (i) a Participant's
 employment if the Participant is an employee of the Company or any of its Affiliates, (ii)
 a Participant's services as a consultant, if the Participant is consultant to the Company
 or its Affiliates and (iii) a Participant's services as an non-employee director, if
 the Participant is a non-employee member of the Board.

(n) **Founder**:
 Cheung Ho Chak Ryan.

(o) **Fair Market Value**: On a given date, (i) if there should be a public market for the Shares
 on such date, the closing price of the Shares as reported on such date on the Composite Tape
 of the principal national securities exchange on which such Shares are listed or admitted
 to trading, or (ii) if there should not be a public market for the Shares on such date, the
 Fair Market Value shall be the value established by the Administrator (or the Board in the
 case of a Board Requisite Grant (as defined below)) in good faith.

(p) **IPO**:
 The initial public offering of the Shares on an internationally recognized securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **ISO**:
 An Option that is also an incentive share option granted pursuant to Section 6(d) of the
 Plan.

(r) **Option**:
 A share option granted pursuant to Section 6 of the Plan.

(s) **Participant**:
 An employee, director or consultant who is selected by the Administrator or the Board to
 participate in the Plan.

(t) **Permitted Holder:** means, as of the date of determination, (i) the Company, (ii) any employee benefit
 plan (or trust forming a part thereof) maintained by (A) the Company or (B) any corporation
 or other Person of which a majority of its voting power of its voting equity securities or
 equity interest is owned, directly or indirectly, by the Company, or (iii) the Founder,

(u) **Person**:
 A "person", as such term is used for purposes of Section 13(d) or 14(d) of the
 Act (or any successor section thereto).

**(v)** **Plan: This 2025 Equity Incentive Plan.** 

(w) **Restricted Share**: a Share awarded to a Participant pursuant to Section 7 that is subject to certain
 restrictions and may be subject to risk of forfeiture.

(x) **Restricted Share Unit**: means an Award granted pursuant to Section 8.

(y) **Shares**:
 Ordinary Shares of the Company, par value US$0.0001 per share.

(z) **Subsidiary**:
 A corporation or other entity of which a majority of the outstanding voting shares or voting
 power is beneficially owned directly or indirectly by the Company.

3. Shares Subject
to the Plan

The maximum total number of Shares which may be issued under the Plan shall initially be 2,618,841. The Shares may consist, in whole or in part, of authorized and issued or unissued Shares or Shares purchased on the open market (if any). The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan.

4. Administration

The Plan shall be administered by the Chief Executive Officer of the Company, being the Founder as at the Effective Date (the "**Administrator**") except in connection with any Board Requisite Grant which shall be subject to approval by the Board. For the avoidance of doubt and notwithstanding anything to the contrary in the Plan, the adoption, amendment, general implementation or termination of the Plan and any determinations regarding the Board Requisite Grant (as defined below) shall require the approval of the Board. Awards may, in the discretion of the Administrator (except in connection with a Board Requisite Grant), be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company or its subsidiaries or a company acquired by the Company or with which the Company combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Administrator is authorized to interpret the Plan, to establish, amend and rescind any terms and conditions of grant pursuant to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. Any decision of the Administrator in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Administrator shall have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions but excluding the Mandatory IPO Vesting Condition (as defined below)), except that any grant of Award to a Participant representing in aggregate 1% or more (whether by way of one or more grants) of the total issued Shares of the Company (calculated on a fully-diluted basis) shall require the approval of the Board ("**Board Requisite Grant**"). The Administrator shall require payment of any amount it may determine to be necessary to withhold for any applicable taxes as a result of the exercise, grant or vesting of an Award. Unless the Administrator specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by the Participant.

5. Limitations

Notwithstanding anything to the contrary under the Plan or any Award agreement, any Award granted pursuant to the Plan or any Award agreement shall only vest after completion of the IPO of the Company's Shares ("**Mandatory IPO Vesting Condition**"). No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

6. Terms and Conditions
of Options

Options granted under the Plan shall be, as determined by the Administrator, non-qualified or incentive share options for U.S. federal income tax purposes, as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Administrator shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>. Provided that the exercise price per Share shall not be less than the par value
 of any such Shares, the exercise price per Share subject to an Option shall be determined
 by the Administrator and set forth in the Award agreement which may be a fixed price or a
 variable price related to the Fair Market Value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercisability</u>.
 Options granted under the Plan shall be exercisable at such time and upon such terms and
 conditions as provided for under the Plan and in the relevant Award agreement which will
 be determined by the Administrator (other than in connection with a Board Requisite Grant),
 but in no event shall an Option be exercisable more than ten years after the date it is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exercise of Options</u>. Except as otherwise provided in the Plan or in an Award agreement, an Option
 may be exercised for all, or from time to time any part, of the Shares for which it is then
 exercisable. For purposes of this Section 6 of the Plan, the exercise date of an Option shall
 be the later of the date a notice of exercise is received by the Company and, if applicable,
 the date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv)
 in the following sentence. The purchase price for the Shares as to which an Option is exercised
 shall be paid to the Company in full at the time of exercise at the election of the Participant
 (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Administrator,
 in Shares having a Fair Market Value equal to the aggregate exercise price for the Shares
 being purchased and satisfying such other requirements as may be imposed by the Administrator;
 provided, that such Shares have been held by the Participant for no less than six months
 (or such other period as established from time to time by the Administrator in order to avoid
 adverse accounting treatment applying generally accepted accounting principles), (iii) partly
 in cash and, to the extent permitted by the Administrator and subject to the other requirements
 and conditions set forth above in (ii), partly in Shares or (iv) if there is a public market
 for the Shares at such time, through the delivery of irrevocable instructions to a broker
 to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company
 an amount out of the proceeds of such sale equal to the aggregate exercise price for the
 Shares being purchased. No Participant shall have any rights to dividends or other rights
 of a shareholder with respect to Shares subject to an Option until the Participant has given
 written notice of exercise of the Option, paid in full for such Shares and, if applicable,
 has satisfied any other conditions imposed by the Administrator pursuant to the Plan.

(d) <u>ISOs</u>.
 The Administrator may grant Options under the Plan that are intended to be ISOs. Such ISOs
 shall comply with the requirements of Section 422 of the Code (or any successor section thereto).
 No ISO may be granted to any Participant who at the time of such grant, owns more than ten
 percent of the total combined voting power of all classes of shares of the Company or of
 any Subsidiary, unless (i) the exercise price for such ISO is at least 110% of the Fair Market
 Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates
 is a date not later than the day preceding the fifth anniversary of the date on which the
 ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO
 either (i) within two years after the date of grant of such ISO or (ii) within one year after
 the transfer of such Shares to the Participant, shall notify the Company of such disposition
 and of the amount realized upon such disposition. All Options granted under the Plan are
 intended to be nonqualified share options, unless the applicable Award agreement expressly
 states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and
 if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to
 the extent of such non-qualification, such Option (or portion thereof) shall be regarded
 as a nonqualified share option granted under the Plan; provided that such Option (or portion
 thereof) otherwise complies with the Plan's requirements relating to nonqualified share
 options. In no event shall any member of the Administrator, the Company or any of its Affiliates
 (or their respective employees, officers or directors) have any liability to any Participant
 (or any other Person) due to the failure of an Option to qualify for any reason as an ISO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Attestation</u>.
 Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to
 pay the exercise price of an Option or taxes relating to the exercise of an Option by delivering
 Shares, the Participant may, subject to procedures satisfactory to the Administrator, satisfy
 such delivery requirement by presenting proof of beneficial ownership of such Shares, in
 which case the Company shall treat the Option as exercised without further payment and shall
 withhold such number of Shares from the Shares acquired by the exercise of the Option.

7. Terms and Conditions
of Restricted Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Grant of Restricted Shares</u>. The Administrator, at any time and from time to time, may grant
 Restricted Shares to Participants as the Administrator, in its sole discretion, shall determine
 except for any Board Requisite Grant. The Administrator, in its sole discretion, shall determine
 the number of Restricted Shares to be granted to each Participant, except in connection with
 a Board Requisite Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Shares Award Agreement</u>. Subject to the terms and conditions of the Plan, each Award of
 Restricted Shares shall be evidenced by an Award agreement that shall specify the period
 of restriction, the number of Restricted Shares granted, and such other terms and conditions
 as the Administrator, in its sole discretion, shall determine, except in connection with
 a Board Requisite Grant. Unless the Administrator determines otherwise, Restricted Shares
 shall be held by the Company as escrow agent until the restrictions on such Restricted Shares
 have lapsed.

(c) <u>Issuance and Restrictions</u>. Restricted Shares shall be subject to such restrictions on transferability
 and other restrictions as the Administrator may impose (including, without limitation, limitations
 on the right to vote Restricted Shares or the right to receive dividends on the Restricted
 Shares). These restrictions may lapse separately or in combination at such times, pursuant
 to such circumstances, in such installments, or otherwise, as the Administrator determines
 at the time of the grant of the Award or thereafter.

