# EDGAR Filing Document

**Accession Number:** 0002063022
**File Stem:** 0001213900-25-104769
**Filing Date:** 2025-10
**Character Count:** 1553135
**Document Hash:** 56a5224e3a22da870860178323ce1d4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-104769.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001213900-25-104769

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 140

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Regenique Group Ltd
- **CENTRAL INDEX KEY:** 0002063022
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE [8011]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291211
- **FILM NUMBER:** 251441490

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1 SHENTON WAY
- **STREET 2:** #16-01 ONE SHENTON
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **BUSINESS PHONE:** 6588683555

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1 SHENTON WAY
- **STREET 2:** #16-01 ONE SHENTON
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0

#### As filed with the U.S. Securities and Exchange Commission on October 31, 2025.

#### Registration No. 333-

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549

#### ________________________

#### FORM F-1<br>REGISTRATION STATEMENT<br> UNDER <br> THE SECURITIES ACT OF 1933
________________________

#### REGENIQUE GROUP LIMITED <br> (Exact name of registrant as specified in its charter)
________________________

#### Not Applicable
(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
|  **Cayman Islands** | **8011** | **Not Applicable** |
|  (State or Other Jurisdiction of <br>Incorporation or Organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

#### 10 Sinara Drive

#10-25 Square 2<br>Singapore 307506<br>+65 8383 0544<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
________________________

#### Puglisi & Associates<br>850 Library Avenue, Suite 204<br>Newark, DE 19711<br>302-738-6680<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
________________________

#### Copies to:

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| | |
|:---|:---|
|  **Virginia Tam, Esq. <br>Clayton Parker, Esq. <br>K&L Gates <br>44/F, Edinburgh Tower <br>The Landmark <br>15 Queen's Road Central <br>Hong Kong <br>+852 2230 3500** | **Ying Li, Esq.**<br> **Guillaume de Sampigny, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **900 Third Avenue, 19**<sup>th</sup> **Floor**<br> **New York, NY 100222**<br> **+1 (212) 530**-2210 |

---

________________________

**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 (the "**Securities Act**"), check the following box. ☐

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

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

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

Emerging growth company ☒

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

____________

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

**This registration statement shall hereinafter become effective in accordance with the provisions of Section 8(a) of the Securities Act of 1933, as amended.**

------

[**Table of Contents**](#TOC001)

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

**SUBJECT TO COMPLETION**

#### PRELIMINARY PROSPECTUS DATED OCTOBER 31, 2025

#### 2, 000 ,000 Class A Ordinary Shares

#### Regenique Group Limited
This is the initial public offering of 2,000,000 Class A ordinary shares, par value US$0.0001 per share ("**Class A Ordinary Shares**"), of Regenique Group Limited, a Cayman Islands exempted company. We anticipate that the initial public offering price will be between US$4 and US$5 per share.

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market, or Nasdaq, under the symbol "RGGG". At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of the initial public offering is conditioned upon Nasdaq's final approval of our listing application, and no assurance can be given that our application will be approved or that a trading market will develop. The offering will not proceed unless our Class A Ordinary Shares are accepted for listing on Nasdaq.

Immediately prior to the completion of this offering, we will have 30,450,000 Class A Ordinary Shares and 4,550,000 Class B ordinary shares, par value US$0.0001 per share ("**Class B Ordinary Shares**") issued and outstanding. 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 (1) vote. Each Class B Ordinary Share is entitled to fifteen (15) votes and is convertible into one Class A Ordinary Share at any time at the option of the holder thereof on a one-for-one basis. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, as amended, and are eligible for reduced public company reporting requirements.

We are not an operating company but a Cayman Islands holding company with no operations. We conduct our operations in Singapore, through our operating subsidiaries. The Class A Ordinary Shares offered in this offering are shares of the holding company that is incorporated in the Cayman Islands as an exempted company with limited liability. Investors of our Class A Ordinary Shares should be aware that they may never directly hold equity interests in our operating subsidiaries.

You should read this prospectus, together with additional information described under the heading "*Where You Can Find More Information*" carefully before you invest in any of our securities.

**Investing in our securities involves a high degree of risk. See "*Risk Factors*" beginning on page 13 of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total Without <br>Exercise of <br>Over-allotment <br>Option** | **Total With Full <br>Exercise of <br>Over-allotment <br>Option** |
|  Initial public offering price<sup>(1)</sup> | $| $| $|
|  Underwriting discounts to be paid by us (7%)<sup>(2)</sup> | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

____________

(1) Initial public offering price per share is assumed to be US$4 (being the low end of the initial public offering price range).

(2) For a description of compensation payable to the underwriters, see "*Underwriting*".

------

[**Table of Contents**](#TOC001)

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such Class A Ordinary Shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of the Class A Ordinary Shares offered by us in this offering (excluding Class A Ordinary Shares subject to this option), at the initial public offering price, less underwriting discounts to cover over-allotments, if any. If the underwriters exercise the option in full, assuming the public offering price per share is US$4, the total underwriting discounts payable will be US$560,000 and the total proceeds to us, before expenses, will be US$7,440,000.

The underwriters expect to deliver Class A Ordinary Shares against payment in U.S. dollars, on or about , 2025.

![](tnetwork_logo.jpg)

The date of this prospectus is , 2025.

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [Conventions That Apply to This Prospectus](#T23) | ii |
|  [Prospectus Summary](#T22) | 1 |
|  [The Offering](#T21) | 10 |
|  [Summary Combined Financial and Operating Data](#T99200) | 12 |
|  [Risk Factors](#T20) | 13 |
|  [Special Note Regarding Forward-Looking Statements and Industry Data](#T99201) | 35 |
|  [Use Of Proceeds](#T19) | 36 |
|  [Dividend Policy](#T18) | 37 |
|  [Capitalization](#T99202) | 38 |
|  [Dilution](#T99203) | 39 |
|  [Enforceability Of Civil Liabilities](#T17) | 41 |
|  [Corporate History and Structure](#T16) | 43 |
|  [Unaudited Pro Forma Condensed Combined Financial Information](#T99204) | 48 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#T99205) | 53 |
|  [Market and Industry Data](#T15) | 62 |
|  [Industry Overview](#T14) | 63 |
|  [Our Licensed Stem Cell Technologies](#T5901) | 69 |
|  [Business](#T12) | 72 |
|  [Regulations](#T11) | 92 |
|  [Management](#T10) | 102 |
|  [Principal Shareholders](#T800) | 110 |
|  [Related Party Transactions](#T9) | 111 |
|  [Description of Share Capital](#T8) | 113 |
|  [Shares Eligible for Future Sale](#T7) | 121 |
|  [Taxation](#T6) | 123 |
|  [Underwriting](#T99207) | 129 |
|  [Expenses of This Offering](#T5) | 137 |
|  [Legal Matters](#T4) | 138 |
|  [Experts](#T3) | 138 |
|  [Where You Can Find More Information](#T2) | 138 |
|  [Index to Financial Statements](#T1) | F-1 |

---

You should rely only on the information contained in this prospectus or in any related free writing prospectus that we filed with the Securities and Exchange Commission. We have not authorized anyone to provide any information other than that contained in this prospectus or in any free writing prospectus prepared by or on our behalf or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, the Class A Ordinary Shares only in jurisdictions where such offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or the sale of any Class A Ordinary Shares.

For investors outside the United States: 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 the Class A Ordinary Shares and the distribution of this prospectus or any free writing prospectus outside of the United States.

**Until , 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that buy, sell, or trade our 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.**

i

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#### CONVENTIONS THAT APPLY TO THIS PROSPECTUS
Unless otherwise indicated or the context otherwise requires and for purposes of this prospectus only, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Acquisition" are to the acquisition of Shari Wellness Pte Ltd by the Intermediate Holdco on October 13, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Administrator" are to the administrator of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "APAC" are to Asia Pacific;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Biogenisk" or "Biogenisk Pte Ltd" are to Biogenisk Pte Ltd incorporated and registered in Singapore with unique entity number 202504016K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BVI" are to the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" are to our Class A ordinary shares, par value US$0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" are to our Class B ordinary shares, par value US$0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Dr. Chen" are to Dr. Chen Yiming;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Dr. Shiau" are to Dr. Shiau Ee Leng;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Eligible Persons" means our officers, directors, advisors, personnel and employees and related entities, but only to the extent Shares to be issued hereunder to any such potential Eligible Person are eligible for registration under Form S-8 or its equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" are the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Intermediate Holdco" are to BioEsthetics Group Limited;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "License Agreement" are to the exclusive license agreement entered into between Supergenics Pte Ltd and Shari Wellness Pte Ltd, dated August 18, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Licensed Technologies" are to the two already granted patents owned by Supergenics and one patent filed in 2024 which is pending grant issuance licensed to Shari Wellness Pte Ltd under the License Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mainland China" are to the People's Republic of China, excluding, solely for the purpose of this prospectus, Hong Kong, Macau and Taiwan. The term "Mainland Chinese" has a correlative meaning for the purpose of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mr. Then" are to Mr. Then Chee Tat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mr. Wong" are to Mr. Wong Ming Kwong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ordinary shares" are to our Class A Ordinary Shares and Class B Ordinary Shares, collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" are to the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" are to the U.S. Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shari Wellness" or "Shari Wellness Pte Ltd" are to Shari Wellness Pte Ltd incorporated and registered in Singapore with unique entity number 201322810M;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Supergenics" are to Supergenics Pte Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "S$" are to Singapore dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US" are to the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$" and "U.S. dollars" are to the legal currency of the United States;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAP" are to generally accepted accounting principles in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAS" are to generally accepted audit standards in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "We", "us", "the Company", "the Group" and "our" are to Regenique Group Limited, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act (as amended) of the Cayman Islands (the "**Companies Act**"), and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors.

Our reporting currency is S$ and most of our revenue is denominated in S$. This prospectus contains translations of S$ into U.S. dollars solely for the convenience of the reader. Unless otherwise stated, all translations of S$ into U.S. dollars in this prospectus were made at the rate of US$0.77936 = S$1, as set forth in the statistical release of the Federal Reserve System on September 30, 2024. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on September 30, 2024, or at any other rate.

Unless otherwise indicated, (a) information in this prospectus assumes that the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares, and (b) references in this prospectus to this offering are to our offering of Class A Ordinary Shares pursuant to this prospectus.

Internet site addresses in this prospectus are included for reference only and the information contained in any website, including our website, is not incorporated by reference into, and does not form part of, this prospectus.

Due to rounding, numbers presented throughout this prospectus may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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#### GLOSSARY OF TECHNICAL TERMS
Certain terms and abbreviations used in this prospectus are defined below:

"**ASCs**" means adult stem cells.

"**CGTPs**" means cell and gene therapy products.

"**ESCs**" means embryonic stem cells.

"**HA**" means hyaluronic acid.

"**HIFU**" means high-intensity focused ultrasound.

"**iPSCs**" means induced pluripotent stem cells.

"**MSCs**" means mesenchymal stem cells.

"**PDRN**" means polydeoxyribonucleotide.

"**PN**" means polynucleotides.

"**RF**" means radiofrequency.

"**TXA**" means tranexamic acid.

"**WJ**-MSCs" means Wharton's Jelly Mesenchymal Stem Cells.

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#### PROSPECTUS SUMMARY
*This summary highlights selected information from this prospectus. It may not contain all of the information that is important to you. You should carefully read the entire prospectus and the other documents referred to in this prospectus before making an investment in our Class A Ordinary Shares. You should carefully consider, among other things, our combined financial statements and the related notes and the sections titled "Risk Factors", "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. For additional information, see "Where You Can Find More Information" in this prospectus.*

#### Overview
Established in Singapore in 2009, we are a customer-centric, science-backed aesthetics services provider. We prioritize delivering an unparalleled, premium experience for our customers by emphasizing safety, privacy and patient comfort. In addition to the market's prevailing medi-aesthetics treatments, our suite of science-backed aesthetics services also includes bio-regenerative treatments and other advanced therapies. Our services are rendered through five strategically located clinics staffed by experienced doctors and equipped with advanced medical devices. Our mission is to elevate the overall well-being of our customers by offering personalized anti-aging and longevity healthcare and aesthetics solutions. In the 16 years since the commencement of our business, we have served more than 300,000 customers. For the fiscal years ended September 30, 2023 and 2024, we recorded net income of S$2,779,363 and S$3,135,182 (US$2,443,561), respectively. Our operating cash flow in the same periods were S$2,224,293 and S$2,667,256 (US$2,078,859), respectively. For the nine months ended June 30, 2024 and 2025, we recorded net income of S$1,356,084 and S$2,088,961 (US$1,642,342), respectively. Our operating cash flow in the same periods were S$2,492,221 and S$730,346 (US$574,199), respectively.

We offer a broad range of non-surgical, minimally invasive treatments to our customers in our clinics. The technological concept, procedures and equipment used to administer such treatments are carefully selected by our experienced doctors. Our treatments are designed based on scientific evidence and delivered by personnel with medical knowledge, training and experience.

Our services can be classified into two categories: bio-regenerative treatments and medi-aesthetics treatments. Bio-regenerative treatments are generally marketed as aesthetics solutions at the forefront of our industry. They are grounded on the skin's natural ability to regenerate and repair itself through the use of natural bio-cosmeceutical products, such as plant-based exosomes (tiny, naturally occurring vesicles released by cells that act as messengers, carrying proteins, lipids, and genetic material to influence the behavior of other cells) and stem cells, as skin boosters. Medi-aesthetics treatments are solutions delivered through the use of technologies that are regarded as the industry norm, including non-invasive procedures of laser and other energy treatments and minimally invasive procedures using botox and other chemical ingredients.

For the fiscal years ended September 30, 2023 and 2024 and the nine months ended June 30, 2024 and 2025, we derived 39.2%, 43.0%, 34.0% and 35.0% of our revenue from bio-regenerative treatments, and 60.8%, 57.0%, 66.0% and 65.0% of our revenue from medi-aesthetics treatments, respectively.

The year 2023 marked a pivotal milestone for us. In early 2023, we started building a strategic partnership with Supergenics Berhad, a life science and biotechnology company listed on the Malaysia stock exchange. Their commitment to innovation is exemplified by their science-backed, proprietary methods and patents in stem cell technology, which includes high-yield culture of Wharton's Jelly Mesenchymal Stem Cells (multipotent stem cells which have strong anti-inflammatory, immunomodulatory, and tissue-repair capabilities)("**WJ**-MSCs"). In August 2024, Supergenics and us formally established a synergetic science-meets-beauty alliance by entering into the License Agreement. Pursuant to the License Agreement, we have an exclusive license to use two already granted patents owned by Supergenics and one patent filed in 2024 which is pending grant issuance. The license gives us the exclusive regional right in the APAC region, including the option to grant sublicenses, to develop our own commercial products and services using Supergenics' patented cell and gene therapy products ("**CGTPs**"). For more information, please refer to the section titled "*Business — Our Future Business Activities*" below.

We believe the partnership will give us a competitive advantage in the science-backed aesthetics market. The use of proprietary patented technologies in bio-regenerative treatments will give us a vertically integrated bio-cosmeceutical platform in the market. Our strategy is to leverage the business alliance in the development of a range of anti-aging and longevity solutions unique in the APAC region with the support of Supergenics' research team.

[**Table of Contents**](#TOC001)

We are managed by practitioners with relevant professional knowledge and experience in our field. Our management is supported by a talented pool of skilled cell-based experts, scientists and biomedical professionals. We have also recruited professionals with strong marketing experience and business development acumen to react to changing market demands. We aim to further strengthen our brand by introducing new bio-regenerative aesthetics treatments and products from time to time consisting of biotech ingredients that are grounded on patented elevated efficacy at clinically tested concentrations.

Our growth strategy is to expand our business in the bio-regenerative market through innovation. We will seek to distinguish ourselves from competitors in this market using proprietary technologies developed by our exclusive business partner, Supergenics, who has granted us a license to use the Licensed Technologies in the APAC region.

Our goal is to build a unique brand for the business by positioning ourselves as an engineer capable of converting new bio-cosmeceutical technologies into a broad range of transformative, sustainable, and effective aesthetic solutions catered to different demographic groups. We will also seek to expand our geographical footprint to other countries in the APAC region through internal growth, strategic partnerships and acquisitions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "one-stop shop" capable of offering tailor-made, science-backed aesthetics solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our network of clinics is spread out in different areas of Singapore, each selected for the convenience of customers with different profiles and habits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many of our innovative treatments are developed using technologies in the early phase of their life cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a proven track record in the quality of our services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management consists of experienced professionals with different career backgrounds.

#### Our Strategies
We intend to continue to grow our business and further strengthen our market position by pursuing the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will focus on the development, production and distribution of treatments and products using the patented cell-based bio-cosmeceutical technologies licensed to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will monitor technological developments and incorporate suitable ones, such as artificial intelligence, into our IT infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will expand into other countries in the APAC region in the mid to long run. We are preliminarily evaluating the feasibility of entering into comparable markets in Indonesia, Malaysia, Thailand and Vietnam through strategic partnerships with local services providers. Our evaluation efforts include conducting early-stage market research in these countries. As of the date of this prospectus, we have not established any definitive arrangements or material expansion plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will monitor and respond to market trends by developing services and products catered to new demographic groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will continue to invest in talents.

#### Summary of Risk Factors
Our business is subject to multiple risks and uncertainties, as more fully described in the section titled "*Risk Factors*" and elsewhere in this prospectus. We urge you to read the section entitled "*Risk Factors*" and this prospectus in full. Our principal risks may be summarized as follows:

#### Risks Relating to Our Business
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our continued success and growth depend substantially on the continuing service and contribution of our key management personnel and doctors as well as our ability to attract and retain new key personnel and doctors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on skilled and competent professional staff and we may be unable to attract suitable doctors to join us as the supply of doctors is limited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on the performance of our doctors and staff. If they become subject to complaints, investigations, claims or legal proceedings relating to the provision of services (including alleged malpractice), our reputation, brand image and results of operations may be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The termination or non-renewal of the License Agreement that has a term of ten years may adversely impact the revenue generated from our bio-regenerative segment and our plan to develop new treatments and products in this segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on our reputation in the industry that may be adversely affected by negative publicity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transfer of the Clinic Business, including lease agreements, licenses and trademarks, operated by the Mixed Business and Back-End Entities to Biogenisk pursuant to the Business Transfer Agreement may not be completed prior to the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional indemnity coverage may not completely cover risks arising from our course of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face possible infringement of our intellectual property rights, which could weaken our competitive position and affect our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have limitations in promoting and/or marketing our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our past performance may not be indicative of future revenue and profit margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our clinics may not achieve our anticipated operating results, which could materially and adversely affect our business, results of operations, financial condition and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inability to keep abreast with the latest technological advancements and marketing trends in our industry may result in the loss of business and our competitive edge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no assurance that we will be able to successfully enforce the non-competition and/or non-solicitation undertakings contained in the employment contracts of our doctors.

#### Risks Relating to Our Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our clinics and doctors are subject to licensing requirements; if any of these licenses are revoked or their renewal is denied, we may have to suspend some of our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outbreaks of infectious and communicable diseases and public health emergencies could have a material adverse effect on our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance coverage may not indemnify us against all losses and liabilities.

#### Risks Relating to the Offer ing and Our Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We plan to maintain the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, however, if we do not meet Nasdaq's continued listing standards, Nasdaq may delist our securities from trading, which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because our public offering price per Class A Ordinary Share is substantially higher than our net tangible book value per Class A Ordinary Share, you will experience immediate and substantial dilution.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to pay dividends for the foreseeable future and you must rely on price appreciation of our Shares for a return on your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our Class A Ordinary Shares may be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The future sales of our Class A Ordinary Shares by existing shareholders, including the sales pursuant to the Plan, may adversely affect the market price of our Class A Ordinary Shares.

#### Corporate Information
We were incorporated in the Cayman Islands as an exempted company with limited liability in November 2024. Our registered office in the Cayman Islands is located at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009 Cayman Islands. Our principal executive office is at 10 Sinara Drive, #10-25 Square 2, Singapore 307506. Our telephone number at this location is +65 8383 0544. Our principal website address is *www.regeniquegroup.com*. The information contained on our website does not form part of this prospectus.

Our agent for service of process in the United States is Puglisi & Associates.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulties in protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited.

**Corporate History**

We were founded in 2009 by Mr. Then and Dr. Shiau ("**Original Shareholders**") with the incorporation of ClearSK Medispa Pte Ltd, a Singapore company. Throughout the past 16 years, our main business has been the delivery of medi-aesthetics services (the "**Clinic Business**"). As our Clinic Business continued to grow, we started investing in real properties (the "**Real Property Investments**") to diversify the risk of increasing rental expenses.

As of the date of this prospectus, our business has been carried out through 16 entities, 11 of which, as set out in the corporate structure diagrams below, were operating entities of the Clinic Business, and 5 of which, consisting of ClearSK Healthcare Pte. Ltd., ClearSK Medispa Pte. Ltd., SGP Healthcare Investments Pte. Ltd., ClearSK Medi-Aesthetics (West) Pte. Ltd., and ClearSK Aesthetics Academy SDN BHD, were operating entities of a combination of the Clinic Business, Real Property Investments, and back-end accounting and administrative services provided to other entities ("**Mixed Business and Back**-End **Entities**"). The Mixed Business and Back-End Entities will not be directly or indirectly held by the Company, they will remain owned by the Original Shareholders. The Mixed Business and Back-End Entities will only transfer their Clinic Business assets to Biogenisk, as further described in this section below.

As set forth in a memorandum of understanding dated April 3, 2024 (the "**MOU**"), the Original Shareholders agreed with Mr. Wong, the sole shareholder of Shari Wellness, that Regenique Group Limited will acquire Shari Wellness for the purpose of this offering. Shari Wellness is a Singapore company incorporated in 2013 by Mr. Wong. It is the licensee of the Licensed Technologies, which consists of the three bio-technology patents under the License Agreement and focuses on stem cell-based Regenerative Health & Aesthetics personalized treatments

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and bio-cosmeceuticals. See "*Business*" in this prospectus for more information. One of the terms set forth in the MOU was that the parties would conduct a series of related transactions for the purpose of this offering, or our Pre-IPO Restructuring. Pursuant to the terms of the MOU:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) There will be a provision for allotment of shares for potential pre-IPO investors in the range of 25% – 30% as a total minority group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The remaining equity ownership in the Company shall be divided evenly between the Original Shareholders, on the one hand, and Mr. Wong, on the other.

The transactions of the Pre-IPO Restructuring that have been consummated as of the date of this prospectus are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2024, Regenique Group Limited was incorporated as an exempted company with limited liability in the Cayman Islands as our holding company. The Original Shareholders were the registered holders of ordinary shares representing 50% of the issued share capital of the Company, and the remaining 50% was held by Mr. Wong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Original Shareholders and Mr. Wong entered into an agreement dated November 13, 2024 (the "**Allocation Agreement**"), where the allocation of between 25% and 30% of the equity ownership in the Company shall be agreed among the parties no later than the public filing of the registration statement on Form F-1, of which this prospectus is a part, at which time all of the rights attached to the ordinary shares shall vest immediately in their respective equity owners or be subject to any terms and conditions attached to such shares ("**Vesting**"). The Allocation Agreement also stipulates that the rights attached to the ordinary shares of the Company shall be allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ***Legal Title***. Until Vesting, the Original Shareholders and Mr. Wong shall hold the respective ordinary shares registered under their names for the benefit of the equity owners of the Company at Vesting and be subject to the other terms set out in the Allocation Agreement. The Original Shareholders shall act in concert in their voting and disposition of their shares in the Company at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ***Voting Rights***. Until the acquisition of Shari Wellness is completed, the Original Shareholders shall have 51% of the total voting power in the election of directors at general meetings of the Company, and the remaining 49% shall be held by Mr. Wong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) ***Right of Disposition***. Each of the Original Shareholders and Mr. Wong shall not dispose of the ordinary shares without the consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) ***Economic Interests***. Until Vesting, the Original Shareholders shall maintain their full economic interests and control in the Clinic Business, and Mr. Wong shall maintain his full economic interests and control in Shari Wellness. The Company shall own and operate the Clinic Business and Shari Wellness based on the foregoing arrangement.

The parties also agreed that interests in any entities incorporated for the purpose of this offering and not wholly owned by the Company shall be allocated in the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 20, 2025, BioEsthetics Group Limited ("**Intermediate Holdco**") was incorporated as a BVI exempted limited liability company with ownership mirroring the shareholding structure of the Company. Pursuant to the Allocation Agreement, the Original Shareholders and Mr. Wong hold the respective ordinary shares registered under their names for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 21, 2025, the Original Shareholders entered into an agreement with Biogenisk to inject all of their interests in the Clinic Business into Biogenisk, a Singapore company incorporated on January 20, 2025 as a holding company of the Clinic Business for the purpose of this offering and was then wholly owned by the Original Shareholders. Concurrently, the Mixed Business and Back-End Entities entered into an agreement ("**Business Transfer Agreement**") with Biogenisk to transfer the Clinic Business then operated by them to Biogenisk. The capital injection of the Clinic Business into Biogenisk was structured as a transfer of the Original Shareholders' shareholdings in the 11 entities solely operating the Clinic Business, together with a transfer of the assets constituting the Clinic Business that were then operated by the five Mixed Business and Back-End Entities to Biogenisk.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 25, 2025, the Original Shareholders and Mr. Wong entered into an acquisition agreement (the "**Acquisition Agreement**") to confirm the Company's acquisition of Shari Wellness from Mr. Wong through a transfer of Mr. Wong's shareholding in Shari Wellness to Intermediate Holdco, with such acquisition to be consummated upon the receipt of a valuation report on Shari Wellness with an appraised value reasonably satisfactory to the Original Shareholders. On the same date, the Original Shareholders entered into an agreement with Intermediate Holdco to confirm their plan to inject all of their interests in Biogenisk into the Company through a transfer of all their shareholdings in Biogenisk to Intermediate Holdco. At that time, the Original Shareholders and Mr. Wong were registered holders of shares of Intermediate Holdco, with such shares held by them for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 8, 2025, director resolutions were passed to reclassify the authorized share capital of the Company to Class A Ordinary Shares and Class B Ordinary Shares, and to authorize the redesignation of the four issued ordinary shares as 40 issued Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 16, 2025, the trust arrangement in Intermediate Holdco was dissolved, as a result of which the Original Shareholders and Mr. Wong agreed to relinquish all their respective interests in Intermediate Holdco to the Company and transferred their legal titles to the shares in the Intermediate Holdco to the Company, resulting in the Company becoming the sole beneficial owner of Intermediate Holdco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 2, 2025, Mr. Wong entered into an agreement with Intermediate Holdco to confirm his plan to transfer all of his shareholding in Shari Wellness to Intermediate Holdco pursuant to the Acquisition Agreement; upon the consummation of the share transfer, the trust arrangement between the Original Shareholders and Mr. Wong would dissolve, and Mr. Wong would become the registered and beneficial owner of 50% of the shares in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 8, 2025, the Company issued 15,224,980 Class A Ordinary Shares to Mr. Wong and 7,612,490 Class A Ordinary Shares to each of the Original Shareholders. Immediately after the issuance of Class A Ordinary Shares, the Company was owned 50% by Mr. Wong and 50% by the Original Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 9, 2025, seven investors (the "**Pre**-IPO **Investors**") acquired, in aggregate, 4,567,500 Class A Ordinary Shares representing, in aggregate, 15% of the then issued share capital of the Company from Mr. Wong for a total consideration of US$114,188. The Pre-IPO Investors consisted of investors such as project consultants of Shari Wellness. The shareholding of Mr. Wong in the Company, on the understanding that the series of transactions contemplated in the Acquisition Agreement would be consummated, was reduced from 50% to 35% immediately after the transfers of shares to the Pre-IPO Investors, with the shareholdings of Mr. Then and Dr. Shiau remaining at 25.0% and 25.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 10, 2025, as part of their capital injection plan, the Original Shareholders transferred their shareholding in the entities solely operating the Clinic Business to Biogenisk and transferred their shareholding in Biogenisk to the Intermediate Holdco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 13, 2025, Mr. Wong completed his sale of Shari Wellness to the Company by transferring his shareholding in the shares of Shari Wellness to Intermediate Holdco. On the same day, the Company issued 2,275,000 Class B Ordinary Shares to Mr. Wong and 1,137,500 Class B Ordinary Shares to each of the Original Shareholders. Immediately after the issuance of Class B Ordinary Shares, the Company was owned 36.95% by Mr. Wong, 50% by the Original Shareholders in aggregate, and 13.05% by the Pre-IPO Investors.

The remaining transactions under the Pre-IPO Restructuring will consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Original Shareholders will complete their capital injection into the Company by causing the Mixed Business and Back-End Entities to transfer the assets constituting the Clinic Business then operated by them to Biogenisk pursuant to the Business Transfer Agreement, within six months after the completion of this offering. Such assets include lease agreements, clinic licenses, trademarks, employment contracts, service agreements and other contracts and assets relating to the Clinic Business. The Original Shareholders have provided an undertaking to procure the novation and statutory assignment of such assets. For further details, please see "*Business*" below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assignment and transfer of a clinic license is governed in Singapore under the HCSA and administered via the Healthcare Application and Licensing Portal ("**HALP**"). Subject to the MOH procedural compliance and inspection results, an effective license transfer requires approximately four to six weeks. The assignment and transfer procedure is initiated via the existing licensee submitting a cessation of service notice via HALP at least 30 days prior to the intended transfer date. Concurrently, the new license application is completed via HALP. The MOH will schedule an inspection at the clinic within two to four weeks of the submission of the application and supporting documents. Any findings will be reported within five working days of the inspection, with any deficiencies to be rectified and MOH updated promptly. After the completion of the rectification, if any, the e-license will be issued in three working days. The new license must be approved and issued by the MOH prior to the cessation of the existing license to ensure continuity of operations. As of the date of this prospectus, respective applications of amendment have been submitted to the MOH to assign and transfer these licenses to Biogenisk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assignment of registered trademarks is governed in Singapore under the Intellectual Property Office of Singapore ("**IPOS**"). The assignment of registered trademarks must be recorded using the applicable form and submitted to IPOS via the IPOS digital hub. Formalities checks and update of the records at the IPOS registry takes approximately two to four weeks upon the submission of the assignment documents, provided that the information is accurate and no objections and requisitions ae raised. The assignment is effective from the date of the filing. As of the date of this prospectus, a deed of assignment has been executed on October 15, 2025 and applications to register transfer of ownership of the 18 trademarks (including the trademark that is still under application) have been filed with the Intellectual Property Office of Singapore on October 30, 2025 to assign these trademarks to Biogenisk. It is currently pending the approval by the relevant authorities.

#### Our Corporate Structure
As of the date of this prospectus, the Company's group structure is as follows:

![](tflowchart_001.jpg)

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Immediately upon completion of this offering, our corporate structure will be as follows (assuming no exercise of the over-allotment option by the underwriters):

![](tflowchart_002.jpg)

#### Holding Company Structure
Regenique Group Limited is a holding company incorporated in the Cayman Islands with no material operations of its own. We conduct our operations primarily in Singapore through our operating subsidiaries in Singapore, mainly Shari Wellness Pte Ltd and BioGenisk Pte Ltd. The Class A Ordinary Shares offered in this offering are shares of Regenique Group Limited, the Cayman Islands exempted company. Investors in our Class A Ordinary Shares should be aware that they may never directly hold equity interests in our operating subsidiaries in Singapore.

As a result of our corporate structure, our ability to pay dividends to our shareholders depends upon dividends paid by our operating subsidiaries through our wholly-owned BVI subsidiary, BioEsthetics Group Limited. If our existing operating subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

#### Implications of Being an Emerging Growth Company
As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**"). An emerging growth company may take advantage of specified reduced reporting and other requirements compared to those that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, in the assessment of the emerging growth company's internal control over financial reporting. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We have elected to take advantage of the benefits of this extended transition period provided under the JOBS Act for complying with new or revised accounting standards. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

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

#### 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 from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, 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 an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance standards applicable to U.S. domestic issuers under the Nasdaq listing rules. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance standards. If followed by us, these practices may afford less protection to shareholders than they would enjoy if we were to follow fully with the Nasdaq listing rules.

#### Market and Industry Data
This prospectus contains estimates and information concerning our industry, including our market position and the size and growth rates of the markets in which we participate, that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to place undue reliance on these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry reports. The industry in which we operate is subject to a high degree of uncertainty and risk due to a 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.

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#### THE OFFERING

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| | |
|:---|:---|
|  Offering price | We currently estimate that the initial public offering price will be between US$4 and US$5 per Class A Ordinary Share. |
|  Class A Ordinary Shares offered by us | 2,000,000 Class A Ordinary Shares (or 2,300,000 Class A Ordinary Shares if the underwriters exercise their option to purchase additional ordinary shares in full). |
|  Our authorized share capital | Our authorized share capital is US$50,000, divided into 400,000,000 Class A Ordinary Shares of par value of US$0.0001 each, and 100,000,000 Class B Ordinary Shares of par value of US$0.0001 each.  |
|  Ordinary shares outstanding prior to the completion of this offering | <br>30,450,000 Class A Ordinary Shares and 4,550,000 Class B Ordinary Shares. |
|  Ordinary shares outstanding immediately after this offering | <br>37,000,000 ordinary shares, comprised of 32,450,000 Class A Ordinary Shares and 4,550,000 Class B Ordinary Shares (or 37,300,000 ordinary shares, comprised of 32,750,000 Class A Ordinary Shares and 4,550,000 Class B Ordinary Shares if the underwriters exercise the option to purchase additional 300,000 Class A Ordinary Shares in full), based on an assumed initial public offering price of $4 per share and excluding the Class A Ordinary Shares underlying and issuable under the Plan. |
|  Option to purchase additional Class A Ordinary Shares | <br>We have granted to the underwriters an option, exercisable for 45 days after the date of closing of this offering, to purchase up to an aggregate of 300,000 additional Class A Ordinary Shares at the initial public offering price, less underwriting discounts, solely for the purpose of covering over-allotments. |
|  Voting Rights | Each holder of Class A Ordinary Shares is entitled to one vote per share. Each holder of Class B Ordinary Shares is entitled to 15 votes per share. |
|  Conversion Rights | Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Class B Ordinary Shares are convertible into Class A Ordinary Shares at any time at the option of the holder thereof on a one-for-one basis (or as adjusted in accordance with our memorandum and articles of association). Upon any 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 are automatically and immediately converted into Class A Ordinary Shares on a one-for-one basis (or as adjusted in accordance with our memorandum and articles of association). |
|  Listing | We have applied for the listing of the Class A Ordinary Shares on Nasdaq under the symbol "RGGG". The Class A Ordinary Shares will not be listed on any other stock exchange or traded on any automated quotation system. |

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| | |
|:---|:---|
|  Lock-up | We have agreed, for a period of six months after the closing date, and our directors, executive officers and shareholders have agreed, for a period of six months from the date of this prospectus, not to (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares of the Company; or (b) file or caused 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. |
|  Dividends | See "*Dividend Policy*" for a description of our dividend policy. |
|  Use of Proceeds | We intend to use our net proceeds from this offering as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 50% is expected to be used for expanding our presence through establishing new bio-regenerative aesthetic clinics, and entering into joint ventures targeting similar markets;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% is expected to be used for potential strategic acquisition and investment opportunities in businesses that would complement our core business operations and align with our growth objectives and market expansion plans. We plan to acquire a controlling stake (51% or more) in a business of such nature approximately six to 18 months upon our listing;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 10% is expected to be used for marketing and branding initiatives, to enhance our brand visibility, grow our customer base and strengthen investors relationships; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• the balance of the net proceeds for other working capital and general corporate purposes. |
|  Risk Factors | See "*Risk Factors*" and other information included in this prospectus for a discussion of the risks you should carefully consider before deciding to invest in the Class A Ordinary Shares. |
|  Transfer Agent | VStock Transfer |

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#### SUMMARY COMBINED FINANCIAL AND OPERATING DATA
The following tables present our summary combined financial data for the periods indicated. We have derived the combined statements of operations and comprehensive income data and cash flow data for the years ended September 30, 2023 and 2024 and nine months ended June 30, 2024 and 2025 and summary combined balance sheet data as of September 30, 2023 and 2024 and June 30, 2025 from our combined financial statements included elsewhere in this prospectus. Our combined financial statements are prepared and presented in accordance with the U.S. generally accepted accounting principles ("**U.S. GAAP**").

Our historical results are not necessarily indicative of results to be expected for any future period. The following summary combined financial data for the periods and as of the dates indicated are qualified by reference to, and should be read in conjunction with, our combined financial statements and the related notes and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" included elsewhere in this prospectus.

#### Summary combined statements of operations and comprehensive income

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br>September 30,** | **For the Years Ended <br>September 30,** | **For the Years Ended <br>September 30,** | **For the Years Ended <br>September 30,** | **For the Years Ended <br>September 30,** | **For the Nine Months Ended <br>June 30,** | **For the Nine Months Ended <br>June 30,** | **For the Nine Months Ended <br>June 30,** | **For the Nine Months Ended <br>June 30,** | **For the Nine Months Ended <br>June 30,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** |
|  | **S$** | **%** | **S$** | **US$** | **%** | **S$** | **%** | **S$** | **US$** | **%** |
|  | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** | **(in thousands, except for %)** |
|  Revenues | 12725 | 100 | 13445 | 10479 | 100 | 9046 | 100 | 9406 | 7395 | 100 |
|  Income from operations | 2921 | 23.0 | 3061 | 2386 | 22.8 | 1243 | 13.7 | 2080 | 1635 | 22.1 |
|  Net income | 2779 | 21.8 | 3135 | 2444 | 23.3 | 1356 | 15.0 | 2089 | 1642 | 22.2 |

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#### Summary combined balance sheet

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of June 30,** | **As of June 30,** |
|  | **2023** | **2024** | **2024** | **2025** | **2025** |
|  | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** |
|  | **S$** | **S$** | **US$** | **S$** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Total assets | 10033 | 8409 | 6554 | 8269 | 6501 |
|  Total liabilities | 8655 | 7009 | 5463 | 4781 | 3759 |
|  Total shareholders' equity | 1378 | 1399 | 1091 | 3488 | 2742 |

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#### Summary combined statements of cash flow

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** |
|  | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** | **Actual** |
|  | **S$** | **S$** | **US$** | **S$** | **S$** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash provided by operating activities | 2224 | 2667 | 2079 | 2492 | 730 | 574 |
|  Net cash used in investing activities | (950) | (2683) | (2091) | (2492) | (469) | (369) |
|  Net cash (used in)/provided by financial activities | (5157) | 88 | 69 | (346) | (958) | (753) |

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The combined statements of results of operations and comprehensive income data and cash flow data for the years ended September 30, 2023 and 2024 and nine months ended June 30, 2024 and 2025 and the summary combined balance sheet data as of September 30, 2023 and 2024 and June 30, 2025 are adjusted on a combined statement basis to present the combined historical results of operations of Regenique Group Limited.

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#### RISK FACTORS

#### RISKS RELATED TO OUR BUSINESS
**Our continued success and growth depend substantially on the continuing service and contribution of our key management personnel and doctors as well as our ability to attract and retain new key personnel and doctors.**

Our success to date can be largely attributable to the contributions and expertise of our directors and doctors, each of whom has invaluable experience and knowledge relevant to our industry. Each of Dr. Shiau and Dr. Chen, possesses, on average, medical practicing experience in the provision of medical aesthetic services of over 18 years. Both of them have an intimate understanding of the demands, technicalities and intricacies of our business and customers' needs. Our directors, Mr. Then and Mr. Wong, have extensive experience and network in the medical aesthetics services industry. Their in-depth understanding of our industry and operations will be difficult to replace and their continued service is vital to our success. The loss of the services of any of them may adversely affect the execution of our business strategies. In addition, the maintenance of our existing business relationships as well as the reputation that our management team has established is dependent on the continued service of our key management personnel.

We do not maintain key man life insurance for any of the senior management of our management team or other key personnel. If we are not successful in retaining the services of our management or other key personnel, or hire suitably qualified personnel to replace them, our business, results of operation, financial conditions and prospects may be materially and adversely affected.

We also rely upon experienced and skilled doctors to provide clinical and aesthetics services to our customers. If we were to lose a substantial number of these doctors for whatever reason, we might not be able to replace them easily within a short period of time. This may disrupt the operation of our business, which could have at least a short-term material adverse effect on our business, financial condition, results of operation and prospects.

As we continue to grow, we will need additional qualified management personnel and doctors to run our expanded business. Competition for management personnel and doctors may be keen and there is no assurance that we will be able to hire and retain adequate number of management personnel and doctors in the future. Any shortfall in qualified management personnel and/or doctors may hinder our growth plan. Compensation levels may need to be increased substantially to attract and/or retain our key management personnel and doctors.

**We have reported current liabilities exceeding the current assets position during the financial year ended September 30, 2024 and the nine months ended June 30, 2025, and as a result, our auditors reported that this may cast a significant doubt on our ability to continue as a going concern. However, the financial statements have been prepared on a going concern basis as the Ordinary Shareholders have remained committed to supporting us financially, ensuring that we can continue our obligations and meet payment obligations as they fall due over the next twelve months.**

During the financial year ended September 30, 2024 and the nine months ended June 30, 2025, we reported current liabilities over the current assets positions of S$3,772,873 (US$2,940,576) and S$2,464,615 (US$1,937,680), respectively. These events or conditions indicate the existence of a material uncertainty which may cast significant doubt on our ability to continue as going concern. Through the next twelve months, we expect that with the financial support of the Original Shareholders, we will be able to support our continuous operations and to meet our payment obligations as and when liabilities fall due within the next twelve months from the balance sheet date and the date of combined financial statements for the financial year ended June 30, 2025. There are no assurances that we will be able to obtain sufficient financial support from the Original Shareholders or obtain sufficient amounts of additional capital. If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our operations, which could harm our business, financial condition and results of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The report of our independent registered public accounting firm that accompanies our audited combined financial statements contains a going concern explanatory paragraph in which such firm stated that there is significant doubt on our ability to continue as going concern. Our combined financial statements contained in this prospectus do not include any adjustments that might result if we are unable to continue as a going concern. If we are unable to continue as a going concern, holders of our securities might lose their entire investment.

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**We are dependent on skilled and competent professional staff and we may be unable to attract suitable doctors to join us as the supply of doctors is limited.**

Our business is dependent on our ability to attract and retain skilled and competent professional staff. As of the date of this prospectus, we employed a total of 27 skilled professionals, including doctors and therapists. Our ability to provide our services is reliant on the services provided by these professionals. The ability to attract and retain them is dependent on several factors such as our continued reputation, financial remuneration and job satisfaction. As we engage in a service-related industry, in the event that we are unable to find suitable and timely replacements should a significant number of our skilled professional staff resign, our financial position and results, business operations as well as future growth and prospects may be adversely affected.

The number of doctors with necessary experience and qualifications is limited in the market and we are competing for suitable candidates with other aesthetics service providers. We may need to offer competitive terms and attractive remuneration package to attract and retain doctors to practice at our clinics. We cannot assure that we will be able to attract and retain sufficient doctors with similar expertise, experience or network to enter into or maintain employment agreements with us to keep pace with our growth while maintaining consistent service quality across our clinics. Our business, financial condition and results of operations could accordingly be materially and adversely affected.

**Our business is subject to risks related to medical and legal claims, regulatory actions, and professional liability arising from our bio-regenerative aesthetic services and our operations. We rely on the performance of our doctors and staff, if they become subject to complaints, investigations, claims or legal proceedings relating to the provision of services (including alleged malpractice), our reputation, brand image and results of operations may be harmed.**

Our success depends to a significant extent on the recognition of our brand and reputation in the industry as a reliable bio-regenerative aesthetics service provider. Our doctors' treatment, performance, communication and relationship with their customers are vital to our business. We rely on the performance of our doctors and staff. If they become subject to complaints, investigations, claims or legal proceedings relating to the provision of services (including alleged malpractice), our reputation, brand image and results of operations may be harmed. Our services to customers are based on our doctors' judgments, skills and decisions after examining the customers. We rely on our doctors to make proper clinical decisions regarding the treatment of the customers, however we do not have direct control over the decisions and actions taken by our doctors, as their treatment of the customers is subject to their professional judgment, and in most cases, performed on a real-time basis. Miscommunications between our doctors and their customers, and/or incorrect decisions on the part of our doctors may result in undesirable or unexpected outcomes, including complications, unexpected side effects or injuries.

Moreover, due to the inherent nature of bio-regenerative and medi-aesthetics treatments, customers' levels of satisfaction of our services can be subjective, as the results may vary depending on factors including, among others, customers' medical background and skin type, their adherence to pre-treatment and post-treatment instructions and distinct response to treatments. This may expose us to complaints, various liabilities, investigations, claims or legal proceedings relating to the provision of services (including alleged malpractice).

Our customers who are dissatisfied with the services of our doctors may express negative sentiments through the media and/or lodge complaints with the Singapore Medical Council ("**SMC**"). Such complaints may substantiate into claims against our doctors who will then claim against their respective Medical Protection Society ("**MPS**") memberships.

Under the Medical Registration Act 1977 of Singapore ("**MRA**"), the Complaints Committee and the Disciplinary Committee may investigate complaints made against medical practitioners in relation to any alleged professional misconduct and may impose sanctions including, among others, issuing a letter of advice or warning, referring the matter for mediation between the doctor and the patient, ordering the doctor to undergo further education or training or medical or psychiatric treatment or counselling, or removing or suspending his registration from the register if he is found guilty of professional misconduct.

Should any of our doctors be convicted of professional misconduct, it is possible that he/she may be restricted from practicing in our clinics. If we are unable to find substitute doctors promptly, our operations will be affected. In addition, as the services are provided in our clinics, we are also likely to be named as one of the defendants and may be subject to claims for professional misconduct or negligence arising from the acts, conducts or omissions of our doctors. Such disputes may affect our operations as substantial time and resources will have to be allocated to handling the disputes, complaints or investigations.

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Furthermore, as our doctors represent our image and reputation, such claims, even if untrue or baseless, may negatively affect our reputation and brand image, even if we are not involved in such professional misconduct investigation or litigation, and may result in additional costs, legal or otherwise. We may also lose existing customers and/or be unable to attract new ones.

Given that the safety and quality of our services are dependent on the performance of our doctors and therapists, there is no assurance that in the provision of services, our doctors or therapists would not be involved in any medical incidents, accidents, negligence or other malpractices. The occurrence of any of the foregoing would have a material adverse effect on our business, financial condition, results of operations and prospects.

**The termination or non-renewal of the License Agreement that has a term of ten years may adversely impact the revenue generated from our bio-regenerative segment and our plan to develop new treatments and products in this segment.**

The License Agreement is important to our business as it enables us to possess the right to use the Licensed Technologies — characteristics stem cell gene testing, angiogenesis, and high yield clinical grade WJ-MSC culture — in our business, including developing new products and services incorporating some of the patented materials. We intend to leverage our right to utilize the patents to develop innovative bio-regenerative treatments and services.

We or Supergenics may retain ownership of intellectual property created in connection with the use of the Licensed Technologies, subject to discussions between Supergenics and us and on a case-by-case basis. If we are unable to retain ownership of such intellectual property, we may be unable to deliver treatments and services related to such intellectual property, materially adversely affecting our business and financial position. While the License Agreement has a duration of ten years from August 18, 2024, we cannot guarantee that the License Agreement will not be terminated sooner, whether by mutual consent, with cause, or due to the occurrence of an event of default. We cannot guarantee that the License Agreement will be renewed upon expiry. If the License Agreement is terminated or not renewed, we will lose our exclusive right to use the patents and may be restricted from delivering services and products containing any of the intellectual property belonging to Supergenics and its affiliates. In such a case, our ability to continue offering the bio-regenerative treatment services to our customers which rely on the Licensed Technologies will be impaired, materially adversely affecting our business, financial position and future growth.

In the future, we may be required to enter into additional intellectual property license agreements that are important to our business. Disputes may arise regarding licensed intellectual properties, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scope of rights granted under the license agreement and other interpretation-related issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which our technology, products, methods and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our diligence obligations under the license agreement and what activities satisfy those obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a third party expresses interest in an area under a license that we are not pursuing, under the certain terms of our license agreement, we may be required to sublicense rights in that area to the third party, and that sublicense could harm our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us.

If disputes arise over our use of any licensed intellectual property and we cannot resolve the disputes in time and on acceptable terms, we may be unable to continue our development, manufacturing and sales of the affected products and technologies.