(d) <u>Forfeiture/Repurchase</u>.
 Except as otherwise determined by the Administrator at the time of the grant of the Award
 or thereafter, upon termination of employment or service during the applicable restriction
 period, Restricted Shares that are at that time subject to restrictions (including but not
 limited to transferability restrictions) shall be forfeited or repurchased in accordance
 with the Award agreement; provided, however, the Administrator may (a) provide in any Restricted
 Share Award agreement that restrictions or forfeiture and repurchase conditions relating
 to Restricted Shares will be waived in whole or in part in the event of terminations resulting
 from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture
 and repurchase conditions relating to Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certificates for Restricted Shares</u>. Restricted Shares granted pursuant to the Plan may be evidenced
 in such manner as the Administrator shall determine. If certificates representing Restricted
 Shares are registered in the name of the Participant, certificates must bear an appropriate
 legend referring to the terms, conditions, and restrictions applicable to such Restricted
 Shares, and the Company may, at its discretion, retain physical possession of the certificate
 until such time as all applicable restrictions lapse.

(f) <u>Removal of Restrictions</u>. Except as otherwise provided in this Section 7, Restricted Shares granted
 under the Plan shall be released from escrow as soon as practicable after the last day of
 the period of restriction. The Administrator, in its discretion, may, except in connection
 with a Board Requisite Grant, accelerate the time at which any restrictions shall lapse or
 be removed. After the restrictions have lapsed, the Participant shall be entitled to have
 any legend or legends under Section 7(e) removed from his or her Share certificate, and the
 Shares shall be freely transferable by the Participant, subject to applicable legal restrictions.
 The Administrator (in its discretion) may, except in connection with a Board Requisite Grant,
 establish procedures regarding the release of Shares from escrow and the removal of legends,
 as necessary or appropriate to minimize administrative burdens on the Company.

8. Terms and Conditions
of Restricted Share Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Grant of Restricted Share Units</u>. The Administrator, at any time and from time to time, may
 grant Restricted Share Units to Participants as the Administrator, in its sole discretion,
 shall determine, except for any Board Requisite Grant. The Administrator, in its sole discretion,
 shall determine the number of Restricted Share Units to be granted to each Participant, except
 in connection with a Board Requisite Grant.

(b) <u>Restricted Share Units Award Agreement</u>. Subject to the terms and conditions of the Plan, each Award
 of Restricted Share Units shall be evidenced by an Award agreement that shall specify any
 vesting conditions, the number of Restricted Share Units granted, and such other terms and
 conditions as the Administrator, in its sole discretion, shall determine, except in connection
 with a Board Requisite Grant.

(c) <u>Form and Timing of Payment of Restricted Share Units</u>. At the time of grant, the Administrator
 shall specify the date or dates on which the Restricted Share Units shall become fully vested
 and nonforfeitable. Upon vesting, the Administrator, in its sole discretion (except in connection
 with a Board Requisite Grant), may pay Restricted Share Units in the form of cash, Shares
 or a combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Forfeiture/Repurchase</u>.
 Except as otherwise determined by the Administrator at the time of the grant of the Award
 or thereafter, upon termination of employment or service during the applicable restriction
 period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased
 in accordance with the Award agreement; provided, however, the Administrator may (a) provide
 in any Restricted Share Unit Award agreement that restrictions or forfeiture and repurchase
 conditions relating to Restricted Share Units will be waived in whole or in part in the event
 of terminations resulting from specified causes, and (b) in other cases waive in whole or
 in part restrictions or forfeiture and repurchase conditions relating to Restricted Share
 Units.

9. Adjustments Upon
Certain Events

Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>.
 In the event of any change in the outstanding Shares after the Effective Date by reason of
 any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off,
 combination, combination or transaction or exchange of Shares or other corporate exchange,
 or any distribution to shareholders of Shares other than regular cash dividends or any transaction
 similar to the foregoing, the Administrator in its sole discretion (except in connection
 with a Board Requisite Grant) and without liability to any person shall make such substitution
 or adjustment, if any, as it deems to be equitable, as to (i) the number or kind of Shares
 or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding
 Awards, (ii) the maximum number of Shares for which Awards may be granted during a calendar
 year to any Participant, (iii) the exercise price of any Award and/or (iv) any other affected
 terms of such Awards.

(b) <u>Change of Control</u>. In the event of a Change of Control after the Effective Date, (i) if determined
 by the Administrator in the applicable Award agreement or otherwise, any outstanding Awards
 then held by Participants which are unexercisable or otherwise unvested or subject to lapse
 restrictions shall automatically be deemed exercisable or otherwise vested or no longer subject
 to lapse restrictions, as the case may be, as of immediately prior to such Change of Control
 and (ii) the Administrator may, but shall not be obligated to, (A) cancel such Awards for
 fair value (as determined in the sole discretion of the Administrator, except in connection
 with a Board Requisite Grant) which, in the case of Options, may equal the excess, if any,
 of value of the consideration to be paid in the Change of Control transaction to holders
 of the same number of Shares subject to such Options (or, if no consideration is paid in
 any such transaction, the Fair Market Value of the Shares subject to such Options) over the
 aggregate exercise price of such Options, (B) provide for the issuance of substitute Awards
 that will substantially preserve the otherwise applicable terms of any affected Awards previously
 granted hereunder as determined by the Administrator in its sole discretion (except in connection
 with a Board Requisite Grant) or (C) provide that for a period of at least 15 days prior
 to the Change of Control, such Options shall be exercisable as to all Shares subject thereto
 and that upon the occurrence of the Change of Control, such Options shall terminate and be
 of no further force and effect.

10. No Right to Employment
or Awards, No Shareholders Rights

The granting of an Award under the Plan shall impose no obligation on the Company or any Subsidiary to continue the Employment of a Participant and shall not lessen or affect the Company's or Subsidiary's right to terminate the Employment of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Administrator's determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated).

No Award gives the Participant any of the rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award.

11. Successors and
Assigns

The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, Administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant's creditors.

12. Nontransferability
of Awards

Unless otherwise determined by the Board, an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant.

Notwithstanding the foregoing, no provision herein shall prevent or forbid transfers by will, by the laws of descent and distribution, to a trust that was established solely for tax planning purposes and not for purposes of profit or commercial activity or, to one or more "family members" (as such term is defined in SEC Rule 701 promulgated under the Securities Act of 1933, as amended) by gift or pursuant to a qualified domestic relations order.

13. Amendments or Termination

The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, (a) without the approval of the shareholders of the Company, if such action would (except as is provided in Section 9 of the Plan), increase the total number of Shares reserved for the purposes of the Plan or change the maximum number of Shares for which Awards may be granted to any Participant, in each case only to the extent such approval is required by the principal national securities exchange on which the Shares are listed or admitted to trading, or (b) without the consent of a Participant, if such action would diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Administrator may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of any Applicable Laws.

Without limiting the generality of the foregoing, to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that any amounts payable hereunder will be taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Administrator determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other actions as the Administrator determines necessary or appropriate to comply with the requirements of Section 409A of the Code.

14. Multiple Jurisdictions

In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Administrator may, in its sole discretion, provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom applicable in the jurisdiction in which the Participant resides or is employed, except in connection with a Board Requisite Grant which shall require the approval of the Board. Moreover, the Administrator may approve such supplements to, amendments, restatements, or alternative versions of the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements or alternative versions shall increase the Share limitation contained in Section 3 hereof. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted that would violate any Applicable Laws.

15. Distribution of
Shares

The obligation of the Company to make payments in Shares pursuant to an Award shall be subject to all Applicable Laws and to any such approvals by government agencies as may be required. Additionally, in the discretion of the Administrator, American depositary shares, or ADSs, may be distributed in lieu of Shares in settlement of any Award (except in connection with any Board Requisite Grant), provided that the ADSs shall be of equal value to the Shares that would have otherwise been distributed. If the number of Shares represented by an ADS is other than on a one-to-one basis, the limitations contained in Section 3 shall be adjusted to reflect the distribution of ADSs in lieu of Shares.

16. Taxes

No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Administrator for the satisfaction of any income and employment tax withholding obligations under any Applicable Laws, in particular, the tax laws, rules, regulations and government orders of the People's Republic of China or the U.S. federal, state or other local tax laws, as applicable. The Company and each of its Subsidiaries shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant's payroll tax obligations, if any) required to be withheld under any Applicable Laws with respect to any Award issued to the Participant hereunder. The Administrator may, except in connection with any Board Requisite Grant, in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy the Participant's federal, state, local and other income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Administrator, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and other income tax any payroll tax purposes that are applicable to such taxable income.

17. Choice of Law

The Plan shall be governed by and construed in accordance with the laws of New York, United States.

18. Effectiveness of
the Plan

The Plan shall be effective as of the Effective Date and shall terminate ten years later, subject to earlier termination by the Board pursuant to Section 13 hereof.

## Exhibit 10.2

**Exhibit 10.2**

**INDEMNIFICATION AGREEMENT**

THIS INDEMNIFICATION AGREEMENT (this "***Agreement***") is made as of [●], 2025, by and between PressLogic Inc., an exempted company duly incorporated and validly existing under the law of the Cayman Islands (the "***Company***"), and [●] (the "***Indemnitee***"), [a director/the [●] officer] of the Company.

WHEREAS, the Indemnitee has agreed to serve as [a directors/the [●] officer] of the Company and in such capacity will render services to the Company; and

WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve as directors and/or officers of the Company, the board of directors of the Company (the "***Board of Directors***") has determined that this Agreement is not only reasonable and prudent, but necessary to promote and ensure the best interests of the Company and its shareholders;

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve as [a director/the [●] officer] of the Company, the Company and the Indemnitee hereby agree as follows:

**1. <u>Definitions</u>**. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** "***Change in Control***" shall mean a change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar or successor schedule or form) promulgated under the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "***Act***"), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred (irrespective of the applicability of the initial clause of this definition) if (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Act, but excluding any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare plan or employee share plan of the Company or any subsidiary of the Company, or any entity organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities without the prior approval of at least two-thirds of the Continuing Directors (as defined below) in office immediately prior to such person's attaining such interest; (ii) the Company is a party to a merger, consolidation, scheme of arrangement, sale of assets or other reorganization, or a proxy contest, as a consequence of which Continuing Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors of the Company (or any successor entity) thereafter; or (iii) during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (including for this purpose any new director whose election or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period) (such directors being referred to herein as "***Continuing Directors***") cease for any reason to constitute at least a majority of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "***Disinterested Director***" with respect to any request by the Indemnitee for indemnification or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The term "***Expenses***" shall mean, without limitation, all fees, costs and expenses of Proceedings, including but not limited to attorneys' fees, disbursements and retainers, accounting and witness fees, expenses related to the preparation or service as a witness, travel and deposition costs, expenses of investigations, judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding by or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to establish or establishing a right to indemnification or advancement of expenses, under this Agreement, the Company's Memorandum of Association and Articles of Association as currently in effect (the "***Articles***"), applicable law or otherwise, and reasonable compensation for time spent by the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action for indemnification for which the Indemnitee is not otherwise compensated by the Company or any third party. The term "Expenses" shall not include the amount of judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually levied against or sustained by the Indemnitee to the extent sustained after final adjudication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The term "***Independent Legal Counsel***" shall mean any firm of attorneys that is experienced in matters of corporation law and has not represented the Company, the Company's subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, any party adverse to the Company, or any other party to the Proceeding giving rise to a claim for indemnification hereunder, within the preceding five (5) years. Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's right to indemnification or advancement of expenses under this Agreement, the Company's Articles, applicable law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The term "***Proceeding***" shall mean any actual, threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board of Directors), by reason of (i) the fact that the Indemnitee is or was [a director or the [●] officer] of the Company, or is or was serving at the request of the Company as an agent of another enterprise, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement, the Company's Articles, applicable law or otherwise, in each case whether or not the Indemnitee is serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement is to be provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The phrase "***serving at the request of the Company as an agent of another enterprise***" or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase "serving at the request of the Company" shall include, without limitation, any service as a director or officer of the Company which imposes duties on, or involves services by, such director or officer with respect to the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans, such plan's participants or beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the Indemnitee is so acting at the request of the Company.

**2. <u>Services by the Indemnitee</u>**. The Indemnitee agrees to serve as [a director/the [●] officer] of the Company under the terms of the Indemnitee's agreement with the Company for so long as the Indemnitee is duly elected and qualified, appointed or until such time as the Indemnitee tenders a resignation in writing or is removed as [a director/the [●] officer (as the case may be)]; provided, however, that the Indemnitee may at any time and for any reason resign from any such position (subject to any other contractual obligation or other obligation imposed by operation of law).

**3. <u>Proceeding Other Than a Proceeding By or In the Right of the Company</u>**. The Company shall indemnify, out of its assets and profits, the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company), by reason of (i) the fact that the Indemnitee is or was [a director/the [●] officer] of the Company, (ii) any act done, concurred in or omitted in or about the execution of his/her duty, or supposed duty, in his/her capacity as a [director/the [●] officer] of the Company, (iii) for joining in the approval of matters put forward to the Board of Directors or execution of documentation for the sake of conformity, (iv) or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in connection with such a Proceeding, to the fullest extent permitted by applicable law; provided, however, that any settlement of a Proceeding must be approved in advance in writing by the Company (which approval shall not be unreasonably withheld).

**4. <u>Proceedings By or In the Right of the Company</u>**. The Company shall indemnify, out of its assets and profits, the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of (i) the fact that the Indemnitee is or was [a director/the [●] officer] of the Company, (ii) any act done, concurred in or omitted in or about the execution of his/her duty, or supposed duty, in his/her capacity as a [director/the [●] officer] of the Company, (iii) for joining in the approval of matters put forward to the Board of Directors or execution of documentation for the sake of conformity, (iv) or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in connection with the defense or settlement of such a Proceeding, to the fullest extent permitted by applicable law.

**5. <u>Indemnification for Costs, Charges and Expenses of Witness or Successful Party</u>**. Notwithstanding any other provision of this Agreement (except as set forth in subparagraph 9(a) hereof), and without a requirement for determination as required by Paragraph 8 hereof, to the extent that the Indemnitee (a) has prepared to serve or has served as a witness in any Proceeding in any way relating to (i) the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans or such plan's participants or beneficiaries or (ii) anything done or not done by the Indemnitee as [a director/the [●] officer] of the Company or in connection with serving at the request of the Company as an agent of another enterprise, or (b) has been successful in defense of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise, including the dismissal of a Proceeding without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in connection therewith to the fullest extent permitted by applicable law.

**6. <u>Partial Indemnification</u>**. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in the investigation, defense, appeal or settlement of any Proceeding, but not, however, for the total amount of the Indemnitee's Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, then the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, fines, interest penalties or excise taxes to which the Indemnitee is entitled.

**7. <u>Advancement of Expenses</u>**. The Expenses incurred by or on behalf of the Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding in any event no later than twenty one (21) days after the Company's receipt of the written request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding, a statement that such Expenses do not relate to any matter described in subparagraph 9(a) of this Agreement, and an undertaking in writing to repay any advances if it is ultimately determined as provided in subparagraph 8(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement. Such undertaking shall be an unsecured general obligation of the Indemnitee, and no interest shall be charged or payable thereon.

**8. <u>Indemnification Procedure; Determination of Right to Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for indemnification or advancement of Expenses, judgments, fines, interest or penalties, and/or excise taxes assessed with respect to any employee benefit or welfare plan in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in writing. The omission to so notify the Company will not relieve the Company from any liability which the Company may have to the Indemnitee under this Agreement unless it has been held by a court of competent jurisdiction that there has been unreasonable and undue delay on the part of the Indemnitee in notifying the Company, the consequence of which has caused the Company to have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify, provided that the Indemnitee's failure or delay to give any notification to the Company pursuant to an obligation of secrecy by any law, regulation or rule (including but not limited to the rules of any public stock exchange) or a valid order by a court or other governmental body, regulatory authority or public stock exchange, shall not under any circumstance be deemed to constitute unreasonable or undue delay or be construed to have caused the Company to have lost significant substantive or procedural rights, nor shall any such delay or failure to notify prejudice the Indemnitee's right to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Indemnitee shall be conclusively presumed to have met the relevant standards of conduct, if any, as defined by applicable law, for indemnification pursuant to this Agreement and shall be absolutely entitled to such indemnification, unless a determination is made that the Indemnitee has not met such standards by (i) the Board of Directors by a majority vote of a quorum thereof consisting of Disinterested Directors, (ii) the shareholders of the Company by majority vote of a quorum thereof consisting of shareholders who are not parties to the Proceeding due to which a claim for indemnification is made under this Agreement, (iii) Independent Legal Counsel as set forth in a written opinion (it being understood that such Independent Legal Counsel shall make such determination only if the quorum of Disinterested Directors referred to in clause (i) of this subparagraph 8(b) is not obtainable or if the Board of Directors of the Company by a majority vote of a quorum thereof consisting of Disinterested Directors so directs), or (iv) a court of competent jurisdiction; provided, however, that if a Change in Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by a court of competent jurisdiction. If it is determined that the relevant standards of conduct have not been met under this Section 8(b), the Indemnitee shall be entitled to appeal such determination in a court of competent jurisdiction. Notwithstanding anything to the contrary, the Company shall indemnify, out of its assets and profits, and hold harmless the Indemnitee against and, if requested by the Indemnitee, shall reimburse the Indemnitee for, or advance to the Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by the Indemnitee in cooperating with the person or persons making such standards of conduct determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If a claim for indemnification or advancement of Expenses, judgments, fines, interest or penalties, and/or excise taxes assessed with respect to any employee benefit or welfare plan, under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice thereof, the rights provided by this Agreement shall be enforceable by the Indemnitee in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure of the directors or shareholders of the Company or Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement of Expenses, judgments, fines, interest or penalties, and/or excise taxes assessed with respect to any employee benefit or welfare plan, is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors or shareholders of the Company or Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in the best interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his/her conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses, judgments, fines, interest or penalties, and/or excise taxes assessed with respect to any employee benefit or welfare plan, under this Agreement, except as may be provided herein. The Company further agrees to stipulate in any such judicial proceeding that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses, judgments, fines, interest or penalties, and/or excise taxes assessed with respect to any employee benefit or welfare plan, hereunder, the Company shall pay all Expenses, judgments, fines, interest or penalties, and/or excise taxes assessed with respect to any employee benefit or welfare plan, actually and reasonably incurred by or on behalf of the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings). The Indemnitee's Expenses incurred in connection with any Proceeding concerning the Indemnitee's right to indemnification or advancement of Expenses in whole or in part pursuant to this Agreement shall also be indemnified by the Company, regardless of the outcome of such a Proceeding, to the fullest extent permitted by applicable law and the Company's Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ his/her own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee's counsel shall be advanced by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee.