#### We rely on our reputation in the industry that may be adversely affected by negative publicity.
Negative publicity or media reports relating to our services, doctors or the general skincare industry may adversely affect our reputation and our customers' perceptions of our services and result in decreased demand for our services. For example, negative media coverage regarding the safety or quality of our services and the resulting negative publicity could materially and adversely affect customers' trust in our services. Adverse publicity concerning any perceived or actual health risks associated with services and the products used in our services may also cause customers to lose confidence in the safety and quality of our services, which would have a material adverse effect on our business, financial condition, results of operations and prospects.

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The mere publication of information asserting that the products used in our services contain or have contained any contaminants or that our products and/or services have caused personal injuries or illnesses could damage our reputation, which could have a material adverse effect on us, regardless of whether the reports have any factual basis. In addition, adverse publicity about any regulatory or legal action against us could damage our reputation, undermine our customers' confidence in us and reduce long-term demand for our products and services, even if the regulatory or legal action is unfounded or immaterial to our operations.

**The transfer of the Clinic Business, including lease agreements, licenses and trademarks, operated by the Mixed Business and Back**-End **Entities to Biogenisk pursuant to the Business Transfer Agreement may not be completed prior to the completion of this offering.** 

As part of our Pre-IPO Restructuring and pursuant to the Business Transfer Agreement, the Mixed Business and Back-End Entities will transfer the Clinic Business operated by them to Biogenisk. This includes but is not limited to lease agreements, employment contracts, trademarks, licenses, contracts and agreements, medical devices and operating equipment. As of the date of this prospectus, the transfer has not yet been completed and may not be completed prior to the completion of this offering. While we expect the transfer to be completed within six months after the completion of this offering, there can be no assurance that it will be completed in a timely manner, or at all. For further details, please see *"Corporate History"* above and *"Business"* below. The Clinic Business is a core component of our operations. critical to our operations. Any delay or failure in completing the transfer could significantly impair our ability to operate the business as intended. This could result in operational disruptions, and could materially and adversely affect our business and results of operations.

#### Professional indemnity coverage may not completely cover risks arising from our course of operation.
Our doctors are required to maintain their own professional indemnity coverage, the premiums of which are paid by us. Such professional indemnity coverage covers, among other things, all claims and liabilities in relation to death or injuries to any person which are attributable to the willful or negligent acts, defaults or omissions on their parts in relation to the services provided by them, and subject to certain limitations including criminal proceedings arising outside the provision of clinical care to customers, which are excluded from the scope of such indemnity.

Although we have purchased insurance including, among others, insurance for potential business interruption and public liability, we do not maintain professional indemnity coverage for our doctors. If we (in our own capacity or together with our doctors) experience any situation where we are sued by our customers for damages caused by the acts or negligence of our doctors, we cannot guarantee that our doctors would have the financial capability to honor their obligation to indemnify us against all claims and damages in case the MPS membership policies maintained by them are not sufficient to cover the cost of the claims. Any costs arising therefrom could have a material adverse effect on our business results of operations, financial condition and prospects.

Additionally, our financial position may be adversely affected in the event that the claims from our customers exceed the professional indemnity coverage or such claims do not fall within the scope of the coverage. Further, we may have difficulty in claiming compensation from insurance companies in full or at all, and sometimes there may be delays in receiving such compensation. If we suffer losses which are not covered by our insurance policies or the amount of compensation we receive from our insurers for our losses is significantly less than the actual losses suffered by us, our financial position and our operations may be materially and adversely affected.

**If we become subject to litigation, legal or contractual disputes, governmental investigations or administrative proceedings, our management's attention may be diverted and we may incur substantial costs and liabilities.**

From time to time, we may encounter material disputes with various parties and may be involved in claims, disputes and legal proceedings in our ordinary course of business. Ongoing or threatened litigation, legal or contractual disputes, governmental investigations or administrative proceedings involving us or our employees may divert our management's attention and resources, and result in damages, liabilities and legal and other costs. Furthermore, any litigation, legal or contractual disputes, governmental investigations or administrative proceedings which are initially not of material importance may escalate and become important to us, due to a variety of factors, such as the facts and circumstances of the cases, the likelihood of loss, the monetary amount at stake and the parties involved. If the outcomes of these proceedings are unfavorable to us, we could be required to pay significant legal costs and monetary damages, assume legal and other liabilities and even to suspend or terminate the related business projects. In addition, negative publicity arising from litigation, legal or contractual disputes, governmental investigations or administrative proceedings may damage our reputation and adversely affect the image of our brand and services. While we have not experienced disputes or legal proceedings that materially and adversely affected our business, operations, financial performance, financial condition, results, and prospects, we cannot provide assurance about future occurrences and their potential impact on our business. As a result, our business, results of operations and financial condition may be materially and adversely affected.

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#### We face possible infringement of our intellectual property rights, which could weaken our competitive position and affect our operations .
Our principal intellectual property rights are our exclusive license to use the Licensed Technologies, trademarks, and our know-how in our business operations and provision of personalized services. We are susceptible to infringement of our intellectual property rights by third parties. There is no assurance that third parties will not copy or otherwise obtain and use our intellectual property rights without our prior authorization. Infringement of our intellectual property rights could adversely affect the perception that our customers have of us as to our credibility, creditworthiness and abilities, which in turn may have a material adverse effect on our business, financial condition, results of operations and prospects. If we were to enforce our intellectual property rights through litigation, such litigation, whether successful or unsuccessful, could result in the incurrence of substantial costs and the diversion of resources. In the event that we are unable to adequately protect or safeguard our intellectual property rights, our reputation, business, financial condition and results of operations and prospects may be materially and adversely affected.

We have registered our trademarks in Singapore. It is, however, possible that we may be unable to register trademarks in markets that we may operate in the future or to renew the registrations of our trademarks. Further, there is no guarantee that the registrations of our trademarks can completely protect us against any infringement or keep us away from any potential challenges raised by our competitors or other third parties.

#### We have limitations in promoting and / or marketing our business.
Our doctors and our clinics have to comply with the Healthcare Services (Advertisement) Regulations 2021 of Singapore (the "**HS Advertisement Regulations**") which sets out (i) restrictions on the promotion or dissemination of information about the professional services and practice carried out by medical practitioners or their group practice and (ii) restrictions on publication or marketing efforts for the predominant purpose of promoting the products or services of doctors to customers or potential customers. The restrictions in promoting our business may affect our ability to further enhance our brand recognition or secure new business opportunities in the future. Moreover, there is no guarantee that our existing practices of monitoring our information dissemination process and publication can continue to be effective. Should there be any change in the relevant regulations, or change of interpretation thereof, our doctors and clinics may be regarded as breaching the HS Advertisement Regulations. They may be subject to relevant disciplinary actions such as fines. Should there be any disciplinary actions against our doctors and clinics, our reputation, business and results of operations could be materially and adversely affected.

#### Our past performance may not be indicative of future revenue and profit margin.
Our past performance does not have any positive implication or may not necessarily reflect our future financial performance. The effects of the changing regulatory, economic and other unpredictable factors may have a material effect on our business and hence may affect our future financial performance.

Moreover, our financial and operating results may not meet the expectations of public market analysts or investors, which could cause the future price of our shares to decline. Our revenue, expenses and operating results may vary from period to period in response to a variety of factors beyond our control. There is no assurance that our profit will remain at a level comparable to those recorded for the fiscal years ended September 30, 2023 and 2024, and the nine months ended June 30, 2025.

#### Our clinics may not achieve our anticipated operating results, which could materially and adversely affect our business, results of operations, financial condition and prospects.

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**Inability to keep abreast with the latest technological advancements and marketing trends in our industry may result in the loss of business and our competitive edge.**

There is a growing role of technology in the rendering of bio-regenerative and medi-aesthetics treatments. Deploying the latest technologies in treatments can result in better outcomes for our customers. In this regard, we have a strategic vision to lead as regenerative cell therapy innovators in the APAC region and distribute our proprietary bio-regenerative treatments, such as Rejuran (a regenerative skin treatment that uses PN to promote healing, reduce inflammation, and stimulate collagen production) and stem cell therapies, beyond our home base in Singapore. However, if we fail to anticipate and adjust to marketing trends and/or fail to identify medical technology needs of our clinics, we may be disadvantaged when competing with our competitors and the demand for our services, including bio-regenerative treatments, may decline thereunder.

Also, if we fail to adapt to changing marketing trends, our services may become less appealing to our customers and we may face difficulties in retaining or attracting existing and new customers, which may have a material adverse effect on our business, financial condition, results of operations and prospects.

We cannot guarantee that we will be able to keep abreast with marketing trends and accordingly, adjust our promotion, advertising and marketing strategies and policies and embrace new marketing tools. We are also not able to guarantee that our clinics would always be equipped with the latest bio-regenerative and medi-aesthetics technologies and that interest in our bio-regenerative treatments will be sustained. Even if we do keep up with marketing and technological trends, significant expenditure associated with executing our marketing strategies and acquiring or upgrading our equipment would be incurred and there is no assurance that the desired return on investments would be achieved.

#### There is no assurance that we will be able to successfully enforce the non-competition and / or non-solicitation undertakings contained in the employment contracts of our doctors.
Our doctors are required to make non-competition and/or non-solicitation undertakings in their employment contracts. In Singapore, restrictive covenants are enforceable only when the contractual terms restricting an employee's activities after the termination of his/her employment are reasonable in all circumstances to protect the legitimate business interests of the employer. Hence there is no assurance that a doctor employed by us will not, upon termination of employment with us, engage in business activities that compete, whether directly or indirectly, with our business or solicit our customers and employees. In circumstances where our former doctors engage in competing business activities or solicit our customers, we cannot assure that we will be able to successfully enforce such non-competition and/or non-solicitation undertakings under the laws of Singapore. If our doctors, after termination of employment with us, engage in competing business activities or solicit our customers and employees, and if we are unable to enforce the relevant non-competition or non-solicitation undertakings, it may materially and adversely affect our business, results of operations, financial condition and prospects.

#### We operate in a highly competitive industry.
Due to continuous technological upgrades and advancements, the science-backed aesthetics industry is characterized by rapidly changing market trends. Our customers are constantly looking for innovative and high-performance aesthetics treatment with minimal risks or side effects and skincare products at reasonable prices. As a result, we are in constant competition with other similarly-positioned aesthetics service providers in aspects such as quality and scope of services and products, comprehensiveness and diversity of treatment ingredients and devices as well as pricing. Some of our key competitors are V Medical Aesthetics & Laser Clinic, Become Aesthetics Clinic, SkinLab The Medical Spa, and The Clifford Clinic. Some of our competitors have longer operating histories and greater brand recognition in the market. Our competitors may provide a wider range of services and have more financial resources to acquire more advanced technologies and equipment. Furthermore, they may be able to foresee the upcoming market trends more accurately or may be more responsive to new technologies or changing customer preferences. They may also have more financial and other resources than we do, thus allowing them to provide similar services or products at a lower price. At any time, these competitors and other potential market entrants may develop new products, procedures or treatment alternatives that could render our products and treatments obsolete or uncompetitive. In addition, one or more of such competitors may gain a market advantage by developing and patenting competitive products, procedures or treatment alternatives earlier than we can, obtaining regulatory clearances or approvals more rapidly than we can or selling and providing competitive products and treatments at prices lower than ours. If we are unable to compete successfully with our competitors, we may experience a reduction of market share, which may have a material adverse effect on our business performance, results of operations and financial condition.

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**A lack of growth in the consumer market or a general economic slowdown or downturn may materially and adversely affect our business performance and results of operations.**

Our business performance depends on the sustainable growth of consumer spending on aesthetics services. However, there is no assurance that the local economy in Singapore can sustain a continuous stable growth in consumer spending. In addition, any economic slowdown, recession or downturn may result in a decrease in consumer spending on aesthetics services as well as weaken consumer spending willingness, thus reducing the overall demand for our services. Any of the foregoing circumstances may materially and adversely affect our business, results of operations, financial condition and prospects.

#### Professional responsibilities of our doctors to our customers may override the interests of our shareholders.
Our doctors, being registered medical practitioners, are required to comply with the 2016 edition of the SMC Ethical Code and Ethical Guidelines ("**2016 ECEG**"), failing which the SMC may take disciplinary action against them. The 2016 ECEG sets out the duties of a registered medical practitioner including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) always placing patients' best interests above any business or financial considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not letting business or financial considerations influence the objectivity of clinical judgement in the management of patients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not participating in "fee splitting" or "fee sharing" by offering gratuitous payments, gifts or other rewards for patients referred to him/her from any source.

Such professional duties and obligations of our doctors may not at all times be in line with our shareholders' commercial interests to maximize profit. As a result, our ability to maximize profit may be limited by the professional duties and obligations of our doctors owed to our customers.

**There is no assurance that we will be able to successfully enforce the medical liability waiver contained in the purchase invoice notes of our customers.**

Our standard customer contracts contain disclaimers and medical liability waivers, and they are found in the terms and conditions of the purchase invoice notes. We also present to our customers in writing the risks associated with their treatments. Medical liability waivers are likely to be held unenforceable by a court in Singapore in the event that medical malpractice is established. Hence, notwithstanding that our customers are deemed to have accepted the risks and agreed to waive any medical liability claims against our doctors and us, there is no assurance that they will not initiate any claims against us in relation to the treatments received at our clinics. In circumstances where our customers initiate any claims against us, we cannot assure that we will be able to successfully enforce medical liability waiver under the laws of Singapore. If our customers initiate any claims against us in relation to the treatments received at our clinics, and if we are unable to enforce the relevant medical liability waiver, it may materially and adversely affect our business, results of operations, financial condition and prospects.

#### We have not entered into any long-term supply agreements with our suppliers.
As of the date of this prospectus, we are party to a contract with Dermarev Pte Ltd, a supplier of ingredients used in some of our treatments. The contract was entered in the ordinary course of business, is on a one-year term, and requires us to purchase treatment ingredients with an aggregate value of not less than S$400,000 annually. Except for this contract, we have not entered into any long-term supply agreements with our suppliers. There is no assurance that our suppliers will continue to supply the products to us on commercially reasonable terms, or at all, which could affect our ability to secure future supply of products for our customers. Further, we may be unable to find suitable alternative suppliers within a short period of time, and as such, any shortage of or delay in the supply of the products to us may materially and adversely affect the operations of our clinics. As a result, our financial condition and results of operations could be materially and adversely affected.

#### Disruption to our supply chain may prevent us from meeting the demand for our services.
Most of our treatment ingredients and clinical supplies are manufactured overseas and shipped to our warehouses in Singapore. Any prolonged blockage of shipping routes due to natural disaster, war, terrorism and/or any operational issues encountered by our suppliers could lead to disruption and delay to our supply chain and affect our ability to meet customers' demand for services. Disruption to shipping routes is also expected to lead to increased shipping rates, which may have a material adverse effect on our business, financial condition, results of operations and prospects.

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#### We face inventory management risks .
Our inventory mainly consists of treatment ingredients used in our treatments. Most of these treatment ingredients expire two years after their manufacturing. Our ability to meet our customers' demand for our services adequately and without overstocking our supplies is dependent on, among others, our ability to forecast our inventory needs accurately and manage our inventories efficiently. We maintain inventory levels of our supplies primarily according to our forecasted inventory needs, which are in turn estimated based on market conditions and our management's understanding of our customers' demand for our services. However, our ability to forecast our inventory needs accurately could be affected by, among others, factors that are beyond our control.

If we fail to manage our inventories efficiently and effectively (including ensuring that any specific storage conditions are arranged in a timely manner), we may be affected by stock outs, inventory obsolescence, supply deterioration, decline in realizable values of our supplies and/or significant inventory write-offs. We may suffer losses in the event of an occurrence of the foregoing. To the extent that we suffer such losses, our financial position and performance could be materially and adversely affected. High inventory levels may also require us to commit substantial capital resources to secure storage or warehousing space, preventing us from using that capital for other purposes. The occurrence of any of the foregoing could materially and adversely affect, directly or indirectly, our financial position, results of operations and business operations.

#### Any non-renewal of leases or service agreement or substantial increase in rent or service retainer fees may affect our business and financial performance.
As we operate all of our clinics on leased properties, we are exposed to fluctuations in the commercial rental market. Our leases typically have a term of three years. Upon the expiry of each lease agreement of our existing clinics, we have to negotiate terms of renewal with our respective lessors. There is no assurance that the leases and/or service agreement of our clinics would be renewed on similar or favorable terms (including, without limitation, on similar tenure and on similar rental charges) and/or service retainer fees. There is also no guarantee that the leases or service agreement of our existing clinics will not be terminated early by the lessors and/or service provider before the expiry of the relevant term.

In the event that we are required to relocate our clinics to other locations, there is no guarantee that we will be able to secure comparable locations at comparable terms. We may also incur substantial expenses in renovation costs if we have to move our clinics to new locations. This may have an adverse impact upon our business, financial position and our future potential growth.

#### We are exposed to business and tax compliance risks.
Upon the completion of the Pre-IPO Restructuring and this offering, we must comply with tax regulations in the jurisdictions in which we have a presence or in which we operate, which subjects us to international tax compliance risks. The implementation of new tax laws and regulations is subject to uncertainties. Evolving tax regulations and scrutiny of corporate tax practices may expose us to financial, compliance, or reputational risks, particularly if tax positions are subject to challenge. We may also, from time to time, be subject to inquiries or audits from tax authorities of the relevant jurisdictions on various tax matters, including challenges to positions asserted on income and withholding tax returns. We cannot be certain that the tax authorities will agree with our interpretations of the applicable tax laws, or that the tax authorities will resolve any inquiries in our favor. To the extent the relevant tax authorities do not agree with our interpretation, we may seek to enter into settlements with the tax authorities which may require significant payments and may adversely affect our results of operations or financial condition. We may also appeal against the tax authorities' determinations to the appropriate governmental authorities, but we cannot be sure we will prevail. If our appeal does not prevail, we may have to make significant payments or otherwise record charges (or reduce tax assets) that could adversely affect our results of operations, financial condition and cash flows. Similarly, any adverse or unfavorable determinations by tax authorities on pending inquiries could lead to increased taxation on us, that may adversely affect our business, financial condition and results of operations and may also impact our reputation.

#### We may be unable to implement our business strategies.
To a large extent, the future of our business depends on the successful implementation of our business strategies. We plan to enhance our capability to develop innovative bio-regenerative treatments, expand our operations in Asia and enter into new markets such as pre-juvenation aesthetics and male aesthetics. The successful implementation of our business strategies is subject to significant business, economic and competitive uncertainties and contingencies, including, among others, continued growth of healthcare services in Singapore and in Asia.

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Whether we can successfully implement our business strategies depends on various factors including, among others, delivery of treatment ingredients or equipment, establishment of additional clinics in suitable locations, securing the requisite governmental approvals, compliance with applicable laws and regulations, and changes in economic and market conditions. Delay or failure to successfully implement our business strategies could result in the loss or delayed receipt of turnover, any increase in financing costs, and failure to meet profit and earnings projections, any of which may adversely affect our business, operational results and financial conditions.

#### Failure to comply with regulations relating to consumer protection could adversely affect our business, financial condition and results of operations.
We are subject to the Consumer Protection (Fair Trading) Act 2003 of Singapore ("**CPFTA**"), and any non-compliance with the CPFTA may significantly impact our operations. If we do not ensure that our staff undergoes the proper training to familiarize themselves with the types of conducts that would constitute unfair practices under the CPFTA, our staff may inadvertently act unfairly to our customers during the course of our provision of our services to them. Our customers may feel that we have used high-pressure sales tactics to coerce them into making a purchase with us or we may unintentionally have made unsubstantiated claims or guarantees about the results, benefits or effects of our treatments or products.

Miscommunication may also lead to situations where our staff mistakenly believes and represents that a customer has agreed to services, which the customer may dispute. As our treatments and services are based on our staff's judgement after examining our customers, we may also unintentionally represent that a service or treatment is necessary or desirable for our customers, when it is not so.

If our customers perceive that we have engaged in unfair practices, they may file complaints with the Consumer Association of Singapore ("**CASE**") if they are local customers, or the Singapore Tourism Board ("**STB**") if they are tourists. Should we be found to have engaged in unfair practices, CASE or STB may require us to enter into a voluntary compliance agreement. Failure to comply with this agreement could lead to further escalation to the Competition & Consumer Commission of Singapore ("**CCCS**"), which may investigate our non-compliance and require us to give an undertaking to cease unfair practices.

The CCCS may publicly disclose the details of its investigation, the undertaking, and any warnings issued to us. In serious cases of CPFTA infringement, we may face litigation and criminal liability, including fines or imprisonment. Such involvement could severely damage our reputation and brand, disrupt our operations, and necessitate significant time and resources to address investigations and litigation. These consequences could adversely affect our business, financial condition, and results of operations.

#### Stem cell therapy and regenerative medicine is nascent in Singapore and may be subject to regulatory and legal risks.
In Singapore, the development of stem cell therapy and regenerative medicine is at a nascent stage. In the early 2010s, stem cell therapy was not considered to have been medically proven as a treatment for illnesses, and their use for such purposes would require clinical trials and ethics approval. On March 1, 2021, Singapore introduced the Health Products (Cell, Tissue and Gene Therapy Products) Regulations 2021 under the Health Products Act 2001 to regulate the manufacture, import, supply, presentation, registration, duties, and obligations of manufacturers, importers and other persons carrying out such activities as related to Cell, Tissue and Gene Therapy Products in Singapore.

The regulations do not apply to us, as our use of stem cell in aesthetics procedures in Singapore is not considered a "therapeutic use". Due to the novelty of stem-cell therapy in Singapore, however, there is a possibility that the industry may become more heavily regulated. We may be subject to further legislative, regulatory and compliance requirements by the Health Science Authority and other relevant regulatory authorities, which may hinder or be detrimental to our services. Further, as cell-based therapies are relatively new, regulatory authorities may lack the necessary experience to assess the treatment ingredients used in our bio-regenerative treatments, thereby increasing the regulatory review process and period. Such regulatory delays may increase our development costs and cause further delays in the commercialization of our bio-regenerative treatments.

#### We may lack funding to grow our business; if we do, resources used by us in implementing our growth strategy may not be successful.
We need substantial fundings to pursue our growth strategy. Until we can generate sufficient cash flow to finance the growth, we have to raise funds through securities offerings and borrowings or collaborate with third parties, such as joint ventures and franchising. We may be unable to raise additional funds or enter into such other arrangements in

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time and on favorable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our services.

#### We are exposed to personal data security breaches.
During the course of our business, we collect, record and process personal information and medical records of our customers electronically. Employees' information and other records collected and/or generated are also stored in our servers and computer systems and may be vulnerable to external security threats such as malware attacks and hacking, as well as internal security breaches such as unauthorized access and usage of confidential information by our employees. The consequences can include destruction or corruption of databases, the leaking of confidential information, the theft of intellectual property and we may be required to notify the relevant authorities, such as the Personal Data Protection Commission, of such breach and be subject to any regulatory fines or penalties.

As a healthcare provider, we are required to protect personal information and medical records of our customers under the Personal Data Protection Act 2012 of Singapore ("**PDPA**") and other relevant legislation such as the Healthcare Services Act 2020 of Singapore ("**HCSA**"). Any contravention of the relevant laws and regulations in relation to our customers' personal information may result in litigation actions from customers and/or regulatory fines or penalties.

We recognize that personal information and medical records collected and/or generated and retained by us are highly sensitive and any unauthorized access or disclosure may have severe consequences for us, our employees and our customers. Accordingly, we have taken security measures to prevent, detect, address and mitigate the risk of potential data security breaches. These measures include storing the data we have collected and/or generated on reputable third-party platforms with industry-standard security features and conducting regular penetration tests. Additionally, we have also adopted a formalized PDPA policy. In spite of the safeguards that we have implemented, there is no assurance that there will not be any cases of data security breaches in the future which could result in financial and reputation loss to us.

While we believe that we comply with the applicable laws and regulations in relation to the possession of personal and medical data, there can be no assurance that we will not be exposed to risks relating to the possession of personal and medical data. There is no assurance that we would fulfil all data protection obligations under the PDPA to safeguard personal data entrusted to us by our customers and employees and that there will not be any data leakage or improper use of personal data due to system failures, controls lapses or human errors. Any breach of our data protection obligations may result in litigation or regulatory proceedings and materially and adversely impact our reputation, our business, financial condition, results of operations and prospects.

#### We currently rely on a single geographical market; any adverse economic, social and / or political conditions affecting the market may adversely affect our business.
Currently, our business operations are based in Singapore. Our business operations and the demand for our services are therefore exposed to any deterioration in the economic, social and/or political conditions as well as any incidence of social unrest, civil disturbance or disobedience in Singapore, in particular where any such activity causes inconvenience to customers who visit, and our staff who attend, our clinics. The aforesaid circumstances may materially disrupt and adversely affect the operations of our clinics, and consequently, our results of operations.

#### We have limited control over the quality of our equipment, treatment ingredients and clinical supplies and are vulnerable to product liability claims.
Even though we are selective in choosing our suppliers, we cannot assure you that the equipment, treatment ingredients and clinical supplies we procure from our suppliers during the course of our business operations are safe, free of defects or meet the relevant quality standards. We depend on our suppliers' quality control procedures. In the event of any quality issues, we could be subject to complaints and product liability claims by our customers. We may not be able to seek indemnification from our suppliers and if we engage in legal proceedings against our suppliers, such proceedings may be time consuming and costly regardless of the outcomes. Any quality issues on our treatment devices, treatment ingredients and clinic supplies may have a material adverse effect on our reputation, brand image, financial performance and lead to negative publicity.

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Furthermore, we may also need to find alternative suppliers and substitutes, which may result in delay in the provision of our services or the delivery of our products. If we are unable to find alternative suppliers or suitable replacement products in a timely manner, our business operations may be disrupted.

#### Any allegation against us or our personnel on supplier kickbacks may damage our reputation.
We are subject to risks from actions that may be taken by us or our staff in relation to receipt of kickbacks from our suppliers. Such acts may constitute violations of the 2016 ECEG, the Prevention of Corruption Act 1960 of Singapore and other relevant laws and regulations. Our failure to effectively manage our staff could result in disciplinary action or other legal proceedings being instituted against us. Any of such events could therefore materially and adversely affect our business, financial condition and results of operations. Our reputation and prospects could be adversely affected if we become the target of any negative publicity as a result of any potential involvement in corrupt practices or other improper conduct by us or our staff.

#### We may be subject to transaction errors or frauds relating to third-party online payment platforms.
Currently, we collect payments for our services through third-party online payment systems. In all these online payment transactions, secured transmission of confidential information such as our customers' credit card numbers and personal information over public networks is essential to maintaining customers' trust and confidence in our online shop.

We do not have control over the security measures of our third-party online payment vendors. Any security breaches of the online payment systems that we use could expose us to litigation and possible liability for failing to secure confidential user information and could, among other things, damage our reputation and the perceived security of all the online payment systems that we use. If a well-publicized internet or mobile network security breach were to occur, customers may become reluctant to shop on our online shop even if the publicized breach did not involve payment systems or methods used by us. In addition, billing software errors could damage user confidence in these online payment systems. As of the date of this prospectus, there have not been any past incidents involving transaction errors or frauds relating to third-party online payment platforms, which had a material adverse impact on our financials and/or operations. However, if any of the above were to occur and damage our reputation or the perceived security of the online payment systems we use, we may lose customers and customers may be discouraged from purchasing from our online shop, which may have a material adverse effect on our business, financial condition, results of operations and prospects.

#### RISKS RELATED TO OUR INDUSTRY
**Our clinics and doctors are subject to licensing requirements; if any of these licenses are revoked or their renewal is denied, we may have to suspend some of our operations.**

The aesthetics industry is highly regulated and subject to extensive laws, regulations and licensing requirements in Singapore. Such laws, regulations and licensing requirements cover many aspects of our business, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the conduct of our business operations, including the operation of our clinics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provision of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the quality of clinic facilities, equipment and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the registration and regulation of doctors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the confidentiality and maintenance of, and security issues associated with, personal data, health-related information and medical records of our customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promotion and advertising in the aesthetics industry.

Any non-compliance may result in fines or penalties being imposed or other enforcement action being taken against us, our doctors and/or directors, which may adversely affect our business, financial condition, results of operations and prospects.

While we have not experienced any issues with obtaining or renewing the requisite approvals, licenses and/or permits under the required regulations and laws as of the date of this prospectus, there is no assurance that we will be able to do so upon their expiration. In addition, certain of our licenses are held in the individual capacity of our doctors,

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including Dr. Shiau. Any changes to the existing laws and regulations may require us to apply for new approvals, licenses and/or permits and there is no assurance that we will be able to obtain these new approvals, licenses and/or permits. In the event that we are unable to obtain or renew the requisite approvals, licenses and/or permits, or such approvals, licenses and/or permits are withdrawn, we may be required by the relevant governmental agencies to cease operations and our business, financial condition and results of operations may be adversely affected.

As of the date of this prospectus, while there has not been any occurrence of the foregoing which had a material adverse impact on our business, financial condition, results of operations and prospects, there is no assurance that there will not be any such occurrence in the future.

Any adverse changes in laws and regulations or the introduction of new applicable laws and regulations could result in, among others, more stringent requirements and/or an increase in compliance costs, which could materially and adversely affect our business, financial condition and results of operations.

**Outbreaks of infectious and communicable diseases and public health emergencies could have a material adverse effect on our business, results of operations and financial condition.**

We are subject to risks related to the outbreak of infectious and communicable diseases and public health emergencies.

Outbreaks of infectious and communicable diseases may result in unprecedented measures being taken by multiple countries worldwide. For example, during the COVID-19 outbreak, measures including the lock-down of entire regions or cities, border controls, stringent travel restrictions, mandatory quarantine or stay-home measures, restrictions on mass gatherings and events, social distancing measures and/or the temporary closure of schools, factories, construction sites, businesses, shops and restaurants were implemented, and there was also severe disruption to the global supply chain in various parts of the world. Different countries may have varying degrees of success in controlling the spread of such infectious and communicable diseases, and the spread of infectious and communicable diseases and the imposition of these measures may lead to, among other things, drastic disruption to business and severe economic contraction worldwide, which may have a material adverse effect on our business, financial condition, results of operations and prospects.

#### Our insurance coverage may not indemnify us against all losses and liabilities.
Our clinics, equipment and warehouses face the risk of suffering physical damage caused by fire, natural disasters, or other causes, as well as potential public liability claims, which could disrupt our business operations. While we believe that our insurance coverage is sufficient in accordance with industry standards and business practices, certain risks may not be covered by our insurance policies because they are either uninsurable or not economically insurable and there is also no assurance that there will not be any such damage or that liability claims will not be in excess of the amount covered by our insurance policies or that such insurance policies are comprehensive and cover all types of damage suffered or public liability claims. Accordingly, should there be adverse developments including terrorist attacks and other natural or man-made disasters such as earthquakes, floods, fire hazards and other events beyond our control, we may not have any or adequate insurance coverage to cover these liabilities and risks and our business, financial condition, results of operations, and prospects may be materially and adversely affected.

We expect to renew our insurance policies on an annual basis but there is no assurance that we will be able to renew all of our policies or obtain new policies on similar terms.

Any material changes to the terms of the insurance policies may result in claims for which we may not be compensated for by insurance proceeds and/or contractual indemnities. In the event that there are any such material changes, we may have to make provisions in our accounts and this may have a material adverse effect on our business, financial condition, results of operations and prospects.

Further, any material change in the terms of our doctors' MPS membership may have a disproportionate and material adverse effect on our business, financial position, results of operations and prospects. While our doctors currently have occurrence-based and claims-made indemnity coverage under their MPS memberships, such coverage is discretionary in nature. Should the MPS choose not to indemnify our doctors or should there be any material changes in the terms of their membership with MPS, this may result in claims for which we may not be compensated under such membership and/or contractual indemnities. In the event that there are any such material changes, we may have to make provisions in our accounts and this may have a material adverse effect on our business, financial condition, results of operations and prospects.

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#### RISKS RELATED TO THE OFFER ING AND OUR SHARES
**We plan to maintain the listing of our Class A Ordinary Shares on the Nasdaq Capital Market, however, if we do not meet Nasdaq's continued listing standards, Nasdaq may delist our securities from trading, which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.**

We intend to list our Class A Ordinary Shares on the Nasdaq Capital Market concurrently with this offering. In order to continue listing of our Class A Ordinary Shares on the Nasdaq Capital Market, we must maintain certain financial and share price levels. We cannot assure you that we will be able to meet the continued listing standards of Nasdaq and our Class A Ordinary Shares can continue to be listed on the Nasdaq Capital Market in the future.

If the Nasdaq Capital Market delists our Class A Ordinary Shares and we are unable to list our Class A Ordinary Shares on another national securities exchange, we expect that our Class A Ordinary Shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability of market quotations for our Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity for our Class A Ordinary Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

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

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

In the event of market volatility, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we are involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether successful or not, 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.

**An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly.**

We cannot assure you that a liquid public market for our Class A Shares will be established. If an active public market for our Class A Ordinary Shares does not occur following the completion of this offering, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely affected. The public offering price for our Class A Ordinary Shares in this offering was determined by negotiation between us and the underwriter based upon several factors, and we can provide no assurance that the trading price of our Class A Ordinary Shares after this offering will not decline below the public offering price. As a result, investors in our Class A Ordinary Shares may experience a significant decrease in the value of their shares or the loss of their entire 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.**

We adopt a dual-class share structure such that our ordinary shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. In respect of matters requiring the votes of shareholders, each of our Class A Ordinary Share is entitled to one (1) vote and each of our Class B Ordinary Share is entitled to fifteen (15) votes. Each

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Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof on a one-for-one basis (or as adjusted in accordance with our memorandum and articles of association). Upon any 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 are automatically and immediately converted into Class A Ordinary Shares on a one-for-one basis (or as adjusted in accordance with our memorandum and articles of association). Our Class A Ordinary Shares are not convertible into our Class B Ordinary Shares under any circumstances.

Due to the disparate voting rights attached to these two classes of ordinary shares, holders of Class B Ordinary Shares will have significant voting rights over matters requiring shareholder approval, including amendment of memorandum and articles of association, and approval of corporate transactions, such as mergers and change in share capital. This capital structure and disparate voting rights may have anti-takeover effects preventing any potential merger, takeover or change in control transactions that holders of our Class A Ordinary Shares may view as beneficial.

#### The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.
The trading price of our Class A Ordinary Shares may be subject to rapid and substantial volatility, which could make it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares and result in substantial losses to investors.

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

The volatility and fluctuations in the trading price of our Class A Ordinary Shares may be due to factors beyond our control and for reasons that are unrelated to our actual or expected performance. In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our revenues, earnings and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of lock-up or other transfer restrictions on our issued and outstanding equity securities or sales of additional equity securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or regulatory investigations.

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

In addition to the risks addressed above in "— *The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors*", our Class A Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying

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performance. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our shares, which may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Class A Ordinary Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Class A Ordinary Shares. In addition, investors of our Class A Ordinary Shares may experience losses, which may be material, if the price of our Class A Ordinary Shares declines after this offering or if such investors purchase our Class A Ordinary Shares prior to any price decline.

**Because our public offering price per Class A Ordinary Share is substantially higher than our net tangible book value per Class A Ordinary Share, you will experience immediate and substantial dilution.**

If you purchase Class A Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per Share. As a result, you will experience immediate and substantial dilution of US$3.79 per Class A Ordinary Share, representing the difference between our as adjusted net tangible book value per Class A Ordinary Shares of US$0.08 as of June 30, 2025, after giving effect to the net proceeds to us from this offering, 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 an assumed public offering price of US$4.00 per Class A Ordinary Share (being the low end of the initial public offering price range as set out in the cover page of this prospectus). See "*Dilution*" for a more complete description of how the value of your investment in our Class A Ordinary Shares will be diluted upon the completion of this offering.

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

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

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

We anticipate that we will use the net proceeds from this offering for working capital and other corporate purposes. See "*Use of Proceeds*". Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the net proceeds in ways that do not improve our results of operations or enhance the market price of our Class A Ordinary Shares. The failure by our management to apply these funds effectively could harm our business and financial condition. Pending their use, we may invest the net proceeds from our public offering in a manner that does not produce income or that loses value. We do not intend to pay dividends for the foreseeable future and you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.

**We have granted and may continue to grant options and other types of awards under our share incentive plan, which may result in increased equity-based compensation expenses.**

We adopted a share incentive plan on October 15, 2025, or the Plan, for the purpose of granting equity-based compensation awards to our officers, directors, advisors, personnel and employees as well as other Eligible Persons to attract and retain the best available talents, provide incentives to Eligible Persons and promote the success of our business. Under the Plan, we are authorized to grant options, restricted shares, restricted share units, share appreciation rights, or other types of equity-based incentive awards. The maximum aggregate number of Class A Ordinary Shares that may be issued under the Plan is 5,000,000 as of the date of this prospectus, subject to an automatic annual increase. See "*Management — 2025 Share Incentive Plan*." As of the date of this prospectus, no award has been granted under the Plan.

We believe the granting of equity-based awards is of significant importance to our ability to attract and retain key personnel and employees, and we will continue to grant equity-based compensation to employees in the future. As a result, our expenses associated with equity-based compensation may increase, which may have an adverse effect on our results of operations.

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Furthermore, prospective candidates and existing employees often consider the value of the equity awards they receive in connection with their employment. Thus, our ability to attract or retain highly skilled employees may be adversely affected by declines in the perceived value of our equity or equity awards. Furthermore, there are no assurances that the number of shares reserved for issuance under our share incentive plans will be sufficient to grant equity awards adequate to recruit new employees and to compensate existing employees.

**We do not intend to pay dividends for the foreseeable future and you must rely on price appreciation of our Shares for a return on your investment.**

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A Ordinary Shares if the market price of our Class A Ordinary Shares increases. Therefore, you should not rely on an investment in our Class A Ordinary Shares as a source for any future dividend income. All dividends are subject to certain restrictions under Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium account, and provided that under no circumstances may a dividend be paid if following such payment the Company shall be unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. We cannot assure you that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares.

**The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.**

The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Class A Ordinary Shares following our initial public offering. If you purchase our Class A Ordinary Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Class A Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our Class A Ordinary Shares that have occurred from time to time prior to the completion of our initial public offering. The market price of our Class A Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our revenue and other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant services or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past,

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stockholders have filed securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and adversely affect our business.

**The future sales of Class A Ordinary Shares by existing shareholders, including the sales pursuant to the Plan, may adversely affect the market price of our Class A Ordinary Share.**

As a relatively small-capitalization company with relatively small public float we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. Sales of a substantial number of our Class A Ordinary Shares in the public market could occur at any time. Future sales of substantial amounts of our Class A Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. None of our Class A Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Class A Ordinary Shares in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Class A Ordinary Shares and our ability to raise equity capital in the future.

In addition, the Class A Ordinary Shares subject to our equity incentive plans and the ordinary shares reserved for future delivery under such plans will become eligible for sale in the public market in the future, subject to certain legal and contractual limitations. Following the closure of this offering, we may file one or more registration statements on Form S-8 with the SEC, covering our Class A Ordinary Shares available for future issuance under our equity incentive plans. Upon effectiveness of such registration statements, any ordinary shares subsequently issued under such plans may be eligible for sale in the public market, subject to compliance with Rule 144 in the case of our affiliates. Sales of a large number of the Class A Ordinary Shares issued under these plans in the public market could have an adverse effect on the market price of our Class A Ordinary Shares. If these additional ordinary shares are sold, or if it is perceived that they will be sold in the public market, the trading price of our Class A Ordinary Shares could decline substantially.

In order for us to continue listing on the Nasdaq Capital Market, we would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market. The Nadaq continued listing standard requires us to have a market value of publicly held securities of $1 million and a minimum closing price of $1.00 (the "Minimum Bid Price Rule"). In addition, Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the "Low Priced Stock Rule") provides that if a company's security has a closing bid price of $0.10 or less for ten consecutive trading days during any bid price compliance period, Nasdaq must issue a delisting determination with respect to that security.

The sales of a substantial number of registered shares could result in a significant decline in the public trading price of our Class A Ordinary Shares and could impair our ability to raise capital through the sale or issuance of additional Class A Ordinary Shares, or lead to the closing price of our Class A Ordinary Shares to fall below $1.00, or $0.10, as the case may be, which may lead to delisting.

In such case, we may effectuate a reverse stock split, pending approval from our shareholders, which may assist in raising the price of our Class A Ordinary Shares over $1.00 or $0.10, as the case may be, to fulfil the Minimum Bid Price Rule or the Low Priced Stock Rule. However, we are unable to predict the effect that such sales may have on the prevailing market price of our Ordinary Shares or assure you that we can meet Nasdaq's continued listing standards, the Minimum Bid Price Rule or the Low Priced Stock Rule. Also, we cannot assure you that we are able to obtain our shareholders' approval to effectual a reverse stock split. If we are unable to meet Nasdaq's continued listing standards, the Minimum Bid Price Rule or the Low Priced Stock Rule within the prescribed timeframe, our Class A Ordinary Shares may be delisted.

**If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our Class A Ordinary Shares may be materially and adversely affected.**

Prior to the completion of this offering, we have been a private company with limited accounting personnel. Furthermore, prior to the completion of this offering, our management has not performed 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. Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed to prevent fraud.

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Our failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of our Class A Ordinary Shares.

Upon the completion of this offering, we will become 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. In addition, if 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 on an annual basis. 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 burden 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, we may identify material weaknesses and deficiencies in our internal control over financial reporting. The PCAOB has defined a material weakness as "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 annual or interim statements will not be prevented or detected on a timely basis."

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. Generally speaking, 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 our Class A Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities laws and subject us to potential delisting from Nasdaq, to regulatory investigations and to civil or criminal sanctions.

#### Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
Upon completion of this offering, we will become subject to certain reporting requirements of the Exchange Act. Our disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by us in reports we file or submit in accordance with U.S. securities laws is accumulated and communicated to management, recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements or insufficient disclosures due to error or fraud may occur and not be detected.

**We are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies.**

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth

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companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.

**As an "emerging growth company" under applicable law, we will be subject to reduced disclosure requirements. Such reduced disclosure may make our Class A Ordinary Shares less attractive to investors.**

For as long as we remain an "emerging growth company", as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies", including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Because of these reduced regulatory requirements, our shareholders would be left without information or rights available to shareholders of more mature companies. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our share price may be more volatile.

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

Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, will impose various requirements on the corporate governance practices of public companies.

Compliance with these rules and regulations will increase our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. 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.

We are an "emerging growth company", as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A Ordinary Shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

After we are no longer an "emerging growth company", or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures.

We will evaluate and monitor developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs

**If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer.**

We expect to qualify as a foreign private issuer upon the completion of this offering. As a foreign private issuer, we will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery

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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 United States domestic issuers, and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are required to disclose. While we currently expect to qualify as a foreign private issuer immediately following the completion of this offering, we may cease to qualify as a foreign private issuer in the future, in which case we would incur significant additional expenses that could have a material adverse effect on our results of operations.

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

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

**The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.**

Our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, by the Companies Act (As Revised) of the Cayman Islands and by the common law of the Cayman Islands. The rights of shareholders to take action against our 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 precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States. Therefore, our public shareholders may have more difficulty protecting their interests in the face of actions by our management, directors or controlling shareholders than they would as public shareholders of a corporation incorporated in a jurisdiction in the United States.

#### You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.
Cayman Islands law provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. These rights, however, may be provided in a company's articles of association. Our Articles of Association allow our shareholders holding shares which carry in aggregate not less than ten percent of all votes attaching to the issued and outstanding shares of the Company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board of directors is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Advance notice of not less than seven 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 a general meeting of shareholders consists of, at the time when the meeting proceeds to business, the holders of a third of the shares of the Company present in person or by proxy.

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#### Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them.
If we make a liquidating distribution, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves and our Company to claims, by paying public shareholders prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or its share premium account, provided that in no circumstances may a dividend be paid out of the share premium account if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Our Company and any director or manager of the Company who knowingly and willfully authorizes or permits any distribution or dividend to be paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business would commit an offence and may be liable to a fine of Cayman Islands dollars 15,000 and to imprisonment for five years in the Cayman Islands.

**You may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.**

Our Company is an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, as amended and by the Companies Act (As Revised) and common law of the Cayman Islands. The rights of shareholders to take legal action against our directors, officers and us, 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 English common law. Decisions of the English courts are generally of persuasive authority but are not binding on the courts of 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 precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides significantly less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before the U.S. federal courts. The Cayman Islands courts are also unlikely to impose liabilities against us in original actions brought in the Cayman Islands, based on the civil liability provisions of U.S. securities laws, so far as the liabilities imposed by those provisions are penal in nature.

Currently, all of our operations are conducted outside the United States, and substantially all of our assets are located outside the United States. All of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. 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 U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

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

#### It is not certain if we will be classified as a Singapore tax resident.
Under the Singapore Income Tax Act, the tax residency of a company is determined by where the business is controlled and managed, even if it is established outside Singapore. A company is a non-resident when the control and management of its business is not exercised in Singapore, where "control and management" is defined as the making of decisions on strategic matters, such as those concerning a company's policy and strategy. This is a question of fact. Typically, the location of the company's board of director meetings where strategic decisions are made determines where control and management are exercised. However, such control and management of the business should not be deemed to be in Singapore if physical board meetings are conducted outside of Singapore or where board resolutions are merely passed by written resolutions and no physical meeting is held. Where board meetings

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are held by teleconference or videoconference, it is possible that the place of de facto control and management will be considered to be in Singapore where the majority of the board of directors with the authority to make strategic decisions are physically located in Singapore when they sign such consent or attend such conferences, or where the chairman of the board of directors is physically located in Singapore.

We believe that the Company, which is a Cayman Islands exempted company, is not a Singapore tax resident for Singapore income tax purposes. However, the tax residence status of the Company is subject to determination by the Inland Revenue Authority of Singapore ("**IRAS**"), and uncertainties remain with respect to the interpretation of the term "control and management" for the purposes of the Singapore Income Tax Act. If IRAS determines that the Company is a Singapore tax resident for Singapore income tax purposes, the portion of the Company's single company income on an unconsolidated basis that is received or deemed by the Singapore Income Tax Act to be received in Singapore, where applicable, may be subject to Singapore income tax at the prevailing tax rate of 17% before applicable income tax exemptions or relief. If the Company is regarded as a Singapore tax resident, any dividends received or deemed received by the Company in Singapore from our subsidiary located in a foreign jurisdiction with a rate of income tax or tax of a similar nature of no more than 15% may generally be subject to additional Singapore income tax where there is no other applicable tax treaty between such foreign jurisdiction and Singapore. Income is considered to have been received in Singapore when it is: (i) remitted to, transmitted, or brought into Singapore; (ii) applied in or towards the satisfaction of any debt incurred in respect of a trade or business carried on in Singapore; or (iii) applied to purchase any movable property that is brought into Singapore.

In addition, as Singapore does not impose withholding tax on dividends declared by Singapore resident companies. If the Company is considered a Singapore tax resident, dividends paid to the holders of our Class A Ordinary Shares will not be subject to withholding tax in Singapore. Regardless of whether or not the Company is regarded as a Singapore tax resident, holders of our Class A Ordinary Shares who are not Singapore tax residents would generally not be subject to Singapore income tax on gains derived from the disposal of our Class A Ordinary Shares if such shareholders do not maintain a permanent establishment in Singapore, to which the disposition gains may be effectively connected, and the entire process (including the negotiation, deliberation, execution of the acquisition and sale, etc.) leading up to the actual acquisition and sale of our Class A Ordinary Shares is performed outside of Singapore. For Singapore resident shareholders, if the gain from disposal of our Class A Ordinary Shares is considered by IRAS as income in nature, such gain will generally be subject to Singapore income tax, and not taxable in Singapore if the gain is considered by IRAS as capital gains in nature.

**If we are classified as a passive foreign investment company, United States taxpayers who own our Class A Ordinary Shares may have adverse United States federal income tax consequences.**

A non-U.S. corporation such as ourselves will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 75% of our gross income for the year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average percentage of our assets (determined at the end of each quarter) during the taxable year which produce passive income or which are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business), and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our Class A Ordinary Shares, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed to be a PFIC, which could have adverse US federal income tax consequences for US taxpayers who are shareholders. We will make this determination following the end of any particular tax year.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were or are determined to be a PFIC, see "*Material Income Tax Consideration — United States Federal Income Taxation — Passive Foreign Investment Company ("PFIC") Consequences*."