**9. <u>Limitations on Indemnification</u>**. No payments pursuant to this Agreement shall be made by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** To indemnify or advance funds to the Indemnitee for Expenses with respect to (i) Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under applicable law or (ii) Expenses incurred by the Indemnitee in connection with preparing to serve or serving, prior to a Change in Control, as a witness in cooperation with any party or entity who or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification or advancement of Expenses in each such case may be provided by the Company if the Board of Directors finds it to be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, and sustained in any Proceeding for which payment is actually made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess beyond the amount of payment under such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** To indemnify the Indemnitee for any Expenses, judgments, fines, expenses or penalties sustained in any Proceeding for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, for which the Indemnitee is already fully indemnified by the Company otherwise than pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** To indemnify the Indemnitee for any Expenses (including without limitation any Expenses relating to a Proceeding attempting to enforce this Agreement), judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, on account of the Indemnitee's conduct if such conduct shall be finally adjudged to have been knowingly fraudulent, deliberately dishonest or willful misconduct, including, without limitation, breach of the fiduciary duty owed to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** If a court of competent jurisdiction finally determines that any indemnification hereunder is unlawful.

**10. <u>Continuation of Indemnification</u>**. All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is [a director/the [●] officer (as the case may be)] of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter (i) so long as the Indemnitee shall be subject to any possible Proceeding by reason of the fact that the Indemnitee was [a director/the [●] officer] of the Company or serving in any other capacity referred to in this Paragraph 10 and (ii) throughout the pendency of any Proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Proceeding.

**11. <u>Indemnification Hereunder Not Exclusive</u>**. The indemnification provided by this Agreement shall not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled under the Company's Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee's official capacity and as to action or omission in another capacity on behalf of the Company while holding such office.

**12. <u>Successors and Assigns</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement shall be binding upon, and shall inure to the benefit of, the Indemnitee and the Indemnitee's heirs, executors, administrators and assigns, whether or not the Indemnitee has ceased to be [a director/the [●] officer (as the case may be)], and the Company and its successors and assigns. Upon the sale of all or substantially all of the business, assets or share capital of the Company to, or upon the merger of the Company into or with, any corporation, partnership, joint venture, trust or other person, this Agreement shall inure to the benefit of and be binding upon both the Indemnitee and such purchaser or successor person. Subject to the foregoing, this Agreement may not be assigned by either party without the prior written consent of the other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If the Indemnitee is deceased and is entitled to indemnification under any provision of this Agreement, the Company shall indemnify, out of its assets and profits, the Indemnitee's estate and the Indemnitee's spouse, heirs, executors, administrators and assigns against, and the Company shall, and does hereby agree to assume, any and all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, actually and reasonably incurred by or for the Indemnitee or the Indemnitee's estate, in connection with the investigation, defense, appeal or settlement of any Proceeding. Further, when requested in writing by the spouse of the Indemnitee, and/or the Indemnitee's heirs, executors, administrators and assigns, the Company shall provide appropriate evidence of the Company's agreement set out herein to indemnify the Indemnitee against and to itself assume such Expenses.

**13. <u>Subrogation</u>**. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall, at the request and expense of the Company, execute all documents required and shall do all acts that may be reasonable and necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights against any third party responsible for the payment.

**14. <u>Severability</u>**. Each and every paragraph, sentence, term and provision of this Agreement is separate and distinct so that if any paragraph, sentence, term or provision thereof shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity, unlawfulness or enforceability of any other paragraph, sentence, term or provision hereof. To the extent required, any paragraph, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company's inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

**15. <u>Savings Clause</u>**. If this Agreement or any paragraph, sentence, term or provision hereof is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are incurred with respect to any Proceeding to the fullest extent permitted by any (a) applicable paragraph, sentence, term or provision of this Agreement that has not been invalidated or (b) applicable law.

**16. <u>Interpretation; Governing Law; Dispute Resolution</u>**. This Agreement shall be governed and interpreted in accordance with the laws of the State of New York without regard to the conflict of laws principles thereof. All suits, proceedings, claim, demand, action or cause of action arising out of or relating to this agreement shall be submitted to arbitration in Hong Kong in accordance with the Hong Kong International Arbitration Center Administered Arbitration Rules (the "HKIAC Rules") in force when the notice of arbitration is submitted in accordance with the HKIAC Rules. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one; and the arbitration proceedings shall be conducted in English.

**17. <u>Entire Agreement</u>**. This Agreement constitutes the entire agreement and understanding between the Indemnitee and the Company regarding the terms of indemnification as contemplated by this Agreement and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. Either party acknowledges that it/he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

**18. <u>Amendments</u>**. No amendment, waiver, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both of the parties hereto. The indemnification rights afforded to the Indemnitee hereby are contract rights and may not be diminished, eliminated or otherwise affected by amendments to the Company's Articles, or by other agreements, including directors' and officers' liability insurance policies, of the Company.

**19. <u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other.

**20. <u>Notices</u>**. Any notice required to be given under this Agreement shall be directed to the Company at 26/F, Chinachem Leighton Plaza, 29 Leighton Road, Causeway Bay, Hong Kong, and to the Indemnitee at such address as Indemnitee has otherwise provided to the Company or to such other address as either shall designate to the other in writing.

*[The remainder of this page is intentionally left blank.]*

 

IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as of the date first written above.

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| |
|:---|
| **INDEMNITEE** |
| Name: |
| <br>**PressLogic Inc.** |
| By: |
| Name: |
| Title: |

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## Exhibit 10.3

**Exhibit 10.3**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>A</u>g<u>reement"</u>) is entered into as of [●], 202[●] by and between PressLogic Inc., a company incorporated and existing under the laws of the Cayman Islands (the "<u>Company</u>") and [●] (passport No.: [ ]), an individual (the "<u>Officer</u>"). The term "Company" as used herein with respect to all obligations of the Officer hereunder shall be deemed to include the Company and all of its direct or indirect subsidiaries and affiliates (collectively, the "<u>Group</u>").

**RECITALS**

A. The Company desires to employ the Officer and to assure itself of the services of the Officer during the term of Employment (as defined below).

B. The Officer desires to be employed by the Company during the term of Employment and under the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1.** **POSITION** 

The Officer hereby accepts a position of [●] (the "<u>Employment</u>") of the Company.

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be commencing on [●], 20[●] (the "<u>Effective Date</u>"), until [●], 20[●], unless terminated earlier pursuant to the terms of this Agreement. The Employment shall be automatically extended for successive one-year terms unless either party gives the other party hereto a [60-day] advance written notice to terminate the Employment or unless otherwise terminated earlier pursuant to the terms of this Agreement.

**3.** **PROBATION** 

There is no probation period for the Employment.

**4.** **DUTIES AND RESPONSIBILITIES** 

The Officer's duties at the Company will include all jobs assigned by the Board of Directors of the Company (the "<u>Board</u>") or, if authorized by the Board, by the Company's Chief Executive Officer.

The Officer shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement and the guidelines, policies and procedures of the Company approved from time to time by the Board.

The Officer shall use his/her best efforts to perform his/her duties hereunder. During the Employment, the Officer shall not, without the prior written consent of the Board, become an employee or consultant of any entity other than the Company and/or any member of the Group, and shall not carry on or be interested in the business or entity that competes with that carried on by the Group (any such business or entity, a "<u>Competitor</u>"), provided that nothing in this clause shall preclude the Officer from holding or becoming the beneficial owner of up to five percent (5%) of any shares or other securities of any Competitor that are listed on any securities exchange or recognized securities market anywhere. The Officer shall notify the Company in writing of his/her interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

**5.** **NO BREACH OF CONTRACT** 

The Officer hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Officer and the performance by the Officer of the Officer's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Officer is a party or otherwise bound, except for agreements that are required to be entered into by and between the Officer and any member of the Group pursuant to applicable law of the jurisdiction where the Officer is based, if any; (ii) that the Officer has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Officer entering into this Agreement or carrying out his/her duties hereunder; and (iii) that the Officer is not bound by any confidentiality, trade secret or similar agreement with any other person or entity except for other member(s) of the Group, as the case may be.

**6.** **LOCATION** 

The Officer will be based in [●] until both parties hereto agree to change otherwise.

**7.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Compensation</u>. The Officer's cash compensation (inclusive of the statutory welfare
 reserves that the Company is required to set aside for the Officer under applicable law)
 during the Employment shall be provided by the Company pursuant to Schedule A hereto, subject
 to annual review and adjustment by the Company or the compensation committee of the Board
 (or the Board itself, before the formation of the compensation committee).

(b) <u>Equity Incentives</u>. During the Employment, to the extent the Company adopts and maintains a share
 incentive plan, the Officer will be eligible for participating in such plan in accordance
 with Schedule A hereto and pursuant to the terms of such plan as determined by the Board,
 and any award granted thereunder will be governed by an award agreement to be entered into
 separately between the Company and the Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>.
 Subject to Schedule A hereto, during the Employment, the Officer is eligible for participation
 in any standard employee benefit plan of the Company that currently exists or may be adopted
 by the Company in the future, including, but not limited to, any retirement plan, health
 insurance plan and travel/holiday policy.

**8.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without
 advance notice or remuneration, if (1) the Officer is convicted or pleads guilty to a felony
 or to an act of fraud, misappropriation or embezzlement, (2) the Officer has been negligent
 or acted dishonestly to the detriment of the Company, (3) the Officer has engaged in actions
 amounting to misconduct or failed to perform his/her duties hereunder and such failure continues
 after the Officer is afforded a reasonable opportunity to cure such failure, (4) the Officer
 has died, (5) the Officer has a disability which shall mean a physical or mental impairment
 that, as reasonably determined by the Board, renders the Officer unable to perform the essential
 functions of his/her employment with the Company, even with reasonable accommodation that
 does not impose an undue hardship on the Company, for more than 180 days in any 12-month
 period, unless a longer period is required by applicable law, in which case that longer period
 would apply, or (6) any material breach by the Officer of this Agreement. In addition, the
 Company may terminate the Employment without cause, at any time, upon a [two-month] prior
 written notice to the Officer. Upon termination without cause, the Company shall provide
 severance payments to the Officer as expressly required by applicable law of the jurisdiction
 where the Officer is based. Under such circumstance, the Officer agrees not to make any further
 claims for compensation for loss of office, accrued remuneration, fees, wrongful dismissal
 or any other claim whatsoever against the Company or its subsidiaries or affiliates or the
 respective officers or employees of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Officer</u>. The Officer may resign from the Company at any time with a [two-month] prior
 written notice to the Company. In addition, the Officer may resign prior to the expiration
 of the Agreement if such resignation is approved by the Board or an alternative arrangement
 with respect to the Employment is agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Officer's employment under this Agreement
 shall be communicated by written notice of termination from the terminating party to the
 other party. The notice of termination shall indicate the specific provision(s) of this Agreement
 relied upon in effecting the termination.

**9.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Officer agrees at all times during and after the Employment,
 to hold in the strictest confidence, and not to use, or to disclose to any person, corporation
 or other entity without written consent of the Company, any Confidential Information, except
 as required in the performance of the Officer's duties in connection with the Employment
 or pursuant to applicable law. In the event that the Officer is required by law to disclose
 any Confidential Information, the Officer agrees to give the Company prompt advance written
 notice thereof and to provide the Company with reasonable assistance in obtaining an order
 to protect the Confidential Information from public disclosure. The Officer understands that
 "Confidential Information" means any proprietary or confidential information
 of the Company, its direct or indirect subsidiaries, its affiliates, or their respective
 clients, customers or partners, including, without limitation, technical data, trade secrets,
 research and development information, product plans, services, customer lists and customers,
 supplier lists and suppliers, software developments, inventions, processes, formulas, technology,
 designs, hardware configuration information, personnel information, marketing, finances,
 information about the suppliers, joint ventures, franchisees, distributors and other persons
 with whom the Company does business, information regarding the skills and compensation of
 other employees of the Company or other business information disclosed to the Officer by
 or obtained by the Officer from the Company, its direct or indirect subsidiaries, its affiliates,
 or their respective clients, customers or partners either directly or indirectly in writing,
 orally or otherwise, if specifically indicated to be confidential or reasonably expected
 to be confidential. The failure to mark any Confidential Information as confidential shall
 not affect its status as Confidential Information under this Agreement. Notwithstanding the
 foregoing, Confidential Information shall not include information that is generally available
 and known to the public through no breaching the confidential obligations of this agreement
 by the Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Trade Secrets</u>. During and after the Employment, the Officer shall hold the Trade Secrets (as
 defined below) in strict confidence; the Officer shall not disclose the Trade Secrets to
 anyone except other employees of the Company who have a need to know the Trade Secrets in
 connection with the Company's business. The Officer shall not use the Trade Secrets
 other than for his/her duties of the Company and for the benefits of the Company.

"<u>Trade Secrets</u>" means information deemed confidential by the Company, treated by the Company or which the Officer knows or ought reasonably to have known to be confidential, and trade secrets, including without limitation designs, processes, pricing policies, methods, inventions, conceptions, technology, technical data, financial information, corporate structure and know-how, relating to the business and affairs of the Company and its subsidiaries, affiliates and business associates, whether embodied in memoranda, manuals, letters or other documents, computer disks, tapes or other information storage devices, hardware, or other media or vehicles. Trade Secrets do not include information generally known or released to public domain through no fault of the Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Company Property</u>. The Officer understands that all documents (including computer records, facsimile
 and e-mail) and materials created, received or transmitted in connection with his/her work
 or using the facilities of the Company are property of the Company and subject to inspection
 by the Company, at any time. Upon termination of the Employment (or at any other time when
 requested by the Company), the Officer will promptly deliver to the Company all documents
 and materials of any nature pertaining to his/her work with the Company and will provide
 written certification of his/her compliance with this Agreement. Under no circumstances will
 the Officer have, following his/her termination, in his/her possession any property of the
 Company, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Former Employer Information</u>. The Officer represents and agrees that, during the term of his/her
 employment with the Company, he/she has not improperly used or disclosed, and will not improperly
 use or disclose, any proprietary information or trade secrets of any former employer or other
 person or entity with which the Officer has an agreement to keep in confidence information
 acquired by the Officer, if any. The Officer will indemnify the Company and hold it harmless
 from and against all claims, liabilities, damages and expenses, including reasonable attorneys'
 fees and costs of suit, arising out of or in connection with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Third Party Information</u>. The Officer recognizes that the Company may have received, and in
 the future may receive, from third parties their confidential or proprietary information
 subject to a duty on the Company's part to maintain the confidentiality of such information
 and to use it only for certain limited purposes. The Officer agrees that the Officer owes
 the Company and such third parties, during the Officer's employment by the Company
 and thereafter, a duty to hold all such confidential or proprietary information in the strictest
 confidence and not to disclose it to any person or firm and to use it in a manner consistent
 with, and for the limited purposes permitted by, the Company's agreement with such
 third party.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Officer breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

**10.** **INVENTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Inventions Retained and Licensed.</u> The Officer has attached hereto, as <u>Schedule B</u>, a list
 describing all inventions, ideas, improvements, designs and discoveries, whether or not patentable
 and whether or not reduced to practice, original works of authorship and trade secrets made
 or conceived by or belonging to the Officer (whether made solely by the Officer or jointly
 with others) that (i) were developed by the Officer prior to the Officer's employment
 by the Company (collectively, " <u>Prior Inventions</u> "), (ii) relate to the
 Company' actual or proposed business, products or research and development, and (iii)
 are not assigned to the Company hereunder; or, if no such list is attached, the Officer represents
 that there are no such Prior Inventions. Except to the extent set forth in <u>Schedule B</u>,
 the Officer hereby acknowledges that, if in the course of his/her service for the Company,
 the Officer incorporates into a Company product, process or machine a Prior Invention owned
 by the Officer or in which he/she has an interest, the Company is hereby granted and shall
 have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide right and license (which
 may be freely transferred by the Company to any other person or entity) to make, have made,
 modify, use, sell, sublicense and otherwise distribute such Prior Invention as part of or
 in connection with such product, process or machine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disclosure and Ass</u> ig <u>nment of Inventions.</u> The Officer understands that the Company engages
 in research and development and other activities in connection with its business and that,
 as an essential part of the Employment, the Officer is expected to make new contributions
 to and create inventions of value for the Company.