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "*Prospectus Summary*", "*Risk Factors*", "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and "*Business*". These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business development, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected changes in our revenue, costs or expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectation regarding the use of proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our projected markets and growth in markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our potential need for additional capital and the availability of such capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and business conditions in the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relevant government policies and regulations relating to our business and industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions underlying or related to any of the foregoing.

In some cases, you can identify forward-looking statements by terms such as "may", "could", "will", "should", "would", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "project" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "*Risk Factors*" and elsewhere in this prospectus. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

This prospectus also contains certain data and information, which we obtained from various government and private publications. Although we believe that the publications and reports are reliable, we have not independently verified the data. Statistical data in these publications includes projections that are based on a number of assumptions. If any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we have referred to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this offering of approximately US$5.611 million, or US$6.727 million, if the underwriters exercise their option to purchase additional Class A Ordinary Shares in full, after deducting underwriting discounts, the non-accountable expense allowance and other estimated offering expenses payable by us and based upon an assumed initial offering price of US$4.00 per Class A Ordinary Share (the low end of the estimated public offering price range shown on the front cover of this prospectus).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 50% is expected to be used for expanding our presence through establishing new bio-regenerative aesthetic clinics, and entering into joint ventures targeting similar markets, such as hair treatment, in order to enhance our capabilities in bio-regenerative service offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% is expected to be used for potential strategic acquisition and investment opportunities in businesses that would complements our core business operations and align with our growth objectives and market expansion plans. This may include regenerative aesthetic clinics or clinic chains that offers bio-regenerative and medi-aesthetic services, aligning with our protocols both locally and regionally, and those who serve a clientele aligned with our strategic emphasis on male aesthetics, prejuvenation and hair regeneration. We plan to acquire a controlling stake (51% or more) in a business of such nature approximately six to 18 months upon our listing. We are at a preliminary stage of evaluating potential opportunities, and as of the date of this prospectus, we have not yet identified or initiated any specific acquisitions or transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 10% is expected to be used for our marketing and branding initiatives, to enhance our brand visibility, grow our customer base, and strengthen investors relationships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the balance of the net proceeds for other working capital and general corporate purposes.

This expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the closing of this offering or the amounts that we will actually spend on the uses set forth above. Predicting the cost necessary to complete clinical trials can be difficult and we may need additional funds in the future. The amounts and timing of our actual expenditures and the extent of clinical development may vary significantly depending on numerous factors, including the progress of our product development efforts and regulatory approval process, the status of and results from our ongoing clinical trials or any clinical trials we may commence in the future, as well as the effectiveness of our commercial efforts and any unforeseen cash needs. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering. The occurrence of unforeseen events or changed business conditions may result in application of the proceeds of this offering in a manner other than as described in this prospectus. We may satisfy our future cash needs through the sale of equity securities, debt financings, working capital lines of credit, corporate collaborations or license agreements, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources.

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#### DIVIDEND POLICY
During the financial years ended September 30, 2023 and 2024, we declared dividends to the Original Shareholders in the amounts of S$1,530,000 and S$2,838,000 (US$2,211,937), respectively. We fully settled and paid dividends in the amounts of S$1,665,000 and S$276,300 (US$215,348) during such financial years, respectively, by netting off the amount of the dividend against the amounts due from the Original Shareholders. We have no intention to declare or pay any dividends in the near future on our Class A Ordinary Shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

Our board of directors has complete discretion in deciding whether to distribute dividends.

In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide 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.

As we are a holding company, our ability to pay dividends are subject to distributions from our operating subsidiaries. There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our significant subsidiaries that would affect the payment or remittance of dividends.

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**CAPITALIZATION**

The following table sets forth our capitalization as of June 30, 2025 presented on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the issuance and sale of the Class A Ordinary Shares by us in this offering at the initial public offering price of US$4.00 per Class A Ordinary Share, the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated discounts, non-accountable expense allowance and the estimated offering expenses payable by us and assuming the underwriters do not exercise their over-allotment option, excluding the Class A Ordinary Shares underlying and issuable under the Plan.

Our issued share capital is a dual-class structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. We are offering Class A Ordinary Shares only in this offering.

Our authorized share capital is US$50,000, divided into 400,000,000 Class A Ordinary Shares of par value of US$0.0001 each, and 100,000,000 Class B Ordinary Shares of par value of US$0.0001 each.

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall vote together as one class on all resolutions of the shareholders and have the same rights except that each Class A Ordinary Share shall entitle its holder to one (1) vote and each Class B Ordinary Share shall entitle its holder to fifteen (15) votes. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof on a one-for-one basis (or as adjusted in accordance with our memorandum and articles of association). Upon any 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 are automatically and immediately converted into Class A Ordinary Shares on a one-for-one basis (or as adjusted in accordance with our memorandum and articles of association). Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

The as adjusted data below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "*Use of Proceeds*", "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our combined financial statements and related notes included elsewhere in this prospectus.

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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** |
|  | **S$** | **US$** | **S$** | **US$** |
|  Cash | 986955 | 775944 | 7323386 | 5757646 |
|  **Indebtedness:** |  |  |  |  |
|  Short term debt, including loans and amount due to related parties | 97056 | 76305 | 97056 | 76305 |
|  **Total indebtedness** | 97056 | 76305 | 97056 | 76305 |
|  **Shareholders' deficit:** |  |  |  |  |
|  Ordinary shares, Class A, US$0.0001 par value, 400,000,000 shares authorized, 40 issued and outstanding as of June 30, 2025 | 3873 | 3045 | 4127 | 3245 |
|  Ordinary shares, Class B, US$0.0001 par value, 100,000,000 shares authorized, Nil issued and outstanding as of June 30, 2025 | 579 | 455 | 579 | 455 |
|  Additional paid in capital | 30223500 | 23578851 | 30223500 | 23578851 |
|  New additional paid in capital<sup>(1)</sup> |  |  | 7136431 | 5610662 |
|  Retained earnings | 842265 | 662187 | 42265 | 33227 |
|  Non-controlling interest | 159514 | 125410 | 159514 | 125410 |
|  **Total shareholders' equity** | 31229731 | 24369948 | 37566416 | 29351850 |
|  **Total capitalization**<sup>(2)</sup> | 31326787 | 24446253 | 37663472 | 29428155 |

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____________

(1) New additional paid in capital is less off estimated offering cost of US$1.829 million

(2) Total capitalization equals the sum of indebtedness and shareholders' equity.

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**DILUTION**

If you invest in our Class A Ordinary Shares, you will experience dilution to the extent of the difference between the initial public offering price per Class A Ordinary Share you pay in this offering and the pro forma net tangible book value per Class A Ordinary Share immediately after this offering. Dilution results from the fact that the assumed initial public offering price per ordinary share is substantially in excess of the net tangible book value per ordinary share attributable to the existing shareholders for our presently outstanding 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. Each Class B Ordinary Share is entitled to 15 votes and is convertible into one Class A Ordinary Share at any time at the option of the holder thereof on a one-for-one basis. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

Our net tangible book value as of June 30, 2025 was approximately US$2.644 million, or US$0.08 per ordinary share outstanding at that date. Net tangible book value per ordinary share is determined by dividing our net tangible book value by the number of outstanding ordinary shares. Our net tangible book value is determined by subtracting the value of our acquired net intangible assets, goodwill, total liabilities and minority interests from our total assets. Dilution is determined by subtracting net tangible book value per ordinary share, after giving effect to the additional proceeds we will receive from this offering, from the initial public offering price of US$4.00 per Class A Ordinary Share, which is the low end of the estimated public offering price range shown on the front cover of this prospectus and, after deducting underwriting discounts, the non-accountable expense allowance and other estimated offering expenses payable by us.

Without taking into account any other changes in such net tangible book value after June 30, 2025, other than to give effect to the issuance and sale of the Class A Ordinary Shares offered hereby at an assumed initial public offering price of US$4.00 per Class A Ordinary Share, which is the low end of the estimated public offering price range shown on the front cover of this prospectus and, after deducting underwriting discounts, the non-accountable expense allowance and other estimated offering expenses payable by us and assuming no exercise of the underwriters' option to purchase additional Class A Ordinary Shares and no other change to the number of Class A Ordinary Shares sold by us as set forth on the cover page of this prospectus, and excluding the Class A Ordinary Shares underlying and issuable under the Plan, our as adjusted net tangible book value as of June 30, 2025, would have been US$7.626 million, US$0.21 per outstanding ordinary share, including ordinary shares underlying our outstanding ordinary shares, and US$0.21 per ordinary share. This represents an immediate increase in net tangible book value of US$0.14 per ordinary share, to existing shareholders and an immediate dilution in net tangible book value of US$3.79 per ordinary share, to new investors in this offering. The following table illustrates such dilution:

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| | | |
|:---|:---|:---|
|  | **Per<br>Ordinary<br>Share** | **Per<br>Ordinary<br>Share** |
|  Assumed initial public offering price per Class A Ordinary Share | US$ | 4.00 |
|  Net tangible book value per ordinary share as of June 30, 2025 | US$ | 0.08 |
|  Increase in net tangible book value per ordinary share attributable to price paid by new investors | US$ | 0.13 |
|  Pro forma net tangible book value per ordinary share after the offering | US$ | 0.21 |
|  Dilution in net tangible book value per ordinary share to new investors in the offering | US$ | 3.79 |

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A US$1.00 increase (decrease) in the assumed initial public offering price of US$4.00 per Class A Ordinary Share would increase (decrease) our pro forma net tangible book value after giving effect to the offering by US$1.860 million, the pro forma net tangible book value per ordinary share after giving effect to this offering by US$0.06 per ordinary share and the dilution in pro forma net tangible book value per ordinary share to new investors in this offering by US$0.95 per 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, the non-accountable expense allowance and other estimated offering expenses payable by us. The pro forma information discussed above is illustrative only. Our net tangible book value following the closing of this offering is subject to adjustment based on the actual initial public offering price of our Class A Ordinary Shares and other terms of this offering determined at pricing.

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The following table summarizes the differences between our existing shareholders and the new investors with respect to the number of ordinary shares, including Class A Ordinary Shares and Class B Ordinary Shares on an as-converted basis, the total consideration paid and the average price per Class A Ordinary Share paid at an initial public offering price of US$4.00 (the low end of the estimated public offering price range) and before deducting estimated underwriting discounts, non-accountable expense allowance and other estimated offering expenses (assuming no exercise of the over-allotment option to purchase additional Class A Ordinary Shares).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares<br>Purchased** | **Ordinary Shares<br>Purchased** | **Total Consideration** | **Total Consideration** | **Average Price<br>Per Share** |
|  | **Number** | **Percentage** | **Amount (US$)** | **Percent** | **Amount (US$)** |
|  Existing shareholders (Class A Ordinary Shares) | 30450000 | 82.30% | $23561848 | 74.65% | $0.77 |
|  Existing shareholders (Class B Ordinary Shares) | 4550000 | 12.29% | $455 | —% | $0.00 |
|  New investors from the offering | 2000000 | 5.41% | $8000000 | 25.35% | $4.00 |
|  **Total** | **37000000** | **100.00%** | $**31562303** | **100.00%** |  |

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#### ENFORCEABILITY OF CIVIL LIABILITIES
The Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies may not have the standing to sue before the U.S. federal courts.

All of our current operations are conducted outside of the United States, and substantially all of our current assets are located outside of the United States, with the majority of our operations and current assets being located in Singapore. All of the directors and executive officers of the Company and the auditors of the Company reside outside the United States, and substantially all of their assets are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or any such persons, or to enforce in the United States any judgment obtained in the U.S. courts against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.

We have appointed Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, DE 19711, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

Ogier, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our directors or executive officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in the Cayman Islands against us or our directors or executive officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have been advised by Ogier that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment (i) is given by a foreign court of competent jurisdiction, (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final and conclusive, (iv) is not in respect of taxes, a fine or a penalty, (v) was not obtained by fraud, and (vi) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under the 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.

**Singapore**

There is uncertainty as to whether judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States will be recognized or enforced by the Singapore courts, and there is doubt as to whether the Singapore courts will enter judgments in original actions brought in the Singapore courts based solely on the civil liability provisions of these securities laws. An in personam final and conclusive judgment in the federal or state courts of the United States under which a fixed or ascertainable sum of money is payable may generally be enforced as a debt in the Singapore courts under the common law so long as it is established that the Singapore courts have jurisdiction over the judgment debtor. However, the Singapore courts are unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the same parties; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or (e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public law.

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In particular, the Singapore courts may potentially not allow the enforcement of any foreign judgment for a sum payable in respect of taxes, fines, penalties or other similar charges, including the judgments of courts in the United States based upon the civil liability provisions of the securities laws of the United States or any state or territory of the United States. In respect of civil liability provisions of the United States federal and state securities laws that permit punitive damages against us and our directors or executive officers, we are unaware of any decision by the Singapore courts that has considered the specific issue of whether a judgment of a United States court based on such civil liability provisions of the securities laws of the United States, or any state or territory of the United States, is enforceable in Singapore.

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#### CORPORATE HISTORY AND STRUCTURE

#### Corporate History
We were founded in 2009 by Mr. Then and Dr. Shiau ("**Original Shareholders**") with the incorporation of ClearSK Medispa Pte Ltd, a Singapore company. Throughout the past 16 years, our main business has been the delivery of medi-aesthetics services (the "**Clinic Business**"). As our Clinic Business continued to grow, we started investing in real properties (the "**Real Property Investments**") to diversify the risk of increasing rental expenses.

As of the date of this prospectus, our business has been carried out through 16 entities, 11 of which, as set out in the corporate structure diagrams below, were operating entities of the Clinic Business, and 5 of which, consisting of ClearSK Healthcare Pte. Ltd., ClearSK Medispa Pte. Ltd., SGP Healthcare Investments Pte. Ltd., ClearSK Medi-Aesthetics (West) Pte. Ltd., and ClearSK Aesthetics Academy SDN BHD, were operating entities of a combination of the Clinic Business, Real Property Investments, and back-end accounting and administrative services provided to other entities ("**Mixed Business and Back**-End **Entities**"). The Mixed Business and Back-End Entities will not be directly or indirectly held by the Company, they will remain owned by the Original Shareholders. The Mixed Business and Back-End Entities will only transfer their Clinic Business assets to Biogenisk, as further described in this section below.

As set forth in a memorandum of understanding dated April 3, 2024 (the "**MOU**"), the Original Shareholders agreed with Mr. Wong, the sole shareholder of Shari Wellness, that Regenique Group Limited will acquire Shari Wellness for the purpose of this offering. Shari Wellness is a Singapore company incorporated in 2013 by Mr. Wong. It is the licensee of the Licensed Technologies, which consists of the three bio-technology patents under the License Agreement and focuses on stem cell-based Regenerative Health & Aesthetics personalized treatments and bio-cosmeceuticals. See "*Business*" in this prospectus for more information. One of the terms set forth in the MOU was that the parties would conduct a series of related transactions for the purpose of this offering, or our Pre-IPO Restructuring. Pursuant to the terms of the MOU:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) There will be a provision for allotment of shares for potential pre-IPO investors in the range of 25% – 30% as a total minority group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The remaining equity ownership in the Company shall be divided evenly between the Original Shareholders, on the one hand, and Mr. Wong, on the other.

The transactions of the Pre-IPO Restructuring that have been consummated as of the date of this prospectus are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2024, Regenique Group Limited was incorporated as an exempted company with limited liability in the Cayman Islands as our holding company. The Original Shareholders were the registered holders of ordinary shares representing 50% of the issued share capital of the Company, and the remaining 50% was held by Mr. Wong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Original Shareholders and Mr. Wong entered into an agreement dated November 13, 2024 (the "**Allocation Agreement**"), where the allocation of between 25% and 30% of the equity ownership in the Company shall be agreed among the parties no later than the public filing of the registration statement on Form F-1, of which this prospectus is a part, at which time all of the rights attached to the ordinary shares shall vest immediately in their respective equity owners or be subject to any terms and conditions attached to such shares ("**Vesting**"). The Allocation Agreement also stipulates that the rights attached to the ordinary shares of the Company shall be allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ***Legal Title.*** Until Vesting, the Original Shareholders and Mr. Wong shall hold the respective ordinary shares registered under their names for the benefit of the equity owners of the Company at Vesting and be subject to the other terms set out in the Allocation Agreement. The Original Shareholders shall act in concert in their voting and disposition of their shares in the Company at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ***Voting Rights.*** Until the acquisition of Shari Wellness is completed, the Original Shareholders shall have 51% of the total voting power in the election of directors at general meetings of the Company, and the remaining 49% shall be held by Mr. Wong.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) ***Right of Disposition.*** Each of the Original Shareholders and Mr. Wong shall not dispose of the ordinary shares without the consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) ***Economic Interests.*** Until Vesting, the Original Shareholders shall maintain their full economic interests and control in the Clinic Business, and Mr. Wong shall maintain his full economic interests and control in Shari Wellness. The Company shall own and operate the Clinic Business and Shari Wellness based on the foregoing arrangement.

The parties also agreed that interests in any entities incorporated for the purpose of this offering and not wholly owned by the Company shall be allocated in the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 20, 2025, BioEsthetics Group Limited ("**Intermediate Holdco**") was incorporated as a BVI exempted limited liability company with ownership mirroring the shareholding structure of the Company. Pursuant to the Allocation Agreement, the Original Shareholders and Mr. Wong hold the respective ordinary shares registered under their names for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 21, 2025, the Original Shareholders entered into an agreement with Biogenisk to inject all of their interests in the Clinic Business into Biogenisk, a Singapore company incorporated on January 20, 2025 as a holding company of the Clinic Business for the purpose of this offering and was then wholly owned by the Original Shareholders. Concurrently, the Mixed Business and Back-End Entities entered into an agreement ("**Business Transfer Agreement**") with Biogenisk to transfer the Clinic Business then operated by them to Biogenisk. The capital injection of the Clinic Business into Biogenisk was structured as a transfer of the Original Shareholders' shareholdings in the 11 entities solely operating the Clinic Business, together with a transfer of the assets constituting the Clinic Business that were then operated by the five Mixed Business and Back-End Entities to Biogenisk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 25, 2025, the Original Shareholders and Mr. Wong entered into an acquisition agreement (the "**Acquisition Agreement**") to confirm the Company's acquisition of Shari Wellness from Mr. Wong through a transfer of Mr. Wong's shareholding in Shari Wellness to Intermediate Holdco, with such acquisition to be consummated upon the receipt of a valuation report on Shari Wellness with an appraised value reasonably satisfactory to the Original Shareholders. On the same date, the Original Shareholders entered into an agreement with Intermediate Holdco to confirm their plan to inject all of their interests in Biogenisk into the Company through a transfer of all their shareholdings in Biogenisk to Intermediate Holdco. At that time, the Original Shareholders and Mr. Wong were registered holders of shares of Intermediate Holdco, with such shares held by them for the benefit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 8, 2025, director resolutions were passed to reclassify the authorized share capital of the Company to Class A Ordinary Shares and Class B Ordinary Shares, and to authorize the redesignation of the four issued ordinary shares as 40 issued Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 16, 2025, the trust arrangement in Intermediate Holdco was dissolved, as a result of which the Original Shareholders and Mr. Wong agreed to relinquish all their respective interests in Intermediate Holdco to the Company and transferred their legal titles to the shares in the Intermediate Holdco to the Company, resulting in the Company becoming the sole beneficial owner of Intermediate Holdco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 2, 2025, Mr. Wong entered into an agreement with Intermediate Holdco to confirm his plan to transfer all of his shareholding in Shari Wellness to Intermediate Holdco pursuant to the Acquisition Agreement; upon the consummation of the share transfer, the trust arrangement between the Original Shareholders and Mr. Wong would dissolve, and Mr. Wong would become the registered and beneficial owner of 50% of the shares in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 8, 2025, the Company issued 15,224,980 Class A Ordinary Shares to Mr. Wong and 7,612,490 Class A Ordinary Shares to each of the Original Shareholders. Immediately after the issuance of Class A Ordinary Shares, the Company was owned 50% by Mr. Wong and 50% by the Original Shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 9, 2025, seven investors (the "**Pre**-IPO **Investors**") acquired, in aggregate, 4,567,500 Class A Ordinary Shares representing, in aggregate, 15% of the then issued share capital of the Company from Mr. Wong for a total consideration of US$114,188. The Pre-IPO Investors consisted of investors such as project consultants of Shari Wellness. The shareholding of Mr. Wong in the Company, on the understanding that the series of transactions contemplated in the Acquisition Agreement would be consummated, was reduced from 50% to 35% immediately after the transfers of shares to the Pre-IPO Investors, with the shareholdings of Mr. Then and Dr. Shiau remaining at 25.0% and 25.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 10, 2025, as part of their capital injection plan, the Original Shareholders transferred their shareholding in the entities solely operating the Clinic Business to Biogenisk and transferred their shareholding in Biogenisk to the Intermediate Holdco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 13, 2025, Mr. Wong completed his sale of Shari Wellness to the Company by transferring his shareholding in the shares of Shari Wellness to Intermediate Holdco. On the same day, the Company issued 2,275,000 Class B Ordinary Shares to Mr. Wong and 1,137,500 Class B Ordinary Shares to each of the Original Shareholders. Immediately after the issuance of Class B Ordinary Shares, the Company was owned 36.95% by Mr. Wong, 50% by the Original Shareholders in aggregate, and 13.05% by the Pre-IPO Investors.

The remaining transactions under the Pre-IPO Restructuring will consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Original Shareholders will complete their capital injection into the Company by causing the Mixed Business and Back-End Entities to transfer the assets constituting the Clinic Business then operated by them to Biogenisk pursuant to the Business Transfer Agreement, within six months after the completion of this offering. Such assets include lease agreements, clinic licenses, trademarks, employment contracts, service agreements and other contracts and assets relating to the Clinic Business. The Original Shareholders have provided an undertaking to procure the novation and statutory assignment of such assets. For further details, please see "*Business*" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assignment and transfer of a clinic license is governed in Singapore under the HCSA and administered via the Healthcare Application and Licensing Portal ("**HALP**"). Subject to the MOH procedural compliance and inspection results, an effective license transfer requires approximately four to six weeks. The assignment and transfer procedure is initiated via the existing licensee submitting a cessation of service notice via HALP at least 30 days prior to the intended transfer date. Concurrently, the new license application is completed via HALP. The MOH will schedule an inspection at the clinic within two to four weeks of the submission of the application and supporting documents. Any findings will be reported within five working days of the inspection, with any deficiencies to be rectified and MOH updated promptly. After the completion of the rectification, if any, the e-license will be issued in three working days. The new license must be approved and issued by the MOH prior to the cessation of the existing license to ensure continuity of operations. As of the date of this prospectus, respective applications of amendment have been submitted to the MOH to assign and transfer these licenses to Biogenisk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assignment of registered trademarks is governed in Singapore under the Intellectual Property Office of Singapore ("**IPOS**"). The assignment of registered trademarks must be recorded using the applicable form and submitted to IPOS via the IPOS digital hub. Formalities checks and update of the records at the IPOS registry takes approximately two to four weeks upon the submission of the assignment documents, provided that the information is accurate and no objections and requisitions ae raised. The assignment is effective from the date of the filing. As of the date of this prospectus, a deed of assignment has been executed on October 15, 2025 and applications to register transfer of ownership of the 18 trademarks (including the trademark that is still under application) have been filed with the Intellectual Property Office of Singapore on October 30, 2025 to assign these trademarks to Biogenisk. It is currently pending the approval by the relevant authorities.

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#### Our Corporate Structure
As of the date of this prospectus, the Company's group structure is as follows:

![](tflowchart_001.jpg)

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Immediately upon completion of this offering, our corporate structure will be as follows (assuming no exercise of the over-allotment option by the underwriters):

![](tflowchart_002.jpg)

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#### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
The following unaudited pro forma condensed combined statement of comprehensive income for the year ended September 30, 2024 and the unaudited pro forma balance sheet as of September 30, 2024 ("**Pro Forma Financial Information**") has been prepared on the basis set out in the notes below to illustrate the effect of the Acquisition. The Pro Forma Financial Information gives effect to the Acquisition as if the Acquisition had taken place on October 1, 2023. Shari Wellness Pte Ltd had a financial year end of September 30. All pro forma adjustments and their underlying assumptions are described in the notes to the Pro Forma Financial Information.

On July 2, 2025, we completed our previously disclosed acquisition of Shari Wellness by our wholly-owned subsidiary, BioEsthetics Group Limited, for US$21.624 million (S$27.737 million).

The Pro Forma Financial Information presented below has been prepared in accordance with Article 11 of Regulation S-X. The following Pro Forma Financial Information for the year ended September 30, 2024 gives effect to the Acquisition.

The assumptions and estimates underlying the adjustments to the Pro Forma Financial Information are described in the accompanying notes, which should be read together with the Pro Forma Financial Information.

The following Pro Forma Financial Information was prepared using the asset acquisition method of accounting under U.S. GAAP. For accounting purposes, the acquisition of Shari Wellness will be accounted for as an asset acquisition. To determine the accounting for this transaction under U.S. GAAP, a company must assess whether an integrated set of assets and activities should be accounted for as an acquisition of a business or an asset acquisition. The guidance requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen test is met, the set assets and activities, and any assumed liabilities is not a business. In connection with the Acquisition, substantially all the fair value is included in the acquired License Agreement and, as such, the acquisition will be treated as an asset acquisition.

The Pro Forma Financial Information is provided for informational purposes only and is not necessarily indicative of our results of operations that would have been realized had the Acquisition occurred as of the date indicated, nor is it meant to be indicative of any anticipated future results of operations that we will experience. The actual results of operations will differ, perhaps significantly, from the Pro Forma Financial Information due to a variety of factors, including access to additional information, changes in value not currently identified and changes in operating results following the date of the Pro Forma Financial Information. The Pro Forma Financial Information does not reflect any adjustment for liabilities or related costs of any integration and similar activities, or benefits that may be derived in future periods from the Acquisition.

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#### REGENIQUE GROUP LIMITED

#### Unaudited Pro Forma Condensed Combined Statement of Operations and Comprehensive Income

#### For the Year Ended September 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Regenique <br>Group <br>Limited** | **Shari <br>Wellness Pte <br>Ltd** | **Transactions <br>accounting <br>adjustment** | **Notes** | **Pro Forma <br>Combined** |
|  | **US$** | **US$** | **US$** |  | **US$** |
|  Revenue | 10479000 | 45418 |  |  | 10524418 |
|  Purchases and other direct costs | (960989) |  |  |  | (960989) |
|  Depreciation and amortization | (538000) |  |  |  | (538000) |
|  Employee benefits expenses<sup>(a)</sup> | (4406028) |  |  |  | (4406028) |
|  Operating lease expenses | (1170275) |  |  |  | (1170275) |
|  Other operating expenses | (1017742) | (29002) |  |  | (1046744) |
|  Income from operations | 2385966 | 16416 |  |  | 2402382 |
|  Other income: |  |  |  |  |  |
|  Other income | 280928 | 66 |  |  | 280994 |
|  Finance cost: |  |  |  |  |  |
|  Interest expense | (26111) |  |  |  | (26111) |
|  Profit before tax expense | 2640783 | 16482 |  |  | 2657265 |
|  Income tax expense | (197222) |  |  |  | (197222) |
|  **Net Income** | 2443561 | 16482 |  |  | 2460043 |
|  Net income attributable to owners | 2223587 | 16482 |  |  | 2240069 |
|  Net income attributable to non-controlling interests | 219234 |  |  |  | 219234 |
|  | 2443561 | 16482 |  |  | 2460043 |
|  **Net income per share attributable to ordinary shareholders** |  |  |  |  |  |
|  Basic and diluted | 55590 |  |  |  |  |
|  **Weighted average number of ordinary shares used in computing net income per share\*\*** |  |  |  |  |  |
|  Basic and diluted | 40 |  |  |  |  |

---

____________

\*\* Retroactively presented for the reorganization exercise described in Note 1 of the Combined Financial Statements.

(a): Includes salaries

[**Table of Contents**](#TOC001)

**Unaudited Pro Forma Condensed Combined Balance Sheet**

#### As of September 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Regenique <br>Group <br>Limited** | **Shari <br>Wellness Pte <br>Ltd** | **Transactions <br>accounting <br>adjustment** | **Notes** | **Pro Forma <br>Combined** |
|  | **US$** | **US$** | **US$** |  | **US$** |
|  **ASSETS** |  |  |  |  |  |
|  **Current assets** |  |  |  |  |  |
|  Cash and cash equivalents | 1312365 | 42594 |  |  | 1354959 |
|  Accounts receivable | 2439 |  |  |  | 2439 |
|  Other current assets | 322847 |  |  |  | 322847 |
|  Inventories | 207890 |  |  |  | 207890 |
|  Amount due from a related party | 75592 |  |  |  | 75592 |
|  **Total current assets** | 1921133 | 42594 |  |  | 1963727 |
|  **Non-current assets** |  |  |  |  |  |
|  Intangible assets | 3118 |  | 21593208 |  | 21596326 |
|  Property and equipment, net | 3099166 |  |  |  | 3099166 |
|  Right-of-use assets, net | 1530329 |  |  |  | 1530329 |
|  **Total non-current assets** | 4632613 |  |  |  | 26225821 |
|  **TOTAL ASSETS** | 6553746 | 42594 |  |  | 28189548 |
|  **LIABILITIES** |  |  |  |  |  |
|  **Current liabilities** |  |  |  |  |  |
|  Accounts payable | 434561 |  |  |  | 434561 |
|  Accruals and other payables | 319894 |  |  |  | 319894 |
|  Contract liabilities | 2678681 |  |  |  | 2678681 |
|  Amount due to a director | 4754 | 11838 |  |  | 16593 |
|  Amount due to related parties | 27455 |  |  |  | 27455 |
|  Bank loans | 298926 |  |  |  | 298926 |
|  Lease liabilities | 1010507 |  |  |  | 1010507 |
|  Income taxes payables | 86931 |  |  |  | 86931 |
|  **Total current liabilities** | 4861709 | 11838 |  |  | 4873548 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Deferred tax liabilities | 28184 |  |  |  | 28184 |
|  Provision for reinstatement | 23971 |  |  |  | 23971 |
|  Lease liabilities | 538927 |  |  |  | 538927 |
|  Bank loans | 10324 |  |  |  | 10324 |
|  **Total current liabilities** | 601406 |  |  |  | 601406 |
|  **TOTAL LIABILITIES** | 5463115 | 11838 |  |  | 5474954 |

---

[**Table of Contents**](#TOC001)

#### Unaudited Pro Forma Condensed Combined Balance Sheet — (Continued)

#### As of September 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Regenique <br>Group <br>Limited** | **Shari <br>Wellness Pte <br>Ltd** | **Transactions <br>accounting <br>adjustment** | **Notes** | **Pro Forma <br>Combined** |
|  | **US$** | **US$** | **US$** |  | **US$** |
|  COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |  |  |
|  \*\*Class A Ordinary shares, US$0.0001 par value, 400,000,000 shares authorized, 40 shares issued and outstanding as of September 30, 2023 and 2024 respectively |  |  |  |  |  |
|  \*\*Class B Ordinary shares, US$0.0001 par value, 100,000,000 shares authorized, nil shares issued and outstanding as of September 30, 2023 and 2024 respectively |  |  |  |  |  |
|  Additional paid in capital | 1937885 | 77936 | 21623963 |  | 23561848 |
|  Retained earnings | (854721) | (47180) |  |  | (854721) |
|  **Total shareholders' equity attributable to Regenique Group Limited** | 1083164 | 30756 |  |  | 22707127 |
|  Non-controlling interest | 7467 |  |  |  | 7467 |
|  **Total shareholders' equity** | 1090631 | 30756 |  |  | 22714594 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 6553746 | 42594 |  |  | 28189548 |

---

____________

\* Less than S$1

\*\* Retroactively presented for the reorganization exercise described in Note 1 of the Combined Financial Statements.

[**Table of Contents**](#TOC001)

#### Notes to Unaudited Pro Forma Condensed Combined Financial Information
1. Basis of Presentation

The acquisition method of accounting uses the fair value concepts defined in ASC 820, "*Fair Value Measurements and Disclosures*" ("ASC 820"). Fair value is defined in ASC 820 as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value measurements can be highly subjective and can involve a high degree of estimation.

The initial allocation of the consideration of US$21,623,963 (S$27,737,000) for the Acquisition in this Pro Forma Financial Information is based upon the purchase price allocation report dated May 27, 2025.

For the purposes of this pro forma analysis, the above purchase price has been allocate based on fair value of the assets and liabilities acquired as follows:

---

| | |
|:---|:---|
|  | **September 30, <br>2024** |
|  | **Pro Forma** |
|  | **US$** |
|  License Agreement | 21593208 |
|  Cash | 42594 |
|  Amount due to director | (11839) |
|  Net assets acquired | 21623963 |

---

[**Table of Contents**](#TOC001)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in "Summary Combined Financial And Operating Data" and our historical combined financial statements and the related notes included elsewhere in this prospectus. In addition to historical information, the following discussion contains forward*-looking *statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward*-looking *statements. Factors that could cause such differences include those identified below and those described in "Special Note Regarding Forward*-Looking *Statements", "Risk Factors" and elsewhere in this prospectus. We assume no obligation to update any of these forward*-looking *statements.*

#### Overview
Established in Singapore in 2009, we are a customer-centric, science-backed aesthetics services provider. Our services are rendered through five strategically located clinics staffed by experienced doctors and equipped with advanced medical devices. Our mission is to elevate the overall well-being of our customers by offering personalized anti-aging and longevity healthcare and aesthetics solutions. In the 16 years since the commencement of our business, we have served more than 300,000 customers. For the fiscal years ended September 30, 2023 and 2024, we recorded a net income of S$2,779,363 and S$3,135,182 (US$2,443,561), respectively. Our operating cash flow in the same periods were S$2,224,293 and S$2,667,256 (US$2,078,859), respectively. For the nine months ended June 30, 2024 and 2025, we recorded a net income of S$1,356,084 and S$2,088,961 (US$1,642,342), respectively. Our operating cash flow in the same periods were S$2,492,221 and S$730,346 (US$574,199), respectively.

Our services can be classified into two categories: bio-regenerative treatments and medi-aesthetics treatments. Bio-regenerative treatments are generally marketed as aesthetics solutions at the forefront of our industry. They are grounded on the skin's natural ability to regenerate and repair itself through the use of natural bio-cosmeceutical products, such as plant-based exosomes and stem cells, as skin boosters. Medi-aesthetics treatments are solutions delivered through the use of technologies that are regarded as the industry norm, including non-invasive procedures of laser and other energy treatments and minimally invasive procedures using botox and other chemical ingredients. For the fiscal years ended September 30, 2023 and 2024 and the nine months ended June 30, 2024 and 2025, we derived 39.2%, 43.0%, 34.0% and 35.0% of our revenue from bio-regenerative treatments, and 60.8%, 57.0%, 66.0% and 65.0% of our revenue from medi-aesthetics treatments, respectively. Our growth strategy is to expand our business in the bio-regenerative market through innovation.

We will seek to distinguish ourselves from competitors in this market using proprietary technologies developed by our exclusive business partner, Supergenics, who has granted us a license to use the Licensed Technologies in the APAC region. Pursuant to the License Agreement, we have an exclusive license to use two patents owned by Supergenics, along with one patent filed in 2024 pending grant issuance. Our goal is to build a unique brand for the business by positioning ourselves as an engineer capable of converting new bio-cosmeceutical technologies into a broad range of transformative, sustainable, and effective aesthetic solutions catered to different demographic groups. We will also seek to expand our geographical footprints to other countries in the APAC region through internal growth, strategic partnerships and acquisitions.

#### Key Factors Affecting Our Results of Operations
Our results of operations have been, and are expected to continue to be, affected by various factors, which primarily include the following:

#### Our ability to offer services and packages that meet customer expectations and market needs
Our ability to maintain and deliver services on our platform is primarily affected by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capacity to sustain a superior user experience and the high quality of services and products offered in both our bio-regenerative treatments and medi-aesthetics treatments segments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the range of services we offer and their effectiveness in addressing our customers' needs while meeting their expectations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to adopt and integrate new technologies that enable us to offer a competitive service package, particularly in response to the growing demand for bio-regenerative and medi-aesthetic solutions.

#### Our ability to implement our growth strategies in an increasingly competitive market
Our business has become increasingly competitive in both the type and scale of operations. Our ability to successfully execute our plans, ranging from service package development and roll-out to marketing and branding, as well as ensuring ongoing compliance with relevant regulatory laws and requirements in Singapore and other jurisdictions where we may operate, will significantly influence our financial results and overall business performance.

#### Our ability to manage our cost effectively
We are exposed to the risks of rising business costs, including but not limited to materials and labor costs, particularly regarding remuneration and commissions to incentivize sales personnel in marketing treatment services. Managing these costs has become a priority, requiring us to source new suppliers offering more competitive ingredients and pricing our packages to include holistic services. Additionally, our business is impacted by labor shortages in the aesthetics industry and the inflation on salary and expenses generally.

**Discussion of Combined Results of Operations for the fiscal years ended September 30, 2023 and 2024, and the nine months ended June 30, 2024 and 2025**

The following table sets forth our summarized combined statement of operations data for the fiscal years ended September 30, 2023 and 2024, and for the nine months ended June 30, 2024 and the 2025, and the percentage change between the respective periods:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Years Ended September 30** | **Fiscal Years Ended September 30** | **Fiscal Years Ended September 30** | **%<br> change** | **Nine months Ended June 30** | **Nine months Ended June 30** | **Nine months Ended June 30** | **%<br> change** |
|  | **2023** | **2024** | **2024** | **%<br> change** | **2024** | **2025** | **2025** | **%<br> change** |
|  | **S$** | **S$** | **US$** | | **S$** | **S$** | **US$** | |
|  Revenue | 12724573 | 13444958 | 10479000 | 5.7% | 9046840 | 9405715 | 7394773 | 4.0% |
|  Purchases and other direct costs | (1345490) | (1232985) | (960989) | 8.4% | (1028237) | (1031023) | (810590) | -0.3% |
|  Depreciation and amortization | (396806) | (690275) | (538000) | -74.0% | (589282) | (696560) | (547635) | -18.2% |
|  Employee benefits expenses | (5226801) | (5653103) | (4406028) | -8.2% | (4142872) | (3727187) | (2930314) | 10.0% |
|  Operating lease expenses | (1340354) | (1501508) | (1170275) | -12.0% | (1120151) | (1110385) | (872985) | 0.9% |
|  Other operating expenses | (1493673) | (1305802) | (1017742) | 12.6% | (923503) | (760409) | (597834) | 17.7% |
|  Income from operation | 2921449 | 3061285 | 2385966 | 4.8% | 1242795 | 2080151 | 1635415 | 67.4% |
|  Other income: |  |  |  |  |  |  |  |  |
|  Other income | 253415 | 360442 | 280928 | 42.2% | 301554 | 177699 | 139707 | -41.1% |
|  Finance cost |  |  |  |  |  |  |  |  |
|  Interest expenses | (31362) | (33502) | (26111) | -6.8% | (13594) | (10452) | (8217) | 23.1% |
|  Profit before tax expense | 3143502 | 3388225 | 2640783 | 7.8% | 1530755 | 2247398 | 1766905 | 46.8% |
|  Income tax expense | (364139) | (253043) | (197222) | 30.5% | (174671) | (158437) | (124563) | 9.3% |
|  **Net income** | 2779363 | 3135182 | 2443561 | 12.8% | 1356084 | 2088961 | 1642342 | 54.0% |

---

#### Revenue
Our revenue is derived from the provision of bio-regenerative treatments and medi-aesthetic treatments. While these two treatment categories are analyzed separately, it is essential to highlight that, in practice, they complement one another, driving enhanced outcomes through synergistic effects.

Our total revenue increased by 4.0% from S$9.0 million for the nine months ended June 30, 2024 to S$9.4 million (US$7.4 million) for the nine months ended June 30, 2025. This growth was primarily driven by stronger contributions from our bio-regenerative treatment packages, which remain a core component of our long-term growth strategy. In response to a more cautious economic climate, we are seeing a clear shift in consumer behavior. Customers are increasingly opting for more affordable treatment packages with a lower value, reflecting a growing preference for value-driven purchases. This trend is expected to continue shaping purchase patterns in the months ahead.

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Our total revenue increased by 5.7% from S$12.7 million for the fiscal year ended September 30, 2023 to S$13.4 million (US$10.5 million) for the fiscal year ended September 30, 2024. The increase was primarily due to the increased revenue contribution from a 29.8% increase in estimated customer visits, from 15,302 customer visits for the fiscal year ended September 30, 2023 to 19,864 customer visits for the fiscal year ended September 30, 2024, reflecting strong demand and effective customer engagement strategies. However, although the number of customer visits increased, this increase was partially offset by our more competitive pricing on the treatment packages. This competition was not only from new market entrants but also from the medi-aesthetics treatments segment when the price competition intensified.

Additionally, most science-backed aesthetics treatments approved by the Singapore Health Sciences Authority ("**HSA**") as medical equipment were introduced over six years ago (in 2018/2019) and are now in the mature phase of their product lifecycle, leading to diminishing contribution margins. As treatments mature, competition intensifies, and fixed costs associated with equipment become more significant. This highlights the need for greater sensitivity to the market dynamics and operational efficiency by offering more competitive pricing for the treatments. While the bio-regenerative treatment segment faces less competition, we are already positioned more strongly than our competitors given our market experience, allowing us to capture a growing share of the market.

#### Purchases and other direct costs
Our direct costs comprise both treatment ingredient costs, such as botox, dermal fillers, exosomes and clinical supplies such as gloves, sanitizers, disposable masks, and needles. While material costs vary across treatment types, treatment ingredients generally represent an insignificant portion of the overall sales price, especially for high-margin services.

Following a pandemic-induced pause, we have resumed capital investments, acquiring advanced equipment to support new treatment offerings such as EMFace Lift – a non-invasive facial rejuvenation procedure and Sylfirm-X Microneedle RF – a cutting-edge microneedling system combining RF energy with dual-wave technology for precise thermal stimulation. These treatments are designed to deliver revenue with minimal material input reinforcing our strategy to optimize margins.

Our purchases and other direct costs remained stable at S$1 million (US$0.8 million) for the nine months ended June 30, 2024 and 2025, despite an increase in total revenue. This reflects our strategic shift toward bio-regenerative treatments, which carry higher margins and require minimal material input.

The purchases and other direct costs decreased by approximately 8.4% from S$1.3 million for the fiscal year ended September 30, 2023 to approximately S$1.2 million (US$1.0 million) for the fiscal year ended September 30, 2024. The decrease was primarily because we sold and serviced a higher proportion of equipment-based energy treatments that did not require significant treatment ingredient consumption.

#### Depreciation and amortization expenses
Our capital expenditures investment resumed in late 2023, after being postponed or minimized following the pandemic. These capital expenditures align with our strategic growth initiatives and reinforce our commitment to delivering high-quality treatments through advanced technology. All equipment is depreciated on a straight-line basis over an expected useful life of seven years.

Depreciation expenses increased slightly by 18.2%, from S$0.6 million for the nine months ended June 30, 2024 to S$0.7 million (US$0.5 million) for the nine months ended June 30, 2025. This increase reflects our continued investment in operational infrastructure, including purchase of new equipment to support service expansion and innovation and upgrades and repairs of existing equipment to maintain performance and reliability.

Depreciation expenses increased by 74.0%, from approximately S$0.4 million for the fiscal year ended September 30, 2023, to S$0.7 million (US$0.5 million) for the fiscal year ended September 30, 2024. This increase was primarily due to acquisition of new equipment to support advanced treatment offerings and upgrades and repairs to existing equipment to enhance operational efficiency.

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#### Employee benefits expenses
Employee benefits expenses decreased by 10.0% from S$4.1 million for the nine months ended June 30, 2024 to S$3.7 million (US$2.9 million) for the nine months ended June 30, 2025. The decrease was primarily due to controlled headcount and optimized commission structures, aimed at improving cost efficiency while maintaining performance incentives.

Employee benefits expenses increased by 8.2% from S$5.2 million for the fiscal year ended September 30, 2023 to S$5.7 million (US$4.4 million) for the fiscal year ended September 30, 2024. Salaries, commissions and benefits to employees make up the largest proportion of the employment benefit expenses. The increase was primarily driven by a rise in staffing, from 57 employees as of September 30, 2023 to 67 employees as of September 30, 2024, to meet the growing demands of our clinic chain department and regional business development department.

On the other hand, our business is affected by the ongoing shortage of doctors, coupled with rising doctor fees and commission rates. To mitigate the impact of potential staff turnover and protect the interests of our business, we have implemented a non-compete clause in our contracts with doctors. This clause prevents them from working with our competitors for a specified period and within a defined region after leaving our employment, helping safeguard our proprietary knowledge and client relationships.

#### Operating lease expenses
Operating lease expenses comprise rental costs associated with our five clinics, office space and warehouses. The lease agreements are generally renewable every two to three years, subject to prevailing market conditions.

Operating lease expenses remained stable at S$1.1 million (US$0.9 million) for the nine months ended June 30, 2024 and 2025, as rental rates have been locked in for a two-year period.

In 2023 and 2024, we experienced a general increase in rental rates, particularly for clinic premises. Operating lease expenses increased by approximately 12% from approximately S$1.3 million for the fiscal year ended September 30, 2023 to approximately S$1.5 million (US$1.2 million) for the fiscal year ended September 30, 2024. Looking ahead, we anticipate further increases in rental lease amounts, driven by a gradual increase of general inflation cost, which may exert upward pressure on commercial rental costs.

#### Other operating expenses
Other operating expenses comprise general administrative costs, marketing expenses, and services expenses. Services expenses include clinic maintenance costs.

Other operating expenses decreased from S$1.0 million for the nine months ended June 30, 2024 to S$0.8 million (US$0.6 million) for the nine months ended June 30, 2025. This continued decrease underscores the effectiveness of the initiatives and measures introduced in 2024, which have helped streamline operations and reinforces financial discipline.

Other operating expenses decreased by 12.6% from S$1.5 million for the fiscal year ended September 30, 2023 to approximately S$1.3 million (US$1.0 million) for the fiscal year ended September 30, 2024. This decrease was primarily driven by enhanced cost controls, particularly in staffing and the implementation of cost-saving initiatives across operational functions.

#### Income from operations
Income from operations increased by 67.4% from S$1.2 million to S$2.0 million (US$1.6 million) for the nine months ended June 30, 2024 and 2025 and increased by 4.8% from S$3.0 million for the fiscal year ended September 30, 2023 to approximately S$3.1 million (US$2.4 million) for the fiscal year ended September 30, 2024. The increase was primarily due to better control of staffing expenses and increase in our revenue. Going forward, we expect our revenue to continue to grow from both bio-regenerative treatment and medi-aesthetics treatment segments but income from operations to be eroded by price competition and increase in cost of operation in general.

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#### Other income
Other income decreased by 41.1% from S$0.3 million for the nine months ended June 30, 2024 to S$0.2 million (US$0.1 million) for the nine months ended June 30, 2025. The decrease was primarily due to a non-recurring debt waiver recorded in the prior period. After a thorough reconciliation of outstanding payables, certain amounts were confirmed to be no longer valid and were written back, resulting in a one-time gain in other income for the nine months ended June 30, 2024.

Other income increased by 42.2% from S$0.3 million for the fiscal year ended September 30, 2023 to S$0.4 million (US$0.3 million) for the fiscal year ended September 30, 2024. The increase was primarily due to the increase in the interest income from bank deposits and increase in government grants.

#### Interest expense
Interest expense decreased by 23.1% from S$13,594 for the nine months ended June 30, 2024 to S$10,452 (US$8,217) for the nine months ended June 30, 2025. The decrease was primarily due to a reduction in working capital loan principal, which resulted in lower interest charges during the period.

Interest expense increased by 6.8% from S$31,362 for the fiscal year ended September 30, 2023 to S$33,502 (US$26,111) for the fiscal year ended September 30, 2024. The increase was primarily due to new hire purchase taken up.

#### Income tax expense
Income tax expense increased by 9.3% from S$174,671 for the nine months ended June 30, 2024 to S$158,437 (US$124,563) for the nine months ended June 30, 2025. The increase was primarily due to our increase in profit.

Income tax expense decreased by 30.5% from S$0.4 million for the fiscal year ended September 30, 2023 to S$0.3 million (US$0.2 million) for the fiscal year ended September 30, 2024. The decrease was primarily due to write back of over provision of prior year's income tax arising from tax rebate announced by the Singapore Government.