From and after the Effective Date, the Officer shall disclose in confidence to the Company all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works and trade secrets (collectively, the "<u>Inventions</u>"), which the Officer may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of the Officer's Employment at the Company. The Officer acknowledges that copyrightable works prepared by the Officer within the scope of and during the period of the Officer's Employment with the Company are "works for hire" and that the Company will be considered the author thereof.

The Officer agrees that all the Inventions shall be the sole and exclusive property of the Company and the Officer hereby assigns all his/her right, title and interest in and to any and all of the Inventions to the Company or its successor in interest without further consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Patent and Copyright Registration</u>. The Officer agrees to assist the Company in every proper
 way to obtain for the Company and enforce patents, copyrights, mask work rights, trade secret
 rights, and other legal protection for the Inventions. The Officer will execute any documents
 that the Company may reasonably request for use in obtaining or enforcing such patents, copyrights,
 mask work rights, trade secrets and other legal protections. The Officer's obligations
 under this paragraph will continue beyond the termination of the Employment with the Company,
 provided that the Company will reasonably compensate the Officer after such termination for
 time or expenses actually spent by the Officer at the Company's request on such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Return of Confidential Materials.</u> In the event of the Officer's termination of employment
 with the Company for any reason whatsoever, the Officer agrees promptly to surrender and
 deliver to the Company all records, materials, equipment, drawings, documents and data of
 any nature pertaining to any confidential information or to his/her employment, and the Officer
 will not retain or take with him any tangible materials or electronically stored data, containing
 or pertaining to any confidential information that the Officer may produce, acquire or obtain
 access to during the course of his/her employment.

This Section 10 shall survive the termination of this Agreement for any reason. In the event the Officer breaches this Section 10, the Company shall have right to seek remedies permissible under applicable law.

**11.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the compensation provided to the Officer by the Company hereunder, the adequacy of which is acknowledged by the Officer, the Officer agrees that during the term of the Employment and for a period of [two] years following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Officer will not approach suppliers, clients, customers or contacts of the Company or other
 persons or entities introduced to the Officer in the Officer's capacity as a representative
 of the Company for the purposes of doing business with such persons or entities which will
 harm the business relationship between the Company and such persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 expressly consented to by the Company, the Officer will not assume employment with or provide
 services as a director or otherwise for any Competitor, or engage, whether as principal,
 partner, licensor or otherwise, with any Competitor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless
 expressly consented to by the Company, the Officer will not seek directly or indirectly,
 by the offer of alternative employment or other inducement whatsoever, to solicit the services
 of any employee of the Company employed as at or after the date of such termination, or in
 the year preceding such termination.

The provisions contained in this Section 11 are considered reasonable by the Officer and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

This Section 11 shall survive the termination of this Agreement for any reason. In the event the Officer breaches this Section 11, the Officer acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law. The Officer agrees to indemnify and hold harmless the Company from and against all reasonable expenses (including reasonable fees and disbursements of counsel) which may be incurred by the Company in connection with, or arising out of, any violation of this Agreement by the Officer.

**12.** **WITHHOLDING TAXES** 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**13.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**14.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**15.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Officer and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Officer acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

**16.** **GOVERNING LAW** 

This Agreement shall be governed by and construed in accordance with the law of the Cayman Islands without regard to the conflict of laws principles thereof.

**17.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**18.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**19.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party, or (iv) sent by email with confirmation of receipt.

**20.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**21.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of this page has been intentionally left blank.]*

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| |
|:---|
| **PressLogic Inc.** |
| By: |
| Name: |
| Title: |
| **Officer** |
| Signature: |
| Name: |

---

<u>Schedule A</u>

**Cash Compensation**

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Pay Period** |
| **Base Salary** |  |  |
| **Cash Bonus** |  |  |

---

**Equity Incentives**

[●]

<u>Schedule B</u>

**List of Prior Inventions**

---

| | | |
|:---|:---|:---|
| **Title** | **Date** | **Identifying Number**<br> **or Brief Description** |

---

No inventions or improvements

Signature of Officer:

Print Name of Officer:  

Date:

## Exhibit 10.4

**Exhibit 10.4**

**Presslogic Inc.**

**DIRECTOR AGREEMENT**

This Director Agreement (the "**Agreement**") is made and entered into as of _______________, 2025 , by and between PressLogic Inc., a Cayman Islands company (the "**Company**"), and ___________________ ([Passport/ID] Number _________________) ("**Director**").

I. SERVICES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Board of Directors</u>. Director is appointed as a member of the Company's Board of Directors (the "**Board**"), effective upon the date when the United States Securities and Exchange Commission declares the Company's registration statement on Form F-1 to be effective (the "**Effective Date**"), until the date on which Director ceases to be a member of the Board for any reason (the "**Expiration Date**"). The Board shall consist of Director and such other members as nominated and elected pursuant to the then-current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Director Services</u>. Director's services to the Company hereunder shall include service on the Board [and service on the _____________________________ committee of the Board] in accordance with applicable law, stock exchange rules and the Memorandum and Articles of Association of the Company, and such other services mutually agreed to by Director and the Company (the "**Director Services**").

II. COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Expense Reimbursement</u>. The Company shall reimburse Director for all reasonable travel and other out-of-pocket expenses incurred in connection with the Director Services rendered by Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Director Compensation</u>. The Company agrees to pay Director compensation [monthly] as set forth on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Director and Officer Liability Insurance.</u> The Company agrees to purchase, prior to the Effective Date, a policy of insurance with a reputable insurance company providing Director with coverage for losses incurred in lawsuits or other legal proceedings brought against Director in connection with Director Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>No Other Compensation.</u> Except for the compensation provided in this Section II, Director shall not be entitled to any other compensation, whether in cash or in kind, for the Director Services, unless otherwise mutually agreed to by Director and the Company under a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Indemnification.</u> The Director shall also be entitled to the indemnification rights under the Company's Memorandum and Articles of Association and shall enter into a standard and customary indemnification agreement by and between the Director and the Company.

III. duties of director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Fiduciary Duties</u>. In fulfilling his/her responsibilities, Director shall be charged with a fiduciary duty to the Company. Director shall be attentive and inform himself/herself of all material facts regarding a decision before taking action. In addition, Director's actions shall be motivated by the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Confidentiality</u>. During the Term of this Agreement, and for a period of three (3) years following the Expiration Date unless otherwise approved by the Company's prior written consent, Director shall maintain in strict confidence all information he/she has obtained or shall obtain from the Company that the Company has designated as "confidential" or that is by its nature confidential, relating to the Company's business, operations, properties, assets, services, condition (financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects, technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the Director, (ii) is required to be disclosed by law, regulation or rule (including but not limited to the rules of any public stock exchange) or a valid order by a court or other governmental body, regulatory authority or public stock exchange, (iii) is independently learned, possessed or developed by Director outside of this relationship, or (iv) is necessary to establish the rights of the Director under this Agreement (the "**Confidential Information**"). Notwithstanding anything to the contrary herein, the obligations of confidentiality under this Agreement with respect to Confidential Information that constitutes or relates to the Company's trade secrets shall continue for so long as such information remains a trade secret in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Nondisclosure and Nonuse Obligations</u>. Director will use the Confidential Information solely to perform the Director Services for the benefit of the Company. Director will treat all Confidential Information of the Company with the same degree of care as Director treats his/her own confidential information, and Director will use his/her commercially reasonable efforts to protect the Confidential Information. Director will not use the Confidential Information for his/her own benefit or the benefit of any other person or entity, except as may be specifically permitted in this Agreement or by the Company. Director will as soon as reasonably practicable give notice to the Company of any unauthorized use or disclosure by or through him/her, or of which he/she becomes actually aware, of the Confidential Information. Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Return of the Company Property</u>. All materials furnished to Director by the Company, whether delivered to Director by the Company or made by Director solely in the performance of any Director Services under this Agreement (the "**Company Property**"), are the sole and exclusive property of the Company. Director agrees to promptly deliver the original and any copies of the Company Property to the Company at any time upon the Company's reasonable written request. Upon termination of this Agreement by either party for any reason, Director agrees to promptly deliver to the Company or use commercially reasonable efforts to destroy, at the Company's option, the original and any copies of the Company Property in the Director's possession. Notwithstanding the foregoing, Director may retain reasonable copies of the Company Property for compliance with applicable laws, rules or regulations or to establish its rights under this Agreement.