#### Net Profit After Tax
As a result of the foregoing, our net profit after tax increased by 54.0% from S$1.4 million for the nine months ended June 30, 2024 to S$2.1 million (US$1.6 million) for the nine months ended June 30, 2025. Our net profit after tax also increased by 12.8% from approximately S$2.8 million for the fiscal year ended September 30, 2023 to approximately S$3.1 million (US$2.4 million) for the fiscal year ended September 30, 2024.

#### Liquidity and Capital Resources
Since inception, we have financed our operations primarily through proceeds received from shareholder loan (see the section headed "*Index to Financial Statements*" in the prospectus for further details) and payments received from our customers. As of September 30, 2024 and June 30, 2025, our principal sources of liquidity were cash and cash equivalents of approximately S$1.7 million (US$1.3 million) and S$1.0 million (US$0.8 million), respectively.

We believe that our existing sources of liquidity, along with cash expected to be generated from sales and services, will be sufficient to fund our operations, anticipated capital expenditures, working capital and other financing requirements for at least the next twelve months from the issuance of the financial statements included elsewhere in this prospectus. In the event we are unable to achieve profitable operations in the near term, we may require additional equity and/or debt financing; however, we cannot provide assurance that such financing will be available to us on favorable terms, or at all.

Our primary uses of cash have been used in the furtherance of growing our business, development of operations, establishing our staffing and investment in our technology platform. The following trends are reasonably likely to result in a material decrease in our liquidity over the near to long term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A substantial increase in working capital requirements to finance our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Addition of administrative and professional personnel as our business continues to grow;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The preparatory costs for the offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payments for seeking and securing quality staffing personnel.

The following table presents a summary of our cash flow activity for the periods set forth below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Combined Statements of <br>Cash Flows Data:** | **Fiscal Years Ended September 30** | **Fiscal Years Ended September 30** | **Fiscal Years Ended September 30** | **%<br>Change** | **Nine Months Ended June 30** | **Nine Months Ended June 30** | **Nine Months Ended June 30** | **%<br> Change** |
|  **Combined Statements of <br>Cash Flows Data:** | **2023** | **2024** | **2024** | **%<br>Change** | **2024** | **2025** | **2025** | **%<br> Change** |
|  | **S$** | **S$** | **US$** |  | **S$** | **S$** | **US$** |  |
|  Net cash provided by operating activities | 2224293 | 2667256 | 2078859 | 19.9% | 2492221 | 730346 | 574199 | -70.7% |
|  Net cash used in investing activities | (949733) | (2682747) | (2090932) | -182.5% | (2492315) | (469316) | (368977) | 81.2% |
|  Net cash (used in)/provided by financing activities | (5156732) | 87923 | 68527 | 101.7% | (346546) | (957889) | (753093) | -176.4% |
|  **Total** | (3882172) | 72432 | 56454 | 101.9% | (346640) | (696859) | (547871) | -101.0% |

---

#### Cash Flow Activities for the fiscal years ended September 30, 2024 and 2023 and for the nine months ended June 30, 2024 and 2025

#### Net Cash Provided by Operating Activities
Net cash provided by operating activities decreased by 70.7% from S$2.5 million for the nine months ended June 30, 2024 to S$0.7 million (US$0.5 million) for the nine months ended June 30, 2025.

For the nine months ended June 30, 2025, we recognized net profit after income tax of S$2.1 million (US$1.6 million) adjusted for non-cash items which included operating lease expenses, depreciation of property and equipment and interest expenses totaling S$1.8 million (US$1.4 million). This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$3.2 million (US$2.5 million).

For the nine months ended June 30, 2024, we recognized net profit after income tax of S$1.4 million, adjusted for non-cash items which included operating lease expenses, depreciation of property and equipment and interest expenses totaling S$1.7 million. This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$0.6 million.

Net cash provided by operating activities increased by 19.9% from S$2.2 million for the fiscal year ended September 30, 2023, to S$2.7 million (US$2.0 million) for the fiscal year ended September 30, 2024.

For the fiscal year ended September 30, 2024, we recognized net profit after income tax of S$3.1 million (US$2.4 million) adjusted for non-cash items which included operating lease expenses, depreciation of property and equipment, plant and equipment written off, and interest expenses totaling S$2.2 million (US$1.7 million). This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$2.7 million (US$2.1 million).

For the fiscal year ended September 30, 2023, we recognized net profit after income tax of S$2.8 million, adjusted for non-cash items which included operating lease expenses, depreciation of property and equipment, loss on disposal of plant and equipment, and interest expenses totaling S$1.8 million. This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$2.3 million.

#### Net Cash Used in Investing Activities
Cash used in investing activities was S$0.5 million (US$0.4 million) and S$2.5 million for the nine months ended June 30, 2025 and 2024 and S$2.7 million (US$2.1 million) and S$0.9 million for the fiscal year ended September 30, 2024 and 2023 which primarily consisted of purchase of property and equipment.

#### Net Cash (Used in)/Provided by Financing Activities
Cash used in financing activities for the nine months ended June 30, 2025 and 2024 was S$1.0 million (US$0.8 million) and S$0.3 million, respectively, It primarily consisted of repayment of working capital loan of S$0.3 million (US$0.2 million), offering cost of S$1.1 million (US$0.8 million) and net advances from shareholders of S$0.5 million (US$0.4 million) for the nine months ended June 30, 2025. For the nine months ended June 30, 2024, it primarily consisted of dividend payment of S$0.3 million and repayment of working capital loan of S$0.3 million and net receipt from shareholders and director of S$0.3 million.

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Cash provided by financing activities for the fiscal year ended September 30, 2024 was S$87,923 (US$68,527) which primarily consisted of net receipts from shareholders of S$0.9 million (US$0.7 million), repayment of the working capital loan of S$0.4 million (US$0.3 million) and dividends of S$0.3 million (US$0.2 million).

Cash used in financing activities for the fiscal year ended September 30, 2023 was S$5.2 million, which primarily consisted of dividend payment of S$1.7 million, net advances to shareholders of S$2.9 million and repayment of working capital loan of S$0.5 million.

#### Off-Balance Sheet Arrangements
During the periods presented, we did not have, nor do we currently have, significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our shareholders.

#### Capital Expenditures
Our capital expenditures amounted to S$1.0 million and S$2.6 million (US$2.0 million) for the fiscal years ended September 30, 2024 and 2023, respectively and S$2.4 million and S$0.5 million (US$0.4 million) for the nine months ended June 30, 2024 and 2025. Our historical capital expenditure is primarily related to our equipment. We expect to continue to make capital expenditures to meet the expected growth in scale of our business and expect that cash generated from our operating activities and financing activities may be used to meet our capital expenditure needs in the foreseeable future.

#### Indebtedness
The following table shows the amount of our total consolidated short-term and long-term debt outstanding as of September 30, 2024 and 2023 and June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of June 30,** | **As of June 30,** |
|  | **2023** | **2024** | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** | **S$** | **US$** |
|  **Current maturities of long-term liabilities** |  |  |  |  |  |
|  Bank loans | **406480** | **383534** | **298926** | **97056** | **76305** |
|  **Long-term liabilities – net of current maturities** |  |  |  |  |  |
|  Bank loans | 396712 | 13246  | 10324  |  |  |
|  **Total** | **803192** | **396780** | **309250** | **97056** | **76305** |

---

The current loans from United Overseas Bank Limited are for our working capital. The interest is at 3% annually. We are not required to use the loan for other operational requirements.

#### Contractual Obligations and Commitments
The following table summarizes our contractual obligations and commitments as of September 30, 2024 and June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less than<br> 1 year** | **1 – 5 years** | **More than<br> 5 years** |
|  | **S$** | **S$** | **S$** | **S$** |
|  As of September 30, 2024 |  |  |  |  |
|  Bank loans | 396780 | 383534 | 13246 |  |
|  Lease liabilities | 2082468 | 1368803 | 713665 |  |
|  Operating lease commitments | 127605 | 54512 | 73093 |  |
|  **Total contractual obligations** | 2606853 | 1806849 | 800004 |  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less than<br> 1 year** | **1 – 5 years** | **More than<br> 5 years** |
|  | **S$** | **S$** | **S$** | **S$** |
|  As of June 30, 2025 |  |  |  |  |
|  Bank loans | 97056 | 97056 |  |  |
|  Lease liabilities | 1337247 | 936167 | 401080 |  |
|  Operating lease commitments | 89276 | 54512 | 34764 |  |
|  Finance lease commitments | 202405 | 94303 | 108102 |  |
|  **Total contractual obligations** | 1725984 | 1182038 | 543946 |  |

---

____________

**Notes**

#### Critical Accounting Policies and Estimates
Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. While our significant accounting policies are more fully described in Note 2 to the consolidated financial statements included elsewhere in this prospectus, we believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements.

*Income taxes*

We are currently subject to income taxes in Singapore. Our effective tax rates could be affected by numerous factors, such as changes in our business operations and reorganisations, investments, entry into new businesses and geographies, intercompany transactions, changes in the laws, regulations, administrative practices, principles, and interpretations related to tax.

We regularly assess the impact of any new tax regulations which affect our income tax provisions. The existing tax positions are derived on the basis where operating revenue and cost are recognized by the respective types of treatments and sub-specialization by doctors operating in 5 clinics. These operating revenue and cost are recorded across 15 individual entities. We have assessed that our organizational structure is in compliance with local regulations and whilst there are no ongoing audits nor investigations against the Company. Nonetheless, in the event where the local tax regulator disputes with the Company's current tax position, the final outcome of any tax audit could be materially different from our historical income tax provisions and accruals.

*Inventories*

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted average principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. The inventories primarily consist of consumables such as injectables, threads, fillers and consumable tips. Generally, these items are not held for sale but are essential in delivering the services to the customers.

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Although we do not resell these consumables, we evaluate our inventory for potential impairment or obsolescence at each reporting date. We assess their net realizable value by reference to their utility in delivering services, taking into account the likelihood of usage, expiry profiles, and market availability of substitutes. This assessment involves management judgment and includes consideration of factors such as anticipated future service volumes, shelf life and expiration dates, changes in treatment protocols, and regulatory developments.

Write-downs of inventory to net realizable value are recognized as a component of cost of services in the consolidated statements of operations. If actual conditions differ materially from our estimates and assumptions, we may be required to record additional write-downs or inventory-related charges, which could adversely affect our gross margin and operating results.

*Property and Equipment*

Property and equipment are stated at cost less accumulated depreciation and impairment losses, if any. We capitalize expenditures that materially increase the useful life or productivity of the related asset, while routine maintenance and repairs are charged to expense as incurred. The cost and related accumulated depreciation of assets that are sold, retired, or otherwise disposed of are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of operations and comprehensive income.

Depreciation is computed using the straight-line method over the estimated useful lives of the assets, or the lease term if shorter. The estimated useful lives of our property and equipment categories are as follows:

---

| | |
|:---|:---|
|  **Asset Category** | **Estimated Useful Life** |
|  Property | Remaining lease term of 63 years |
|  Clinic equipment | 7 years |
|  Clinic tools | 2 years |
|  IT equipment | 5 years |
|  Machine component | 5 years |
|  Furniture and fittings | 5 years |
|  Office equipment | 5 years |
|  Motor vehicles | 5 years |
|  Renovation | 5 years |

---

Management reviews the appropriateness of the estimated useful lives and residual values of property and equipment on an ongoing basis and adjusts them when facts and circumstances indicate a change is warranted. This assessment involves judgment and is based on a number of factors, including historical asset usage, expected future use, physical wear and tear, technological developments, and changes in business strategy or operations.

We also evaluate property and equipment for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such indicators exist, we assess the recoverability of the asset by comparing the carrying amount to the expected undiscounted future cash flows. If the carrying amount exceeds the estimated future cash flows, an impairment loss is recognized for the amount by which the carrying value exceeds the fair value.

Changes in the expected use of certain equipment, shifts in operational footprint, or cost-saving initiatives that reduce asset utility may trigger impairment or require revision of estimated useful lives. Any such adjustments could have a material effect on our depreciation expense and results of operations in the periods in which they are recognized.

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#### MARKET AND INDUSTRY DATA
We obtained the market and industry data in this prospectus from our own internal estimates and research as well as from industry and general publications and research, surveys and studies conducted by third parties. Industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third-party sources. Management's estimates are derived from publicly available information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. While we believe our internal company research as to such matters is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source. These data involve a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*". These and other factors could cause our future performance to differ materially from the assumptions and estimates made by the independent parties or us. We understand that the Company would be liable for the information included in this prospectus if any part of the information was incorrect, misleading or imprecise to a material extent.

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#### INDUSTRY OVERVIEW
This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well estimates by our management based on such data. None of these third parties are affiliated with us, and the information contained in this prospectus has not been reviewed or endorsed by any of them. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. Industry publications, research, surveys, studies, and forecasts generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "*Risk Factors*". These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

#### The Medi-Aesthetics Health Industries

#### Medi-aesthetics market has been growing and is projected to increase even more in the future.
Medi-aesthetics is a growing market. The APAC medi-aesthetics market is witnessing a significant trend toward non-surgical cosmetic procedures, driven by advancements in technology, minimal recovery times, and increasing consumer preference for less invasive treatments. The growth in the Singapore medi-aesthetics market is driven by the expanding presence of medical spas, dermatology clinics and cosmetic centers as primary service provider in the region, and a rising demand for anti-aging and skin rejuvenation treatments.

Driven by increasing disposable income, medical tourism and a strong regulatory framework, Singapore is a steadily growing, regional hub for medi-aesthetics medicine, with a high concentration of clinics offering advanced treatments. According to the Ministry of Health, the number of licensed providers offering aesthetics services increased at an average of about 40 a year between 2020 and 2023. By the end of 2023, there were over 700 licensed providers in Singapore providing aesthetic services, making up about 14.5% of all licensed healthcare, medical and dental service providers in Singapore (*https://www.channelnewsasia.com/today/ground*-up*/youths*-seniors-embracing-aesthetics-boom-4635091, accessed on July 3, 2025).

#### Shift toward non-invasive procedures
There has been a shift towards non-invasive medi-aesthetics procedures in recent years, driven by the growing demand for treatments that offer minimal downtime and deliver natural-looking results. Consumers are increasingly seeking aesthetic solutions that do not require extensive recovery time or surgical interventions, making non-invasive procedures more appealing. These treatments cater to individuals with busy lifestyles who want to enhance their appearance without the disruption of prolonged healing periods or visible signs of recovery.

Technological advancements in the field of medi-aesthetics have played a key role in this shift, offering more effective, less invasive alternatives to traditional surgical methods. Procedures such as botox, dermal fillers, chemical peels, laser therapies, and high-intensity focused ultrasound ("**HIFU**") (a non-invasive technology that uses concentrated ultrasound energy to heat targeted tissue layers deep beneath the skin, triggering collagen production and tissue tightening without damaging the surface) are gaining popularity due to their ability to deliver impressive results with minimal discomfort and very short downtime. These treatments are designed to target specific concerns such as wrinkles, skin texture, and volume loss, often requiring only a few days to a week for full recovery, compared to weeks or months associated with invasive surgeries.

The appeal of non-invasive treatments lies not only in their convenience but also in the natural-looking outcomes they provide. Customers are opting for subtle enhancements rather than dramatic changes, preferring results that refresh and rejuvenate their appearance without altering their facial features significantly. This trend reflects a broader cultural shift towards self-care and enhancing natural beauty, as individuals prioritize wellness and long-term skin health over more invasive, temporary solutions.

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#### There is a shift in demographic of those who seek medi-aesthetics and regenerative aesthetics procedures and these are markets with growth potential.
Traditionally, the medi-aesthetics market was one mainly targeted towards females and older individuals, but there is now a shift in the demographic, where more men and younger people are also seeking medi-aesthetic procedures and products. For younger people, 'prejuvenation' has been gaining popularity recently.

Key trends include increasing social acceptance of men investing in their appearance, with a 70% rise in men's aesthetics treatments since 2021, according to British College of Aesthetic Medicine (*https://www.pblmagazine.co.uk/news/mens*-aesthetic-treatments-see-70-increase, accessed on April 15, 2025). Men are particularly drawn to minimally invasive procedures that offer minimal downtime. Anti-aging treatments are a dominant segment, driven by concerns over visible signs of aging. Social media plays a significant role, with 74% of facial plastic surgeons reporting more patients seeking procedures to enhance their appearance in selfies and posts, according to American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS) (*https://www.aafprs.org/Media/Press_Releases/Selfies%20Endure%20February%2027,%202020.aspx*, accessed on April 15, 2025). Technological advancements, including AI-assisted body contouring and HIFU devices, are further fueling market growth. Changing perceptions of masculinity are encouraging men to explore a wider range of aesthetics treatments.

Additionally, there is a rise in tailored skincare and grooming products suited for men, and a focus on maintaining a youthful appearance in the competitive workforce.

According to Coherent Market Insights (2025), growth in the alopecia treatment hair loss market was driven by the high prevalence of androgenetic alopecia — condition characterized by progressive hair thinning and loss — in China, Japan and India, with a rising demand for organic and non-invasive treatments, such as an uptake of exosome serums and regenerative procedures. According to Spherical Insights (November 2024), 44% of Singaporeans cited hair loss as their top concern, with male pattern baldness affecting up to 63% of men. There is an increase in the uptake of advanced modern treatments such as platelet-rich plasma therapy, exosome-based serums, and laser treatments to treat hair loss (*https://www.sphericalinsights.com/reports/singapore*-alopecia-therapeutics-market, accessed on June 26, 2025).

These trends reflect a broader cultural shift towards self-care and beauty for men, challenging traditional masculinity and driving innovation in the male aesthetics market.

In 2022, 27% of US patients receiving botox were 34 or younger, compared with 21% in 2015, according to survey data from the American Academy of Facial Plastic and Reconstructive Surgery (*A Look Inside Gen Z's "prejuvenation" Habit*, *https://www.mckinsey.com/~/media/mckinsey/email/genz/2023/05/2023*-05-30b*.html*, accessed on April 15, 2025).

Prejuvenation, a proactive approach to skincare and anti-aging, is gaining popularity, particularly among younger generations like Millennials and Gen Z individuals, influenced by social media and who are taking a greater interest in beauty treatments and aesthetics procedures. According to Aesthetic Surgery Journal, many seek to maintain their youthful look, resulting in increasing interest towards prejuvenation. Key trends in prejuvenation include early intervention, with many starting preventative treatments in their 20s and 30s, before visible signs of aging appear. There is also a growing preference for non-invasive procedures such as neuromodulators (substances that alter nerve signal transmission, either by enhancing or inhibiting communication between neurons), dermal fillers, and laser treatments, which offer minimal downtime. Customized skincare routines, often incorporating sunscreen, antioxidants, retinoids (vitamin A-derived compounds that play a key role in regulating skin cell growth, differentiation and turnover), and moisturizers, are a core component of prejuvenation.

Prejuvenation focuses on a holistic approach, combining skincare, cosmetic procedures, and lifestyle factors to prevent aging signs. Technology-driven treatments like Clear + Brilliant lasers and Sofwave are gaining popularity, riding the trend of prejuvenation. According to Business Research Insight (2025), the global skin rejuvenation market, including prejuvenation, is expected to grow significantly, reaching US$4.02 billion by 2032. Prejuvenation focuses on achieving natural-looking results, subtly enhancing a youthful appearance without dramatic changes. Additionally, the use of antioxidants like vitamin C and niacinamide is becoming central to routines, and facial injectables are increasingly used preventatively, especially among those under 30.

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#### Regenerative Aesthetics Health Industry Overview
The regenerative aesthetics business is also a rising market. The market is propelled by an increasing demand for natural, minimally invasive solutions in skin rejuvenation. As awareness of regenerative medicine grows among consumers, there is a burgeoning market for exosome-based aesthetics products anticipated to expand swiftly, according to Insight Ace's Regenerative Aesthetics Exosome Products Market Top Players Analysis Report (2025).

In particular, APAC represents a significant portion of the global regenerative medicine market, and its growth rate surpasses the global average, highlighting the region's pivotal role in the future of regenerative medicine. According to Market Data Forecast (2024), the APAC market accounts for about 8.88% of the global regenerative medicine market as of 2024, accounting for US$2.86 billion out of US$32.19 billion.

#### Cell therapies are expected to lead the APAC regenerative medicine market
The Southeast Asian region is experiencing rapid growth in stem cell therapies, driven by increasing investments in healthcare infrastructure and heightened awareness of regenerative medicine. Countries such as Singapore, Malaysia, and Thailand are at the forefront of this growth, with significant advancements in stem cell research and clinical applications.

Singapore, with its robust biomedical sector and favorable regulatory environment, is emerging as a key hub for stem cell research and commercialization. The country's strong support for innovative medical technologies has made it an attractive destination for stem cell research and development. Similarly, Malaysia is contributing to the growth of the biopharma industry in Southeast Asia, playing a pivotal role in advancing global biopharmaceutical developments. Malaysia is also notable for being one of the first ASEAN countries to regulate cell and gene therapy products, which underscores its commitment to establishing a structured regulatory framework for these cutting-edge therapies.

As a result of these developments, Southeast Asia is expected to capture approximately 25% of the market share in the APAC stem cell therapies market, according to Credence Research (2024). The combination of regulatory support, healthcare advancements, and growing public awareness is positioning the region as a key player in the global regenerative medicine landscape.

#### Growing market for stem cell biotechnology
WJ-MSCs are gaining attention for their high proliferation rates, immunosuppressive (i.e. reducing immune activity) properties, and therapeutic potential. They are being used in medi-aesthetics treatments for skin rejuvenation, improving elasticity, reducing wrinkles, and enhancing texture by promoting collagen production. WJ-MSCs also aid in wound healing by accelerating closure, neovascularization (a process of formation of new blood vessels), and reducing inflammation.

In anti-aging treatments, WJ-MSCs protect against UV-induced damage and stimulate tissue regeneration. Their potential for hair restoration is being explored, focusing on stimulating hair follicle regeneration. Additionally, WJ-MSCs are showing promise in reducing scars and improving the appearance of existing ones. Research is highlighting the paracrine effects (the way cells communicate by releasing signalling molecules that act on nearby cells to influence their behavior without direct contact) of WJ-MSCs, which enhance healing through the secretion of bioactive molecules, and the use of WJ-MSC-derived exosomes as an alternative to direct cell therapy.

Combination therapies involving WJ-MSCs and technologies like decellularized amniotic membranes (membranes that are derived from the innermost layer of placenta) are being explored to improve skin treatments. However, regulatory challenges remain as many WJ-MSC treatments are still experimental. Despite this, WJ-MSCs have a better safety profile compared to adult-derived mesenchymal stem cells ("**MSCs**"), making them suitable for autologous (when cells, tissues, or biological materials are sourced from and used in the same individual) and allogeneic (when cells or tissues are sourced from a genetically different donor of the same species) transplantations. These trends highlight the growing potential of WJ-MSCs in medical aesthetics, with continued research needed for safe, effective clinical applications.

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*<u>*<u>Stem Cells</u>*</u>*

Stem cells are the foundation cells for every organ and tissue in our bodies. The highly specialized cells that make up these tissues originally came from an initial pool of stem cells formed shortly after fertilization. Throughout our lives, we continue to rely on stem cells to replace injured tissues and cells that are lost every day, such as those in our skin, hair, blood and the lining of our gut.

There are three main types of stem cells:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embryonic stem cells (ESCs): These are stem cells derived from the inner cell mass of a blastocyst (a stage of the embryo three to five days following fertilization and prior to implantation). ESCs are pluripotent, meaning they can differentiate into all cell types and organs, such as the heart, lung, skin, sperm, eggs and other tissues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adult stem cells (ASCs): These are undifferentiated cells found living within specific differentiated tissues in our bodies that can renew themselves or generate new cells that can replenish dead or damaged tissue. ASCs are multipotent, meaning they can differentiate into only a limited range of cell types. ASCs can be further classified based on their source: hematopoietic (blood) stem cells (the foundational cells in bone marrow (soft tissue found in the bones) responsible for producing all types of blood and immune cells), MSCs, neural stem cells (multipotent cells found in the brain and spinal cord that are currently being explored for aesthetics application, such as skin rejuvenation, by enhancing cellular communication and promoting collagen synthesis, etc.), epithelial stem cells (stem cells that continuously regenerate and maintain the epithelial barrier by producing new cells to replace those lost through wear or injury) and skin stem cells

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Induced pluripotent stem cells (iPSCs): These are non-reproductive (somatic) ASCs that have been reprogrammed genetically to assume a stem cell-like state (pluripotent state, which refers to the stem cell's ability to differentiate into nearly all cell types in the body, excluding only extra-embryonic tissues), offering a versatile platform for research and therapy.

*<u>*<u>Use of Stem Cells in Regenerative Medicine</u>*</u>*

Given their unique regenerative abilities, stem cells offer new potentials for treating diseases such as diabetes, leukemia and heart disease. Scientists are using stem cells in the laboratory to screen new drugs and to study and identify the causes of birth defects. Much work remains to be done to understand how to use these cells for cell-based therapies to treat disease, which is also referred to as regenerative or reparative medicine.

Some stem cells, such as the adult bone marrow or peripheral blood stem cells (stem cells that circulate in the bloodstream, which are being explored for regenerative therapy applications, such as reducing inflammation), have been used in clinical therapies for over 40 years, such as stem cell transplants for blood disorders such as leukemia and lymphoma, amongst many others. Other examples of stem cell therapies approved for clinical use include the use of ESCs to treat cartilage defects in the United States, MSCs, a type of ASCs, to treat spinal cord injury in Japan and hematopoietic stem cells, another type of ASCs, to treat graft-versus-host disease in Canada. Several therapies using neural stem cells to treat neuronal damage/disease are at the clinical trial stage. There were side effects accompanying these studies and further investigation is warranted. Although there is much research to be conducted in the future, these studies give us hope for the future of therapeutics with stem cell research.

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Below is a comparison of the pros and cons of using different types of stem cells — ASCs, ESCs and iPSCs — in stem cell technology:

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| | | | |
|:---|:---|:---|:---|
|  | **Adult Stem Cells (ASCs)** | **Embryonic Stem Cells (ESCs)** | **Induced Pluripotent <br>Stem Cells (iPSCs)** |
|  Pros | Trans differentiate and reprogramming of these cells is <u>possible</u> but is not well studied<br> Thought to be less likely to be rejected if used in transplants<br> Success has already been demonstrated in various clinical applications | Can maintain and grow for <br>1 year or more in culture<br> Established protocols for maintenance in culture<br> ESCs are pluripotent cells that can generate most cell types<br> By studying ESCs, more can be learned about the process of development | Abundant somatic cells of donor can be used<br> Issues of histocompatibility with donor/recipient transplants can be avoided<br> Very useful for drug development and developmental studies<br> Information learned from the "reprogramming" process may be transferable for *in vivo* therapies to reprogram damaged or diseased cells/tissues |
|  Cons | Limitations on ASC ability to differentiate are still uncertain; currently thought to be multi or unipotent. Cannot be grown for long periods of time in culture<br> Usually a very small number in each tissue making them difficult to find and purify Currently there is no technology available to generate large quantities of stem cells in culture | Process to generate ESC lines is inefficient<br> Unsure whether they would be rejected if used in transplants.<br> Therapies using ESC avenues are largely new and much more research and testing is needed<br> If used directly from the ESC undifferentiated culture prep for tissue transplants, they can cause tumors (teratomas) or cancer development | Methods for ensured reproducibility and maintenance, as differentiated tissues are not certain.<br> Viruses are currently used to introduce embryonic genes and has been shown to cause cancers in mouse studies |
|  Ethical Concerns | No major ethical concerns have been raised | To acquire the inner cell mass the embryo is destroyed <br> Risk to female donors being consented | iPS cells have the potential to become embryos if exposed to the right conditions |

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*Source: University of Nebraska Medical Center, https://www.unmc.edu/stemcells/stemcells/, accessed on 1 April 2025*

*<u>*<u>Use of MSCs in Aesthetic Treatments</u>*</u>*

MSCs are non-haematopoietic (do not originate from the blood-forming lineage), multipotent stem cells with the capacity to differentiate into mesodermal lineage (which is essential in regeneration and aesthetic skin and hair treatments). They are a type of ASCs and usually reside in the bone marrow stroma (the supportive tissues within the bone marrow to support blood cell production), and to a lesser extent, in adipose (specialized connective tissue composed mainly of fat-storing cells), liver, spleen, peripheral blood, umbilical cord blood, and other mesenchymal tissues. There are several types of MSCs according to their location in the body and their origin, including those found in the bone marrow (BM-MSCs), adipose tissue, commonly known as body fat (AT-MSCs) and from umbilical cord (WJ-MSCs).

MSCs are a critical raw material for many regenerative medicine products, including cell-based therapies, engineered tissues, or aesthetic treatments and products. MSCs modulate the host immune systems by secreting various trophic (or growth) factors. Studies have shown that they can reduce inflammation, promote angiogenesis (formation of new blood vessels), and prevent apoptosis (programmed cell death) and fibrosis (excessive tissue repair leading to

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scar tissue). Additionally, they stimulate local stem cells to develop new tissue. Animal experiments have confirmed that intracutaneous injection (a technique that delivers small doses of active ingredients directly into the skin) of stem cells or smearing stem cell culture medium outside the skin can stimulate hair follicle growth. Other possible uses include wrinkle removal (through improving the synthesis speed and number of fibroblasts (essential connective tissue cells responsible for producing and maintaining the extracellular matrix, particularly collagen and elastin, which give skin its strength and elasticity)) and skin whitening (through inhibiting enzymes that contribute to the generation of melanin (natural pigment produced in the skin, hair, and eyes, playing a vital role in determining color and protecting tissues from harmful ultraviolet (UV) radiation)).

We utilize WJ-MSCs sourced from umbilical cord instead of other MSCs sourced from bone marrow or fat as WJ-MSCs can be collected non-invasively and ethically from the umbilical cord which is typically discarded as medical waste after childbirth. AT-MSCs and BM-MSCS are collected typically through liposuction and bone marrow aspiration, respectively, which are invasive procedures. Compared to MSCs sourced from bone marrow or fat, WJ-MSCs are younger, exhibit higher growth potential and demonstrate a lower risk of immune rejection. They are also biologically distinct from other MSCs in their youthful profile and strong regenerative signaling through a richer mix of biological signals. (*Human Vaccines & Immunotherapeutics, 2016*) Secretome in WJ-MSCs are particularly rich in growth factors, cytokines (small proteins secreted by cells that act as messengers to regulate immune responses, inflammation, and tissue repair) and extracellular vesicles, and increasingly used in cell-free therapies to rejuvenate skin, reduce inflammation and promote scarless healing. Its high proliferation rate and low immunogenicity places WJ-MSCs at the forefront of next-generation regenerative and aesthetics application. (*Frontiers in Cell and Developmental Biology, 2023*)

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*Source: Stem Cells Therapy Malaysia, https://www.facebook.com/100047209814359/posts/1158034169113566/?mibextid=rS40aB7S9Ucbxw6v, accessed on 1 April 2025.*

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#### OUR LICENSED STEM CELL TECHNOLOGIES

#### Overview
This section describes the patents licensed to us by Supergenics, a related party of the Company, under the License Agreement. We do not engage in scientific research and have limited knowledge and experience in the underlying science of the Licensed Technologies. Achieving the commercial objectives described below would require the support of Supergenics, as the use of the Licensed Technologies in our range of target products and treatment ingredients would entail tacit knowledge and know-how accumulated during the development stage of the patents. Further, scientific and technological advancement in the use of stem cells for aesthetic and therapeutic purposes is complex, and the effectiveness of many of these procedures and products have not been conclusively proven. Stem cell technology involves the use of therapeutic tools developed by modifying and engineering stem cells for a variety of applications in the health industry, ranging from regenerative medicine to drug discovery. It is a key area within biotechnology, a field that uses living organisms, cells, and biological processes to develop products and technologies for various applications, particularly in areas like health, agriculture, industry, and environmental management.

On August 18, 2024, Supergenics, a related party, granted us a license to use the Licensed Technologies in the APAC region. Pursuant to the License Agreement, we have an exclusive license to use two patents owned by Supergenics, along with one patent filed in 2024 pending grant issuance. For more information, please refer to the section titled "*Business — Our Future Business Activities*" below.

All Malaysia patents are filed and protected under the Patent Cooperation Treaty (PCT). We are able to seek patent protection in 158 countries, including Malaysia, by filing a single international patent application.

#### Our Licensed Stem Cell Technologies
The three licenses (one awaiting grant issuance in 2030) give us the know-how and legal right to identify stem cells and to extract and proliferate MJ-MSC.

#### Stem Cell Gene Testing: Identification of Stem Cells

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| | | |
|:---|:---|:---|
|  **Patent Number** | **Country** | **Invention and Application** |
|  MY-172477-A<br> (November 26, 2019) | Malaysia | **Characteristics Stem Cell Gene Testing — Stemness Gene Detection and methods thereof**.<br> "Stemness" refers to the unique features that distinguish stem cells from differentiated cells, including their ability to self-renew and differentiate into various cell types.<br> This patented technology plays a pivotal role in advancing regenerative medicine by optimizing stem cell cultivation processes, ensuring precision in gene detection, facilitating personalized treatments, integrating with other innovative techniques, and enhancing therapeutic effectiveness for a range of diseases. |

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We believe the license, when coupled with additional research and development support from Supergenics, would enable us to introduce the following aesthetics treatments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Skin Rejuvenation*: By identifying stemness genes, bio-regenerative aesthetics treatments can be tailored to enhance the regenerative capacity of skin cells, promoting youthful and healthier skin. This could involve using stem cell-derived products like secretome and exosomes, or stimulating the body's own stem cells. Cell secretome is a set of molecules that cells secrete into their surrounding environment. It functions as a "communication system", allowing cells to interact with and influence other cells. Secretome contains various components, such as proteins, growth factors and exosomes. Exosomes are tiny, membrane-bound vesicles, it functions as a "messenger" and carries proteins and other molecules between cells.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Wound Healing and Scar Reduction*: Stemness genes detection can guide therapies that accelerate wound healing and minimize scarring, which is particularly valuable in aesthetic procedures like laser treatments or surgeries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Hair Restoration*: Understanding stemness genes can improve treatments for hair loss by targeting the regenerative potential of hair follicle stem cells.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Anti*-Aging *Therapies*: Stem cell-based anti-aging treatments can be refined using insights from stemness gene detection, focusing on reversing cellular aging processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Bio*-cosmeceutical *products*: Stemness application is a powerful tool to incorporate into the product development process so our in-house manufacturer can ensure the quality, safety, consistency and efficacy of bio-cosmeceutical products.

***Angiogensis: Extraction of Ingredients from WJ***-MSCs

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| | | |
|:---|:---|:---|
|  **Patent Number** | **Country** | **Invention and Application** |
|  MY-184228-A<br> (March 29, 2021) | Malaysia | **Angiogenesis — A method & kit for determining the expression level of Angiogenic and Endogenic genes**.<br> "Angiogenesis" is a biological process that involves the growth of new blood vessels from existing ones. It is crucial for various physiological processes, including wound healing and tissue repair, as well as in pathological conditions like cancer.<br> This patented technology facilitates the development of targeted therapeutic treatments to stimulate angiogenesis, promoting the regeneration of new blood vessels and the healing & repair of ischemic tissues. |

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WJ-MSCs are naturally endowed with properties that promote angiogenesis by secreting cytokines and growth factors and angiopoietins (a family of regenerative proteins that support angiogenesis). As angiogenesis is a cornerstone of tissue repair and rejuvenation, we believe the license, when coupled with additional research and development support from Supergenics, would enable us to introduce the following aesthetics treatments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Personalized Skin Rejuvenation*: For treatments aimed at skin rejuvenation, ensuring a high angiogenic potential through this patented technology allows for the treated area to receive improved vascular support, leading to better collagen synthesis and overall skin revitalization, which is crucial for reducing fine lines, wrinkles, and hypertrophic scarring (a raised scar caused by excess collagen during wound healing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Scar Revision and Wound Healing*: For treatments designed to minimize scars or accelerate wound healing, such as post-laser therapy or post-surgical applications, enhanced angiogenesis facilitates more effective tissue remodelling, an increased blood flow supplies essential nutrients and growth factors that significantly improve healing outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Hair Restoration and Follicular (small, sac*-like *structures in the body) Health*: For hair restoration treatments, a healthy microvasculature (comprising the smallest blood vessels in the body) is crucial for delivering oxygen and nutrients at a cellular level, essential for hair growth. By applying WJ-MSCs, which release vascular endothelial growth factor (in which endothelial cells form the inner lining of blood vessels and play a critical role in maintaining vascular health by regulating blood flow, nutrient exchange, and immune responses), it exhibits strong angiogenic gene expression. Vascular endothelial growth factor is a key factor for angiogenesis, improving blood flow to deliver more oxygen and nutrients to the hair scalp. By applying WJ-MSCs, doctors can enhance microvascular function and blood circulation, stimulate hair follicle regeneration and support healthier hair growth cycles. (Stem Cell Research and Therapy (2022) and National Library of Medicine (2013)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Bio*-cosmeceutical *products*: Through our patented technology, we are able to derive a secretome from cells with robust angiogenic and endothelial gene expression, which is rich in growth factors which boost collagen production and improve blood flow, and cytokines and exosomes that reduce inflammation, stimulate tissue repair, and promote angiogenesis. The purified secretome can be incorporated into serums, creams, or lotions. These bio-cosmeceutical products are designed to deliver the bioactive ingredients deep into the skin, where they can stimulate angiogenesis, improve microcirculation, and boost collagen synthesis.

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***High yield clinical grade WJ***-MSC ***Culture: Proliferation of MSCs***

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| | | |
|:---|:---|:---|
|  **Patent Number** | **Country** | **Invention and Application** |
|  P12024002799<br> (Await grant issuance in 2030) | Malaysia | **High**-yield **clinical grade WJ**-MSC **culture** — a method of cultivating WJ-MSCs that maximizes the quantity and quality of stem cells harvested, crucial for ensuring sufficient cell quantities for effective clinical treatments<br> This patented technology enables us to achieve a stem cell count of up to 200 million, with a live cell viability exceeding 90%. |

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High-yield clinical grade WJ-MSC culture represents an advanced, scalable platform for harnessing the regenerative power of these cells. Supergenics Berhad is one of the few companies in Malaysia that is authorized by the Ministry of Health Malaysia to access umbilical cords (biological waste) strictly through donations by mothers for the cultivation of WJ-MSCs.

We believe the license, when coupled with additional research and development support from Supergenics, would enable us to introduce the following aesthetics treatments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Skin Rejuvenation and Anti*-Aging: By injecting WJ-MSCs directly into targeted facial areas, it can stimulate dermal renewal. Their secreted factors help boost collagen production, smooth fine lines, and improve overall skin texture. The use of the cell secretome (also known as conditioned media) derived from WJ-MSCs offers a non-cellular approach. Notably, the cell secretome collected from stem cells stimulates collagen production and improves skin hydration, texture and elasticity. It can be administered topically or through methods such as microneedling and injectables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Scar Revision and Wound Healing*: In post-procedural applications, such as after laser treatments or surgical interventions, WJ-MSCs can be applied to promote faster tissue recovery, reduce inflammation, and minimize scarring by enhancing natural wound healing mechanisms. Their role in promoting angiogenesis also ensures that the treated area receives improved blood flow, essential for nutrient delivery and efficient remodeling of scar tissue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Hair Restoration*: The paracrine effects of WJ-MSCs (where cells communicate with and influence nearby cells by releasing signaling molecules into the surrounding tissue) can stimulate the microenvironment around hair follicles, potentially improving blood circulation and fostering conditions that may reactivate dormant follicles for hair regrowth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Bio*-Cosmeceuticals: This patented application offers an innovative and scientifically sound foundation for developing bio-cosmeceutical products like exosomes. By leveraging the cells' secretome — a treasure trove of regeneration-promoting bioactive molecules — formulated products can deliver natural anti-aging, skin rejuvenation, and repair benefits without resorting to synthetic chemicals or invasive procedures. This approach not only elevates the effectiveness of beauty products but aligns with a broader trend toward regenerative, nature-inspired skincare.

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#### BUSINESS

#### Overview
Established in Singapore in 2009, we are a customer-centric, science-backed aesthetics services provider. We prioritize delivering an unparalleled, premium experience for our customers by emphasizing safety, privacy and patient comfort. In addition to the market's prevailing medi-aesthetics treatments, our suite of science-backed aesthetics services also includes bio-regenerative treatments and other advanced therapies. Our services are rendered through five strategically located clinics staffed by experienced doctors and equipped with advanced medical devices. Our mission is to elevate the overall well-being of our customers by offering personalized anti-aging and longevity healthcare and aesthetics solutions. In the 16 years since the commencement of our business, we have served more than 300,000 customers. For the fiscal years ended September 30, 2023 and 2024, we recorded net income of S$2,779,363 and S$3,135,182 (US$2,443,561), respectively. Our operating cash flow in the same periods were S$2,224,293 and S$2,667,256 (US$2,078,859), respectively. For the nine months ended June 30, 2024 and 2025, we recorded net income of S$1,356,084 and S$2,088,961 (US$1,642,342), respectively. Our operating cash flow in the same periods were S$2,492,221 and S$695,120 (US$546,504), respectively.

We offer a broad range of non-surgical, minimally invasive treatments to our customers in our clinics. The technological concept, procedures and equipment used to administer such treatments are carefully selected by our experienced doctors. Our treatments are designed based on scientific evidence and delivered by personnel with medical knowledge, training and experience.

Our services can be classified into two categories: bio-regenerative treatments and medi-aesthetics treatments. Bio-regenerative treatments are generally marketed as aesthetics solutions at the forefront of our industry. They are grounded on the skin's natural ability to regenerate and repair itself through the use of natural bio-cosmeceutical products, such as plant-based exosomes and stem cells, as skin boosters. Medi-aesthetics treatments are solutions delivered through the use of technologies that are regarded as the industry norm, including non-invasive procedures of laser and other energy treatments and minimally invasive procedures using botox and other chemical ingredients.

For the fiscal years ended September 30, 2023 and 2024 and the nine months ended June 30, 2024 and 2025, we derived 39.2%, 43.0%, 34.0% and 35.0% of our revenue from bio-regenerative treatments, and 60.8%, 57.0%, 66.0% and 65.0% of our revenue from medi-aesthetics treatments, respectively.

2023 marked a pivotal milestone for us. In early 2023, we started building a strategic partnership with Supergenics Berhad, a life science and biotechnology company listed on the Malaysia stock exchange. Their commitment to innovation is exemplified by their science-backed, proprietary methods and patents in stem cell technology, which includes high-yield culture of WJ-MSCs. In August 2024, Supergenics and us formally established a synergetic science-meets-beauty alliance by entering into the License Agreement. Pursuant to the License Agreement, we have an exclusive license to use two already granted patents owned by Supergenics and one patent filed in 2024 which is pending grant issuance. The license gives us the exclusive regional right in the APAC region, including the option to grant sublicenses, to develop our own commercial products and services using Supergenics' patented CGTPs. For more information, please refer to the section titled "*Business* — *Our Future Business Activities*" below.

We believe the partnership will give us a competitive advantage in the science-backed aesthetics market. The use of proprietary patented technologies in bio-regenerative treatments will give us a vertically integrated bio-cosmeceutical platform in the market. Our strategy is to leverage the business alliance in the development of a range of anti-aging and longevity solutions unique in the APAC region with the support of Supergenics' research team.

We are managed by practitioners with relevant professional knowledge and experience in our field. Our management is supported by a talented pool of skilled cell-based experts, scientists and biomedical professionals. We have also recruited professionals with strong marketing experience and business development acumen to react to changing market demands. We aim to further strengthen our brand by introducing new bio-regenerative aesthetics treatments and products from time to time consisting of biotech ingredients that are grounded on patented elevated efficacy at clinically tested concentrations.

Our growth strategy is to expand our business in the bio-regenerative market through innovation. We will seek to distinguish ourselves from competitors in this market using proprietary technologies developed by our exclusive business partner, Supergenics, who has granted us a license to use the Licensed Technologies in the APAC region.

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Our goal is to build a unique brand for the business by positioning ourselves as an engineer capable of converting new bio-cosmeceutical technologies into a broad range of transformative, sustainable, and effective aesthetic solutions catered to different demographic groups. We will also seek to expand our geographical footprint to other countries in the APAC region through internal growth, strategic partnerships and acquisitions.

#### Our Competitive Strengths

#### We are a " one-stop shop" capable of offering tailor-made , science-backed aesthetics solutions.
We position ourselves as a customer-centric, science-backed aesthetics service provider with a comprehensive range of non-surgical, minimally invasive solutions catered to the needs of a broad range of customers. We prioritize delivering an unparalleled, premium experience for our customers by emphasizing safety, privacy and patient comfort. Our commitment ensures that every customer feels valued and at ease throughout their treatment journey at our clinics. In addition to the market's prevailing medi-aesthetics treatments, our suite of science-backed aesthetics services also includes bio-regenerative treatments and other advanced therapies. Our treatments are administered by licensed doctors and supported by cutting-edge technologies. We continually update our offerings to reflect the latest innovations in the medi-aesthetics field, such that our customers can receive the most effective treatments available. Our customers can construct their personalized aesthetics solutions by selecting and combining different treatments and schedule the timing and frequency of the treatments selected. We are currently offering more than 100 skin, face, body and hair treatments and a small selection of in-house and externally sourced skincare products designed to enhance the results of our treatments, such that customers have the tools to maintain their skincare and wellness at home.

Our mission is to elevate the overall well-being of our customers through personalized holistic solutions based on customer-specific medical findings and science-backed technologies. The holistic integration of medical expertise and aesthetics signifies a transformative shift toward personalized healing from within, transcending mere superficial aesthetics to embrace genuine rejuvenation.

#### Our network of clinics is spread out in different areas of Singapore, each selected for the convenience of customers with different profiles and habits.
Our five clinics are located in different areas in Singapore, ranging from shopping and business districts to the more populated residential areas. All clinics are within short walks from major transport nodes. Our clinic at the Scotts Medical Centre is located in Singapore's main shopping district for the convenience of tourists and the general public. Our clinic at One Raffles Place is located in Singapore's central business district for the convenience of professionals and office workers. Our clinic at Novena Medical Centre is located in a prime residential area in the center of Singapore. Our clinic at the Heartland Mall is located in Kovan, a vibrant residential area in the center of Singapore. Our clinic at the Westgate Mall is located in the west part of Singapore for the convenience of government employees and hospital staff. Our Heartland Mall and Westgate Mall locations were selected to facilitate customers living in rural zones scattered across Singapore.

#### Many of our innovative treatments are developed using technologies in the early phase of their life cycle.
The science-backed aesthetics market is characterized by rapid technological advancements and breakthroughs. We are committed to staying at the forefront of the market by embracing the latest medical technologies. Our medical personnel are closely involved in our development of new treatments and improvements on the effectiveness and quality of existing treatments. As science advances, we are seeing an agreeable paradigm shift across the sector, integrating regenerative medicine principles into aesthetics practices. This is reshaping the aesthetics landscape, offering innovative solutions that extend beyond solely cosmetic enhancements. We embrace new technologies in the aesthetics field and are proactive in the adoption of such technologies in treatments of different nature.

#### We have a proven track record in the quality of our services.
Our business is conducted under the ClearSK trade name. We believe the ClearSK brand is well known and with a good reputation in the science-backed aesthetics market. We have won multiple awards, including the Winner of the Singapore Prestige Brand Award for Promising Brands. For more information, please refer to the section titled "*Business — Our History*" below.

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Our 16 years of experience in the aesthetics industry has made us more sensitive to customer needs. We place strong emphasis on our respect for customer values, needs and preferences and our delivery of effective and quality services to customers. Our clinics are designed to create an upmarket atmosphere and a soothing environment for customers' comfort. A substantial portion of our equipment and materials used in our clinics are sourced from the US, Europe and Korea. Our employment of doctors and other medical professionals also account for our customers' confidence in us, such that they entrust us to enhance their well beings and pursuit of their aesthetic goals.