IV. COVENANTS OF director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Noninterference with Business</u>. During the Term of this Agreement, and for a period of one (1) year after the Expiration Date, Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, Director agrees not to, during the aforesaid period, solicit or induce any employee, independent contractor, customer or supplier of the Company to terminate or breach his/her/its employment, contractual or other relationship with the Company.

V. Term and Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Term</u>. This Agreement is effective as of the Effective Date and will continue until the Expiration Date (the "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Termination</u>. Either the Director or the Company may terminate this Agreement at any time and for any reason by giving the other party at least thirty (30) days prior written notice, or payment in lieu thereof unless otherwise the parties mutually agree in writing on a shorter notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Survival</u>. The rights and obligations contained in Sections 3.2 - 3.4 and Article IV and Sections 6.3 and 6.4, and this Section 5.3 will, to the extent qualified therein, survive any termination or expiration of this Agreement.

VI. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Assignment</u>. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>No Waiver</u>. The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the Company at 26/F, Chinachem Leighton Plaza, 29 Leighton Road, Causeway Bay, Hong Kong, and to the Director at _____________________________ or to such other address as either party may designate to the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Governing Law; Dispute Resolution</u>. This Agreement shall be governed in all respects by the laws of Hong Kong (without regard to the principles of conflicts of laws). All suits, proceedings, claim, demand, action or cause of action arising out of or relating to this agreement shall be submitted to arbitration in Hong Kong in accordance with the Hong Kong International Arbitration Center Administered Arbitration Rules (the "HKIAC Rules") in force when the notice of arbitration is submitted in accordance with the HKIAC Rules. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one; and the arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Severability</u>. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director Services undertaken by Director for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Amendments</u>. This Agreement may only be amended, modified or changed by an agreement signed by the Company and Director. The terms contained herein may not be altered, supplemented or interpreted by any course of dealing or practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **PressLogic Inc.** |
| Address: | a Cayman Islands exempted company |
|  | By: |
|  | Name: |
|  | Title: |
| **DIRECTOR:** |  |
| Address: |  |
|  | Name: |

---

**<u>SCHEDULE A</u>**

**Director Compensation**

## Exhibit 21.1

**Exhibit 21.1**

**List of Principal Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Principal Subsidiaries** | **Place of Incorporation** |
| PressLogic Limited | Hong Kong |
| InSmart Financials Limited | Hong Kong |
| PressLogic Taiwan Limited | Hong Kong |
| Maxlytics Limited | Hong Kong |
| MediaPlace Limited | Hong Kong |
| Lead Famous Limited | BVI |
| Ample Advance Limited | BVI |
| Pop Media HK Limited | Hong Kong |
| Business Media Limited | Hong Kong |
| Baby-Kingdom.com Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

To the Board of Directors of PressLogic Inc.:

We hereby consent to the inclusion in this Form F-1 Registration Statement of PressLogic Inc. (the "Company") of our report dated May 9, 2025, except Note 15, as to which the date is July 9, 2025, with respect to the consolidated financial statements of the Company as of and for the years ended December 31, 2024 and 2023, which appears in this Form F-1 Registration Statement.

We also consent to the reference to us under the heading "Experts" in such Registration Statement.

*/s/ TAAD, LLP*

 

Diamond Bar, California

September 24, 2025

## Exhibit 23.3

**Exhibit 23.3**

![](ex23-3_001.jpg)

September 24, 2025

---

| | |
|:---|:---|
| To: | PressLogic Inc. |
|  | 26/F, Chinachem Leighton Plaza |
|  | 29 Leighton Road, Causeway Bay |
|  | Hong Kong |

---

Dear Sirs or Madams,

We hereby consent to the reference of our name under the sections of the Registration Statement of the Company on Form F-1 relating to the initial public offering of the Class A ordinary shares of the Company, including all amendments or supplements thereto (the "**Registration Statement**") entitled "Prospectus Summary" and "Risk Factors". We also consent to the filing of this consent letter with the United States Securities Exchange Commission as an exhibit to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of the person whose consent is required under Section 7 of the Securities Act, or the regulations promulgated thereunder.

---

| |
|:---|
| Yours Sincerely, |
| Fieldfisher |
| /s/ Fieldfisher |
| **Fieldfisher** |

---

## Exhibit 99.1

**Exhibit 99.1**

**CODE OF BUSINESS CONDUCT AND ETHICS OF PRESSLOGIC INC.**

**(Adopted by the Board of Directors of PressLogic Inc. on September 24, 2025, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering)**

**I.** **Purpose** 

PressLogic Inc. and its subsidiaries and affiliates (collectively, the "<u>Company</u>") is committed to conduct its business in accordance with applicable laws, rules and regulations and the highest standards of business ethics. This Code of Business Conduct and Ethics (the "<u>Code</u>") contains general guidelines for conducting the business of the Company. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, the Company adheres to these higher standards.

This Code is designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "<u>SEC</u>") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) prompt internal reporting of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) accountability for adherence to the Code.

**II.** **Applicability** 

This Code applies to all directors, officers, employees and advisors of the Company, whether they work for the Company on a full-time, part-time, consultative, or temporary basis (each an "<u>employee</u>" and collectively, the "<u>employees</u>").

The Board of Directors of the Company (the "<u>Board</u>") has appointed the Head of Legal Department as the compliance officer for the Company (the "<u>Compliance Officer</u>"). If you have any questions regarding the Code or would like to report any violation of the Code, please call the Legal Department or send e-mail to legal@presslogic.com. Any questions or violations of the Code involving an executive officer, which include the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Vice Presidents and any other persons who perform similar functions for the Company (each an "<u>executive officer</u>"), shall be directed or reported to any of our independent directors on the Board or the members of the appropriate committee of the Board, and any such questions or violations will be reviewed directly by the Board or the appropriate committee of the Board.

**III.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Identifying Conflicts of Interest*** 

 ****

A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. An employee should actively avoid any private interest that may impact such employee's ability to act in the interests of the Company or that may make it difficult to perform the employee's work objectively and effectively. In general, the following are considered conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Competing Business</u>. No employee may be employed by a business that competes with the Company or deprives it of any business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Corporate Opportunity</u>. No employee may use corporate property, information or his or her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee discovers a business opportunity that is in the Company's line of business, through the use of the Company's property, information or position, the employee must first present the business opportunity to the Company before pursuing the opportunity in his/her individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Financial Interests</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) No employee may have any financial interest (ownership or otherwise), either directly or indirectly through a spouse or other family member, in any other business entity if such financial interest adversely affects the employee's performance of duties or responsibilities to the Company, or requires the employee to devote certain time during such employee's working hours at the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no employee may hold any ownership interest in a privately-held company that is in competition with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an employee may hold up to but no more than 1.0 ownership interest in a publicly traded company that is in competition with the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no employee may hold any ownership interest in a company that has a material business relationship with the Company.

If an employee's ownership interest in a business entity described in clause (iii) above increases to more than 1.0%, the employee must immediately report such ownership to the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Loans or Other Financial Transactions</u>. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Service on Boards and Committees</u>. No employee may serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests could reasonably be expected to conflict with those of the Company. Employees must obtain prior approval from the Board before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether an employee's service in such position is still appropriate.

It is difficult to list all of the ways in which a conflict of interest may arise, and we have provided only a few, limited examples. If you are faced with a difficult business decision that is not addressed above, ask yourself the following questions:

● Is the action to be taken legal?

● Is it honest and fair?

● Is it in the best interests of the Company?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Disclosure of Conflicts of Interest*** 

 ****

The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Legal Department. Conflicts of interest may only be waived by the Board, or the appropriate committee of the Board, and will be promptly disclosed to the public to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Family Members and Work*** 

 ****

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. If a member of an employee's family is interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship, and the terms and conditions of the relationship, must be no less favorable to the Company compared with those that would apply to a non-relative seeking to do business with the Company under similar circumstances.

Employees are required to report any situation involving family members that could reasonably be expected to give rise to a conflict of interest to their supervisor or the Compliance Officer. For purposes of this Code, "family members" or "members of employee's family" include an employee's spouse, parents, children and siblings, whether by blood, marriage or adoption or anyone residing in such employee's home.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Generally*** 

 ****

The giving and receiving of gifts is common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should never compromise, or appear to compromise, an employee's ability to make objective and fair business decisions.

It is the responsibility of employees to use good judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment could not be viewed as an inducement to any particular business decision. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports, and all gift and entertainment expenses exceeding HKD300 made on behalf of the Company must be approved by the head of the relevant department of the Company.

Employees may only accept appropriate gifts. We encourage employees to submit gifts received to the Company. While it is not mandatory to submit small gifts, gifts of over HKD300 must be submitted immediately to the administration department of the Company.

The Company's business conduct is founded on the principle of "fair transaction". Therefore, no employee may give or receive kickbacks, bribe others, or secretly give or receive commissions or any other personal benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***United States Foreign Corrupt Practices Act Compliance*** 

 ****

The United States Foreign Corrupt Practices Act ("<u>FCPA</u>") prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA not only violates the Company's policy but is also a civil or criminal offense under FCPA which the Company is subject to after the Code becomes effective. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with and approved by your supervisor in advance before it can be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Political Contributions*** 

 ****

Except as approved in advance by the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contribution activities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any contributions of Company funds or other assets for political purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) encouraging individual employees to make any such contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) reimbursing an employee for any political contribution.

***V.***  ***Fair Dealing*** 

The Company strives to compete and to succeed through superior performance and products and without the use of unethical or illegal practices. Accordingly, the Company's employees should respect the rights of, and should deal fairly with, the Company's customers, suppliers, competitors and employees and should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information or any material misrepresentation. For example, an individual should not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give or receive kickbacks, bribe others, or secretly give or receive commissions or any other personal benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) spread rumors about competitors, customers or suppliers that the individual knows to be false;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) intentionally misrepresent the nature of quality of the Company's products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) otherwise seek to advance the Company's interests by taking unfair advantage of anyone through unfair dealing practices, including engaging in unfair practices through a third party.

**VI.** **Protection and Use of Company Assets** 

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.

To ensure the protection and proper use of the Company's assets, each employee

should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise reasonable care to prevent theft, damage or misuse of Company property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly report the actual or suspected theft, damage or misuse of Company property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) safeguard all electronic programs, data, communications and written materials from inadvertent access by others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) use Company property only for legitimate business purposes.

**VII.** **Intellectual Property and Confidentiality** 

Employees shall abide by the Company's rules and policies in protecting the intellectual property and confidential information, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee's duties or primarily through the use of the Company's materials and technical resources while working at the Company, shall be the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employees shall maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the company or its business associates, if disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company maintains a strict confidentiality policy. During an employee's term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, customers or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. An employee's duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee's employment with the Company for any reason until such time as the Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information, and may not retain duplicate materials.

**VIII.** **Accuracy of Financial Reports and Other Public Communications** 

Upon the completion of the IPO, the Company will become a public company which is required to report its financial results and other material information about its business to the public and the SEC. It is the Company's policy to promptly disclose accurate and complete information regarding its business, financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees should be on guard for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) financial results that seem inconsistent with the performance of the underlying business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) transactions that do not seem to have an obvious business purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) requests to circumvent ordinary review and approval procedures.

The Company's senior financial officers and other employees working in the finance and accounting department have a special responsibility to ensure that all of the Company's financial disclosures are full, fair, accurate, timely and understandable. These individuals are

required to report any practice or situation that might undermine this objective to the Legal Department.

Employees are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently influence the Company's independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited to those actions taken to coerce, manipulate, mislead or fraudulently influence an auditor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to issue or reissue a report on the Company's financial statements that is not warranted in the circumstances (due to material violations of IFRS, generally accepted auditing standards or other professional or regulatory standards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not to perform audit, review or other procedures required by generally accepted auditing standards or other professional standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) not to withdraw an issued report; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) not to communicate matters to the Company's audit committee of the Board.

Employees with information relating to questionable accounting or auditing matters may also confidentially, and anonymously if they desire, submit the information in writing to the Company's audit committee of the Board.

**IX.** **Company Records** 

Accurate and reliable records are crucial to the Company's business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company's records are the source of essential data that guides business decision-making and strategic planning. Company records include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's record keeping policy. An employee should contact the Legal Department if he/she has any questions regarding the record keeping policy.

**X.** **Compliance with Laws and Regulations** 

Each employee has an obligation to comply with the laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets or foreign currency exchange activities. Employees are expected to understand and comply with all laws, rules and regulations that apply to their respective position at the Company. If any doubt exists about whether a course of action is lawful, you should seek advice immediately from the Legal Department.

Employees are prohibited from trading securities while in possession of material nonpublic information, whether of the Company or other companies, and must comply with insider trading and any applicable securities law and the Company's Statement of Policies Governing Material, Non-Public Information and the Prevention of Insider Trading regarding securities transactions and handling of confidential information. Insider trading is both unethical and illegal and will be firmly dealt with by the Company. Prohibition on insider trading applies to members of the employees' family and anyone else sharing the home of the employees. Therefore, employees must use discretion when discussing work with friends or family members, as well as with other employees.

**XI.** **Workplace Environment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Discrimination and Harassment*** 

 ****

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. For further information, you should consult the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Health and Safety*** 

 ****

The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence and threatening behavior are not permitted.

Each employee is expected to perform his or her duty to the Company in a safe manner, free of the influences of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

**XII.** **Violations of the Code; Protection Against Retaliation** 

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees.

If an employee knows of or suspect a violation of this Code, it is such employee's responsibility to immediately report the violation to the Legal Department, who will work with the employee to investigate his/her concern. Any suspected violation of this Code involving an executive officer shall be directed or reported to any of our independent directors on the Board or to the appropriate committee of the Board. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Legal Department, the Board or the appropriate committee of the Board and the Company will protect the employee's confidentiality to the extent possible, consistent with the law and the Company's need to investigate such employee's concern.

It is the Company's policy that any employee who violates this Code will be subject to appropriate discipline, including termination of employment, based upon the facts and circumstances of each particular situation. If an employee does not comply with the law or with this Code, it can result in serious consequences for both the employee and the Company.

The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action up to and including termination of employment.

XIII. Waivers of the Code

Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and will be promptly disclosed to the public.

XIV. Conclusion

This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If employees have any questions about these guidelines, they should contact the Legal Department. The Company expects all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment.

**\* \* \* \* \* \* \* \* \* \* \* \* \***

## Exhibit 99.2

**Exhibit 99.2**

---

| | |
|:---|:---|
| ![](ex99-2_001.jpg) | ![](ex99-2_002.jpg) |

---

September 24, 2025

PressLogic Inc.

26/F, Chinachem Leighton Plaza

29 Leighton Road, Causeway Bay

Hong Kong

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

We understand that PressLogic lnc. (the "Company") plans to file a registration statement on Form F l (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto, including, without limitation, the industry report titled "APAC Online Marketing Market" (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, in the Registration Statement and any amendments thereto, in any written correspondences with the SEC, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

**Frost & Sullivan Limited**

---

| | |
|:---|:---|
| /s/ Terry Tse | /s/ Terry Tse |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.3

**Exhibit 99.3**

September 24, 2025

**PressLogic Inc.**

26/F, Chinachem Leighton Plaza

29 Leighton Road, Causeway Bay

Hong Kong

Ladies and Gentlemen:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of PressLogic Inc. (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| /s/ Jiao Jie | /s/ Jiao Jie |
| Name: | Jiao Jie |

---

## Exhibit 99.4

**Exhibit 99.4**

September 24, 2025

**PressLogic Inc.**

26/F, Chinachem Leighton Plaza

29 Leighton Road, Causeway Bay

Hong Kong

Ladies and Gentlemen:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of PressLogic Inc. (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ Lai Ki Cheong |
| Name:Lai Ki Cheong |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Table** 

**Form F-1**

(Form Type)

**PressLogic Inc.**

(Exact Name of Registrant as Specified in its Charter)

Table 1 – Newly Registered Securities

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum**<br> **Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate<br> Offering<br> Price** | **Maximum<br> Aggregate<br> Offering<br> Price** | **Fee<br> Rate** | **Amount of<br> Registration Fee** | **Amount of<br> Registration Fee** |
| **Fees to Be <br> Paid** | Equity | Class A ordinary shares, par<br> value US$0.0001 per<br> share | Rule 457(o)<sup>(2)</sup> |  |  | US$ | 11500000.00 <sup>(1)(2)</sup> | US$153.10 per US$1,000,000 | US$ | 1760.65 |
| **Fees<br> Previously <br> Paid** |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amount** | **Total Offering Amount** | **Total Offering Amount** | **Total Offering Amount** |  | US$ | 11500000.00 |  | US$ | 1760.65 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  | N/A |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  | US$ | 1760.65 |

---

(1) Includes
 Class A ordinary shares that are issuable upon the exercise of the underwriters' over-allotment option. Also includes Class A
 ordinary shares initially offered and sold outside the United States that may be resold from time to time in the United States
 either as part of their distribution or within 40 days after the later of the effective date of this registration statement and the
 date the shares are first bona fide offered to the public. These Class A ordinary shares are not being registered for the purpose of
 sales outside the United States.

(2) Estimated
 solely for the purpose of determining the amount of registration fee in accordance with Rule 457(o) under the Securities Act of 1933.

N/A