#### Our management consists of experienced professionals with different career backgrounds.
Our management team possesses extensive experience and technical expertise in the areas they are responsible, as well as business relationships with leaders in the aesthetics industry. Our chief executive officer since 2022, Mr. Wong, is a veteran in corporate finance, restructuring and initial public offerings, including the listings of small and mid-sized companies on the Catalist board of the Singapore Stock Exchange. He is primarily responsible for the development of business strategies and management of relationships with key stakeholders. Our deputy chief executive officer, Mr. Then, has more than 16 years of experience in the aesthetics industry. He is primarily responsible for strategic planning and execution and operational matters. Our Chief Medical Officer, Dr. Shiau has more than 16 years of medical experience in the industry. They are primarily responsible for overseeing the quality of our services, including the review of the contents of our wide range of treatments for safety and effectiveness and selection of the relevant equipment. All of the doctors employed by us are licensed and accredited by the MOH in Singapore and have extensive medical experience in this area. Our therapists are subject to stringent training protocols and their performance are reviewed regularly. We offer on-the-job and external training to our medical professionals, so that they are kept abreast on the latest techniques and technologies in our market.

#### Our Growth Strategies

#### We will focus on the development, production and distribution of treatments and products using the patented cell-based bio-cosmeceutical technologies licensed to us.
We have an exclusive APAC regional right to use two patents owned by Supergenics, along with one patent filed in 2024 pending grant issuance held by our business partner Supergenics under the License Agreement. Upon completion of this offering, we intend to leverage these licensed stem cell technologies under the License Agreement to broaden the variety and bolster the effectiveness of our service offerings and develop our own branded products. We are in the early stages of exploring and evaluating potential product formats and service modalities, including stem cell drips and topical applications. The first series of our branded products will consist of bio-enabled, cosmetic science skin care products containing secretomes and exosomes. These ingredients are recognized in the aesthetics industry for their power of skin regeneration, which could reduce wrinkles, improve skin elasticity, foster the growth of anti-inflammatory molecules, enhance collagen production, reduce oxidative stress and improve skin hydration.

We believe that our exclusive partnership with Supergenics places us at the forefront of regenerative aesthetics. The alliance has given us a vertically integrated platform for our direct access to advanced cell-based biologics expertise. Access to technical data and other knowledge will accelerate our development of effective and reliable treatments, enhance the efficiency of our operations, and increase our innovation capability, all of which could distinguish us from our competitors.

By incorporating stem cell-based innovations, we are able to apply a scientific approach to create advanced regenerative skincare and aesthetics treatments that promote skin regeneration, repair, and rejuvenation at a cellular level. By applying the patents under the License Agreement, we intend to develop and introduce efficacious and high-quality regenerative treatments and products. These treatments and products will be designed to serve one or more functions, such as hair growth, skin care and natural body healing.

Currently we expect to launch our first product, an enhanced product of ShineExo, after the offering. ShineExo is developed by Supergenics using "Characteristics Stem Cell Gene Testing — Stemness Gene Detection and methods thereof" (MY172477A), one of the patents under the License Agreement, it is one of Supergenic's CGTPs where we can develop our own commercial products. This patent outlines a method to assess stem cell quality by measuring gene expression linked to stemness, which enables the selection of highly regenerative stem cells, leading to enhanced exosome production. These exosomes, rich in bioactive molecules, are ideal for therapeutic and cosmetic applications. ShineExo is a secretome and exosome-based product designed for use in skin treatments with skin restoration effects.

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It has been approved by the HSA on December 27, 2024 for market sales. ShineExo is currently designed as a serum for topical application, we intend to explore other potential product formats and service modalities to enhance the effects of the active ingredients before launching the product under the existing ShineExo brand, or our own proprietary brand.

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#### We will monitor technological developments and incorporate suitable ones, such as artificial intelligence, into our IT infrastructure.
We are conscious of the importance of technology in the science-backed aesthetics market. We are also planning to adopt more artificial intelligence ("**AI**") tools in consultation sessions, such as visual simulation of potential treatments and real-time skin analysis. Such AI tools could provide customers with additional information on their purchase and doctors with more data to design personalized treatment plans.

We plan to further improve operational quality and capabilities through the adoption of digitalized technology and the upgrade of our software infrastructure. By integrating state-of-the-art software solutions, automation tools, and data-driven technologies, we can streamline processes, reduce operational inefficiencies, and provide a seamless experience for both employees and customers. Upgrading our IT infrastructure will allow us to enhance system reliability, ensure data security, and enable real-time tracking and analytics, which will drive smarter decision-making. Additionally, by leveraging technologies such as AI and machine learning, we can offer personalized services and anticipate customer needs more effectively. These technological advancements, combined with the expertise of our highly trained personnel, will create a solid foundation for improving service delivery, optimizing operational workflows, and ultimately achieving long-term success in an increasingly competitive market.

#### We will expand into other countries in the APAC region in the mid to long run.
One of our goals is to become a standard-setting engineer of innovative regenerative cell therapies in Asia Pacific. As part of our strategy to accomplish this goal, it is our mid to long term plan to expand our business operations in Singapore and other Asia Pacific regions. We adhere to the principle of using a science-forward, biotech-centric approach to improve the quality of aesthetic outcomes by harnessing the body's natural repair mechanisms. We believe our principle is in line with Asian cultures and will help us foster long-term relationships with customers and healthcare providers.

We plan to grow internally by establishing new clinics outside Singapore. We are also preliminarily evaluating the feasibility of entering into comparable markets in Indonesia, Malaysia, Thailand and Vietnam through strategic partnerships with local service providers. Our evaluation efforts include conducting early-stage market research in these countries. As of the date of this prospectus, no definitive arrangements or material expansion plans have been established. We believe that our track record of providing effective solutions and quality services will be the foundation of our expansion strategy in APAC.

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We are open to business expansion through suitable strategic acquisitions and joint venture partnerships with prospective business partners. Depending on available opportunities, feasibility of such strategy, and market conditions, we will leverage our business network to explore strategic acquisition and joint venture opportunities with companies in complementary businesses. This includes acquiring companies that already have an established brand and a track record of offering science-backed aesthetics treatments that are safe and effective. When evaluating such opportunities, we will consider factors such as the acquisition of capabilities, skills, technology, and/or operational processes synergistic to our business. Where suitable opportunities present themselves, we may franchise or sub-license our network of clinics through business partners.

#### We will monitor and respond to market trends by developing services and products catered to new demographic groups
Many of our treatments and products can be modified to cater to other customer groups. For example, to capture the increasing market demand for services and products designed to improve individual well beings and slow down ageing, we are evaluating the commercial viability of offering medical assessments on body functions as a top-up service or a stand-alone clinical consultation service.

We believe having a diversified customer base could strengthen our brand and protect our market position. We seek to broaden the range of our service offerings and capture new market segments by focusing on two key growth areas: younger customers and male customers. Between 2022 and 2024, we observed a significant demographic shift in our customer base toward younger age groups. The share of customers aged 25 to 34 increased from 14% to 20%, and those aged 35 to 44 rose from 27% to 31%. Together, these groups constituted 51% of our total customer base, up from 41% in 2022. In contrast, older age segments declined, with customers aged 45 to 54 dropped from 33% to 30%, while those aged 55 and above decreased from 20% to 15%. The youngest group, aged under 25, declined slightly from 6% to 4%. Overall, these changes reflect our strategy to attract a younger audience and diversify our market presence. To capture the rapidly growing "pre-juvenation" market trend, a concept emphasizing the importance of preventing signs of aging before they manifest, we will consider developing skincare products and aesthetics treatments for the younger generation, especially individuals who are conscious of their appearances.

As societal gender norms evolve and more men embrace self-care and grooming, we understand that there is an increasing market demand for services tailored specifically to their needs. Between 2022 and 2024, while our customer base remained predominantly female, the proportion of male customers increased modestly. Female customers declined slightly from 96% in 2022 to 93% in 2024, while male customers grew from 4% to 7%. This rise indicates initial traction in our efforts to engage the male segment. To capture opportunities in the male aesthetics market, we seek to modify and develop new services and products, such as skincare products and aesthetics treatments designed for men's skin and body types, and new marketing language that resonates with male customers. By refining our services to be more inclusive and targeted, we intend to effectively capture a larger share of the male demographic, which is becoming an increasingly important part of the beauty and wellness market.

#### We will continue to invest in talents.
We recognize that attracting and retaining experienced personnel is a key pillar in delivering exceptional service. Our goal is to maintain a dedicated team of skilled professionals who are committed to providing top-tier service. To maintain our market position in the competitive aesthetics industry, we will continue our investments in our medical professionals, therapists and staff in three main areas. First, we will continue our recruitment efforts by offering competitive compensation packages, comprehensive training programs, and opportunities for career advancement. Second, we will foster a positive work environment that prioritizes employee satisfaction and development, Third, we will actively work on enhancing our company culture to ensure that our employees feel valued and motivated.

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#### Our History
The summary of milestones in our operational history is set out below:

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| | |
|:---|:---|
|  **Year** | **Milestone** |
| 2009 | Opening ClearSK first aesthetic medical clinic at Toa Payoh |
|  | Opening ClearSK first body specialist center at Novena Medical Centre |
| 2010 | Opening ClearSK first mall retail aesthetic clinic at Orchard Central (relocated to expanded premises at Scotts Medical Center in 2015) |
| 2013 | Awarded Singapore Prestige Brand Award ("**SPBA**") under the Promising Brands category, by the Association of Small & Medium Enterprises and Lianhe Zaobao (under Singapore Press Holdings), and supported by the Enterprise Singapore and the Intellectual Property Office of Singapore<br> *The criteria for being awarded includes brand strength, innovation, quality of products and services, market leadership, brand awareness, and potential for growth. Awardees are selected through a stringent evaluation process conducted by an organizing committee comprising representatives from Association of Small & Medium Enterprises and Singapore Press Holdings, assessing each candidate's brand excellence and market performance.* |
| 2013 | Awarded Prominent Award for Outstanding Business Achievement at the SME One Asia Awards by the APF Group<br> *The Prominent Award at the SME One Asia Awards recognizes mid*-stage *small and medium enterprises that have successfully navigated initial growth challenges and achieved notable business success within their first decade. Awardees are assessed based on financial performance (including sales turnover and profit margins), brand value, entrepreneurial spirit, responsible leadership, and commitment to sustainable practices. This award was conferred by APF Group Pte Ltd, a Singapore*-based *organization established in 2009 to promote small and medium enterprises through awards and entrepreneurship events, emphasizing sustainability, responsible business conduct, and community impact. The awards selection involved independent evaluations by industry experts and business leaders, following rigorous quantitative and qualitative criteria, and the results were publicly reported in Singapore's Business Times newspaper.* |
| 2014 | "ClearSK" trademark was registered with the Intellectual Property Office of Singapore |
|  | Opening ClearSK second mall retail aesthetic clinic at Westgate Mall |
|  | Awarded Singapore Service "S" Class by Singapore Government Agency Spring Singapore, which promotes high quality service standards and is granted after quality audit process, and is regarded as a Singapore version of the ISO standards for service quality<br> *The Singapore Service "S" Class certification was awarded by SPRING Singapore, a government agency responsible for promoting high*-quality *standards and productivity among enterprises in Singapore. This certification recognizes organizations for commendable performance in service excellence, following a rigorous audit and assessment process. Criteria for certification typically include service delivery processes, customer experience management, staff competency, and overall business excellence practices.* |
| 2016 | Opening ClearSK aesthetic medical clinic at Heartland Mall at Kovan |

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| | |
|:---|:---|
|  **Year** | **Milestone** |
| 2018 | ClearSK developed Workforce Skills Qualifications-funded ("**WSQ**") courses certified by SkillsFuture Singapore for ClearSK consultant-therapists, including product advisory and sales closure. These courses are delivered by our own consultant-trainers that have received the Advanced Certificate in Learning and Performance |
|  | Certified as an OJT center for medi-aestheticians by the Institute of Technical Education in Singapore |
| 2021 – 2024 | Awarded the double winners of Rejuran Top Customer and Rejuran Top User. Rejuran is one of the most popular brands of bio-regenerative skin boosters in Singapore and Korea. ClearSK continued to win the annual double awards of Top Customer and Top User of Rejuran since 2021<br> *These awards are conferred by DermaRev Pte Ltd, the exclusive distributor of Rejuran products in Singapore, on behalf of PharmaResearch Co., Ltd., the South Korean manufacturer of Rejuran. The Top Customer Award recognizes clinics with the highest total value of purchases, encompassing Rejuran and other bio*-regenerative *treatments. The Top User Award recognises clinics with the highest utilization of Rejuran products across various formulations, including Rejuran PN, Rejuran I, Rejuran S, and Rejuran HB.* |
| 2022 | Opening ClearSK aesthetics center at One Raffles Place, in the heart of Singapore central business district |

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#### Our Existing Business Activities
We deliver our range of services through two operating segments: (i) bio-regenerative treatments and (ii) medi-aesthetics treatments. The revenue breakdown for each of our operating segments is set out below:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal year ended September 30** | **For the Fiscal year ended September 30** | **For the Fiscal year ended September 30** | **For the Fiscal year ended September 30** | **For the Fiscal year ended September 30** | **For the nine months ended June 30** | **For the nine months ended June 30** | **For the nine months ended June 30** | **For the nine months ended June 30** | **For the nine months ended June 30** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **S$** | **%** | **S$** | **US$** | **%** | **S$** | **%** | **S$** | **US$** | **%** |
|  | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** |  |  |  |  |  |
|  **Revenue** |  |  |  |  |  |  |  |  |  |  |
|  Bio-Regenerative Treatments | 4990 | 39.2 | 5781 | 4506 | 43.0  | 3051 | 34.0 | 3271 | 2572 | 35.0 |
|  Medi-aesthetics Treatments | 7730 | 60.8 | 7663 | 5973 | 57.0  | 5995 | 66.0 | 6135 | 4823 | 65.0 |
|  **Total revenues** | **12720** | **100.0** | **13444** | **10479** | **100.0** | **9046** | **100.0** | **9406** | **7395** | **100.0** |

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#### Bio-Regenerative Treatments
Bio-regenerative treatments are generally marketed as aesthetics solutions at the forefront of our industry. They are grounded on the skin's natural ability to regenerate and repair itself through natural bio-cosmeceutical products. Instead of synthetic chemicals and invasive procedures, organic ingredients are infiltrated into human skin cells to "boost" cell activities, such that there is a gradual and more sustainable improvement in skin quality. Bio-regenerative treatments represent a transformative shift from the prevailing procedures in the science-based aesthetics market, as its underlying emphasis is *personalized healing from within*. Unlike medi-aesthetics treatments, which typically offer quick and often immediately apparent results, bio-regenerative treatments are designed to be a long-term anti-aging and skin recovery solution, as they require a series of treatments over time to yield optimal results. They appeal to customers looking to naturally improve their skin health from within.

Since 2022, we started providing bio-regenerative aesthetics treatments using RF microneedling and bio-stimulator injectables performed in combination with skin boosters which aim to enhance the skin's natural ability to regenerate and repair itself, such as plant-based exosomes and stem cells, salmon DNA-extracted polynucleotides ("**PN**"), growth factors, hyaluronic acid ("**HA**") or peptide serums. PN is a skin booster derived from salmon DNA, it is a more concentrated form of PDRN (discussed below) and known for its potent regenerative effects, stimulating cell regeneration, improving skin thickness, firmness and elasticity. HA is a naturally occurring substance in the human body, known for its ability to retain moisture, keep skin hydrated and reducing appearance of fine lines. Peptide serums use amino acid chains to boost collagen, reduce wrinkles, and support skin repair and hydration. Our bio-regenerative

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aesthetics treatments work at a deeper cellular level by stimulating collagen production and improving skin texture, thereby achieving skin rejuvenation, wound healing and scar reduction, and hair restoration functionalities. By using stem cell-derived products such as secretomes and exosomes or stimulating the body's own stem cells to identify stemness genes, our bio-regenerative aesthetics treatments can be tailored to enhance the regenerative capacity of skin cells, promoting youthful and healthier skin. The detection of stemness genes can also guide therapies that accelerate wound healing and minimize scarring, which is particularly valuable in aesthetics procedures like laser treatments or surgeries. The understanding of stemness genes can further develop treatments for hair loss by targeting the regenerative potential of hair follicle stem cells.

We generated net service revenues from bio-regenerative treatments of approximately S$5.0 million, S$5.8 million (US$4.5 million), S$3.0 million and S$3.2 million (US$2.6 million) for the fiscal years ended September 30, 2023 and 2024, and the nine months ended June 30, 2024 and 2025, respectively.

*<u>*<u>Our Current Signature</u> <u>Bio-Regenerative</u> <u>Treatments</u>*</u>*

The following treatments are our current signature bio-regenerative treatments at our clinics:

*Exoxe and Goook Exosome Treatments* **\|** Exosomes represent the forefront of bio-regenerative skincare. Exoxe exosomes, derived from human-like stem cells, together with HA, collagen and enriched with cell-regenerative epidermal growth factor, offer potent skin rejuvenation properties. Exoxe exosomes promotes tissue regeneration through paracrine signaling, bioactive molecules carried by exosomes stimulate fibroblast (connective tissue cells producing and maintaining extracellular matrix, particularly collagen and elastin) activity, collagen synthesis, angiogenesis, and inflammatory modulation. Goook exosomes, extracted from plants and combined with polydeoxyribonucleotide ("**PDRN**"), HA, growth factors and peptides, provide a unique blend of regenerative ingredients. PDRN is derived from fish (usually salmon) sperm DNA and is known for its regenerative properties, particularly in promoting tissue repair and stimulating collagen production. Goook exosomes enhances cellular regeneration by delivering signaling molecules to activate fibroblasts and epidermal stem cells. HA components support deep hydration and skin barrier restoration, while growth factors and peptides stimulate collagen synthesis, antioxidant protection and wrinkle reduction. These treatments excel in penetration when used with microneedle RF, microneedle stamper, or DEP-assisted transdermal absorption technique (a non-invasive technique that uses controlled electrical pulses to temporarily increase skin permeability, allowing large or charged molecules to penetrate deep into the dermis). The nano-sized exosomes can easily penetrate the skin barrier without injection, delivering their regenerative payload directly to target cells. This non-invasive approach makes exosome treatments an attractive option for those seeking advanced skin regeneration without the need for injections. These treatments are mainly used for skin rejuvenation, improvement of elasticity, fine lines and pigmentation, skin hydration, scallop revitalization and post-procedure recovery.

*Profhilo* \| Profhilo is an innovative injectable skin booster that utilizes high-concentration HA to strengthen skin matrices. This bio-stimulating treatment is clinically proven to enhance collagen and elastin production, resulting in improved skin firmness, hydration, and overall texture. Profhilo's unique formulation of dual-weight ultrapure HA allows for effective distribution throughout the skin to improve skin hydration and elasticity. It provides a lifting and tightening effect while promoting natural skin regeneration, including the production of collagen and elastic. It is commonly used for the treatment of skin laxity, dehydration, early signs of skin aging.

*Rejuran PN (healer) and Rejuran Tone Up Booster* **\|** Rejuran PN (healer) and Rejuran Tone Up Booster are cutting-edge bio-regenerative treatments that harness the power of DNA to rejuvenate skin. Rejuran PN uses injectable salmon DNA-extracted PN, formulated for intradermal injection, to promote dermal regeneration by stimulating fibroblast activity, enhancing collagen synthesis and improving microcirculation. It also exhibits anti-inflammatory effects by scavenging free radicals and modulating cytokine (proteins that control inflammation in body) activity. Rejuran PN (healer) is used for skin rejuvenation, addressing wrinkles, acne scars, and overall skin texture. Rejuran Tone Up Booster, a non-injectable alternative, combines PDRN with tranexamic acid ("**TXA**", which inhibits the breakdown of blood clots and is useful for controlling bleeding), glutathione, HA, panthenol and vitamin C. It is delivered via a dual-vial mesotherapy system (a technique involving multiple injections into the middle lawyer of skin through two separate vials), PDRN stimulates collagen production and skin generation through fibroblast activation, while TXA and glutathione inhibit melanin synthesis and oxidative stress, and HA and panthenol support hydration and barrier repair. Rejuran Tone Up Booster is used for skin brightening, tone correction, hydration and pigmentation reduction. Both treatments offer significant improvements in skin elasticity, hydration, and overall appearance.

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*Restylane Vital Lite* \| Restylane Vital Lite is a versatile HA-based skin booster that can be combined with TXA for enhanced results. This treatment not only provides deep hydration but also offers skin toning and whitening effects when mixed with TXA. The stabilized HA in Restylane Vital Lite helps to plump and smooth the skin by binding with water, while TXA inhibits melanin synthesis, thereby reducing inflammation and pigmentation issues, resulting in a more even and radiant complexion. This combination also stimulates collagen production and improves skin texture over time, and can address multiple skin concerns simultaneously, making it an efficient choice for those seeking comprehensive skin rejuvenation.

*Sunekos* **\|** Sunekos skin boosters utilize a powerful combination of low molecular weight HA, six essential amino acids, and other bio-regenerative active ingredients to address multiple skin concerns. This treatment is clinically proven to provide deep hydration while promoting skin bio-regeneration by stimulating fibroblasts to regenerate collagen and elastin. Sunekos is particularly effective in reducing dark eye circles and minimizing wrinkles and lines around the eyes. The unique formulation works synergistically to improve skin texture, firmness, and overall appearance without volumizing effects, making it an excellent choice for those looking to rejuvenate the delicate eye area and achieve a more youthful, refreshed look.

*Regenera Hair Regeneration* **\|** Hair regeneration treatments offer innovative solutions for hair loss and aging. Hair injection autologous growth factors (regenerative proteins derived from a patient's own blood or tissue) utilizes active ingredients such as progenitor cells and stem cells, obtained from the customer's own scalp tissue and processed to isolate regenerative cells, to stimulate dormant hair follicles to regenerate hair scalp cells. This promotes the production of new hair follicles and restoring youthful hair coloration. This treatment harnesses the body's own growth factors to stimulate natural hair regrowth. REGENERA microcell transplant takes a different approach, using stem cells extracted from the patient's own tissues to regenerate hair follicles. Both treatments work through pathways of cellular regeneration, offering personalized solutions for hair restoration without the need for surgical intervention.

#### Medi-Aesthetics Skin, Body & Hair Treatments
Medi-aesthetics treatments, such as botox, dermal fillers, and chemical peels, effect surface-level interventions to correct visible imperfections like wrinkles, sagging, and pigmentation. These treatments address the symptoms of aging by offering quick and often immediately apparent results. The market's medi-aesthetics treatments are effective for reducing the appearance of aging, but their results are typically temporary, requiring periodic maintenance.

We generated net service revenues from medi-aesthetics skin, body & hair treatments of approximately S$7.7 million, S$7.7 million (US$6.0 million), S$6.0 million and S$6.1 million (US$4.8 million), for the fiscal years ended September 30, 2023 and 2024, and the nine months ended June 30, 2024 and 2025, respectively.

*Our Signature Medi-Aesthetics Treatments*

The following treatments are our signature medi-aesthetics treatments at our clinics:

*Collagen stimulative lasers, including Pico, Spectra "N" laser, Mosaic fractional laser, and pro*-yellow *laser* \| Collagen stimulative lasers, including Pico, Spectra "N" laser, Fotona 4D Erbium (also known as "E" laser), Mosaic fractional laser, and pro-yellow laser, all work by inducing controlled thermal damage to stimulate collagen production and skin renewal. These treatments share the common goal of improving skin texture, reducing fine lines, and enhancing overall skin quality. Each laser type offers unique benefits, allowing for customized treatment plans based on individual skin concerns and desired outcomes. The choice of laser depends on factors such as skin type, specific concerns, and desired downtime.

*European Emface and Emsculpt Neo* \| European Emface and Emsculpt Neo represent cutting-edge biostimulative technologies for facial and body treatments. Emface utilizes high-intensity facial electrical stimulation (HIFES) technology, which is a non-invasive technology that delivers focused electrical pulses to selectively activate delicate facial muscles, to non-invasively tone facial muscles and improve skin quality. This treatment stimulates collagen production while lifting and tightening the face without needles or surgery. Emsculpt Neo, designed for body contouring, combines high-intensity focused electromagnetic (HIFEM) technology, which uses powerful electromagnetic fields to induce deep, rapid muscle contractions, with RF to simultaneously build muscle and reduce fat. These technologies directly stimulate muscle contractions and metabolic reactions to reshape and tone the body.

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*Restylane Lyft and Restylane Defyne* \| Restylane Lyft and Restylane Defyne represent more interventionist approaches to facial rejuvenation, utilizing high-viscosity HA to selectively volumize and reshape facial features. Both treatments provide immediate results, but Lyft is more suited for overall volume restoration, while Defyne excels in precise wrinkle correction and maintaining natural facial movement.

*Sylfirm X microneedle*-RF \| Sylfirm X microneedle-RF is an advanced microneedling system that combines microneedling with RF energy to deliver precise, targeted skin rejuvenation. This innovative treatment stimulates collagen production and skin tightening while also addressing issues like acne scars, fine lines, and uneven skin texture. Sylfirm X's unique pulsed wave technology allows for customized treatment depths, making it suitable for various skin concerns and types. As a bio-stimulative treatment, it encourages the skin's natural healing processes, resulting in improved skin quality and texture over time.

*USA Coolsculpting and European Cooltech* \| USA Coolsculpting and European Cooltech fat freeze technologies work complementarily with body shaping treatments like Emsculpt. These cryolipolysis treatments (non-invasive fat reduction technique) target and eliminate stubborn fat cells through controlled cooling, while Emsculpt focuses on muscle building and toning. Coolsculpting and Cooltech are non-invasive options for reducing localized fat deposits, particularly effective in areas resistant to diet and exercise. When combined with Emsculpt's muscle-stimulating technology, customers can achieve comprehensive body contouring results, addressing both fat reduction and muscle definition in a non-surgical manner.

*USA Thermage FLX/CPT and Korean Volnewmer* \| USA Thermage FLX/CPT and Korean Volnewmer both utilize unipolar RF technology for skin tightening and collagen stimulation. Thermage FLX/CPT is known for its deep penetration and significant collagen remodeling effects. Volnewmer, often referred to as "Korean Thermage", improves upon the original technology by offering faster treatment times and enhanced comfort levels. Both treatments stimulate collagen production through controlled heating of the dermis, but Volnewmer's advancements make it a more comfortable option for customers while maintaining comparable efficacy.

*USA Ulthera, Korean Ultraformer, and Liftera*-V \| USA Ulthera, Korean Ultraformer, and Liftera-V all utilize HIFU technology for non-invasive skin lifting and tightening. These treatments target the deep structural layers of the skin typically addressed in surgical facelifts, stimulating new collagen production. While they share the same core technology, each offers unique features: Ulthera is known for its precision and ability to visualize treatment areas, Ultraformer boasts faster treatment times, and Liftera-V often provides a more comfortable experience for customers. All three treatments offer long-lasting results with minimal downtime, making them popular choices for those seeking non-surgical facial rejuvenation.

#### Our Future Business Activities

#### Exclusive license to use patented stem cell technology
Going forward, we will seek to position us as pioneers in developing and offering a range of innovative bio-regenerative aesthetics solutions in the market. In early 2023, we started exploring with Supergenics Berhad as to whether and how the two entities could work together. Founded in 2010, Supergenics Berhad is a biotechnology company listed on the Malaysia Stock Exchange. Supergenics Berhad's commitment to innovation is exemplified by their pioneering work in stem cell technology, which includes advancements in stemness and high-yield culture of WJ-MSCs, in-vitro fertility treatments, embryology research, natural killer cell immunotherapy and more. This work is underpinned by proprietary methods and patented advancements. Notably, their forthcoming patented CGTPs and advanced therapy medicinal products featuring WJ-MSCs and WJ-MSC Derived Exosomes are specifically designed for applications in anti-aging bio-cosmeceuticals, treatment of diabetic chronic wounds, and ischemic heart disease. Today, Supergenics Berhad stands as one of the leading biotechnology firms, renowned for its ability to develop, manufacture, and audit advanced therapeutic cellular and stem cell products that meet global certification standards, including ISO/IEC17025. We believe our collaboration with Supergenics could offer us a vertically integrated platform to develop new bio-regenerative aesthetics and bio-cosmeceutical products using cell-based biologic technologies.

On August 18, 2024, Supergenics granted us a license to use the Licensed Technologies in the APAC region. Pursuant to the License Agreement, we have an exclusive license to use two patents owned by Supergenics, along with one patent filed in 2024 pending grant issuance. The Licensed Technologies are bio-technology processes designed to extract from stem cells ingredients that could stimulate the body's natural capacity for repair and healing: the identification of stem cells in human tissues using genetic testing, extraction from stem cell ingredients that could stimulate the growth of blood vessels, and proliferation of stem cells in specially-formatted mediums for clinical use.

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As of the date of this prospectus, the patent titled "High-yield clinical grade WJ-MSC culture" (patent number: P12024002799) filed in 2024 is pending grant issuance, with the grant of the patent anticipated to be awarded in 2030. The table below sets forth the relevant details of the patents:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Filing Date** | **<br>Grant<br>Date** | **Patent No.** | **Title** | **Country** | **Expiry<br>Date<sup>(1)</sup>** |
|  March 9, 2012 | November 26, 2019 | MY-172477-A | Characteristics Stem Cell Gene Testing — Stemness Gene Detection and methods thereof<br> Process<sup>(2)</sup> | Malaysia | March 9, 2032 |
|  November 11, 2011 | March 29, 2021 | MY-184228-A | Angiogenesis — A method & kit for determining the expression level of Angiogenic and Endogenic genes<br> Process<sup>(3)</sup> Composition of matter<sup>(4)</sup><br>Use<sup>(5)</sup> | Malaysia | November 11, 2030 |
|  May 14, 2024 | Await Grant (2030) | P12024002799 | High-yield clinical grade WJ-MSC culture<br> Process<sup>(6)</sup><br>Use<sup>(7)</sup> | Malaysia | May 14, 2043 |

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____________

Note (1): For patents with an expiry date that falls within the ten-year term of the License Agreement, such patents will be renewed upon its respective expiry date, and the renewed patents are covered under the License Agreement.

(2): "Process" patent protection for the method of detecting the expression of stemness-related genes in stem cells, which facilitates the identification and selection of high-quality stem cells suitable for therapeutic use and research purposes.

(3): "Process" patent protection for the method of detecting gene expression levels associated with angiogenesis and endogenesis.

(4): "Composition of matter" patent protection for the specific reagents and components used in the diagnostic kit to detect gene expression levels associated with angiogenesis and endogenesis.

(5): "Use" patent protection if the method or diagnostic kit is used for a specific diagnostic or therapeutic application.

(6): "Process" patent protection for a novel method of culturing WJ-MSC to achieve high yield and clinical grade quality.

(7): "Use" patent protection if the method is used for a specific therapeutic or clinical applications, such as regenerative medicine or exosome production.

Under the License Agreement, we have the exclusive right to use the Licensed Technologies in the APAC region for product development and commercial launches for a term of 10 years. We set out below some of the key terms of the License Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have the right to manufacture and sell the products and treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have the license right to all improvements made on the patents by Supergenics at no additional costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have the right to sublicense the foregoing to third parties with the consent of Supergenics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we shall exclusively purchase products and services required for operations and businesses related to the Licensed Technologies from Supergenics, the commercial terms of such purchase to be determined on a case-by-case basis, and may only procure such products and services from other suppliers with prior written consent from Supergenics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the pricing, payment terms and other commercial terms for the products and services provided by Supergenics shall be determined based on mutually agreed terms, documented in separate purchase agreements or orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the License Agreement may be terminated by either party with cause with ninety days prior written notice, and for certain events of defaults listed in the License Agreement, including, without limitation, if we experience a substantial change in management, personnel or ownership without the prior written approval of Supergenics, or are acquired by any competitor or potential competitor in the regenerative aesthetics market or fail to cure a default under the License Agreement with thirty days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the termination of the License Agreement, we may not use the Licensed Technologies, provide any products and treatments associated therewith, and we cannot engage in the business of providing or reselling any goods using or resembling any of the Licensed Technologies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon expiry or termination, we shall return to Supergenics all confidential information, all intellectual property licenses and assignments granted under the License Agreement shall be cancelled and revoked, Shari Wellness shall be wound up, and the profits, losses, and assets will be distributed between the parties after all third-party liabilities have been settled, and we shall not register "Supergenics Pte Ltd" or any confusingly similar names for any company or business' names, trademarks, or tradenames.

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Our intent is to work with Supergenics to develop bio-generative aesthetic solutions using the Licensed Technologies, with the products and services required for operations and businesses related to the Licensed Technologies to be sourced and purchased exclusively from Supergenics on commercial terms to be agreed on a case-by-case basis, unless otherwise agreed between the parties. The License Agreement does not contain any up-front or execution fees. As of the date of this prospectus, there have been no payments paid under the License Agreement. The License Agreement is designed to serve as a framework for our partnership with Supergenics. It is the intention that Supergenics and us will have future discussions on the specific terms, and such arrangements to be further detailed through separate agreements and purchase orders. This includes the ownership of the intellectual property created in connection with the use of the Licensed Technologies, the development of royalty-bearing projects using the Licensed Technologies, and payment terms including future potential milestone payments and royalty rates. Subject to discussions between Supergenics and us, and on a case-by-case basis, either Supergenics or us may retain ownership of intellectual property created in connection with the use of the Licensed Technologies. In the event that we retain ownership of intellectual property created in connection with the use of the Licensed Technologies, it is intended that we will continue to provide such products and treatments upon the termination of the License Agreement.

To date, Supergenics have successfully developed ShineExo, a secretome and exosome-based product designed for use in skin treatments with skin restoration effects. ShineExo has been approved by the HSA on December 27, 2024 for market sales. We intend to introduce additional treatments and products with the support of Supergenics, with the expectation that Supergenics will be responsible for the manufacture of the relevant treatment ingredients and products, and we will order and purchase these materials from Supergenics on market terms.

As part of our partnership with Supergenics, we have established a Bio-technology Board Council, which advises us on bio-technology and life science developments and operational issues. The council comprises two experienced personnel from Supergenics, Dr. Chua Ken-Hui ("**Dr. Chua**") and Mr. Tan Bii-Chau ("**Mr. Tan**"), and Mr. Wong Ming Kwong, our executive chairman and chief executive officer. Dr. Chua and Mr. Tan are both founders of Supergenics Berhad. Dr. Chua specializes in tissue engineering and human cell biology, having achieved significant milestones in cell therapy, he brings to us extensive research and practical experience, providing valuable theoretical support and practical guidance for developing clinical applications and new therapies. Mr. Tan is the group managing director and executive director of Supergenics Berhad. Under his leadership, Supergenics Berhad was listed on the LEAP Market of Bursa Malaysia in 2020 to further expand biotechnology and bring the company forth with capability to develop and manufacture advanced cell therapy drugs and products that meet international standards and certifications.

#### Our Clinics
Our clinics offer a wide range of minimally invasive, science-backed aesthetics services to our customers. They are based in key locations in Singapore's shopping and business districts as well as central residential areas, making them conveniently accessible by our customers.

At our clinics, our team of licensed doctors provide a comprehensive range of smart and holistic solutions based on medical expert guidance and medical technologies, supported by a team of trained therapists. The medical professionals must be qualified by the MOH for the various areas of the aesthetic practices before they can perform such procedures. Regulations are effected through permits, licenses and Certificate of Competence (COC) issued by MOH and HSA. Advertising or publicity of clinics, like all medical establishments, are also strictly regulated by MOH and HSA. The clinics in Singapore are medical establishments subject to strict regulations to assure safety, quality of treatments and credibility.

Services at our clinics are tailored by our team of doctors to address the specific concerns of our customers using clinically-proven treatments and the latest medical devices available in a luxurious spa environment.

The details of our clinics are set out below:

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| | |
|:---|:---|
|  **Name of Clinic** | **Location** |
|  Scotts | Scotts Medical Centre, 9 Scotts Rd, #07-04 to #07-05, Pacific Plaza, Singapore 228210 |
|  Novena | Novena Medical Centre, 10 Sinaran Drive, #10-24 to #10-25, Singapore 307506 |
|  One Raffles Place | One Raffles Place, 1 Raffles Place, #02-21 to #02-22, Singapore 048616 |
|  Westgate Mall | Westgate, 3 Gateway Dr, #03-12, Singapore 608532 |
|  Heartland Mall | Kovan Heartland Mall, 205 Hougang Street 21, #03-04 to #03-06, Singapore 530205 |

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#### Our Doctors
As of the date of this prospectus, we employ a team of eight licensed doctors, led by our Chief Medical Advisor, Dr. Shiau. Each of our doctors has extensive clinical training and experience and is accredited by the Aesthetic Dermatology Educational Group to perform a range of aesthetic procedures. All treatments and procedures at our clinics are administered by our doctors.

Dr. Shiau has been an aesthetic-laser physician for more than 24 years. She is trained in advanced anti-wrinkle injectable treatments, advanced fillers, as well as Sculptra rejuvenating techniques and is a frequent speaker at medi-aesthetics conferences. As Chief Medical Advisor of our Group, Dr. Shiau is responsible for providing medical guidance in the development and implementation of our aesthetics treatments and services. She is also responsible for maintaining clinical standards, overseeing customer safety, and ensuring excellence in customer care across our clinics.

In addition to developing and implementing our aesthetics treatments and services, our team of doctors oversee the day-to-day treatment and care of our customers at our clinics, providing consultation services and recommending and administering treatments based on the specific needs of our customers. In addition to developing and implementing our aesthetics treatments and services, our team of doctors oversee the day-to-day treatment and care of our customers at our clinics, providing consultation services and recommending and administering treatments based on the specific needs of our customers.

#### Our Trained Therapists
As of the date of this prospectus, our medi-aesthetics are staffed by a team of 19 trained therapists, who assist our doctors to perform preparation work and post-treatment work to the customers of our clinics. The tasks performed by our trained therapists do not constitute acts of nursing and they are accordingly not required to be registered with the Singapore Nursing Board ("**SNB**"), nor are they required to hold practicing certificates. We believe that higher quality staff supports higher quality treatment and customer services. To ensure we can maintain higher customer service quality, we have invested in service training of our staff and underwent service quality audit by Spring Singapore and attained the Singapore S Class Quality Service in 2015. To assure high quality of treatment therapy, we established ourselves as an OJT centre of the Singapore ITE in 2017. Our therapists are required to undergo the doctors-designed OJT training system and upon graduation receive a certificate of competence issued jointly by ourselves and the Singapore ITE. To imbue high quality of product knowledge for our clinic staff to assist the doctors in advising customers, we have also developed two doctor-designed training courses, which successfully listed by SkillsFuture Singapore as WSQ courses, and consultants and consultant therapists designated for skills upgrade are required to undergo the above courses and be certified accordingly.

#### Our Business Process
Our clinics provide our customers with a comprehensive range of smart and holistic solutions based on medical expert guidance and medical technologies.

![](timage_006.jpg)

#### Reception and Registration
Customers arriving at our clinics are welcomed by our reception team and shown to a spacious and tranquil waiting area bathed in soft, ambient lighting, scented with essential oils and calming, instrumental music. They are then offered a warm herbal tea before our reception team returns to confirm the details of their treatment and to ask if there are any particular areas of focus or concerns the customer wishes to focus on that day. First-time customers are required to fill in a registration form which sets out the customer's name, gender, age, nationality, address, relevant medical history, drug allergy and contact number.

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#### Consultation
Customers then consult with one of our licensed doctors who will seek to understand the specific concerns, desired outcomes and treatment history of the customer. The initial consultation will include a review of the customer's medical history, noting any issues such as allergies, sensitivities or medical conditions that may have an impact on the doctor's recommendations.

Our doctors will also seek to understand the customer's lifestyle and routine skincare habits to provide more tailored advice. A physical assessment is then conducted by our doctors to analyze the condition of the customer's skin and body. During the consultation, our doctors will also explain any underlying causes of the customer's concerns, such as sun damage, collagen loss, or hormonal changes, which helps guide the treatment plan. If required, our doctors may conduct further tests, such as skin allergy tests or laboratory tests, to provide a more thorough examination and diagnosis of the customer's skin condition.

Our beta version, AI-assisted pre-screening tool, "Skinne Advisor", was introduced in March 2025. This AI-powered consultation assistant will provide pre-screening and generate preliminary recommendations that will be confirmed or refined by the consulting doctor's face to face consultation. The AI pre-screening will speed up the whole process, especially critical during peak hours when the time allotted to each patient may be limited. Working in conjunction with Skinne Advisor, our experienced doctors are able to efficiently assess the patient's skin and body conditions, concerns, aspirations and preferences as well as budgets, and thereafter provide accurate and personalized curation of the combination treatment program (out of a wide range of options) that best match the customer's needs, within a tight time constraint.

Based on the consultation and analysis, the doctor will then provide personalized treatment recommendations, explaining the benefits, expected results, and any necessary aftercare. The treatments recommended by the doctor may involve the market's medi-aesthetics treatments, cutting edge bio-regenerative treatments, lasers and other energy treatments and our range of inhouse and externally sourced skincare products. If the customer elects to undergo the recommended treatment, our trained therapists will then perform preparation work for the customer.

We have invested in a number of internal IT infrastructure, such as ACE System, Infotech, Xero, Fort Digital, Hoiio, Plato Medical, Zapier, ChatGPT, Orimon, Microsoft 365, Google workspace, Zoom, YouCLink and Minichat, to better assist to enhance efficiency in daily operations and information management.

#### Preparation
Our customers are escorted to the lounge area for our trained therapists to perform preparation work before receiving the selected treatment, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facial cleansing to remove oil and dirt from the skin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facial scrubbing to remove dead skin and open up the skin pores to ensure active ingredients in the treatment ingredients will penetrate deeply into the skin and energy emitted from medical devices will transmit deeper into the skin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pain numbing procedure using prescribed cream, if required.

Once the preparation work has been completed, such as the numbing effect for customers receiving pain numbing procedure has settled in and become fully effective, our customers are escorted to the doctor's private treatment room.

#### Treatment
Before carrying out the treatment, the doctor will confirm with our customer on the treatment they will be receiving, the doctor then carries out the selected treatment. During the treatment, the doctor will check in with our customer from time to time, to ensure they feel at ease and have no discomfort, and the doctor will make adjustments as necessary.

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#### Post-Treatment Matters
Upon completion of the treatment, our customers are escorted back to the waiting area for another warm herbal tea. Our trained therapists take the opportunity to seek feedback on the day's treatment and will provide the customer with detailed aftercare instructions, including information on any expected redness, swelling, or peeling, as well as tips on how to manage these conditions. If the doctor has prescribed any post-treatment care or medication, these are dispensed by the clinic staff based on the doctor's prescription notes. Our therapist will also recommend our range of inhouse and externally sourced skincare products which aim to enhance the results of the treatment and provide to customers with tools to maintain their skincare and wellness at home.

#### Our Pricing Model
We offer discounts to customers who opt to purchase treatment packages instead of individual treatment sessions from us. Such customers typically pay in full upfront for a fixed number of treatment sessions and can utilize the purchased treatments over an agreed timeframe across all our clinics.

Our Eshop is our external sales portal featuring products used in our treatments and our proprietary-branded products. Sales from the Eshop accounted only for very small portion of our revenue.

Our customers generally pay through credit cards, pay now or other mobile payment modes like Alipay and WePay. Only a small percentage of our customers pay with cash.

#### Quality Assurance
We believe that customer feedback is essential to continuously improving our services and ensuring a quality experience for every customer. To encourage timely feedback from our customers, we have implemented an automatic post-visit WhatsApp system to gather feedback systematically. Our customers will receive a WhatsApp link one day after their visits to our clinics to rate the service experience provided by our doctors, our therapists and sales staff. Our customers will rate on the staff's professionalism, the quality of the treatment, and the standard of customer service.

Our customers are also encouraged to email their ad-hoc feedback to us. We also encourage customers to leave online reviews of their experience on Google and Facebook as we believe that positive online reviews will help improve the confidence of prospective customers in our brand and also a learning process for us. All feedback received from our customers is carefully reviewed to help us maintain our high standards of services and to ensure that we continue to meet the needs and expectations of our customers. The feedback data are analyzed and charted by our marketing and customer service team for our management's review. Individual employees will also be given a summary of the customers ratings for self-improvement.

In the event negative feedback is received, we have a standard operation procedure for handling negative feedback, involving acknowledgment, investigation, resolution and documentation. Our branch manager will immediately contact the affected customer to conduct service recovery.

#### Sales and Marketing
As part of our business development activities, we engage external parties to assist our internal marketing and customer service team for sales and marketing activities. This includes the provision of professional search engine optimization and search engine marketing services.

Generally, new customers are referred to us by positive word-of-mouth referral from past and existing customers, which is testament to our commitment to effective solutions and quality services. Our customers are also acquired through online advertising and social media publicity on the following platforms: Google, Facebook, Instagram, YouTube and Xiao Hong Shu (Chinese). Approximately 80% of our total sales revenue are generated from repeat purchases by existing customers and approximately 20% are generated from the purchases of newly acquired customers.

From time to time, we host webinars which are open to our customers and the general public, which address topics of common concern relating to the face, body and hair and the treatment options available for such concerns. In addition, our website provides information on the wide range of bio-regenerative services, and non-surgical, minimally invasive medi-aesthetics services that we offer.

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#### Our Customers
Due to the nature of our business, we are not dependent on specific and any major customers. Our customer base is comprised of individual retail customers which include walk in and regular customers.

#### Sourcing and Suppliers
Our supplies primarily comprise clinical supplies, treatment ingredients, and products used in treatments. Our clinics have established relationships with their suppliers, many of whom they have worked with for the past 16 years.

We believe that our track record, reputation, and punctuality in fulfilling invoices, have allowed them to build good relationships with their suppliers. The clinical supplies, treatment ingredients, and products used in treatments purchased by us are primarily manufactured in the US, Europe and South Korea, and are sourced from a range of local distributors based in Singapore.

Other than a one-year sales of goods agreement with one of our top five suppliers with minimum purchase values, we generally procure our supplies through single purchase orders rather than under long-term contracts with firm commitments. Procurement of the supplies required for our aesthetics services is overseen by our Chief Medical Officer, the quantities procured are based on demand for such products over the most recent six (6) month period in addition to a small buffer.

We have not observed any significant volatility in the prices of our principal supplies.

In selecting our suppliers, we take into account relevant considerations, including the range of products offered by the suppliers, their track records, including their punctuality in delivering supplies and the quality of their products.

Our suppliers include multinational corporations such as Zuellig Pharma and Bausch + Lomb and leading medical aesthetics corporations including Neoasia, Dermarev, M-Tech Global and K-talyst.

#### Property
Our corporate headquarters are located at Novena Medical Center, 10 Sinaran Drive #10-01 Singapore 307506.

The details of our leased properties, and the properties leased by the Mixed Business and Backp-end Entities as of the date of this prospectus are set out below. We believe that these facilities are in good operating condition and suitable and adequate to support the current needs of our business.

---

| | | | |
|:---|:---|:---|:---|
|  **Address** | **Purpose** | **Approximate <br>Size (Sqf)** | **Term of lease** |
|  Novena Medical Center, 10 Sinaran Drive #10-01 Singapore 307506 | Headquarters | 764 | March 1, 2025 to February 28, 2027 |
|  Kovan Heartland Mall, 205 Hougang Street 21, #03-04 to #03-06 Singapore 530205 | Clinic | 850 | December 12, 2023 to December 11, 2026 |
|  Novena Medical Centre, 10 Sinaran Drive, #10-24, Singapore 307506<sup>(4)</sup> | Clinic | 764 | December 15, 2022 to December 14, 2025 |
|  Novena Medical Centre, 10 Sinaran Drive, #10-25, Singapore 307506<sup>(1)</sup><sup>(4)</sup> | Clinic | 678 | January 1, 2025 to December 31, 2026 |
|  Novena Medical Centre, 10 Sinaran Drive, #10-26, Singapore 307506<sup>(2)</sup><sup>(4)</sup> | Lounge Area for Novena Medical Centre Clinic | 700 | January 1, 2025 to December 31, 2026 |
|  Scotts Medical Centre, 9 Scotts Rd, #07-03, Pacific Plaza, Singapore 228210<sup>(</sup><sup>5</sup><sup>)</sup> | Clinic | 711 | December 29, 2023 to December 28, 2025 |
|  Scotts Medical Centre, 9 Scotts Rd, #07-04 to #07-06, Pacific Plaza, Singapore 228210<sup>(</sup><sup>5</sup><sup>)</sup> | Clinic | 2563 | December 29, 2022 to December 28, 2025 |
|  One Raffles Place, 1 Raffles Place, #02-21 to #02-22, Singapore 048616<sup>(4)</sup> | Clinic | 840 | December 1, 2022 to November 30, 2025 |

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| | | | |
|:---|:---|:---|:---|
|  **Address** | **Purpose** | **Approximate <br>Size (Sqf)** | **Term of lease** |
|  3 Gateway Drive #03-12, Westgate Mall Singapore 608532<sup>(4)</sup> | Clinic | 807 | March 22, 2024 to March 21, 2027 |
|  16 Kallang Place, #02-24, Singapore 339156<sup>(4)</sup> | Warehouse | 1599 | January 8, 2025 to January 7, 2028 |
|  114 Lavender Street #09-91 CT Hub 2, Singapore 338729 | Warehouse | 968 | N/A<sup>(3)</sup> |

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____________

Note: (1):This property is leased from a related party with a total monthly rent payable of S$10,536.12. The lease is for a fixed term of two years with no early termination provisions. There is an option to renew for two years.

(2):This property is leased from a related party with a total monthly rent payable of S$10,878. The lease is for a fixed term of two years with no early termination provisions. There is an option to renew for two years.

(3):This property has been assigned to us by a related party with no fixed term. See "*Related Party Transactions — Other Related Party Transactions — Transactions entered with related parties by our Company*" for further details.

(4):The properties are currently leased by one of the Mixed Business and Back-End Entities. We have already informed the respective landlords of the intent to novate such leases to Biogenisk, and we are under discussions with the respective landlords on such novation. The leases are expected to be novated to Biogenisk within six months after the completion of this offering. The Original Shareholders have provided an undertaking to us to ensure that each of these leases will be successfully novated to us.

(5):The properties are currently leased by one of the Mixed Business and Back-End Entities. As the expiry of the lease is on December 28, 2025, we are currently under discussions with the landlord to enter into new lease agreements with Biogenisk upon the expiry of the lease.

#### Research & Development
We have not incurred any expenses in connection with any research and development activities. In order to keep ourselves abreast of the latest technologies in the aesthetics industry, our doctors attend and participate in medical conferences, seminars and workshops in Singapore and overseas from time to time. We may allocate appropriate resources, and apply for relevant government grants, to conduct research and development in the future for our planned bio-cosmeceuticals to be developed based on specific formulations stipulated by our doctors and supported by scientists and medical professionals of Supergenics.

#### Our Employees
As of June 30, 2025, we had a total of 58 employees. The following table sets forth the number of our full-time employees, as of June 30, 2025 by function:

---

| | |
|:---|:---|
|  **Function** | **Number of<br>Employees** |
|  Management | 3 |
|  Clinic Chain | 25<sup>(1)</sup> |
|  &nbsp;&nbsp;&nbsp;&nbsp;• Heartland Mall | 4 |
|  &nbsp;&nbsp;&nbsp;&nbsp;• Novena | 5 |
|  &nbsp;&nbsp;&nbsp;&nbsp;• Scotts | 8 |
|  &nbsp;&nbsp;&nbsp;&nbsp;• One Raffles Place | 4 |
|  &nbsp;&nbsp;&nbsp;&nbsp;• Westgate Mall | 4 |
|  Marketing and Customer Service | 9 |
|  Regional Business Development | 2 |
|  Finance and Admin | 16 |
|  Corporate affairs | 3 |
|  **Total** | **58** |

---

____________

Note (1): The number of employees under the medi-aesthetics clinic chain function includes the number of employees at each of the Kovan, Novena, Scotts, One Raffles Place, and Westgate Mall clinics.

We have not experienced any material interruptions of operations due to disputes with their employees and consider their relations with their employees to be satisfactory. As at the date of this prospectus, none of our employees are unionized, and we are in compliance with their obligations under the CPF Act of Singapore, which governs the contributions made by employers and employees into the central provident fund of Singapore.

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Please refer to the section titled "*Regulatory Overview*" of this prospectus for further information on the CPF Act of Singapore and our obligations thereunder.

#### Insurance
We maintain various insurance policies including employee medical insurance (such as work injury compensation, emergency, accidental injuries and out-patient treatment), fire and building and content, and assets loss (including money, goods in transit), third party liabilities including legal claims and key persons' policies. The insurance policies taken by us are common policies taken by businesses in the industry and are generally not specific high-risk insurance policies.

In addition, our doctors, as members of the MPS of Singapore, maintain professional malpractice liability coverage, which includes indemnity, advice and legal representation in relation to claims, investigations and proceedings arising from or in connection with their professional practices. Under their membership with the MPS, where a claim, investigation or proceeding is initiated against our doctors, indemnity may be granted in respect of all losses (whether incidental or otherwise), damages, cost, charges, and expenses in connection with such claim, investigation or proceeding. The grant of such indemnity is entirely at the discretion of the council of the MPS. As such, there is no assurance that such coverage will adequately protect us from the risks involved in our business operations. For details, please refer to the sections headed "*Risk Factors*" of this prospectus.

Our Directors believe that our insurance coverage is sufficient, adequate and in line with the industry norm. We will continue to review and assess our risk portfolio and make necessary and appropriate adjustments to our insurance coverage.

#### Seasonality
Due to the nature of our business, we have not observed any significant seasonal trends in our business.

#### Competition
We face competition from similarly positioned aesthetics service providers in Singapore. The aesthetics services industry in Singapore is increasingly fragmented and competitive, with over 700 participants in total. Some of our key competitors are V Medical Aesthetics & Laser Clinic, Become Aesthetics Clinic, SkinLab The Medical Spa, and The Clifford Clinic. Key competitive pressures stem from aggressive pricing strategies largely driven by new market entrants and evolving treatment portfolios. Our key competitors offer similar bio-regenerative and medi-aesthetics treatments. With our exclusive APAC regional right to use two patents owned by Supergenics, along with one patent filed in 2024 pending grant issuance held by our business partner Supergenics under the License Agreement, we believe we compete favorably and have a competitive edge as none of our competitors currently utilize and offer stem cell technology-based bio-regenerative aesthetics therapies.

#### Inventory Management
To ensure the quality of our skincare products and active ingredients, we generally do not carry substantial inventory and the quantities procured are based on demand for such products over the most recent six (6) month period in addition to a small buffer.

#### Licenses
As of the date of this prospectus, the following licenses, permits, registrations and approvals, which are currently either held by us and the Mixed Business and Back-End Entities, are material to our business and operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **License Name** | **Licensing<br>Authority** | **License Holder** | **License Number** | **Effective Date** | **Expiry Date** |
|  Outpatient Medical Service License for Heartland Mall clinic | Ministry of Health | CSKC Pte. Ltd. | L/16M0395/MDS/005/232 | December 28, 2023 | December 27, 2025 |
|  Outpatient Medical Service License for Novena clinic<sup>(1)</sup> | Ministry of Health | Clearsk Medispa Pte. Ltd. | L/15C0349/MDS/004/242 | October 24, 2024 | October 23, 2026 |
|  Outpatient Medical Service License for Scotts clinic<sup>(1)</sup> | Ministry of Health | Clearsk Healthcare Pte. Ltd. | L/16M0203/MDS/005/252 | July 11, 2025 | July 10, 2027 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **License Name** | **Licensing<br>Authority** | **License Holder** | **License Number** | **Effective Date** | **Expiry Date** |
|  Outpatient Medical Service License for One Raffles Place clinic | Ministry of Health | Clearsk Centre Pte. Ltd. | L/22M0486/MDS/004/242 | November 23, 2024 | November 22, 2026 |
|  Medical Clinic License for Westgate Mall clinic<sup>(1)</sup> | Ministry of Health | Clearsk Medi-Aesthetics (West) Pte. Ltd. | 16M0179/05/225 | October 28, 2022 | October 27, 2027 |

---

____________

Note:

(1) These licenses are currently held by a Mixed Business and Back-end Entity. Respective applications of amendment have been submitted to the Ministry of Health to assign and transfer these licenses to Biogenisk. Please refer to "*Corporate History*" above for more information*.*

In addition, our doctors are all licensed by the MOH in Singapore.

Please refer to the section titled "*Regulatory Overview*" of this prospectus for further details of the licenses, permits, registrations and approvals held by us.

#### Intellectual Property
Our trademarks, copyrights, domain names, trade secrets and other intellectual property rights distinguish our brands from those of our competitors and contribute to our ability to compete in our target markets. We rely on a combination of copyright and trademark law, trade secret protection and confidentiality agreements with employees to protect our intellectual property rights. We also regularly monitor any infringement or misappropriation of our intellectual property rights.

As of September 30, 2024, the Mixed Business and Back-End Entities have registered 17 trademark certificates. These trademarks are currently held by the Mixed Business and Back-end Entities. A deed of assignment has been executed on October 15, 2025 and applications to register transfer of ownership of the 18 trademarks (including the trademark that is still under application) have been filed with the Intellectual Property Office of Singapore on October 30, 2025 to assign these trademarks to Biogenisk. It is currently pending the approval by the relevant authorities. Please refer to "*Corporate History*" above for more information.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Proprietor Name** | **Trademark** | **Registration No.** | **Class** | **Country** | **Renewal Date** |
|  ClearSK Aesthetics Pte Ltd | ![](timage_007.jpg) | T1305673Z | 5, 44 | Singapore | April 10, 2033 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_008.jpg) | 40202120783X | 5, 44 | Singapore | August 31, 2031 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_009.jpg) | T1110499J | 5, 44 | Singapore | August 1, 2031 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_010.jpg) | T1110500H | 5, 44 | Singapore | August 1, 2031 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_011.jpg) | 40202115956W | 5, 44 | Singapore | July 5, 2031 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Proprietor Name** | **Trademark** | **Class** | **Country** | **Renewal Date** |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_012.jpg)<br> 40201907028U | 3, 5, 44 | Singapore | March 29, 2029 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_013.jpg)<br> 40201609687X | 44 | Singapore | June 17, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_014.jpg)<br> 40202326306U | 5, 44 | Singapore | November 28, 2033 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_015.jpg)<br> 40201916908S | 3, 5, 44 | Singapore | August 2, 2029 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_016.jpg)<br> 40201907027S | 3, 5, 44 | Singapore | March 29, 2029 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_017.jpg)<br> 40201609689S | 44 | Singapore | June 17, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_018.jpg)<br> 40201609686T | 44 | Singapore | June 17, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_019.jpg)<br> 40201609685U | 44 | Singapore | June 17, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_020.jpg)<br> 40201609683R | 44 | Singapore | June 17, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_021.jpg)<br> 40201607797P | 44 | Singapore | May 9, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_022.jpg)<br> 40201607796R | 44 | Singapore | May 9, 2026 |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_024.jpg)<br> 40202508234W | 3, 5, 44 | Singapore | April 4, 2035 |

---

As of September 30, 2024, one of the Mixed Business and Back-End Entities have applied for one trademark, which is expected to be transferred to Biogenisk within six months after the completion of this offering, assuming the application will be approved within six months after the completion of this offering.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Proprietor Name** | **Trademark** | **Application No.** | **Class** | **Country** | **Application Date** |
|  ClearSK Healthcare Pte. Ltd. | ![](timage_023.jpg) | 40202511163Y | 3, 5, 44 | Singapore | May 8, 2025 |

---

Pursuant to the License Agreement, we have an exclusive license to use two patents owned by Supergenics, along with one patent filed in 2024 pending grant issuance. For more information, please refer to the section headed "*Business — Our Future Business Activities — Exclusive License to use patented stem cell technology*".

#### Legal Proceedings
From time to time, we may be party to litigation that arises in the ordinary course of our business. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings that, in the opinion of our management, are likely to have any material and adverse effect on our business, financial condition, cash flow, or results of operations.

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#### REGULATIONS
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 our business and operations. This overview is provided as general information only and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations on our business and operations.

#### Regulatory Overview
As we are incorporated and carries on its business in Singapore, we are subject to all relevant laws and regulations of Singapore and may be affected by new laws, regulations and policies which are introduced by the Singapore government from time to time.

The following description is a summary of material laws and regulations applicable to our operations in Singapore. The laws and regulations set out below are not exhaustive and are only intended to provide general information to investors.

We believe that we are not in breach of any laws or regulations applicable to our business operations that would materially affect our business operations, and we are in compliance with all the applicable laws and regulations that are material to our business operations.

#### Regulations on operating clinics

#### Operating outpatient medical services
The HCSA was promulgated on 6 January 2020 to regulate healthcare services in Singapore and replaced the Private Hospitals and Medical Clinics Act (Chapter 248 of the 1999 Revised Edition) ("**PHMCA**"). The phased implementation of the HCSA commenced from 3 January 2022, with the final phase being implemented on 18 December 2023. The MOH regulates the HCSA in Singapore.

Unlike the PHMCA, the HCSA introduces a services-based licensing regime, replacing the premises-based licensing regime under the PHMCA, and generally groups the licensable healthcare services into 3 broad service categories — clinical support services, outpatient services and inpatient services.

Depending on the services provided, a provider may be required to have multiple licenses for the Licensable Healthcare Services ("**LHS**") they provide. Licensees must also seek MOH's approval for the Mode of Service Delivery ("**MOSD**") used to deliver each LHS. There are 4 MOSDs: Permanent premises, Conveyances, Temporary Premises and Remote.

Under the HCSA, "healthcare service" means any of the following services, whether or not provided for reward:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assessment, diagnosis, treatment, prevention or alleviation of an ailment, a condition, disability, disease, disorder or an injury affecting any part of the human body or mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nursing or rehabilitative care of an individual suffering from an ailment, a condition, disability, disease, disorder or an injury mentioned in paragraph (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct of any clinical procedure to change, or that is intended to change, the appearance or anatomy of an individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assessment of the health of an individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other service of a medical or healthcare nature that is prescribed;

"licensable healthcare service" means a healthcare service specified in the First Schedule of the HCSA, being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an acute hospital service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an ambulatory surgical centre service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an assisted reproduction service;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a blood banking service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a clinical laboratory service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a community hospital service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a contingency care service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a cord blood banking service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an emergency ambulance service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a human tissue banking service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a medical transport service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a nuclear medicine service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) an outpatient dental service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) an outpatient medical service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) an outpatient renal dialysis service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a radiological service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a nursing home service.

"outpatient medical service" means any of the following healthcare services that is provided to an outpatient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the examination of the outpatient's body or mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the assessment of the outpatient's health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the observation and diagnosis of, and intervention in, the outpatient's health condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the treatment of the outpatient for any condition, disability, disease, disorder or injury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the provision of medical care to the outpatient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the performance of either of the following which changes, or is intended to change, the outpatient's appearance or anatomy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a clinical procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an invasive procedure that penetrates beyond the epidermis layer of the outpatient's skin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other healthcare service that is incidental to the provision of a healthcare service mentioned in paragraphs (a) to (f), including —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conduct of any simple in vitro diagnostic test on the outpatient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conduct of any ultrasound imaging on the outpatient, but excludes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the provision of any treatment or conduct of any procedure on an outpatient that requires the outpatient to be in a state of general anaesthesia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administration of any anaesthetic to cause general anaesthesia in an outpatient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the conduct of any surgical procedure, other than a minor surgical procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) triaging to determine whether a patient needs to be admitted as an inpatient to receive care or treatment, and (if it is determined that the patient need not be so admitted) stabilizing the patient's medical condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any provision of haemodialysis, or clinical care that is incidental to the provision of haemodialysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any provision of an ambulatory surgical center service, an assisted reproduction service, a clinical laboratory service, a nuclear medicine service or a radiological service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the certification of the death of any individual.

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Aesthetic clinics such as ours that provide "clinical procedures" are regulated as "outpatient medical services" under the HCSA and require a license for the LHS offered by them.

Any person found providing a LHS but does not have a license will be guilty of an offence and shall be liable on conviction to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding 2 years or to both, but if the person has any previous qualifying conviction, to a fine not exceeding S$200,000 or to imprisonment for a term not exceeding 2 years or to both.

Additionally, any licensee found providing a LHS without approval for its MOSD shall be guilty of an office and liable on conviction, in the case of a first offence, to a fine not exceeding S$50,000 or to imprisonment for a term not exceeding 12 months or to both and if the licensee has a previous qualifying conviction, to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding 12 months or to both.

Additionally, a licensee is required to keep and maintain proper medical records. Licensees are required under the HCSA to implement any prescribed safeguards to protect the medical records and any computer system used to keep and maintain those records against accidental or unlawful loss, modification or destruction, and unauthorized access, disclosure, copying, use or modification. Licensees are also required to: (a) monitor and periodically evaluate the aforementioned safeguards to ensure that the safeguards are effective and all individuals employed or authorized by the licensee who access or handle any aforementioned record comply with the safeguards; and (b) take all appropriate steps to ensure that each individual employed or authorized by the licensee who accesses or handles any record is aware of the relevant safeguards and the individual's role and responsibility in maintaining the confidentiality, integrity and availability of the records.

#### Advertisement of licensable healthcare services
The HCSA provides that a person must not advertise, or cause to be advertised, a LHS unless the person is a licensee authorized to provide that LHS or is acting on the authority of the aforementioned licensee in advertising the LHS.

A person that fails to comply with the above will be guilty of an offence and shall be liable on conviction to a fine not exceeding S$20,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding S$1,000 for every day or part of a day during which the offence continues after conviction.

Additionally, the licensee must ensure that the advertisement compiles with the following requirements under the HS Advertisement Regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the information contained in the advertisement must be factually accurate and capable of being substantiated and must not be exaggerated, false, misleading or deceptive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the advertisement must not be offensive, ostentatious or in bad taste or undermine the honor and dignity of any healthcare profession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the advertisement must not contain any information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) implies that the licensee can obtain results from the LHS the licensee provides that are not achievable by other licensees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) creates an unjustified expectation from the LHS provided by the licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compares and contrasts the quality of the LHS provided by the licensee with the quality of the same LHS provided by another licensee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deprecates any LHS provided by another licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the advertisement must not contain any photograph, picture, video or film showing the appearance or a feature of any individual before and after, or only after, receiving any treatment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether or not the photograph, picture, video or film creates an unjustified expectation from the treatment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether all the photographs, pictures, videos or films relating to the same treatment are contained in one advertisement or more than one advertisement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the advertisement must not contain any laudatory statement (including a statement of prominence or uniqueness) or superlative to describe the LHS provided by the licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as provided in the HS Advertisement Regulations, the information contained in the advertisement must not contain any review, testimonial or endorsement about the LHS provided by the licensee, including the services of any healthcare professional or employee of the licensee in relation to the provision of the LHS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the advertisement must not provide information in such a manner as to amount to soliciting or encouraging the use of the LHS provided by any licensee.

The above also applies to any other websites which are hyperlinked and published by the licensee on the licensee's website.

Nonetheless, the HS Advertisement Regulations does not prohibit a licensee, any healthcare professional or any employee of the licensee from showing to a patient, during a consultation by the patient, any photograph, picture, video or film that shows the appearance or a feature of the patient or any other individual before and after receiving any treatment provided by the licensee.

Further, under the HS Advertisement Regulations, a licensee and an authorized person must ensure that any advertisement that is not displayed within any approved permanent premises or approved conveyance of, or any temporary premises used by, the licensee appears only in newspapers, directories, medical journals, magazines, brochures, leaflets, flyers, pamphlets or the Internet (including mobile application software). However, a licensee is not prohibited from affixing any advertisement to any door, fence, grille, partition, wall or window of any approved permanent premises or approved conveyance of, or any temporary premises used by, the licensee, even if the advertisement is visible to any individual from outside the approved permanent premises, approved conveyance or temporary premises, as the case may be. An advertisement that is displayed within the approved permanent premises or approved conveyance of, or any temporary premises used by, the licensee may appear in any form or medium

Unless the licensee has obtained the prior written consent of an individual, a licensee and an authorized person (if applicable) must not advertise any LHS that the licensee provides: (a) by sending any advertisement to an individual through push technology; or (b) by distributing or giving, free of charge, any applicable advertising material to an individual.

Where an advertisement of any LHS provided by a licensee appears in a brochure, leaflet, flyer or pamphlet, the licensee and an authorized person must ensure that the brochure, leaflet, flyer or pamphlet contains the date of publication.

For accreditations, certifications or awards, a licensee must not display, or publish, disseminate or convey any information relating to any accreditation, certification, award, prize or other honor given to or conferred on the licensee by any person in relation to the licensee's provision of any LHS, except as permitted under the HS Advertisement Regulations.

For reviews, testimonials and endorsements, a licensee and an authorized person must not display, publish or disseminate a review or testimonial, or an endorsement, by any person relating to a LHS provided by the licensee (including the services of any healthcare professional or employee of the licensee in relation to the provision of the LHS), except as permitted under the HS Advertisement Regulations.

For promotional programs, except as permitted under the HS Advertisement Regulations, a licensee and an authorized person must not advertise any program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under which a gift (whether in the form of a good or service) or other benefit may be obtained by a patient of the licensee on the basis of the value or type of any LHS purchased from the licensee: (i) whether or not the program extends to the purchase of other goods and services; and (ii) whether or not the patient may accept another gift or benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for which the purpose or effect of which is to solicit or encourage the consumption of the of the LHS provided by the licensee.

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#### Possession and use of high power lasers in clinics
The Radiation Protection Act 2007 ("**RPA**") provides, among others, a framework for the control and regulation of the import, export, manufacture, sale, disposal, transport, storage, possession and use of radioactive materials and irradiating apparatus. Under the RPA, a person must not, except under and in accordance with a license:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) import into, or export out of, Singapore any irradiating apparatus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) keep, have in the person's possession or under the person's control, or use any irradiating apparatus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) manufacture, or otherwise produce, any irradiating apparatus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sell, deal with or otherwise deal in any irradiating apparatus.

Any person who contravenes items (a) to (d) above shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$100,000 or to imprisonment for a term not exceeding five (5) years or to both.

Under the Radiation Protection (Non-Ionising Radiation) Regulations 1991, a non-ionising irradiating apparatus license is required to manufacture, sell, possess, use, import and export a high power laser, which refers to a Class 3B or Class 4 laser apparatus. The organization in possession of these controlled laser apparatus will need to apply for an N2 (possession) license for each laser apparatus. The license holder will hold the responsibility of ensuring that the laser apparatus is only used by a trained and/or an authorized person.

The person who operates the laser apparatus will need to apply for an N3 (user) license, authorizing him to operate the laser. Only authorized users with the N3 license may operate the laser apparatus, unless an exemption has been obtained from the National Environmental Agency's ("**NEA**") Radiation Protection and Nuclear Science Group.

Class 4 lasers for application on human beings can only be used by registered medical practitioners at premises approved by MOH.

Any person importing or exporting a Class 3B or Class 4 laser apparatus, or laser system embedded with these laser classes is required to apply for the N4A (import) or N4B (export) licenses, respectively. The importer or exporter of the laser apparatus must possess the necessary N1 (dealer) license or N2 license before the N4A or N4B license will be granted. In most cases, the N4A and N4B licenses are applied for by the freight forwarding company on behalf of the importer and exporter.

Class 3B lasers are medium-power and moderate-risk laser devices that are capable of emitting ultraviolet, visible or infrared laser radiation. Laser beam from a Class 3B laser can have an output power ranging from 5 mW up to 500 mW for emission duration of longer than 0.25 seconds. These lasers are capable of causing temporary and permanent eye injury by exposure from the direct beam or specularly reflected beam. The extent and severity of the eye injury will depend upon several factors including the laser power entering the eye and the duration of the exposure. Skin injury from direct exposure to the laser may also be possible. Therapeutic lasers, acupuncture lasers, bio-stimulation lasers are all under Class 3B lasers.

Class 4 lasers are high-power and high-risk lasers that are capable of emitting ultraviolet, infrared or visible laser radiation at levels exceeding the accessible emission levels for Class 3B. Typically, these lasers have power output of 500 mW or greater. These lasers can produce a hazardous direct beam or specularly reflected laser beam that can injury the eye immediately (and permanently). They may also burn the skin and/or cut the flesh.

Presently, intense pulse light ("**IPL**") (a non-invasive treatment that uses broad-spectrum light to target pigment, blood vessels, and collagen-producing cells in the skin) is not a controlled apparatus which requires the radiation license from NEA. However, operators of IPL are advised to take note of the risk involved and work with care to ensure there is sufficient protection for the eyes of the people in the vicinity of the IPL apparatus.

#### Regulations on consumer protection and fair trading
The aesthetics industry, in its provision or promotion of goods and services to consumers in Singapore, is regulated under the CPFTA. Under the CPFTA, it is an unfair practice for a supplier (i) to do or say anything, or omit to do or say anything, if as a result a consumer might reasonably be deceived or misled; (ii) to make a false claim; or

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(iii) to take advantage of a consumer if the supplier knows or ought reasonably to know that the consumer is not in a position to protect his or her own interests or is not reasonably able to understand the character, nature, language or effect of the transaction or any matter related to the transaction.

Some examples of unfair practices specified in the Second Schedule of the CPFTA include using high-pressure sales tactics to coerce consumers into making a purchase, falsely representing that goods or services are available at a discounted price for a limited time when they will actually be available for a substantially longer period, and charging a price for goods or services that is substantially higher than an estimate provided to the consumer, except where the consumer has expressly agreed to the higher price in advance.

Cases of unfair practices are initially handled by the CASE for local consumers and the STB for tourists. CASE assists aggrieved consumers in obtaining redress and, in some cases, compensation through negotiation and/or mediation. If errant suppliers persist in unfair practices, they may enter into a voluntary compliance agreement with CASE or STB. Persistent engagement in unfair practices may lead CASE and STB to refer the supplier to the CCCS for non-criminal infringements or to lodge a report with the Singapore Police Force if the case involves criminal conduct.

As the administering agency of the CPFTA, CCCS investigates egregious suppliers identified by CASE and STB, applies to the Singapore courts for injunction orders against suppliers engaging in unfair practices, and ensures compliance with these orders. A breach of an injunction order is a criminal offence that could result in fines and/or imprisonment.

#### Regulations on health products

#### Health Products Act
The HSA, established by the Health Sciences Authority Act 2001, operates under the oversight of MOH. The HSA regulates the health product industry in Singapore and administers health-related laws and regulations, ensuring that health products meet the safety, quality and efficacy standards.

The HSA administers the Health Product Act 2007 ("**HPA**") and its related regulations.

#### Cosmetic and Therapeutic Products
Under the HPA, health products include both cosmetic and therapeutic products. Except in such cases as may be prescribed, a valid importer's license is required to import cosmetic and therapeutic products including for botulinum toxin and a valid wholesaler's license is required to engage in the wholesale supply of such products. In addition, no person shall manufacture or supply any health products to any other person unless such products have been registered in accordance with the provisions of the HPA. Any person who contravenes the provisions in the HPA shall be guilty of an offence. The HPA imposes various sanctions on the failure to comply with the regulations for the manufacture, import, supply, presentation and advertisement of health products. For instance, any person who contravenes the prohibition against the supply of unregistered health products shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$50,000 or to imprisonment for a term not exceeding 2 years or to both.

#### Regulations on doctors

#### Medical registration of doctors
Our registered medical professionals are regulated by the SMC under the MRA and the Medical Registration Regulations 2010. The SMC has oversight over the medical profession in Singapore and is responsible for maintaining the register of medical practitioners, overseeing continuing medical education, and regulating professional conduct and ethics.

The MRA governs the registration of medical professionals. All medical practitioners must be registered with the SMC and issued a practicing certificate before they can practice medicine in Singapore. The aim of the MRA is to establish mechanisms to uphold standards of practice within the medical profession and maintain public confidence.

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#### Ethical conduct of doctors
The 2016 ECEG and Handbook on Medical Ethics 2016 edition ("**2016 HME**") provides guidance for inculcating good medical practice in Singapore based on the fundamental tenets of medical ethics.

In particular, Guideline B6 of the 2016 ECEG stipulates that in general, untested treatments that are not generally accepted by the medical profession can only be offered to patients in two forms: (i) in the context of formal and approved clinical trials which would be subject to the ethics of research, or (ii) as innovative therapy which may only be offered when conventional therapy is unhelpful and it is a desperate or dire situation.

Guideline B6.1 of the 2016 HME defines "innovative therapy" as "a completely novel or significantly modified standard therapy with little or nothing in the way of studies or scanty evidence of efficacy, effects or side effects". Under the 2016 HME and 2016 ECEG, doctors may offer such innovative therapy to patients in desperate or dire situations, and where conventional therapy is unhelpful. In such instances, patients' informed consent must be obtained, failing which the doctor may be struck off the Singapore Registrar of Medical Practitioners.

Guideline B8 of the 2016 ECEG also provides that any medical research on human subjects or trials of any treatment on patients must be approved by the Institutional Review Board or Ethics Committee (as referred to in the 2016 ECEG) and conform to the Singapore's Good Clinical Practice guidelines and other existing guidelines on human biomedical research.

#### Guidelines on Aesthetics Practices
The Guidelines on Aesthetic Practices for Doctors 2016 edition are jointly implemented by the Academy of Medicine, Singapore, the College of Family Physicians, Singapore and the SMC, and serve as guidelines on aesthetic practices for medical practitioners. Together with the 2016 HME and 2016 ECEG, some of the relevant guidelines are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As aesthetic practice is not a recognized specialty, the doctors must not mislead the public into thinking they are a specialist in aesthetic medicine. They must continue to make themselves known to the public only by the relevant SMC-approved designations. The word "aesthetic" should not be used in their title. For instance, a doctor who is a General Practitioner/Family Physician and who provides and performs aesthetic procedures should only employ the title or designation of General Practitioner/Family Physician, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The medical treatment provided in the context of aesthetic practice must extend beyond the "Do No Harm" principle and be seen to benefit the patient positively. The treatments must be shown to be effective and safe and their practice must be licensed to provide them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The doctors must take reasonable care to ensure that their patients do not have psychological or psychiatric illnesses involving self and body image before providing aesthetic procedures to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The doctors must advise patients of side effects and adverse outcomes beyond those that are more common as aesthetic practices do not cure or ameliorate disease and illness and aesthetic treatments are not medically necessary. For the purpose of obtaining consent, risks that are lower than those required to be disclosed in conventional medicine must be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) As all aesthetic procedures are elective, for the more invasive and surgical procedures, there must be a reasonable "cooling off" period between patients giving consent and the treatment, the duration being proportional to the invasiveness of the procedures and whether deep sedation or general anaesthesia is needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The doctors must not exploit patients' vulnerabilities and insecurities about self-esteem and perception of body image. When advertising or advising on aesthetic procedures, you must recognize patients' expectations and give objective and comprehensive information to patients about the procedures as well as what outcomes may be reasonably expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The doctors must recognize patients' expectations and give objective and comprehensive information to them about the procedures as well as what outcomes may reasonably be expected. Patients seeking aesthetic procedures often have heightened expectations about what can be achieved. Even if the procedures are competently done, patients may still be disappointed by the results. As such, the doctors must advise patients that their idealized appearance may not be possible and they should have realistic expectations of the results.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Aesthetic procedures must not be offered or performed on minors or persons with diminished mental capacity, unless the doctors have independent professional assessments indicating that these procedures are indeed in these patients' best interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The doctors who perform or intend to perform aesthetic procedures are encouraged to engage in a rigorous quality assurance framework or peer review as well as case discussions on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The doctors performing aesthetic procedures should note the respective classification of their procedures and comply with the recommendations made on the minimum standards of training, qualification and practice laid out in the guidelines, as well as any requirements set by the MOH.

#### Regulations on nurses
The Nurses and Midwives Act 1999 ("**NMA**") provides for, among others, the establishment of the SNB and the registration of nurses in Singapore as well as other related matters.

The NMA provides that no person shall employ or engage a person who is not a qualified nurse to carry out any act of nursing. An act of nursing includes (i) the observation, care and counsel of the ill, injured or infirm, (ii) the maintenance of health or prevention of illness of others or (iii) the supervision or teaching of nursing. A qualified nurse is defined as a registered or enrolled nurse who holds a valid practicing certificate from the SNB authorizing him to practice nursing.

Any person who contravenes the foregoing shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$10,000 and, in the case of a second or subsequent conviction, to a fine not exceeding S$20,000 or to imprisonment for a term not exceeding six months or to both. In any proceeding for such an offense, it shall be a defense for a defendant to prove that (a) he did not know that the person concerned was not a qualified nurse; and (b) he had exercised due diligence to ascertain if that person was a qualified nurse.

#### Regulation on workplace safety

#### Workplace Safety and Health Act 2006
Under Section 12 of the Workplace Safety and Health Act 2006 of Singapore ("**WSHA**"), every employer has the duty to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of (a) his employees at work and (b) persons (not being his employees) who may be affected by any undertaking carried on by him in the workplace. Pursuant to Section 12(3), such measures include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing and maintaining for such persons a work environment which is safe, without risk to health, and adequate as regards to facilities and arrangements for their welfare at work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensuring that adequate safety measures are taken in respect of any machinery, equipment, plant, article or process used by such persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensuring that such persons are not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in their workplace or near their workplace and under the control of the employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) developing and implementing procedures for dealing with emergencies that may arise while such persons are at work; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ensuring that such persons at work have adequate instruction, information, training and supervision as is necessary for them to perform their work.

In addition to the above, under the WSHA, inspectors appointed by the Commissioner for Workplace Safety and Health ("**Commissioner**") may, amongst others, inspect and examine any workplace and any machinery, equipment, plant, installation or article at any workplace, to make such examination and inquiry as may be necessary to ascertain whether the provisions of the WSHA are complied with, to take samples of any material or substance found in the workplace or being discharged from any workplace for the purpose of analysis or test, to assess the levels of noise, illumination, heat or harmful or hazardous substances in any workplace and the exposure levels of persons at work therein and to take into custody any article in the workplace which is required for the purpose of an investigation or inquiry under the WSHA.

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The WSHA empowers the Commissioner to serve a remedial or a stop-work order in respect of a workplace, for contravention or omission of any WSHA-specified condition.

Additional duties apply to employers under the Workplace Safety and Health (General Provisions) Regulations. Where any person at work in any workplace carries out any process, operation or work involving exposure to any infectious agents or biohazardous material which may constitute a risk to his health, the employer of such person has a duty to take effective measures to protect that person from their harmful effects.

#### Regulations on employment

#### The Employment Act 1968
The Employment Act 1968 of Singapore (the "**EA**") is administered by the Ministry of Manpower and sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. The term "employee" is defined in the EA to mean a person who has entered into or works under a contract of service with an employer and includes, among others, a workman, but does not include certain specified categories of employees including, among others, any domestic worker. The provisions of the EA include (i) minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv) provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In particular, Part IV of the Employment Act sets out requirements for rest days, hours of work and other conditions of service for workmen who receive salaries not exceeding S$4,500 a month (excluding overtime payments, bonus payments, annual wage supplements, productivity incentive payments and any allowance however described) and employees (other than workmen or persons employed in managerial or executive positions) who receive salaries not exceeding S$2,600 a month (excluding overtime payments, bonus payments, annual wage supplements, productivity incentive payments and any allowance however described). Section 38(8) of the Employment Act provides that an employee is not allowed to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the community, defense or security, where urgent work is to be done to machinery or plant, or where an interruption of work which was impossible to foresee. In addition, Section 38(5) limits the extent of overtime work that an employee can perform to 72 hours a month.

An employer who breaches the above provisions shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$5,000, and for a second or subsequent offence to a fine not exceeding S$10,000 and/or to imprisonment for a term not exceeding 12 months.

#### Central Provident Fund Act 1953
The Central Provident Fund Act 1953 ("**CPF Act**") governs the contributions made by employers and employees into the central provident fund ("**CPF**"). The CPF Act is administered by the CPF Board.

Section 7(1) of the CPF Act provides that subject to Section 69 of the CPF Act and any regulations made under Section 77(1) of the CPF Act, every employer of an employee shall pay to the CPF monthly in respect of each employee contributions at the appropriate rates set out in the First Schedule of the CPF Act. Notwithstanding the provisions of any written law or any contract to the contrary, an employer is entitled to recover from the monthly wages of an employee the amount shown in the First Schedule of the CPF Act as so recoverable from the employee. Employers who fail to make the prescribed CPF contributions are liable to pay interest on the amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and such interest shall be calculated at the rate of 1.5% per month or the sum of S$5, whichever is greater. Section 7(3) of the CPF Act provides that where any employer who has recovered any amount from the monthly wages of an employee in accordance with the CPF Act and fails to pay the contributions to the CPF within such time as may be prescribed, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding seven (7) years or to both.

Section 61(1) of the CPF Act provides that except as otherwise provided in Section 61(2) of the CPF Act, any person convicted of an offence under the CPF Act for which no penalty is provided shall be liable on conviction (i) to a fine not exceeding S$5,000 or to imprisonment for a term not exceeding six (6) months or to both; and (ii) if that person is a repeat offender in relation to the same offence, to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding 12 months or to both.

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Section 61(2) of the CPF Act provides that where any person (i) is guilty of an offence under Section 7(5) or 58(1)(b) of the CPF Act; or (ii) being a director, manager or secretary or any other officer of a body corporate, is guilty of an offence under Section 60 by virtue of the fact that an offence under Section 7(3) or (5) or 58(1)(b) of the CPF Act has been committed by that body corporate and is found to have been committed with the consent or connivance of or to be attributable to any act or default on the part of that person, that person shall be liable on conviction (a) to a fine of not less than S$1,000 and not more than S$5,000 or to imprisonment for a term not exceeding six months or to both; and (b) if that person is a repeat offender in relation to the same offence, to a fine of not less than S$2,000 and not more than S$10,000 or to imprisonment for a term not exceeding 12 months or to both.

#### The Employment of Foreign Manpower Act 1990
The employment of foreign workers in Singapore is governed by the Employment of Foreign Manpower Act 1990 of Singapore ("**EFMA**"), and regulated by the Ministry of Manpower. Under Section 5(1) of the EFMA, no person shall employ a foreign worker unless the foreign worker has obtained a valid work pass from the Controller of Work Passes under Section 7 of the EFMA and in accordance with the Employment of Foreign Manpower (Work Passes) Regulations 2012 ("**EFMR**"). An employer of foreign workers is also subject to, among others, the EA and the Immigration Act 1959. A work pass includes the following: (a) employment pass, for foreign professionals, managers and executives earning at least S$5,000 per month and who have acceptable qualifications; (b) S pass, for mid-level skilled staff who earn at least S$3,000 per month and who meet the assessment criteria; and (c) work permit for foreign worker, for semi-skilled foreign workers.

Any person who contravenes Section 5(1) of the EFMA shall be guilty of an offence and shall: a) be liable on conviction to a fine not less than S$5,000 and not more than S$30,000 or to imprisonment for a term not exceeding 12 months or to both; and b) on a second or subsequent conviction: (i) in the case of an individual, be punished with a fine of not less than S$10,000 and not more than S$30,000 and with imprisonment for a term of not less than one (1) month and not more than 12 months; or (ii) in any other case, be punished with a fine of not less than S$20,000 and not more than S$60,000.

The EFMR requires employers of work permit holders, among others, to: a) bear the costs of medical treatment (unless in excess of the minimum mandatory coverage in certain instances); b) provide safe working conditions and take such measures as are necessary to ensure the safety and health of the foreign employee; c) provide acceptable accommodation consistent with any law or governmental regulations; and d) purchase and maintain medical insurance for inpatient care and day surgery, with coverage of at least S$60,000 (for policies with start date effective on or after 1 July 2023) per every 12-month period (or for such shorter period where the foreign employee's period of employment is less than 12 months).

#### Regulations on data protection
The PDPA generally requires organizations to provide notification and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or other accessible information), and to provide individuals with the right to access and correct their own personal data. Organizations have mandatory obligations to assess data breaches they suffer, and to notify the Personal Data Protection Commission ("**PDPC**") and where applicable, the relevant individuals where the data breach is (or is likely to be) of a significant scale or resulting in (or is likely to result in) significant harm to individuals. Other obligations include accountability, protection, retention, and requirements around the overseas transfers of personal data.

Additionally, prior to sending marketing messages addressed to Singapore telephone numbers, organizations must check "Do-Not-Call" registries, unless clear and unambiguous consent to such marketing was obtained from the individual.

The PDPC may impose sanctions for certain failures to comply with the PDPA, including the Do-Not-Call requirements. Organizations who contravene provisions of the PDPA may be liable for a financial penalty of (a)(i) up to $1 million or (ii) in the case of a contravention by an organization whose annual turnover in Singapore exceeds $10 million, 10% of the annual turnover in Singapore of the organization, and/or (b) imprisonment.

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#### MANAGEMENT
Set forth below is information concerning our directors, director appointees, and executive officers.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Mr. Wong Ming Kwong | 65 | Executive Chairman and Chief Executive Officer |
|  Mr. Then Chee Tat | 60 | Executive Director, Chief Financial Officer and Deputy Chief Executive Officer |
|  Dr. Shiau Ee Leng | 56 | Chief Medical Officer |
|  Mr. Fok Chee Khuen\* | 47 | Independent Director Nominee |
|  Mr. Yong Siak Hoong\* | 61 | Independent Director Nominee |
|  Mr. Lim Yit Keong\* | 72 | Independent Director Nominee |

---

____________

\* Appointment to take effect on the effective date of the registration statement of which this prospectus forms a part.

No arrangement or understanding exists between any such executive director, executive officer or independent director nominee and any other persons pursuant to which any executive director or executive officer was elected as a director or executive officer. Our directors (including our executive director, executive officer or independent director elected annually and serve until their successors take office or until their death, resignation or removal. The executive officers serve at the pleasure of our board.

The following is a brief biography of each of our executive directors and executive officers, key personnel, and independent director nominees:

#### Executive Directors and Executive Officers

#### Mr. Wong Ming Kwong
Mr. Wong Ming Kwong is the chief executive officer and executive chairman of our Company. Mr. Wong is primarily responsible for developing and implementing business growth strategies & objectives, managing relationships with key stakeholders and steering overall Group's directions.

Mr. Wong, a veteran in corporate finance restructuring & IPOs since 2005, has a portfolio of successful Singapore SMEs listing in SGX (Singapore Stock Exchange) Catalist. Mr. Wong was an executive director for China Fashion Holdings Limited (fashion design & garment manufacturing) from December 2009 to May 2011, an executive director of ITE Electric Co. Limited (electrical distribution, lighting, and control equipment) from September 2014 to September 2016, the CEO and an executive director for DLF Holdings Limited (a mechanical & engineering services and solutions service provider listed in July 2018) from September 2017 to April 2019, a non-executive director at Mary Chia Holdings Limited (beauty, slimming, spa & lifestyle) from June 2009 to December 2012, an independent director for Old Chang Kee Limited (F&B retail & production chain) from July 2010 to July 2015 and a non-executive director of Goodland Group Limited (property development & construction), from August 2009 to January 2018. These companies are listed either on the Catalist or the Main Board of the SGX-ST.

From September 1990 to August 1992, he was the marketing communications manager for the motors group, Inchcape Sendirian Berhad, and subsequently, the business development manager till April 1993. Mr. Wong spearheaded business development as a sales and marketing manager in Singapore National Printers Pte Ltd (now known as SNP Corporation Ltd) from May 1993 to December 1995. Following that, he became the marketing director of APV Asia Pte Ltd, part of the Invensys PLC global technology and controls group, before being promoted to managing director (Greater China Division) in January 1997, a key position he held until December 1998. In addition, Mr. Wong has a business interest in Key Elements Consulting Pte Ltd. since 1999.

Mr. Wong holds a Bachelor of Arts (Second Upper Honours) (Chinese Studies) 1985 and Bachelor of Arts (Economics and Statistics) 1984 degree from the National University of Singapore. He also holds a Graduate Diploma in Marketing from the Marketing Institute of Singapore.

#### Mr. Then Chee Tat
Mr. Then Chee Tat is our deputy chief executive officer and chief financial officer. Mr. Then essentially acts as the primary financial steward for our Group. He is responsible for overseeing all aspects of the company's finances, including financial planning, reporting, cash flow management, investor relations, compliance with regulations, and providing strategic financial advice.

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Mr. Then is a chartered accountant with a strong foundation in finance, healthcare, and corporate management. His experience spans both public and private sectors, with expertise in corporate finance, healthcare management, and operational leadership.

Mr. Then's career started as deputy director (international tax) at Singapore's Ministry of Finance, where he contributed to corporate taxation frameworks. At the National Healthcare Group, he worked on manpower planning initiatives and implemented changes to enhance talent retention and performance systems within Singapore's public healthcare sector. As chief financial officer at SoilBuild Group Holdings, an SGX-listed company, Mr. Then supported the company's financial growth by improving reporting processes, strengthening investor engagement, and facilitating capital raising efforts. In his last corporate role as finance director for Neptune Orient Lines' logistics division, he managed financial reporting and performance reviews across multiple regions before transitioning to entrepreneurship.

Since 2008, he has been leading our Group, overseeing its development into a premium medi-aesthetic chain in Singapore. Mr. Then led ClearSK Group to win Singapore Prestige Brand (2013), One Asia Prominent Awards (2014), Singapore Quality S Class Award (2015) and has developed WSQ-funded courses certified by Skills Future Singapore for ClearSK Consultant-Therapists.

#### Key Personnel / Executive Officers

#### Dr. Shiau Ee Leng
Dr. Shiau is a senior healthcare leader and medical professional working in Singapore and Shanghai, with a specialized focus on wellness and aesthetic medicine.

A top student, Dr Shiau is an alumni of the Convent of Holy Infant Jesus schools, Raffles Girls' Secondary and Hwa Chong Junior College. She is fluent in Mandarin, English and French. She won an exchange program scholarship to study in France granted by the Ministry of Education, Singapore. She enjoys reading and playing music in her free time, notably the piano as well as the drums. Her free time is spent attending overseas doctors' conferences to speak as well as update her knowledge of the latest developments in aesthetic medicine.

As the Group Medical Director of ClearSK Medical Group and a highly experienced physician, Dr. Shiau designs the curriculum of the training academy that to date has trained many doctors who practiced in ClearSk group in Singapore and Shanghai. She plays a pivotal role in advancing medical aesthetics and wellness solutions. She is a recognized expert in aesthetic treatments, and was appointed trainers and key opinion leaders for many established medical aesthetic technologies, viz Galderma aesthetics, Allergan Aesthetics, Emface, Emsculpt Neo, Coolsculpting, Syneron, Thermage, Ultherapy. She is also respected by the South Korean medical aesthetics community and is KOL and trainers of Rejuran skincare and Classys Ultraformer and Volnewmer systems. She is appointed as master trainer for Sculptra for Asia Pacific by Galderma Singapore since 2019.

The breadth and depth of her knowledge allows her to design skincare and wellness programs both for the healthy as well those requiring more expert advice. She is amongst the pioneer group of doctors to embrace the use of cosmetic lasers in the early 2000s and witnessed the introduction of BOTOX and use of dermal fillers to Singapore.

She graduated with an MBBS degree from the NUS Yong Loo Lin School of Medicine in 1993, followed by Master of Medicine (Family Medicine) in 1999 and Diploma of FP Dermatology (2004) both from NUS and Diploma in Aesthetic Medicine (AAAM, USA) 2005.

In her early days as a senior Family Physician with MCGP certification she mentors medical students as an NUS appointed tutor.

She was in the organizing committee of Singapore conference of Aesthetic Medicine ("**CAM**") offering training conferences for young doctors in Singapore from 2003 for over 10 years but has now retired but remains advisor to the executive committee to the Singapore Society of Aesthetic Medicine. In 2007 she was spooned chairperson to CAM 2007 that invited over 100 doctors both local and overseas.

Dr Shiau is part of the Singapore entrepreneur leadership community and has been a key member of the US-founded Entrepreneur Organization ("**EO**") Singapore chapter since 2017, and has served on its board. With expansion of the ClearSK group to China, she is also actively involved in the APAC business community known as EO Asia Bridge group. Additionally, Dr. Shiau and ClearSK Clinic were credited as contributors to a research paper published in the Journal of Cosmetic Dermatology in 2023.

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#### Independent Director Nominees

#### Mr. Fok Chee Khuen
Mr. Fok Chee Khuen will begin serving as an independent director immediately upon the effectiveness of the registration statement on Form F-1, of which this prospectus forms part. Mr. Fok will serve as the chair of the audit committee, a member of the remuneration committee as well as the nominating and corporate governance committee.

Mr. Fok is a Fellow Chartered Accountant and a member of the Institute of Singapore Chartered Accountants. He has over 20 years of experience in audit and inspection experience. He currently serves as the managing director at Quality Accountants Pte Ltd since August 2017, and the chief reviewer and director at FE Advisory Pte Ltd since August 2017. He also currently serves as an independent director and chairman of audit committee of Rectitude Holdings Ltd and Snack Empire Holdings Limited from June 2024 and August 2021, respectively. He also currently serves as the chairman of the board of directors of Snack Empire Holdings Limited from April 2022. During the period between April 2015 and August 2017, Mr. Fok served in the practice monitoring department at Accounting & Corporate Regulatory Authority ("ACRA"), with his last position being the head of the practice monitoring department. During the period between June 2013 and April 2015, Mr. Fok served as an associate director of quality control & assurance at Foo Kon Tan LLP. During the period between December 2008 and May 2013, Mr. Fok served in the practice monitoring department at ACRA, with his last position being a senior lead audit inspector of the practice monitoring department. During the period between June 2007 and December 2008, Mr. Fok served as an audit manager at Mazars Moores Rowland LLP. During the period between August 2002 and September 2006, Mr. Fok served in the audit department at KPMG Singapore, with his last position being assistant manager.

Mr. Fok received a Bachelor of Accountancy (First Class Honours) from Nanyang Technological University in 2002.

#### Mr. Yong Siak Hoong
Mr. Yong Siak Hoong will begin serving as an independent director immediately upon the effectiveness of the registration statement on Form F-1, of which this prospectus forms part. Mr. Yong will serve as the chair of the remuneration committee, a member of the audit committee as well as the nominating and corporate governance committee.

Mr. Yong has over 30 years of work experience. Mr. Yong currently serves as the manager director of Le Temps Asia Pte Ltd, which manages all the Garmin Brand Shops in Singapore at since January 2022. During the period between May 2014 and December 2021, Mr. Yong served as the managing director of Southeast Asia and APAC markets at Philip Stein Asia Pte Ltd. During the period between March 2010 and December 2013, Mr. Yong served as the managing director of Southeast Asia and APAC of Vertu (Singapore) Pte Ltd. During the period between March 1999 and August 2009, Mr. Yong served as the Managing Director of South Asia at Bulgari South Asian Operations Pte Ltd. During the period between November 1996 and February 1999, Mr. Yong served as the general manager of Indonesia at Club 21. During the period between March 1995 and October 1996, Mr. Yong served as the General Manager at PT Pentanum GE. During the period between September 1990 and February 1995, Mr. Yong joined Equatron Pte Ltd (distributor for Jaquar & Land Rover), under the umbrella of Inchcape Berhad group as a Marketing Planner and his last position as General Manager of Inchcape Marketing for Indonesia. During the period between May 1988 and August 1990, Mr. Yong served as Personal Assistant to the Managing Director at Courts Singapore Pte Ltd.

Mr. Yong received a Bachelor of Business Administration from National University of Singapore in 1988.

#### Mr. Lim Yit Keong
Mr. Lim Yit Keong will begin serving as an independent director immediately upon the effectiveness of the registration statement on Form F-1, of which this prospectus forms part. Mr. Lim will serve as the chair of the nominating and corporate governance committee, a member of the remuneration committee as well as the audit committee.

Mr. Lim is a fellow member of Association of Certified Accountants (UK) and a member of the Institute of Singapore Chartered Accountants. He has over 40 years in financial control and accounting practices. Mr. Lim currently serves as a director and consultant at Capital Consulting Ptd Ltd since February 2000. During the period between May 2000 and August 2001, Mr. Lim served as the regional financial controller at Global Knowledge Network Pte Ltd. During the period between February 1998 and July 1999, Mr. Lim served as the director of China practice at KPMG.

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During the period between October 1996 and December 1997, Mr. Lim served as the APAC regional controller at Dornier Asia Medical Systems Pte Ltd. During the period between February 1994 and March 1995, Mr. Lim served as the financial controller at Braun AG. During the period between April 1991 and August 1993, Mr. Lim served as the regional finance manager at Wearnes Technology Pte Ltd. During the period between June 1980 and April 1991, Mr. Lim served as the financial controller at M.T. Maritime Management Pte Ltd.

During the period between 2019 and March 2025, Mr. Lim served as an independent director and chairman of audit committee of Autagco Ltd. During the period between June 2008 and December 2023, Mr. Lim served as an independent director and chairman of remuneration and nominating committee of China Kunda Technology Holdings Ltd. During the period between May 2007 and August 2014, Mr. Lim served as an independent director and the chairman of remuneration and nominating committee of RH Energy Ltd.

#### Family Relationships
There are no family relations in respect of any member of the board of directors.

#### Board of Directors
Our board of directors will consist of five Directors upon closing of this offering, three of whom will be "independent" within the meaning of the corporate governance standards of the Nasdaq listing rules and will meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

#### Leadership Structure and Risk Oversight
Our board of directors actively manages our Company's risk oversight process and receives periodic reports from management on areas of material risk to our Company, including operational, financial, legal, and regulatory risks. In addition to other functions, the committees of the board will assist the board in fulfilling its oversight responsibilities in certain areas of risk. The audit committee will assist the board of directors with its oversight of our financial risk exposure. The remuneration committee will assist the board with its oversight of risks arising from our compensation policies and programs. The nominating and corporate governance committee will assist the board with its oversight of risks associated with board organization, board independence, and corporate governance. While each committee will be responsible for evaluating certain risks and overseeing the management of those risks along with their other respective responsibilities, the entire board of directors will continue to be regularly informed about the work of each committee and any associated risks.

#### Board composition and director independence
As a company incorporated in the Cayman Islands, we qualify as a foreign private issuer that is permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance listing requirements of the Nasdaq Capital Market or another national securities exchange. These practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of such exchanges. As a result of being a foreign private issuer, you may not have the same protection afforded to shareholders of companies that are not exempt from the corporate governance requirements identified above.

#### Committees of the Board
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to establish an audit committee, a remuneration committee and a nominating and corporate governance, each of which will operate pursuant to a charter adopted by our board that will be effective upon the effectiveness of the registration statement of which this prospectus is a part. The board may also establish other committees from time to time to assist our Company and the board. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq Capital Market or another national securities exchange and SEC rules and regulations, if applicable. Upon our listing on Nasdaq Capital Market or another national securities exchange, each committee's charter will be available on our website at *www.regeniquegroup.com.* The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

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#### Audit committee
Fok Chee Khuen, Yong Siak Hoong and Lim Yit Keong will serve on the audit committee, which will be chaired by Fok Chee Khuen. Our board has determined that each of Fok Chee Khuen, Yong Siak Hoong and Lim Yit Keong are "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq Capital Market or another national securities exchange, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board has designated Fok Chee Khuen as an "audit committee financial expert", as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing earnings releases.

#### Remuneration committee
Fok Chee Khuen, Yong Siak Hoong and Lim Yit Keong will serve on the remuneration committee, which will be chaired by Yong Siak Hoong. Our board has determined that each of Fok Chee Khuen, Yong Siak Hoong and Lim Yit Keong satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Capital Market or another national securities exchange. The remuneration committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance of our chief executive officer in light of our company's corporate goals and objectives and, based on such evaluation: (i) recommending to the board the cash compensation of our chief executive officer, and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board the cash remuneration of our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and establishing our overall management compensation, philosophy and policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing and administering our remuneration and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq Capital Market or another national securities exchange rules;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaining and approving the compensation of any compensation advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving our policies and procedures for the grant of equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board the compensation of our Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the remuneration committee report required by SEC rules, if and when required.

#### Nominating and corporate governance
Fok Chee Khuen, Yong Siak Hoong and Lim Yit Keong will serve on the nominating and corporate governance, which will be chaired by Lim Yit Keong, our board has determined that each of Fok Chee Khuen, Yong Siak Hoong and Lim Yit Keong are "independent" as defined in the applicable Nasdaq Capital Market or another national securities exchange rules. The nominating and corporate governance's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to the board's criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the composition of the board to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nominating and corporate governance and board will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nominating and corporate governance's and board's priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

#### Corporate governance
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt a formal policy regarding board diversity and our nominating and corporate governance and board will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nominating and corporate governance's and board's priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

#### Foreign Private Issuer Status
We are a "foreign private issuer," as defined under Rule 3b-4(c) of the Exchange Act. As a result, we are exempt from some of the requirements under the Exchange Act applicable to domestic issuers, and in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), but we are required to comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640), and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

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#### Code of Conduct and Code of Ethics
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at *www.regeniquegroup.com.* The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq Capital Market or another national securities exchange.

#### Insider Trading Policies
Effective October 23, 2000, the SEC adopted rules related to insider trading. One of these rules, Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, provides an exemption to the insider trading rules in the form of an affirmative defense. Rule 10b5-1 recognizes the creation of formal programs under which executives and other insiders may sell the securities of publicly traded companies on a regular basis pursuant to written plans that are entered into at a time when the plan participants are not aware of material non-public information and that otherwise comply with the requirements of Rule 10b5-1.

Our board has adopted an insider trading policy that allows insiders to sell securities of our Company pursuant to pre-arranged trading plans.

#### Compensation of Executive Directors and Executive Officers
For the year ended September 30, 2025, we paid an aggregate of approximately S$240,000 (US$188,694) in cash to our executive directors and executive officers.

Bonuses are not payable pursuant to a bonus plan, but rather are made on a discretionary basis in consideration of contributions and profitability of the Company for the year under which such bonus was paid.

#### 2025 Share Incentive Plan
In order to attract and retain the best available personnel for positions of substantial responsibility for the Company, our board of directors has authorized the adoption of the 2025 Share Incentive Plan. The Plan will become effective on the day immediately after the completion of this offering for a term of ten years.

Awards that may be granted under the Plan may be share-based, such as options and restricted shares, or other types of equity-based incentives. The maximum number of Shares that may be granted under share-based awards during the term of the Plan is 5,000,000 Shares or 10% of the total number of Shares outstanding as of the effective date, whichever is higher. This limit will automatically increase on the first day of a fiscal year to 10% of the total number of Shares outstanding as of the last day of the immediately preceding fiscal year.

Other material terms of the Plan are summarized below:

*Eligibility.* Awards under the Plan may be granted to our directors, officers and other employees; officers, directors and other employees of our subsidiaries and parent companies; and other persons to whom the issuance of Shares may be registered under Form S-8 under the Securities Act.

*Administration.* The Plan will be administered by our board of directors or a committee of one or more members of the board of directors. Any decision relating to a director or office, however, will be delegated to a committee consisting solely of two or more directors who are disinterested.

*Transferability.* Any transfer, sale, hypothecation, encumbrance, or disposal of an award or any right or interest thereunder is prohibited unless the disposition falls within a limited set of exceptions or the right being disposed of under the award has been vested and (if applicable) exercised. All grantees and (if applicable) their transferees are required to notify us when they dispose of any Shares received under the Plan within two years of the grant or one year after their acquisition under the terms of the award, whichever is later.

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*Award Agreement.* The commercial terms of each award will be tailored for the grantee in the form of an award agreement. These terms may include vesting schedule and acceleration events; conditions precedent to the exercise of a right or privilege; exercise price or formula; settlement methods; and termination events.

*Claw*-Back *& Recovery.* Award made to a grantee may be revoked, and any Shares or other properties acquired under the award, including any net proceeds received from the sale of Shares, are subject to claw back, if the grantee is shown to have violated any covenants and other terms of employment.

*Amendment and Termination.* The board of directors may at any time amend the terms of the Plan, including the Plan's suspension, extension and early termination, unless such amendment is inconsistent with our Memorandum and Articles of Association or prohibited under applicable laws.

#### Employment Agreements and Indemnification Agreements
We entered into employment agreements with our executive officers. Under these agreements, each of our executive officers will be employed for an initial term of three years. Either we or the executive officer can terminate the employment agreement with not less than six months' written notice. At our option, we may extend the employment of our executive officers by giving at least six months' written notice to such executive officer before the end of the initial term. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. The agreement also provides that the executive officer shall not, during the term of the agreement and for two years after cessation of employment, carry on business in competition with our Group.

Each executive officer will agree to hold, at all times during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information, or the confidential or proprietary information disclosed to the executive officer by or obtained by the executive officer from us either directly or indirectly in writing, orally, or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

In addition, we intend to enter into agreements with all other directors whose service will begin upon the effectiveness of the registration statement of which this prospectus forms a part. Pursuant to the agreements, each director has agreed to attend and participate in such number of meetings of the board and of the committees of which he or she may become a member as regularly or specially called and will agree to serve as a director for a year and be up for re-election each year at our annual shareholder meeting. The directors' services will be compensated by cash under the agreement in an amount determined by the board.

We intend to enter into indemnification agreements with each of directors and executive officers. Under these agreements, we agree to indemnify them 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. 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.

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#### PRINCIPAL SHAREHOLDERS
The following table shows the beneficial ownership of the ordinary shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers, directors and director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of the executive officers, directors and director nominees of as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us who will beneficially own more than 5% of the ordinary shares.

The calculations in the table below are based on 30,450,000 Class A Ordinary Shares and 4,550,000 Class B ordinary shares issued and outstanding prior to the completion of this offering, and 32,450,000 Class A Ordinary Shares and 4,550,000 Class B Ordinary Shares outstanding immediately after the completion of this offering, assuming that the underwriters do not exercise their option to purchase additional Class A Ordinary Shares.

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 <br>Owned Before This Offering** | **Ordinary Shares Beneficially <br>Owned Before This Offering** | **Ordinary Shares Beneficially <br>Owned Before This Offering** | **Ordinary Shares Beneficially <br>Owned Before This Offering** | **Ordinary Shares Beneficially <br>Owned Immediately After This Offering** | **Ordinary Shares Beneficially <br>Owned Immediately After This Offering** | **Ordinary Shares Beneficially <br>Owned Immediately After This Offering** | **Ordinary Shares Beneficially <br>Owned Immediately After This Offering** |
|  | **Class A <br>Ordinary <br>Shares** | **Class B <br>Ordinary <br>Shares** | **% of <br>Beneficial <br>Ownership\*** | **% of <br>Aggregate <br>Voting <br>Power\*\*** | **Class A <br>Ordinary <br>Shares** | **Class B <br>Ordinary <br>Shares** | **% of <br>Beneficial <br>Ownership\*** | **% of <br>Aggregate <br>Voting <br>Power\*\*** |
|  **Directors and Executive Officers:** |  |  |  |  |  |  |  |  |
|  Ming Kwong Wong | 10657500 | 2275000 | 36.95 | 45.37 | 10657500 | 2275000 | 34.95 | 44.47 |
|  Chee Tat Then<sup>(1)</sup> | 15225000 | 2275000 | 50.00<br><sup>(2)</sup> | 50.00 | 15225000 | 2275000 | 47.30 | 49.01 |
|  Ee Leng Shiau<sup>(1)</sup> | 15225000 | 2275000 | 50.00<br><sup>(2)</sup> | 50.00 | 15225000 | 2275000 | 47.30 | 49.01 |
|  Fok Chee Khuen |  |  |  |  |  |  |  |  |
|  Yong Siak Hoong |  |  |  |  |  |  |  |  |
|  Lim Yit Keong |  |  |  |  |  |  |  |  |
|  *All directors and executive officers as a group* | 25882500 | 4550000 | 86.95 | 95.37 | 25882500 | 4550000 | 82.25 | 93.48 |
|  **5% or Greater Shareholders:** |  |  |  |  |  |  |  |  |
|  Ming Kwong Wong | 10657500 | 2275000 | 36.95 | 45.37 | 10657500 | 2275000 | 34.95 | 44.47 |
|  Chee Tat Then<sup>(1)</sup> | 15225000 | 2275000 | 50.00<br><sup>(2)</sup> | 50 | 15225000 | 2275000 | 47.30 | 49.01 |
|  Ee Leng Shiau<sup>(1)</sup> | 15225000 | 2275000 | 50.00<br><sup>(2)</sup> | 50 | 15225000 | 2275000 | 47.30 | 49.01 |

---

____________

Notes:

\* 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 shares outstanding.

\*\* For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B Ordinary Shares as a single class. Each holder of Class B Ordinary Shares is entitled to 15 votes per share, subject to certain conditions, and each holder of our Class A Ordinary Shares is entitled to 1 vote per share on all matters submitted to them for a vote. Our Class A Ordinary Shares and Class B Ordinary Shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Our Class B Ordinary Shares are convertible at any time by the holder thereof into Class A Ordinary Shares on a one-for-one basis.

(1) Represent (i) 7,612,500 Class A Ordinary Shares and 1,137,500 Class B Ordinary Shares held by Chee Tat Then and (ii) 7,612,500 Class A Ordinary Shares and 1,137,500 Class B Ordinary Shares held by Ee Leng Shiau before and after the offering. Ee Leng Shiau is the spouse of Chee Tat Then.

(2) Chee Tat Then and Ee Leng Shiau beneficially owns 50% in aggregate of the Ordinary Shares before this Offering.

As of the date of this prospectus, we had no ordinary shares held by record holders in the United States.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

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#### RELATED PARTY TRANSACTIONS

#### Employment Agreements
See "*Management — Employment Agreements and Indemnification Agreements*" for a description of the employment agreements and indemnification agreements we have entered into with our senior executive officers.

#### Securities Issuances
See "*Description of Share Capital — History of Securities Issuances*" for a description of our securities issuances in the past three years.

#### Other Related Party Transactions
In addition to the employment agreements, indemnification agreements and the securities issuances, we describe below our related party transactions that occurred during the years ended September 30, 2023 and 2024, the nine months ended June 30, 2025, and as of the date of this prospectus.

#### Amount due from/(to) related parties by our Company

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of related parties** | **Relationship** | **Nature of<br>transactions** | **<br>As of September 30,** | **<br>As of September 30,** | **<br>As of September 30,** | **<br>As of June 30,** | **<br>As of June 30,** | **As of the<br>date of this<br>prospectus** | **As of the<br>date of this<br>prospectus** |
|  **Name of related parties** | **Relationship** | **Nature of<br>transactions** | **2023** | **2024** | **2024** | **2025** | **2025** | **As of the<br>date of this<br>prospectus** | **As of the<br>date of this<br>prospectus** |
|  |  |  | **S$** | **S$** | **US$** | **S$** | **US$** | **S$** | **US$** |
|  ClearSK Aesthetics Academy Sdn. Bhd. ("CAA") | <br>Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) | Payment on behalf |  | 96987 | 75592 | 90436 | 71101 | 85852 | 67499 |
|  Then Chee Tat | Shareholder | Advances | 2868351 |  |  | (508725) | (399960) | (258579) | (203301) |
|  Dr. Shiau Ee Leng | Shareholder | Advances | 900872 |  |  |  |  |  |  |

---

The amounts due from the related parties listed above are interest free, unsecured, and due on demand without an agreement.

#### Amount due to related parties by our Company

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of related parties** | **Relationship** | **Nature of<br>transactions** | **<br>As of September 30,** | **<br>As of September 30,** | **<br>As of September 30,** | **<br>As of June 30** | **<br>As of June 30** | **As of the<br>date of this<br>prospectus** | **As of the<br>date of this<br>prospectus** |
|  **Name of related parties** | **Relationship** | **Nature of<br>transactions** | **2023** | **2024** | **2024** | **2025** | **2025** | **As of the<br>date of this<br>prospectus** | **As of the<br>date of this<br>prospectus** |
|  |  |  | **S$** | **S$** | **US$** | **S$** | **US$** | **S$** | **US$** |
|  Dr Chen Yiming | Deputy Medical Director and director of subsidiaries CSKC Pte. Ltd. and CSKC Medispa Pte. Ltd. | Dividend payable and other payable | 114100 | 6100 | 4754 | 6100 | 4796 | 6100 | 4796 |

---

[**Table of Contents**](#TOC001)

The amounts due to the related parties listed above are interest free, unsecured, and due on demand without an agreement.

#### Transactions entered with related parties by our Company

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of related <br>parties** | **Relationship** | **Nature of<br>transactions** | **<br>As of September 30,** | **<br>As of September 30,** | **<br>As of September 30,** | **<br>As of June 30,** | **<br>As of June 30,** | **<br>As of June 30,** | **As of the<br>date of this<br>prospectus** | **As of the<br>date of this<br>prospectus** |
|  **Name of related <br>parties** | **Relationship** | **Nature of<br>transactions** | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** | **As of the<br>date of this<br>prospectus** | **As of the<br>date of this<br>prospectus** |
|  |  |  | **S$** | **S$** | **US$** | **S$** | **S$** | **US$** | **S$** | **US$** |
|  ClearSK Aesthetics Academy Sdn. Bhd. ("CAA") | <br>Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) | Payment on behalf for accounting and administrative services | 157863 | 249532 | 194485 | 231895 | 395636 | 311049 | 95851 | 75360 |
|  SGP Healthcare Investments Pte. Ltd. ("SGP") | <br>Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) | Rental expense | 229992 | 155659 | 121321 |  | 33106 | 26028 |  |  |
|  SGP | Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) | Assignment of warehouse to Company<sup>(</sup><sup>1</sup><sup>)</sup> |  | 1130000 | 880722 |  | 1130000 | 888406 | 1130000 | 888406 |
|  Supergenics | Mr. Wong, our chief executive officer and executive chairman, is the controlling shareholder and a director at Supergenics | License Agreement |  |  |  |  |  |  |  |  |

---

____________

Notes

(1) The warehouse at 114 Lavender Street #09-91 CT Hub 2, Singapore 338729 was assigned by Clearsk Medi-Aesthetics (West) Pte. Ltd. to ClearSK Medi-Aesthetics (Westgate) Pte Ltd to support its strategic growth pursuant to a deed of assignment.

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#### DESCRIPTION OF SHARE CAPITAL
We were incorporated as an exempted company with limited liability under the laws of the Cayman Islands on November 13, 2024, and our affairs are governed by our Amended and Restated Memorandum and Articles of Association, as amended and restated from time to time and the Companies Act (As Revised) of the Cayman Islands (which we will refer to as the "Companies Act" under this section) and the common law of the Cayman Islands.

As of the date hereof, our authorized share capital is US$50,000 divided into 500,000,000 shares of par value of US$0.0001 each, comprising of (i) 400,000,000 Class A Ordinary Shares of par value of US$0.0001 each, (ii) 100,000,000 Class B Ordinary Shares of nominal or par value of US$0.0001 each. We will issue Class A Ordinary Shares in this offering. All options, regardless of grant dates, will entitle holders to an equivalent number of Class A Ordinary Shares once the vesting and exercising conditions are met. The following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association and the Companies Act insofar as they relate to the material terms of our ordinary shares that is currently and will remain effective upon the closing of this offering.

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

Our shareholders have adopted the Amended and Restated Memorandum and Articles of Association, which we refer to below as our post-offering memorandum and articles of association and is currently effective and shall remain in effect after the date of the Company's listing on the Nasdaq Capital Market. The following are summaries of material provisions of the post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our Class A Ordinary Shares.

*Objects of Our Company.* Under our post-offering amended and restated memorandum and articles of association, the objects of our Company are unrestricted and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

*Ordinary Shares.* Our ordinary shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle the holder thereof to fifteen (15) votes on all matters subject to vote at our general meetings. All of our issued and outstanding ordinary shares are fully paid and non-assessable. Certificates representing the Class A Ordinary Shares and Class B Ordinary Shares, if any, shall be in such form as our directors may determine. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Conversion.* Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

*Dividends.* Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with the articles: (a) the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose; and (b) our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors. Subject to the requirements of the Companies Act regarding the application of a company's share premium account and with the sanction of an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends to shareholders may make such payment either in cash or in specie. Unless provided by the rights attached to a share, no dividend shall bear interest.

*Voting Rights.* 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 by the members at any general meeting of the Company. Each Class A Ordinary Share shall be entitled to one (1) vote and each Class B Ordinary Share shall be entitled to fifteen (15) votes on all matters subject to the vote at general meetings of our Company. At any general meeting a resolution put to the vote of the meeting shall be decided by a poll. A poll shall be taken in such manner as the chairman of the meeting directs, and the result of the poll shall be deemed to be the resolution of the meeting.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the outstanding and issued ordinary shares cast

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at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our post-offering amended and restated memorandum and articles of association. 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 amended and restated memorandum and articles of association provide that we may (but are not obliged to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by our board anytime. Advance notice of at least five 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 least one shareholder present or by proxy, representing not less than one-third of the outstanding shares in our company carrying the right to vote such the general meeting.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering amended and restated memorandum and articles of association provide that upon the requisition of any one or more of our shareholders who together hold at least ten percent of the rights to vote at general meetings to requisition an extraordinary general meeting of the shareholders, in which case the directors are obliged to convene such meeting and to put the resolutions so requisitioned to a vote at such meeting. If the directors do not convene such meeting within twenty-one clear days' from the date of receipt of the written requisition, those shareholders who requested the meeting may convene the general meeting themselves within three months after the end of such period. However, our post-offering amended and restated 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 ordinary shares.* Subject to the restrictions set out in our post-offering amended and restated memorandum and articles of association as set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by our board.

Our board 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 may also decline to register any transfer of any ordinary share unless:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&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 shares is to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ordinary shares transferred is free of any lien in favor of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any applicable fee of such maximum sum as the Nasdaq Capital Market (to the extent applicable) may determine to be payable, or such lesser sum as our board may from time to time require, related to the transfer is paid to us.

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

The registration of transfers may, on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as our board may, in their absolute discretion, from time to time determine, provided always that the registration of transfers shall not be suspended nor the register of members closed for more than 30 clear days in any year.

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*Liquidation.* If we are wound up, the shareholders may, subject to the articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following: (a) to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and (b) to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up. The directors have the authority to present a petition for our winding up to the Grand Court of the Cayman Islands on our behalf without the sanction of a resolution passed at a general meeting.

*Calls on Shares and Forfeiture of Shares.* Subject to the terms of allotment, our board may from time to time make calls upon shareholders for any amounts unpaid on their shares including any premium, and each shareholder shall (subject to receiving at least fourteen (14) clear days' notice specifying when and where payment is to be made) pay to us at the time or times so specified the amount called on such shares. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* Subject to the Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors: (a) issue shares that are to be redeemed or liable to be redeemed, at our option or the shareholder holding those redeemable shares, on the terms and in the manner our directors determine before the issue of those shares; (b) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at our option on the terms and in the manner which the directors determine at the time of such variation; and (c) purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which the directors determine at the time of such purchase.

We may make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Companies Act, including out of any combination of capital, our profits and the proceeds of a fresh issue of shares. When making a payment in respect of the redemption or purchase of shares, the directors may make the payment in cash or in specie (or partly in one and partly in the other) if so authorized by the terms of the allotment of those shares or by the terms applying to those shares, or otherwise by agreement with the shareholder holding those shares.

*Variations of Rights of Shares.* If at any time, our share capital is divided into different classes of shares, the rights attached to any class may, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied with the consent in writing of the holders holding not less than two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. Unless the terms on which a class of Shares was issued state otherwise, the rights conferred upon the holders of the shares of any class issued shall not, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with the existing shares of that class.

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

*Inspection of Books and Records.* Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records.

*Anti*-Takeover *Provisions.* Some provisions of our post-offering amended and restated 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 amended and restated 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.

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*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;• does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

&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;• does not have to hold an annual general meeting;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a limited duration company; and

&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 the 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).

#### Ordinary shares

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

#### 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 act 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 principal shareholders 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, a 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 owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes

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they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, and care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills.

#### Shareholder Proposals
Under Delaware corporate 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 our board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering amended and restated memorandum and articles of association allow any one or more of our shareholders who together hold at least ten percent of the rights to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our post-offering amended and restated memorandum and articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As a Cayman Islands exempted company, we are not obliged by law to call shareholders' annual general meetings.

#### Sale of Assets
Under Delaware corporate law, a vote of the shareholders is required to approve a sale of assets only when all or substantially all assets are being sold to a person other than a subsidiary of the company. Under Cayman Islands law, generally speaking, shareholder approval is not required for the disposal of assets of an exempted company.

#### Redemption of Shares
Under Delaware corporate law, any stock may be made subject to redemption by the corporation at its option, at the option of the holders of that stock or upon the happening of a specified event, provided shares with full voting power remain outstanding. The stock may be made redeemable for cash, property or rights, as specified in the certificate of incorporation or in the resolution of our board of directors providing for the issue of the stock. As permitted by Cayman Islands law and our post-offering amended and restated memorandum and articles of association, we may issue shares on terms that are subject to redemption at our option on such terms and in such manner as may be determined by our board. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) 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 issued and outstanding or (c) unless the manner of purchase (if not so authorized under the articles of association) has first been authorized by a resolution of the company.

#### Compulsory Acquisition
Under Delaware General Corporation Law § 253, in a process known as a "short form" merger, a corporation that owns at least 90% of the outstanding shares of each class of stock of another corporation may either merge the other corporation into itself and assume all of its obligations or merge itself into the other corporation by executing, acknowledging and filing with the Delaware Secretary of State a certificate of such ownership and merger setting forth a copy of the resolution of its board of directors authorizing such merger. If the parent corporation is a Delaware corporation that is not the surviving corporation, the merger also must be approved by a majority of the outstanding stock of the parent corporation. If the parent corporation does not own all of the stock of the subsidiary corporation immediately prior to the merger, the minority shareholders of the subsidiary corporation party to the merger may have appraisal rights as set forth in § 262 of the Delaware General Corporation Law.

The Companies Act contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of

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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.

#### Independent Directors
There are no provisions under Delaware corporate law or under the Companies Act that require a majority of our directors to be independent.

#### Cumulative Voting
Under Delaware corporate law, cumulative voting for elections of directors is not permitted unless the company'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 on cumulative voting under the laws of the Cayman Islands, but our post-offering memorandum and articles of association will not provide for cumulative voting.

#### Removal of Directors
Under Delaware corporate 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. Removal of directors is governed by the terms our post-offering memorandum and articles of association under the laws of the Cayman Islands.

#### Mergers
Under Delaware corporate law, one or more constituent corporations may merge into and become part of another constituent corporation in a process known as a merger. A Delaware corporation may merge with a foreign corporation as long as the law of the foreign jurisdiction permits such a merger. To effect a merger under Delaware General Corporation Law § 251, an agreement of merger must be properly adopted and the agreement of merger or a certificate of merger must be filed with the Delaware Secretary of State. In order to be properly adopted, the agreement of merger must be adopted by the board of directors of each constituent corporation by a resolution or unanimous written consent. In addition, the agreement of merger generally must be approved at a meeting of shareholders of each constituent corporation by a majority of the outstanding stock of the corporation entitled to vote, unless the certificate of incorporation provides for a supermajority vote. In general, the surviving corporation assumes all of the assets and liabilities of the disappearing corporation or corporations as a result of the merger.

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (i) "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 (ii) 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 written plan of merger or consolidation 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. For this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

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.

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Save in certain limited circumstances, a dissenting shareholder of a Cayman constituent is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by (a) seventy-five percent (75%) in value of the shareholders or class of shareholders, as the case may be, or (b) a majority in number of the creditors or each class of creditors, as the case may be, with whom the arrangement is to be made, that are, in each case, 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;• the statutory provisions as to the required majority vote have been met;

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

#### Conflicts of Interest
Under Delaware corporate law, a contract between a corporation and a director or officer, or between a corporation and any other organization in which a director or officer has a financial interest, is not void as long as (i) the material facts as to our director's or officer's relationship or interest are disclosed or known and (ii) either a majority of the disinterested directors authorizes the contract in good faith or the shareholders vote in good faith to approve the contract. Nor will any such contract be void if it is fair to the corporation when it is authorized, approved or ratified by the board of directors, a committee or the shareholders.

Under our post-offering amended and restated memorandum and articles of association, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration.

#### Transactions with Interested Shareholders
Delaware corporate law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by that 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 the person becomes an interested shareholder. An interested shareholder generally is a person or group that owns or owned 15% or more of the company's outstanding voting stock within the past three years. This statute has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the company in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which the shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction that resulted in the person becoming an interested shareholder.

Cayman Islands law has no comparable provision. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that these transactions must be entered into in the bona fide best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

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#### Dissolution; Winding Up
Under Delaware corporate 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 corporate 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 and our post-offering amended and restated memorandum and articles of association, our company may be dissolved, liquidated or wound up voluntarily by a special resolution of our shareholders.

#### Variation of Rights of Shares
Under Delaware corporate law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of that class, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated memorandum and articles of association, if our share capital is divided into more than one class of shares, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied with the consent in writing of the holders holding not less than two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with existing shares of that class.

#### Amendment of Governing Documents
Under Delaware corporate law, with very limited exceptions, a vote of the shareholders of a corporation is required to amend the certificate of incorporation. In addition, Delaware corporate law provides that shareholders have the right to amend the corporation's bylaws, but the certificate of incorporation may confer such right on our directors of the corporation.

Under the Companies Act and our post-offering memorandum and articles of association, our memorandum and articles of association may only be amended by a special resolution of our shareholders.

#### Rights of Non-resident or Foreign Shareholders
There are no limitations imposed by our 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 amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

#### History of Securities Issuances
Our Company was incorporated in the Cayman Islands on November 13, 2024. Upon our incorporation, our Company has an authorized share capital of US$50,000 divided into 50,000,000 ordinary shares of par value of US$0.001 each.

In connection with our internal reorganization, we issued and allotted one ordinary share to Mr. Then, one ordinary share to Dr. Shiau, and two ordinary shares to Ogier Global Subscriber (Cayman) Limited for a consideration at par value of US$0.001 on November 13, 2024. On November 13, 2024, Ogier Global Subscriber (Cayman) Limited transferred 2 ordinary shares to Mr. Wong.

On April 8, 2025, director resolutions were passed to authorize the redesignation of the four issued ordinary shares as 40 issued Class A ordinary shares.

On October 8, 2025, we issued and allotted 7,612,490 Class A Ordinary Shares to Dr. Shiau, 7,612,490 Class A Ordinary Shares to Mr. Then, and 15,224,980 Class A Ordinary Shares to Mr. Wong for a consideration at par value of US$0.0001. On October 13, 2025, we issued and allotted 2,275,000 Class B Ordinary Shares to Mr. Wong, 1,137,500 Class B Ordinary Shares to Mr. Then, and 1,137,500 Class B Ordinary Shares to Dr. Shiau for a consideration at par value of US$0.0001.

The above issuances were exempt from registration under Section 4(a)(2) of the Securities Act because they were transactions by an issuer not involving any public offering. Save for the above, there is no other securities issuance in the past three years.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no public market for our ordinary shares, and while we intended to apply for the listing of our Class A Ordinary Shares on Nasdaq, we cannot assure you that an active trading market for our Class A Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Class A Ordinary Shares in the public market following this offering or perception that such future sales may occur could adversely affect market price prevailing from time to time and could impair our ability through sale of our equity securities. We currently do not expect that an active trading market will develop for our Class A Ordinary Shares.

Upon the closing of this offering, we will have 37,000,000 outstanding ordinary shares, comprised of 32,450,000 Class A Ordinary Shares and 4,550,000 Class B Ordinary Shares, assuming the underwriters do not exercise their option to purchase additional Class A Ordinary Shares. Of that amount, 2,000,000 Class A Ordinary Shares will be publicly held by investors participating in this offering, and 30,450,000 Class A Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. Rule 144 defines an affiliate of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our company.

In addition, an aggregate amount of 5,000,000 Class A Ordinary Shares, or 10% of the total number of Ordinary Shares outstanding as of the effective date, whichever is higher, shall be reserved as share-based awards during the term of the Plan. All outstanding Ordinary Shares prior to this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold on Nasdaq only if they are sold pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 and 701 promulgated under the Securities Act, which rules are summarized below. Restricted Ordinary Shares may also be sold outside of the United States in accordance with Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Ordinary Shares acquired in this offering by our affiliates.

#### Lock-Up Agreement
We have agreed, for a period of six months after the closing date, and our directors, executive officers and shareholders have agreed, for a period of six months from the date of this prospectus, not to (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares of the Company; or (b) file or caused 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.

The restrictions described in the preceding paragraphs will be automatically extended under certain circumstances. See "*Underwriting*".

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of the Class A Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for the Class A Ordinary Shares may dispose of significant numbers of the Class A Ordinary Shares in the future. We cannot predict what effect, if any, future sales of the Class A Ordinary Shares, or the availability of the Class A Ordinary Shares for future sale, will have on the trading price of the Class A Ordinary Shares from time to time. Sales of substantial amounts of the Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of the Class A Ordinary Shares.

#### Rule 144

#### Non-affiliates
As a general matter, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, any person who (i) is not an affiliate at the time of sale and has not been an affiliates for purposes of the Securities Act at any time during the three months preceding the proposed sale under Rule 144, and (ii) has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior non-affiliate owner, is entitled to sell such shares without complying with the manner of sale, limitation on amount or notice provisions of Rule 144, subject to compliance with the public information requirement of Rule 144(c). In addition, if such a person

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has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior non-affiliate owner, then such person is entitled to sell such shares freely without complying with any requirement of Rule 144.

#### Affiliates
As a general matter, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, any of our affiliates who owns shares that were acquired from us or an affiliate of us for at least six months (if subject to compliance with the public information requirement of Rule 144(c)) or one year (in any other case) prior to the proposed sale is entitled to sell, within any three-month period, a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of our ordinary shares then outstanding of the same class, which will equal approximately 32,950 Class A Ordinary Shares immediately following this offering, or 33,325 Class A Ordinary Shares if the underwriters exercise their option in full to purchase additional Class A Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly reported trading volume of our Class A Ordinary Shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with the SEC.

In addition, sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are subject to certain manner of sale and notice requirements and the availability of current public information about us.

#### Rule 701
Beginning 90 days after the date of this prospectus, persons other than affiliates who purchased Class A Ordinary Shares under a written compensatory plan or contract may be entitled to sell such shares in the United States in reliance on Rule 701. Rule 701 permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. Rule 701 further provides that non-affiliates may sell these shares in reliance on Rule 144 subject only to its manner-of-sale requirements.

We have not issued any securities in reliance on Rule 701.

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

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#### TAXATION
*The following summary of material Cayman Islands, Singapore and United States federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares, such as the tax consequences under state, local, and other tax laws.*

**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 our 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. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). 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 our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of interest and principal or a dividend or capital to any holder of our Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporation tax. The Cayman Islands currently have no income, corporation or capital gains tax and no estate duty, inheritance tax or gift tax.

**Singapore Taxation** 

#### Dividend Distributions
*One Tier Corporate Taxation System*

Singapore resident companies can issue one-tier tax exempt dividends. This means shareholders will not be taxed on this dividend income.

*Withholding Taxes*

Singapore currently does not impose withholding tax on dividends paid to both resident and non-resident shareholders.

*Goods and Services Tax*

The Goods and Services Tax in Singapore is a broad-based consumption tax that is levied on import of goods into Singapore, as well as nearly all supplies of goods and services in Singapore at the prevailing rate of 9%.

#### Corporate Tax
A company is regarded as tax resident in Singapore if the control and management of its business is exercised in Singapore. In general, the control and management of a company's business is vested in its board of directors and its tax residency is generally where its board of directors meet to make strategic business decisions of the company.

Corporate taxpayers (both residents and non-residents) are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain exceptions, on foreign-sourced income received or deemed to be received in Singapore.

However, foreign-sourced income in the form of dividends, branch profits and service income received or deemed to be received in Singapore by Singapore tax resident companies on or after June 1, 2003 is exempt from tax if certain prescribed conditions are met, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such income is subject to tax of a similar character to income tax under the law of the jurisdiction from which such income is received;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time the income is received in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) levied under the law of the territory from which the income is received on any gains or profits from any trade or business carried on by any company in that territory at that time is not less than 15%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the comptroller of income tax in Singapore is satisfied that the tax exemption would be beneficial to the recipient of the specified foreign income.

The corporate tax rate in Singapore is currently 17%. In addition, with the first S$200,000 of chargeable income being partially exempt from tax as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 75.0% of the first S$10,000 of chargeable income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 50.0% of the next S$190,000 of normal chargeable income.

The remaining chargeable income (after the tax exemption) will be fully taxable at the prevailing corporate tax rate.

#### Material United States Federal Income Tax Considerations
The following is a discussion of certain material United States federal income tax considerations relating to the acquisition, ownership, and disposition of our Class A Ordinary Shares by a U.S. Holder, as defined below, that acquires our Class A Ordinary Shares in this offering and holds our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "**Code**"). This discussion is based on existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service (the "**IRS**"), with respect to any United States federal income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light of their individual circumstances, including investors subject to special tax rules (such as, for example,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks or other financial institutions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker, dealers, or traders in securities, commodities, currencies, or notional principal contracts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships (or other entities treated as partnerships for United States federal income tax purposes) and their partners,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations (including private foundations or government organizations),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retirement plans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or long-term residents of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors who are not U.S. Holders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors that own (directly, indirectly, or constructively) 10% or more of our shares (by vote or value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors that hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, synthetic security, or other integrated transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporations that accumulate earnings to avoid U.S. federal income tax,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• or investors that have a functional currency other than the U.S. dollar,

all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not address any tax laws other than the United States federal income tax laws, including any state, local, alternative minimum tax or non-United States tax considerations, or the Medicare tax on unearned income. Each potential investor is urged to consult its tax advisor regarding the United States federal, state, local and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

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#### General
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate, the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise elected to be treated as a United States person under the Code.

If a partnership (or other entity treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our Class A Ordinary Shares are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

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

#### Taxation of dividends and other distributions on our Class A Ordinary Shares
Subject to the passive foreign investment company rules discussed below, distributions of cash or other property made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income when actually or constructively received by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions on our Class A Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

Dividends paid by a "qualified foreign corporation" to certain non-corporate U.S. Holders may be eligible for taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income, provided that a holding period requirement (more than 60 days of ownership, without protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends to its particular circumstances, including the effects of any change in law after the date of this prospectus. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion below), we will not be treated as a qualified foreign corporation, and therefore, the reduced capital gains tax rate described above will not apply.

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

#### Taxation of dispositions of Class A Ordinary Shares
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Class A Ordinary Shares. The gain or loss will be capital gain or loss. The gain or loss will generally be treated as U.S.-source income or loss for foreign tax credit purposes. U.S. Holders that sell Class A Ordinary Shares for an amount denominated in a non-U.S. currency should consult their tax advisers regarding the exchange rate at which the amount received should be translated to U.S. dollars, and whether any

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U.S.-source foreign currency gain or loss may be required to be recognized as a result of the sale. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Class A Ordinary Shares for more than one year, you may be eligible for reduced tax rates on any such capital gains. The deductibility of capital losses is subject to limitations.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

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

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

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

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

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

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

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

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

#### Net Investment Income Tax
Certain U.S. Holders that are individuals, estates, or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our Class A Ordinary Shares. If you are a U.S. person that is an individual, estate, or trust, you are encouraged to consult your tax advisor regarding the applicability of this net investment income tax to your income and gains in respect to your investment in our Class A Ordinary Shares.

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

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

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

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#### UNDERWRITING
Under the terms and subject to the conditions of an underwriting agreement dated the date of this prospectus, the underwriters named below, for whom Network1 Financial Securities, Inc. is acting as the representative and sole book-running manager (the "**representative,**" or "**Network1**"), have severally agreed to purchase, and we have agreed to sell to them, the number of our Class A Ordinary Shares at the initial public offering price, less the underwriting discounts, as set forth on the cover page of this prospectus and as indicated below:

---

| | |
|:---|:---|
|  **Underwriters** | **Number of <br>Class A <br>Ordinary<br>Shares** |
|  Network1 Financial Securities, Inc. |  |
| &nbsp;&nbsp;&nbsp; **Total** |  |

---

The underwriters are offering the shares subject to their acceptance of the 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 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 shares covered by the underwriters' option to purchase additional shares described below.

We have granted to the underwriters an option, exercisable for 45 days after the date of closing of this offering, to purchase up to additional Class A Ordinary Shares (15% of the number of Class A Ordinary Shares offered in this offering) at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. 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 of the underwriters will become obligated, subject to certain conditions, to purchase about the same percentage of the additional Class A Ordinary Shares as the number listed next to the underwriters' name in the preceding table bears to the total number of Class A Ordinary Shares listed next to the names of all underwriters in the preceding table.

The underwriters have advised us that they propose to offer the Class A Ordinary 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. The underwriters may allow, and certain dealers may reallow, a discount from the concession to certain brokers and dealers. After this offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representative. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover 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.

#### Discounts and Expenses
The following table shows the per share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional Class A Ordinary Shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total <br>Without <br>Exercise of <br>Over-allotment <br>Option** | **Total <br>With Full <br>Exercise of <br>Over-allotment <br>Option** |
|  Initial public offering price | $| $| $|
|  Underwriting discounts to be paid by us (7%) | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

The underwriting discounts are equal to 7% of the initial public offering price.

We have paid $80,000 in aggregate as accountable expenses to Revere Securities LLC ("Revere"), the former lead underwriter of our IPO, and $20,000 in aggregate to Revere as advisory fees. We have also agreed to pay Revere a termination fee in the amount of $250,000 at the closing of this offering.

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We have also agreed to pay the representative, Network1, advisory fees in the amount of $125,000 at the closing of this offering.

We will bear all fees, disbursements, and expenses, in connection with the offering, including, without limitation: the Company's legal and accounting fees and disbursements; the costs of preparing, printing, mailing and delivering the registration statement, the preliminary and final prospectus contained therein and amendments thereto, post-effective amendments and supplements thereto, the underwriting agreement and related documents (all in such quantities as the representative may reasonably require); preparing and printing stock certificates and warrant certificates; the costs of any "due diligence" meetings; all reasonable and documented fees and expenses for conducting a net road show presentation; all filing fees (including fees for filings with the SEC) and communication expenses relating to the registration of the shares to be sold in the offering, FINRA filing fees. In addition, we will pay the reasonable, and documented, fees and disbursements, of the representative's counsel up to an amount of $95,000 (which maximum shall apply solely to such fees and disbursements of counsel and not to other fees and expenses); background checks of the Company's officers and directors up to a maximum of $15,000; preparation of bound volumes and Lucite cube mementos in such quantities as the representative may reasonably request up to an amount of $2,500; transfer taxes, if any, payable upon the transfer of securities from the Company to the representative; and the fees and expenses of the transfer agent, clearing firm, and registrar, for the shares; provided that the actual accountable expenses of the underwriter shall not exceed $140,000.

The Company has paid an advance of $70,000 to the representative for its anticipated out-of-pocket expenses; any advance will be returned to the Company to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

The Company will pay the representative a non-accountable expense allowance of one percent (1%) of the gross proceeds from the offering upon the closing of the offering.

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $1,829,338.

#### Right of First Refusal
Upon closing of the offering, the Company will grant the representative the right of first refusal (the "Right of First Refusal") to act as lead managing underwriter for any public underwriting, or private placement, of debt, or equity, securities (excluding (i) shares issued under any compensation or stock option plan approved by the shareholders of the Company, (ii) shares issued in payment of the consideration for an acquisition or as part of strategic partnerships and transactions and (iii) conventional banking arrangements and commercial debt financing) of the Company or any subsidiary or successor of the Company, with the representative receiving the right to underwrite or place a number of the securities to be sold therein having an aggregate purchase price therein equal to a minimum of the aggregate purchase price of the base shares in the offering, until twelve (12) months after completion of the offering. If the representative fails to accept in writing any such proposal for such public or private sale within ten (10) days after receipt of a written notice from the Company containing such proposal, then the representative will have no claim or right with respect to any such sale contained in any such notice. If, thereafter, such proposal is modified in any material respect, the Company will adopt the same procedure as with respect to the original proposed public or private sale, and the representative shall have the Right of First Refusal with respect to such revised proposal in accordance with the terms in the underwriting agreement. The Right of First Refusal shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by the Company for cause, which shall mean a material breach by the representative of the underwriting agreement.

#### Tail Financings
In the event that at any time prior to the second anniversary of the closing of this offering, the Company, or any of its affiliates, shall enter into any transaction (including, without limitation, any merger, consolidation, acquisition, financing, joint venture or other arrangement) with any party introduced to the Company by the representative, directly or indirectly, during such period (the "Tail Financing"), the representative will be paid a transaction fee, payable at the closing thereof, equal to a percentage of the consideration or value received by the Company and/or its shareholders as follows:

5% of the first $1,000,000;

4% of the next $1,000,000;

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3% of the next $1,000,000;

2% of the next $1,000,000; and

1% of all amounts in excess of $4,000,000.

In compliance with FINRA Rule 5110(g)(5)(B), the right granted to the representative described above shall be terminated upon termination by the Company of the underwriting agreement for cause and the Company shall not be responsible for paying for the fee set forth above unless a Tail Financing is consummated within the period beginning on September 30, 2025, the date of the engagement letter between the Company and the representative (the "Engagement Agreement"), and ending on the earliest of (i) the date the offering is completed, or (ii) the date that either the Company or the representative terminates the Engagement Agreement pursuant to the terms therein.

#### Pricing of the Offering
Prior to the completion of this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price of the shares has been negotiated between us and the underwriters. Among the factors considered in determining the initial public offering price of the shares, in addition to the prevailing market conditions, are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

#### Lock-up Agreements
We have agreed, for a period of six months after the closing date, and our directors, executive officers and shareholders have agreed, for a period of six months from the date of this prospectus, not to (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares of the Company or any securities convertible into or exercisable or exchangeable for ordinary shares of the Company, or (b) file or caused 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.

#### Indemnification
We have agreed to indemnify the several underwriters against certain liabilities, including certain liabilities under the Securities Act. If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to make in respect of those liabilities.

#### Nasdaq
We will apply to have our Shares approved for listing on the Nasdaq under the symbol "RGGG." We make no representation that such application will be approved or that our 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 shares will be listed on the Nasdaq at the completion of this offering.

#### Electronic Offer, Sale and Distribution of Securities
A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members, if any, participating in this offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters, and should not be relied upon by investors.

#### Price Stabilization, Short Positions and Penalty Bids
In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under option to purchase additional shares.

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The underwriters can close out a covered short sale by exercising the option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the option to purchase additional shares. The underwriters may also sell shares in excess of the option to purchase additional shares, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Class A Ordinary Shares in this offering because such underwriter repurchases those shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Class A Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Class A Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Capital Market, in the over-the-counter market, or otherwise.

#### Passive Market Making
In connection with this offering, the underwriters may engage in passive market making transactions in our Class A Ordinary Shares on the Nasdaq Capital Market 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.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various 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 loan) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### 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 loan) 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.

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#### Selling Restrictions
No action may be taken in any jurisdiction other than the United States that would permit a public offering of the Class A Ordinary Shares or the possession, circulation or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, 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 securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to 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 securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the public offering of the Class A Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Class A Ordinary Shares in certain countries.

#### Notice to Prospective Investors in Hong Kong
The Class A Ordinary Shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the Class A Ordinary Shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Class A Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

#### Notice to Prospective Investors in Mainland China
This prospectus may not be circulated or distributed in Mainland China and the Class A Ordinary Shares may not be offered or sold and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of Mainland China except pursuant to applicable laws, rules and regulations of Mainland China.

#### Notice to Prospective Investors in Taiwan
The Class A Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the Class A Ordinary Shares in Taiwan.

#### Notice to Prospective Investors in the Cayman Islands
No invitation, whether directly or indirectly may be made to the public in the Cayman Islands to subscribe for our Class A Ordinary Shares*.*

#### Notice to prospective investors in the BVI
The Class A Ordinary Shares are not being, and may not be, offered to the public or to any person in the BVI for purchase or subscription by us or on our behalf. The shares may be offered to companies incorporated under the BVI Business Companies Act (each a "**BVI Company**"), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the BVI.

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#### Notice to prospective investors in Singapore
This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares may not be circulated or distributed, nor may the Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act 2001 of Singapore (the "**SFA**"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where the Class A Ordinary Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Class A Ordinary Shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where no consideration is or will be given for the transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the transfer is by operation of law.

#### Notice to prospective investors in Japan
The Class A Ordinary Shares offered in this prospectus have not been and will not be registered under the Financial Instruments and Exchange Law of Japan. The Class A Ordinary Shares have not been offered or sold and will not be offered or sold, directly or indirectly, in Japan or to or for the account of any resident of Japan (including any corporation or other entity organized under the laws of Japan), except (i) pursuant to an exemption from the registration requirements of the Financial Instruments and Exchange Law and (ii) in compliance with any other applicable requirements of Japanese law.

#### Notice to prospective investors in the European Economic Area
In relation to each member state of the European Economic Area, an offer of Class A Ordinary Shares described in this prospectus may not be made to the public in that member state unless the prospectus has been approved by the competent authority in such member state or, where appropriate, approved in another member state and notified to the competent authority in that member state, all in accordance with the Prospectus Regulation, except that an offer to the public in that member state of any Class A Ordinary Shares may be made at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity which is a qualified investor as defined in the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by us for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

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provided that no such offer of Class A Ordinary Shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For purposes of this provision, the expression an "offer of securities to the public" in any member state means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe for the Class A Ordinary Shares and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The sellers of the Class A Ordinary Shares have not authorized and do not authorize the making of any offer of Class A Ordinary Shares through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the final placement of the Class A Ordinary Shares as contemplated in this prospectus. Accordingly, no purchaser of the Class A Ordinary Shares, other than the underwriters, is authorized to make any further offer of the Class A Ordinary Shares on behalf of the sellers or the underwriters.

#### Notice to prospective investors in the United Kingdom
This prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors as defined in the Prospectus Regulation that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "**Order**"), or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a "**relevant person**"). This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.

#### Notice to prospective investors in France
Neither this prospectus nor any other offering material relating to the Class A Ordinary Shares described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The Class A Ordinary Shares have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the Class A Ordinary Shares has been or will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• released, issued, distributed or caused to be released, issued or distributed to the public in France; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• used in connection with any offer for subscription or sale of the Class A Ordinary Shares to the public in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle restreint d'investisseurs), in each case investing for their own account, all as defined in, and in accordance with articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to investment services providers authorized to engage in portfolio management on behalf of third parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a transaction that, in accordance with article L.411-2-II-1° -or-2° -or 3° of the French Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général) of the Autorité des Marchés Financiers, does not constitute a public offer (appel public à l'épargne).

The Class A Ordinary Shares may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

#### Notice to prospective investors in Switzerland
This document, as well as any other offering or marketing material relating to the Class A Ordinary Shares which are the subject of the offering contemplated by this prospectus, neither constitutes a prospectus pursuant to Article 652a or Article 1156 of the Swiss Code of Obligations nor a simplified prospectus as such term is understood pursuant to article 5 of the Swiss Federal Act on Collective Investment Schemes. Neither the Class A Ordinary Shares

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nor the shares underlying the Class A Ordinary Shares will be listed on the SIX Swiss Exchange and, therefore, the documents relating to the Class A Ordinary Shares, including, but not limited to, this document, do not claim to comply with the disclosure standards of the listing rules of SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing rules of the SIX Swiss Exchange.

The Class A Ordinary Shares are being offered in Switzerland by way of a private placement, i.e. to a small number of selected investors only, without any public offer and only to investors who do not purchase the Class A Ordinary Shares with the intention to distribute them to the public. The investors will be individually approached from time to time. This document, as well as any other offering or marketing material relating to the Class A Ordinary Shares, is confidential and it is exclusively for the use of the individually addressed investors in connection with the offer of the Class A Ordinary Shares in Switzerland and it does not constitute an offer to any other person. This document may only be used by those investors to whom it has been handed out in connection with the offering described herein and may neither directly nor indirectly be distributed or made available to other persons without our express consent. It may not be used in connection with any other offer and shall in particular not be copied and/or distributed to the public in or from Switzerland.

#### Notice to prospective investors in Australia
This prospectus is not a formal disclosure document and has not been, nor will be, lodged with the Australian Securities and Investments Commission. It does not purport to contain all information that an investor or their professional advisers would expect to find in a prospectus or other disclosure document (as defined in the Corporations Act 2001 (Australia)) for the purposes of Part 6D.2 of the Corporations Act 2001 (Australia) or in a product disclosure statement for the purposes of Part 7.9 of the Corporations Act 2001 (Australia), in either case, in relation to the Class A Ordinary Shares.

The Class A Ordinary Shares are not being offered in Australia to "retail clients" as defined in sections 761G and 761GA of the Corporations Act 2001 (Australia). This offering is being made in Australia solely to "wholesale clients" for the purposes of section 761G of the Corporations Act 2001 (Australia) and, as such, no prospectus, product disclosure statement or other disclosure document in relation to the securities has been, or will be, prepared.

This prospectus does not constitute an offer in Australia other than to wholesale clients. By submitting an application for the Class A Ordinary Shares, you represent and warrant to us that you are a wholesale client for the purposes of section 761G of the Corporations Act 2001 (Australia). If any recipient of this prospectus is not a wholesale client, no offer of, or invitation to apply for, the Class A Ordinary Shares shall be deemed to be made to such recipient and no applications for the Class A Ordinary Shares will be accepted from such recipient. Any offer to a recipient in Australia, and any agreement arising from acceptance of such offer, is personal and may only be accepted by the recipient. In addition, by applying for the Class A Ordinary Shares you undertake to us that, for a period of 12 months from the date of issue of the Class A Ordinary Shares, you will not transfer any interest in the Class A Ordinary Shares to any person in Australia other than to a wholesale client.

#### Notice to prospective investors in Canada
The Class A Ordinary Shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Class A Ordinary Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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#### EXPENSES OF THIS OFFERING
Set forth below is an itemization of our total expenses, excluding underwriting discount and the non-accountable expense allowance that we expect to incur in connection with the offer and sale of the Class A Ordinary Shares by us pursuant to this prospectus. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  SEC registration fee | US$ | 1588 |
|  FINRA filing fee | US$ | 2750 |
|  Nasdaq listing fee | US$ | 70000 |
|  Printing expenses | US$ | 25000 |
|  Legal fees and expenses | US$ | 515000 |
|  Accounting fees and expenses | US$ | 505000 |
|  Underwriters' expenses | US$ | 615000 |
|  Miscellaneous expenses | US$ | 95000 |
|  Total | US$ | 1829338 |

---

All of these expenses, will be borne by us. We will also incur expenses attributable to underwriting discounts and the non-accountable expense allowance, the amount of which would be proportional to the aggregate value of Class A Ordinary Shares sold in the offering by us.

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#### LEGAL MATTERS
We are being represented by K&L Gates LLP 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 other certain legal matters as to Cayman Islands law will be passed upon for us by Ogier.

Certain legal matters of Singapore law in connection with this offering will be passed upon for us by Bird & Bird ATMD LLP.

Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel for the representative in connection with this offering.

K&L Gates LLP may rely upon Ogier with respect to matters governed by Cayman Islands law and Bird & Bird ATMD LLP with respect to matters governed by Singapore law.

#### EXPERTS
The combined financial statements of Regenique Group Limited as of and for the years ended September 30, 2023 and 2024, included in this prospectus have been audited by Enrome LLP, an independent registered public accounting firm, as stated in their reports. Such combined financial statements have been so included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. The office of Enrome LLP is located at 143 Cecil St, #19-03/04 GB Building, Singapore 069542.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act with respect to underlying Class A Ordinary Shares, to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and our Class A Ordinary Shares.

Immediately upon completion of this offering we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. You may also obtain additional information over the Internet at the SEC's website at *www.sec.gov*.

As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, 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 send our transfer agent a copy of all notices of shareholders' meetings and other reports, communications and information that are made generally available to shareholders. The transfer agent has agreed to mail to all shareholders a notice containing the information (or a summary of the information) contained in any notice of a meeting of our shareholders received by the transfer agent and will make available to all shareholders such notices and all such other reports and communications received by the transfer agent.

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#### REGENIQUE GROUP LIMITED

#### INDEX TO COMBINED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **CONTENTS** | **PAGE(s)** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID: 6907)](#T2150) | F-2 |
|  [Combined Balance Sheets as of September 30, 2023 and 2024](#T2151) | F-3 |
|  [Combined Statements of Operations and Comprehensive Income for the Years Ended September 30, 2023 and 2024](#T2152) | F-4 |
|  [Combined Statements of Changes in Shareholders' Equity for the Years Ended September 30, 2023 and 2024](#T2153) | F-5 |
|  [Combined Statements of Cash Flows for the Years Ended September 30, 2023 and 2024](#T2154) | F-6 |
|  [Notes to Combined Financial Statements](#T2155) | F-7 – F-22 |
|  [Combined Balance Sheets as of September 2024 and June 30, 2025 (Unaudited)](#T881) | F-23 |
|  [Combined Statements of Operations and Comprehensive Income for the Nine Months Ended June 30, 2024 and 2025 (Unaudited)](#T882) | F-24 |
|  [Combined Statements of Changes in Shareholders' Equity for the Nine Months Ended June 30, 2024 and 2025 (Unaudited)](#T883) | F-25 |
|  [Combined Statements of Cash Flows for the Nine Months Ended June 30, 2024 and 2025 (Unaudited)](#T884) | F-26 |
|  [Notes to Combined Financial Statements](#T885) | F-27 – F-43 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of

Regenique Group Limited

#### Opinion on the Financial Statements
We have audited the accompanying combined balance sheets of Regenique Group Limited and its subsidiaries (the "Company") as of September 30, 2024 and 2023, and the related combined statements of operations and comprehensive income, changes in shareholders' equity, and cash flows for the years ended September 30, 2024 and 2023, and the related notes (collectively referred to as the "combined financial statements"). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for the years ended September 30, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

#### Material Uncertainty Related to Going Concern
We draw attention to Note 2 to the combined financial statements with respect to the Company's ability to continue as going concern. During the financial year ended September 30, 2024, the Company reported a negative working capital of S$3,772,873 (US$2,940,576). These events or conditions indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as going concern. The combined financial statements have been prepared on the going concern basis as management of the Company has evaluated the sufficiency of its working capital and concluded that with the financial support of the Original Shareholders, the Company will be able to support its continuous operations and to meet its payment obligations as and when liabilities fall due within the next twelve months from the balance sheet date and the date of combined financial statements for the financial year ended September 30, 2024. The combined financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified in respect of this matter.

#### Basis for Opinion
These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's combined 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 audits to obtain reasonable assurance about whether the combined 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 combined 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 combined 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 combined financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Company's auditor since 2024

Singapore<br>May 23, 2025

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#### REGENIQUE GROUP LIMITED<br>COMBINED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  **ASSETS** |  |  |  |
|  **Current assets** |  |  |  |
|  Cash and cash equivalents | 1611382 | 1683814 | 1312365 |
|  Accounts receivable | 102892 | 3129 | 2439 |
|  Other current assets | 334198 | 414225 | 322847 |
|  Inventories | 189469 | 266731 | 207890 |
|  Amount due from a related party |  | 96987 | 75592 |
|  Amount due from shareholders | 3769223 |  |  |
|  **Total current assets** | 6007164 | 2464886 | 1921133 |
|  **Non-current assets** |  |  |  |
|  Intangible assets |  | 4000 | 3118 |
|  Property and equipment, net | 2086311 | 3976348 | 3099166 |
|  Right-of-use assets, net | 1939584 | 1963470 | 1530329 |
|  **Total non-current assets** | 4025895 | 5943818 | 4632613 |
|  **TOTAL ASSETS** | 10033059 | 8408704 | 6553746 |
|  **LIABILITIES** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Accounts payable | 192878 | 557559 | 434561 |
|  Accruals and other payables | 127425 | 410436 | 319894 |
|  Contract liabilities | 5206637 | 3436850 | 2678681 |
|  Amount due to a director | 114100 | 6100 | 4754 |
|  Amount due to related parties | 44270 | 35226 | 27455 |
|  Bank loans | 406480 | 383534 | 298926 |
|  Lease liabilities | 1053701 | 1296519 | 1010507 |
|  Finance lease liability | 10042 |  |  |
|  Income taxes payables | 125366 | 111535 | 86931 |
|  **Total current liabilities** | 7280899 | 6237759 | 4861709 |
|  **Non-current liabilities** |  |  |  |
|  Deferred tax liabilities | 36161 | 36161 | 28184 |
|  Provision for reinstatement | 30756 | 30756 | 23971 |
|  Lease liabilities | 910095 | 691464 | 538927 |
|  Bank loans | 396712 | 13246 | 10324 |
|  **Total current liabilities** | 1373724 | 771627 | 601406 |
|  **TOTAL LIABILITIES** | 8654623 | 7009386 | 5463115 |
|  COMMITMENTS AND CONTINGENCIES |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  \*\*Class A Ordinary shares, US$0.0001 par value, 400,000,000 shares authorized, 40 shares issued and outstanding as of September 30, 2023 and 2024 respectively | —<br> \* | —<br> \* | —<br> \* |
|  \*\*Class B Ordinary shares, US$0.0001 par value, 100,000,000 shares authorized, nil shares issued and outstanding as of September 30, 2023 and 2024 respectively |  |  |  |
|  Additional paid in capital | 1356500 | 2486500 | 1937885 |
|  Retained earnings/(Accumulated losses) | 18290 | (1096763) | (854721) |
|  **Total shareholders' equity attributable to Regenique Group Limited** | 1374790 | 1389737 | 1083164 |
|  Non-controlling interest | 3646 | 9581 | 7467 |
|  **Total shareholders' equity** | 1378436 | 1399318 | 1090631 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 10033059 | 8408704 | 6553746 |

---

____________

\* Less than S$1

\*\* Retroactively presented for the reorganization exercise described in Note 1.

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

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#### REGENIQUE GROUP LIMITED<br>COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30** | **For the years ended September 30** | **For the years ended September 30** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Revenue | 12724573 | 13444958 | 10479000 |
|  Purchases and other direct costs | (1345490) | (1232985) | (960989) |
|  Depreciation and amortization | (396806) | (690275) | (538000) |
|  Employee benefits expenses<sup>(a)</sup> | (5226801) | (5653103) | (4406028) |
|  Operating lease expenses | (1340354) | (1501508) | (1170275) |
|  Other operating expenses | (1493673) | (1305802) | (1017742) |
|  Income from operations | 2921449 | 3061285 | 2385966 |
|  Other income: |  |  |  |
| &nbsp;&nbsp;&nbsp; Other income | 253415 | 360442 | 280928 |
|  Finance cost: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (31362) | (33502) | (26111) |
|  Profit before tax expense | 3143502 | 3388225 | 2640783 |
| &nbsp;&nbsp;&nbsp; Income tax expense | (364139) | (253043) | (197222) |
|  **Net Income** | 2779363 | 3135182 | 2443561 |
|  Net income attributable to Regenique Group Limited | 2651377 | 2852947 | 2223587 |
|  Net income attributable to non-controlling interests | 127986 | 282235 | 219974 |
|  | 2779363 | 3135182 | 2443561 |
|  **Net income per share attributable to ordinary shareholders** |  |  |  |
|  Basic and diluted | 66284 | 71324 | 55590 |
|  **Weighted average number of ordinary shares used in computing net income per share\*\*** |  |  |  |
|  Basic and diluted | 40 | 40 | 40 |

---

____________

\*\* Retroactively presented for the reorganization exercise described in Note 1.

(a): Includes salaries

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

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#### REGENIQUE GROUP LIMITED<br>COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A <br>ordinary shares** | **<br>Class A <br>ordinary shares** | **Additional <br>paid in <br>capital** | **Retained <br>earnings** | **Total <br>Regenique <br>Group <br>Limited <br>shareholders' <br>equity** | **Non-<br>controlling <br>interest** | **Total<br>shareholders' <br>equity** |
|  | **Shares <br>Outstanding\*\*** | **Par value** | **Additional <br>paid in <br>capital** | **Retained <br>earnings** | **Total <br>Regenique <br>Group <br>Limited <br>shareholders' <br>equity** | **Non-<br>controlling <br>interest** | **Total<br>shareholders' <br>equity** |
|  |  | **S$** | **S$** | **S$** | **S$** | **S$** | **S$** |
|  **Balance as of October 1, 2022** | 40 | —<br> \* | 1356500 | (1103087) | 253413 | 118660 | 372073 |
|  Net income |  |  |  | 2651377 | 2651377 | 127986 | 2779363 |
|  Dividend |  |  |  | (1530000) | (1530000) | (243000) | (1773000) |
|  **Balance as of September 30, 2023** | 40 | —<br> \* | 1356500 | 18290 | 1374790 | 3646 | 1378436 |
|  Net income |  |  |  | 2852947 | 2852947 | 282235 | 3135182 |
|  Contribution by owner (note 6) |  |  | 1130000 |  | 1130000 |  | 1130000 |
|  Dividend |  |  |  | (3968000) | (3968000) | (276300) | (4244300) |
|  **Balance as of September 30, 2024** | 40 | —<br> \* | 2486500 | (1096763) | 1389737 | 9581 | 1399318 |
|  |  | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
|  **Balance as of September 30, 2024** |  | —<br> \* | 1937885 | (854721) | 1083164 | 7467 | 1090631 |

---

____________

\* Less than S$1.

\*\* Retroactively presented for the reorganization exercise described in Note 1.

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

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#### REGENIQUE GROUP LIMITED<br>COMBINED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30** | **For the years ended September 30** | **For the years ended September 30** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
|  Net income | 2779363 | 3135182 | 2443561 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 396806 | 690275 | 538000 |
| &nbsp;&nbsp;&nbsp; Loss on disposal of property and equipment | 496 |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 31362 | 33502 | 26111 |
| &nbsp;&nbsp;&nbsp; Property and equipment written off |  | 1448 | 1129 |
| &nbsp;&nbsp;&nbsp; Operating lease expenses | 1340354 | 1501508 | 1170275 |
|  Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Account receivables, net | 64958 | 99763 | 77756 |
| &nbsp;&nbsp;&nbsp; Inventories | 129150 | (77262) | (60218) |
| &nbsp;&nbsp;&nbsp; Other current assets | (80834) | (80027) | (62373) |
| &nbsp;&nbsp;&nbsp; Account payables | (394424) | 364681 | 284232 |
| &nbsp;&nbsp;&nbsp; Accruals and other payables | (189873) | 283011 | 220579 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | (755657) | (1769787) | (1379372) |
| &nbsp;&nbsp;&nbsp; Income taxes payable | 253158 | (13831) | (10780) |
| &nbsp;&nbsp;&nbsp; Lease liabilities | (1350566) | (1501207) | (1170041) |
| &nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 2224293 | 2667256 | 2078859 |
|  CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment | (971558) | (2581760) | (2012223) |
| &nbsp;&nbsp;&nbsp; Purchase of intangible assets |  | (4000) | (3118) |
| &nbsp;&nbsp;&nbsp; Net movements in amount due from related party | 21825 | (96987) | (75591) |
| &nbsp;&nbsp;&nbsp; Net cash used in investing activities | (949733) | (2682747) | (2090932) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Repayment to working capital loan | (470867) | (435856) | (339706) |
| &nbsp;&nbsp;&nbsp; Finance lease payment | (10484) | (14100) | (10990) |
| &nbsp;&nbsp;&nbsp; Net movement in amount due to shareholders | (2901403) | 931223 | 725795 |
| &nbsp;&nbsp;&nbsp; Net movement in amount due to related parties | (108978) | (9044) | (7049) |
| &nbsp;&nbsp;&nbsp; Net movement in amount due to director |  | (108000) | (84175) |
| &nbsp;&nbsp;&nbsp; Dividend paid | (1665000) | (276300) | (215348) |
| &nbsp;&nbsp;&nbsp; Net cash (used in) provided by financial activities | (5156732) | 87923 | 68527 |
| &nbsp;&nbsp;&nbsp; Net change in cash and cash equivalents | (3882172) | 72432 | 56454 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents – beginning of year | 5493554 | 1611382 | 1255911 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents – end of year | 1611382 | 1683814 | 1312365 |
| &nbsp;&nbsp;&nbsp; SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for income tax | 110981 | 211053 | 164495 |
| &nbsp;&nbsp;&nbsp; Cash paid for interest | 31362 | 33502 | 26111 |
| &nbsp;&nbsp;&nbsp; SUPPLEMENTAL NON-CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities arising from obtaining right-of-use assets | 1950874 | 1402990 | 1093490 |

---

The accompanying notes form an integral part of these combined financial statements.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS
**1 Organization and business overview**

Regenique Group Limited (the "**Company**") is an investment holding company incorporated on November 13, 2024 under the laws of the Cayman Islands. The Company and its subsidiaries are collectively referred to as the "Company". The Company through its subsidiaries provide medi-aesthetics services (the "Clinic Business").

The Clinic Business was founded in 2009 by Mr. Then Chee Tat and Dr. Shiau Ee Leng ("**Original Shareholders**") with the incorporation of ClearSK Medispa Pte Ltd, a Singapore company. Throughout the past 16 years, our main business has been the delivery of medi-aesthetics services (the "**Clinic Business**"). As our Clinic Business continued to grow, we started investing in real properties (the "**Real Property Investments**") to diversify the risk of increasing rental expenses.

As of the date of this prospectus, our business has been carried out through 16 entities, 11 of which were operating entities of the Clinic Business, 5 of which were operating entities of a combination of the Clinic Business, Real Property Investments, and back-end accounting and administrative services provided to other entities ("**Mixed Business and Back**-End **Entities**").

The Company is headquartered in Singapore.

<u>Reorganization</u>

The Group is expected to complete an internal reorganization prior to the Company's listing on Nasdaq Capital Market.

On January 20, 2025, the Original Shareholders incorporated Biogenisk Pte. Ltd. ("Biogenisk") to acquire the Clinic Business. On February 21, 2025, the Original Shareholders transferred all of the shares in the entities solely operating the Clinic Business to Biogenisk; concurrently with the share transfers, the Mixed Business and Back-End Entities transferred their respective Clinic Business to Biogenisk.

At the same time, on January 20, 2025, BioEsthetics Group Limited ("Intermediate Holdco"), was incorporated as a BVI exempted limited liability company, to be a subsidiary of the Company.

On February 25, 2025, the Original Shareholders transferred all of their ownership interests in Biogenisk to Intermediate Holdco.

On April 16, 2025, the Original Shareholders transferred all of their ownership interests in Intermediate Holdco to the Company.

Upon completion of the aforementioned, the Company became the ultimate holding company of the operating subsidiaries. As of the date of these combined financial statements, the reorganization of the Company's legal structure is still in progress.

The Company accounts for the reorganization as a business combination under common control in accordance with ASC 805-50-15-6, *Business Combinations — Relates Issues*. A high degree of common ownership exists when multiple shareholders hold similar ownership interests in multiple entities, but no one shareholder controls the entities. Transfers among entities that have a high degree of common ownership are not common control transactions. However, such transfers may be accounted for in a manner similar to a common control transaction if the transfers lack economic substance. The reorganization between entities under common control are accounted for using the carryover basis of accounting. The net assets of the acquired entities of the Clinic Business are recorded at their historical carrying values. The financial statements are retrospectively adjusted to reflect the combined entities as though the combination occurred at the beginning of the earliest period presented. Upon combining the financial information for the periods, intra-group income and expenses, intragroup accounts and profits and losses on transactions between the combined entities are eliminated. The accounting principles set out below have been applied consistently to all periods presented in these combined financial statements.

As of September 30, 2024 there were no material restrictions on the ability of the Company's consolidated subsidiaries to transfer funds to the Cayman parent company in the form of cash dividends, loans, or advances.

[**Table of Contents**](#TOC001)

#### 1 Organization and business overview (cont.)
During the years ended September 30, 2023 and 2024, the Original Shareholders were the ultimate shareholders of the Clinic Business.

The combined financial statements of the Company include the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Date of <br>incorporation** | **Percentage <br>of direct or <br>indirect <br>interests** | **Place of <br>incorporation** | **Principal activities**  |
|  ClearSK Biomed Pte. Ltd. ("CSB") | April 16, 2016 | 100% | Singapore | Clinics and other general medical services  |
|  CSKC Pte. Ltd. ("CSKC") | September 22, 2016 | 55% | Singapore | Clinics and other general medical services  |
|  CSKC Medispa Pte. Ltd. ("CCM") | November 26, 2021 | 55% | Singapore | Clinics and other general medical services  |
|  ClearSK Centre Pte. Ltd. ("CSC") | February 16, 2009 | 100% | Singapore | Clinics and other general medical services  |
|  ClearSK Medi-Wellness Pte. Ltd. ("CMW") | July 05, 2017 | 100% | Singapore | Hairdressing salons/shops  |
|  ClearSK Medi-Aesthetics (TP Central) Pte. Ltd. ("TP") | April 25, 2012 | 100% | Singapore | Clinics and other general medical services  |
|  ClearSK Body Medi-Aesthetics Clinique Pte. Ltd. ("BODY")  | February 02, 2012 | 100% | Singapore | Clinics and other general medical services  |
|  ClearSK Medi-Aesthetics Clinique Pte. Ltd. ("CMA") | November 23, 2009 | 100% | Singapore | Clinics and other general medical services  |
|  ClearSK Medical Spa Pte. Ltd. ("CMS") | February 16, 2009 | 100% | Singapore | Clinics and other general medical services  |
|  ClearSK Orchard Pte. Ltd. ("CSO") | February 12, 2010 | 100% | Singapore | Clinics and other general medical services  |
|  ClearSK Medi-Aesthetics (Westgate) Pte. Ltd. ("WG")  | April 25, 2012 | 100% | Singapore | Clinics and other general medical services  |

---

#### 2 Summary of significant accounting policies

#### Basis of presentation
This summary of significant accounting policies is presented to assist in understanding the Company's combined financial statements and have been consistently applied in the preparation of the financial statements. The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

#### Going concern
The accompanying combined financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

As reported in the accompanying combined financial statements, the Company is in negative working capital of S$3,772,873 (US$2,940,576) for the year ended September 30, 2024. Management of the Company has evaluated the sufficiency of its working capital and concluded that with the financial support of the Original Shareholders, the Company will be able to support its continuous operations and to meet its payment obligations as and when liabilities fall due within the next twelve months from the balance sheet date and the date of combined financial statements for

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
the financial year ended September 30, 2024. Accordingly, the Company's combined financial statements are prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they fall due. In the event the Company will not be able to continue as a going concern, adjustments will have to be made to reflect the situation that assets will need to be realised other than in the amounts at which they are currently recorded in the balance sheet. In addition, the Company may have to provide for further liabilities that might arise and to reclassify non-current assets and liabilities as current assets and liabilities.

#### Use of estimates
The preparation of combined financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

Significant accounting estimates reflected in the Company's combined financial statements include, but are not limited to contract liability for unredeemed points rebates and assessment of tax positions. Actual results may differ from these estimates.

Evolving tax regulations and scrutiny of corporate tax practices may subject us to inquiries or audits from tax authorities of the relevant jurisdictions on various tax matters including challenges to positions. We cannot be certain that the tax authorities will agree with our interpretations of the applicable tax laws, or that the tax authorities will resolve any inquiries in our favor. To the extent the relevant tax authorities do not agree with our interpretation, we may seek to enter into settlements with the tax authorities which may require significant payments and may adversely affect our results of operations or financial condition. We may also appeal against the tax authorities' determinations to the appropriate governmental authorities, but we cannot be sure we will prevail. If our appeal does not prevail, we may have to make significant payments or otherwise record charges that could adversely affect our results of operations, financial condition and cash flows. Similarly, any adverse or unfavorable determinations by tax authorities on our appeal could lead to increased taxation on us, that may adversely affect our business, financial condition and results of operations and may also impact our reputation.

#### Cash and cash equivalents
Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains most of its bank accounts in Singapore.

#### Accounts receivable, net
Accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded net of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. Forward-looking information is also considered in the evaluation of current expected credit losses. The Company writes off the receivable when it is determined to be uncollectible.

#### Other current assets
Other current assets, net, primarily consists of deposits, prepayments made to vendors or services providers for future services that have not been provided, and other receivables from third parties.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)

#### Inventories
Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted average principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. The inventories primarily consist of consumables such as injectables, threads, fillers and consumable tips. Generally, these items are not held for sale but are essential in delivering the services to the customers.

#### Property and equipment, net
Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
|  **Property and equipment** | **lesser of lease term or expected useful life <br>(number of years)** |
|  Property | Remaining lease term of 63 years |
|  Clinic equipment | 7 years |
|  Clinic tools | 2 years |
|  IT equipment | 5 years |
|  Machine component | 5 years |
|  Furniture and fittings | 5 years |
|  Office equipment | 5 years |
|  Motor vehicles | 5 years |
|  Renovation | 5 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the combined statement of operations and comprehensive income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revision to the estimates of useful lives.

#### Right-of -use assets and lease liabilities
The Company adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its clinics. The Company determines if an arrangement is a lease at inception. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended September 30, 2023 and 2024, the Company did not have any impairment loss against its operating lease right-of-use assets.

The Company's operating lease liabilities and right-of-use assets are disclosed in Note 9.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)

#### Intangible assets
Intangible assets represent the application cost of Biogenisk trademark. The useful life of the intangible assets is assessed to be finite. Amortization is computed using the straight-line method over the estimated useful life of 20 years.

#### Commitments and contingencies
In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. Liabilities for the contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.

Certain conditions may exist as of the date the combined financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in legal proceedings, the Company, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the combined financial statements. If the assessment indicates that a potentially material loss contingency is not probable, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

#### Impairment of long-lived assets
The Company evaluates the recoverability of its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset, when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the years ended September 30, 2023 and 2024, no impairment of long-lived assets was observed and recognized.

#### Fair value measurements
ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

    <u> Level 1 </u>   <u> — </u>   <u> observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </u> <br>     <u> Level 2 </u>   <u> — </u>   <u> other inputs that are directly or indirectly observable in the marketplace. </u> <br>     <u> Level 3 </u>   <u> — </u>   <u> unobservable inputs which are supported by little or no market activity. </u>

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, other payables to related parties, contract liabilities, and accruals and other payables approximate their fair values because of their generally short maturities.

#### Revenue recognition
The Company accounts for its revenue under FASB ASC Topic 606, Revenue from Contracts with Customers. The five-step model defined by FASB ASC Topic 606 requires the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) identify its contracts with customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) identify its performance obligations under those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) determine the transaction prices of those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) allocate the transaction prices to its performance obligations in those contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration expected in exchange for those services.

Revenues are recognized when persuasive evidence of an arrangement exists, service has occurred, and all performance obligations have been performed pursuant to the terms of the agreement, the sales price is fixed or determinable and collectability is reasonably assured. Our revenue agreements generally do not include a right of return in relation to the delivered products or services. Depending on the terms of the agreement and the laws that apply to the agreement, control of the 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;• provides all of the benefits received and consumed simultaneously by the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creates and enhances an asset that the client controls as the Company performs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance complete to date.

#### Revenue generated from bio-regenerative and medi-aesthetic treatment
The core business activities include the provision of bio-regenerative and medi-aesthetic treatments. Revenue is recognized at a point in time when the Company satisfies its performance obligations upon the completion of each treatment and acknowledgement by customers. The Company recognizes contract liabilities for advance billing to customers on the bio-regenerative and medi-aesthetic treatment, for which treatment has yet to be completed.

#### Revenue generated from sales of products
The customers purchase the products either physically in the outlets or online through the e-commerce platform. The revenue is recognized at a point in time upon the completion of the sales transaction to the customers.

The Company has a customer loyalty program that enables end-customers to earn loyalty points based on the amount of purchases on the e-shop. The loyalty points are redeemable for a discount on purchases within the next 1 year. The Company recognizes revenue for the loyalty points redeemed and recognizes a contract liabilities for unredeemed points as at the end of the financial period. The contract liabilities is recognized until the corresponding loyalty points are redeemed or expire.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
Segments

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a result of the assessment made by the CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

#### Concentrations and credit risk
The Company maintains cash with banks in Singapore. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation ("SDIC").

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents, accounts receivable, amount due from shareholders, amount due from a related party and other current assets. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

As of September 30, 2023 and 2024, the Company's assets were located in Singapore and the Company's revenue was principally derived from the operation in Singapore.

#### Employee benefits
Employee benefits comprising salaries, defined contribution plans and short-term compensated absences are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i)* Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

*ii)* Short-term compensated absences

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

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

[**Table of Contents**](#TOC001)

#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company's securities (ii) the Company's management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

#### Foreign currency
The accompanying combined financial statements are presented in Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currencies of the Company and its wholly owned subsidiaries is Singapore Dollars.

#### Convenience translation
Translations of the combined balance sheet, combined statements of operations and comprehensive income and combined statements of cash flows from S$ into US$ as of and for the year ended September 30, 2024 are solely for the convenience of the reader and were calculated at the rate of US$0.77936 = S$1, as set forth in the statistical release of the Federal Reserve System on September 30, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on September 30, 2024, or at any other rate.

#### Income taxes
The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the combined financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for combined financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the years ended September 30, 2023 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)

#### Earnings (loss) per share
Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company has a loss, diluted shares are not included as their effect would be anti-dilutive. The Company has no dilutive securities or debt for each of the years ended September 30, 2023 and 2024.

#### Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its combined financial statements and related disclosures. The Company is currently evaluating the potential impact of adopting this new guidance on its combined financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The new standard requires entities to disclose additional information about certain expenses, such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses included in commonly presented expense captions on the income statement. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply this guidance either on a retrospective or prospective basis, and early adoption is permitted.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's combined balance sheets, statements of operations and cash flows.

#### 3 Accounts receivable

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Third parties | 102892 | 3129 | 2439 |
|  Total accounts receivable | 102892 | 3129 | 2439 |

---

#### 4 Other current assets

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Deposits | 292421 | 388598 | 302873 |
|  Prepayments | 19980 | 8312 | 6478 |
|  Other receivables | 21797 | 17315 | 13496 |
|  | 334198 | 414225 | 322847 |

---

[**Table of Contents**](#TOC001)

**REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS**

#### 5 Inventories

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Finished goods | 189469 | 266731 | 207890 |

---

#### 6 Property and equipment, net

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Property<sup>(1)(2)(3)</sup> |  | 1130000 | 880722 |
|  Clinic equipment | 6116473 | 6675606 | 5202967 |
|  Clinic tools | 416953 | 418270 | 326000 |
|  IT equipment | 989428 | 1015592 | 791552 |
|  Machine component | 373701 | 999759 | 779212 |
|  Furniture and fittings | 496346 | 496346 | 386852 |
|  Office equipment | 563824 | 565572 | 440807 |
|  Motor vehicles | 110712 | 110712 | 86289 |
|  Renovation | 3656209 | 3872076 | 3017896 |
|  Total | 12723646 | 15283933 | 11912297 |
|  Less: accumulated depreciation | (10637335) | (11307585) | (8813131) |
|  Carrying amount | 2086311 | 3976348 | 3099166 |

---

Depreciation expense for the years ended September 30, 2023 and 2024 was S$396,806 and S$690,275 (US$538,000).

____________

(1) Property has been assigned to the Company by a related company, owned by director (see note 11). The Company is given the power to direct the activities of the business conducted at the Property, which most significantly impact its economic performance, such that the Company would be considered the primary beneficiary of the arrangement. The related company also grants the Company full and exclusive operational control over the Property under a free-to-use arrangement for its business operations. Furthermore, the Company has the sole and exclusive right to occupy and use the Property as the related company has delegated the full rights and responsibilities of management and control of the Property to the Company, such that the Company shall, for all practical purposes, function in the capacity of the owner of the Property for the duration. This reflect the economic substance of a capital contribution and is intended to support the Company's strategic growth. This contribution has been recognized as an increase to Additional Paid-In Capital (APIC) in the Statements of Changes in Shareholders' Equity.

(2) The Company has evaluated the arrangement under ASC 810-10-25-55 through 25-56 and determined that the related company qualifies as a variable interest entity (VIE) due to insufficient equity investment at risk and lack of independent decision-making authority. However, under ASC 810-10-25-38A, the Company concluded that it is not the primary beneficiary of the VIE, as it does not possess both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. Accordingly, the Company has not consolidated the related company.

(3) As of September 30, 2024, the property has been pledged for a property loan amounting to S$878,551 (US$684,710) taken up by the related company and is not recorded in the books of the Company.

#### 7 Accruals and other payables

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Accruals | 87607 | 400884 | 312449 |
|  GST payables | 39819 | 9552 | 7445 |
|  Total | 127425 | 410436 | 319894 |

---

[**Table of Contents**](#TOC001)

**REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS**

**8 Bank loans**

On April 8, 2020, the Company acquired a 5-year S$1,000,000 temporary bridging loan from United Overseas Bank Limited which expires in August 2025. The bank loan which carries interest of 3% per annum is secured by joint and several guarantee by Then Chee Tat (Director) and Shiau Ee Leng (Director). As of September 30, 2024, the carrying amount of the bank loan was S$239,924 (US$186,997).

On April 16, 2020, the Company acquired another 5-year S$600,000 temporary bridging loan from United Overseas Bank Limited which expires in November 2025. The bank loan which carries interest of 3% per annum is secured by a several guarantee by Then Chee Tat (Director), a corporate guarantee by subsidiary, CCM, and a mortgage of the property of a related entity owned by the original shareholders. As of September 30, 2024, the carrying amount of the bank loan was S$156,856 (US$122,254).

The maturity schedule is as follows:

---

| | | |
|:---|:---|:---|
|  **Year ending September 30,** | **S$** | **US$** |
| 2025 | 383534 | 298926 |
| 2026 | 13246 | 10324 |
|  Present value of bank loans | 396780 | 309250 |
|  Less: current portion | (383534) | (298926) |
|  Long-term portion | 13246 | 10324 |

---

#### 9 Right-of -use assets and lease liabilities
The Company determines if a contract contains a lease at inception. U.S. GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company leases several clinic locations, office space and warehouse space under operating lease agreements with terms ranging from 2 to 3 years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. As permitted by ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the leases with a lease term of one year or less.

As of September 30, 2024, the Company had the following non-cancellable operating lease contracts.

---

| | |
|:---|:---|
|  **Description of lease** | **Lease term** |
|  Kovan Heartland Mall, 205 Hougang Street 21, #03-04 to #03-06 Singapore 530205 | 3 years |
|  Novena Medical Centre, 10 Sinaran Drive #10-01, Singapore 307506 | 2 years |
|  Novena Medical Centre, 10 Sinaran Drive #10-26, Singapore 307506 | 2 years |
|  Novena Medical Centre, 10 Sinaran Drive, #10-24, Singapore 307506 | 3 years |
|  Novena Medical Centre, 10 Sinaran Drive, #10-25, Singapore 307506 | 2 years |
|  Scotts Medical Centre, 9 Scotts Rd, #07-03, Pacific Plaza, Singapore 228210 | 2 years |
|  Scotts Medical Centre, 9 Scotts Rd, #07-04 to #07-06, Pacific Plaza, Singapore 228210 | 3 years |
|  One Raffles Place, 1 Raffles Place, #02-21 to #02-22, Singapore 048616 | 3 years |
|  3 Gateway Drive #03-12, Westgate Mall Singapore 608532 | 3 years |
|  16 Kallang Place, #02-24, Singapore 339156 | 3 years |
|  114 Lavender Street #09-91 CT Hub 2, Singapore 338729 | 2 years |

---

*The weighted-average remaining lease term and the weighted-average discount rate of leases are as follows:*

---

| | | |
|:---|:---|:---|
|  | **Years Ended September 30,** | **Years Ended September 30,** |
|  | **2023** | **2024** |
|  Weighted average remaining lease term (years) | 1.16 | 1.37 |
|  Weighted average discount rate | 5.25% | 5.25% |

---

[**Table of Contents**](#TOC001)

**REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS**

#### 9 Right-of -use assets and lease liabilities (cont.)
As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This methodology was deemed to yield a measurement of the ROU lease asset and associated lease liability that was appropriately stated in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount recognized in the combined balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Right-of-use assets, net | 1939584 | 1963470 | 1530329 |
|  Lease liabilities |  |  |  |
|  Current | 1053701 | 1296519 | 1010507 |
|  Non-current | 910095 | 691464 | 538927 |
|  | 1963796 | 1987983 | 1549434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A summary of lease expenses recognized in the Company's combined statements of operations and comprehensive income is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For year ended September 30,** | **For year ended September 30,** | **For year ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Amortization of right-of-use assets | 1228937 | 1379105 | 1074874 |
|  Interest of lease liabilities | 111417 | 122403 | 95401 |
|  Total operating lease expenses | 1340354 | 1501508 | 1170275 |

---

Future minimum lease payments under non-cancellable lease agreements as of September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  | **S$** | **US$** |
|  **Twelve months ending September 30,** |  |  |
| 2025 | 1368803 | 1066845 |
| 2026 | 567641 | 442419 |
| 2027 | 146024 | 113812 |
|  Total future minimum lease payments | 2082468 | 1623076 |
|  Less imputed interest | (94485) | (73642) |
|  Present value of lease liabilities | 1987983 | 1549434 |
|  Less: current portion | (1296519) | (1010507) |
|  Long-term portion | 691464 | 538927 |

---

#### 10 Equity

#### Ordinary shares
The Company was incorporated under the laws of the Cayman Islands on 13 November 2024. Upon our incorporation, our authorized share capital was US$50,000 divided into 50,000,000 ordinary shares of par value US$0.001 each.

[**Table of Contents**](#TOC001)

**REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS**

#### 11 Related party transactions and balances
The table below sets forth the related parties and their relationships with the Company as of September 30, 2023 and 2024:

---

| | |
|:---|:---|
|  **Name of related parties** | **Relationship with the Company** |
|  Dr Shiau Ee Leng | Chief Medical Advisor (spouse of Mr. Then Chee Tat) |
|  Mr. Then Chee Tat | Executive Director, Chief Financial Officer and Deputy Chief Executive Officer (spouse of Dr Shiau Ee Leng) |
|  Dr. Chen Yiming | Deputy Medical Director and director of subsidiaries CSKC Pte. Ltd. and CSKC Medispa Pte. Ltd. |
|  ClearSK Aesthetics Academy Sdn. Bhd. ("CAA") | Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) |
|  SGP Healthcare Investments Pte. Ltd. ("SGP") | Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) |
|  Clearsk Medi-Aesthetics (West) Pte. Ltd. ("CWE") | Related company under common control of directors Dr Shiau Ee Leng and Mr. Then Chee Tat (Original Shareholders) |

---

<u><u>Related party balances</u></u>

The amount due from shareholders represents the net of dividend declared to Mr. Then Chee Tat and Dr Shiau Ee Leng (collectively termed "original shareholders"), funds provided for the Company's working capital needs and reimbursement of amounts paid on behalf of the shareholders incurred for the normal course of business. The dividends declared to original shareholders for the years ended September 30, 2023 and 2024 amounted to S$1,530,000 and S$2,838,000 (US$2,211,937), respectively. As of September 30, 2023 and 2024, total amounts due to shareholders amounted to S$3,769,223 and nil, respectively.

The payable balance due to Dr Chen Yiming were S$114,100 and S$6,100 (US$4,754) as of September 30, 2023 and 2024, respectively. The balance is interest free and repayable on demand. The dividends declared to Dr Chen Yiming for the years ended September 30, 2023 and 2024 amounted to S$243,000 and S$276,300 (US$215,345), respectively.

The receivable balance due from CAA were S$nil and S$96,987 (US$75,592) as of September 30, 2023 and 2024, respectively.

<u><u>Related party transactions</u></u>

During the years ended September 30, 2023 and 2024, the Company paid expenses of S$157,863 and S$249,532 (US$194,485) respectively, for accounting and administrative services to CAA.

During the years ended September 30, 2023 and 2024, the Company paid rental expenses of S$229,992 and S$155,659 (US$121,321) respectively, for rental of the lease to SGP.

A warehouse valued at S$1,130,000 (US$880,722) located at 114 Lavender ST #09-91 Singapore 338729, was assigned by the related company, CWE, to the Company.

#### 12 Revenue

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Bio-regenerative and medi-aesthetic treatments | 12634836 | 13280589 | 10350891 |
|  Sales of products | 89737 | 164369 | 128109 |
|  | 12724573 | 13444958 | 10479000 |

---

[**Table of Contents**](#TOC001)

#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 12 Revenue (cont.)
In the following table, revenue is disaggregated by the timing of revenue recognition.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Point-in-time | 12724573 | 13444958 | 10479000 |
|  | 12724573 | 13444958 | 10479000 |

---

#### Contract liabilities

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Balance – beginning of the year | 5962294 | 5206637 | 4058053 |
|  Advances from customers | 5206637 | 3436850 | 2678681 |
|  Revenue recognized during the year | (5962294) | (5206637) | (4058053) |
|  Balance – ending of the year (to be recognized in the next 12 months) | 5206637 | 3436850 | 2678681 |

---

Contract liabilities represent packages of 6 months' validity which are sold to customers.

#### 13 Income taxes

#### Cayman Islands and British Virgin Islands
The Company is domiciled in the Cayman Islands. The subsidiary BioEsthetics Group Limited is domiciled in the British Virgin Islands ("BVI"). Under the current laws of the Cayman Islands and the BVI, the Company and BioEsthetics Group Limited is not subject to tax on its income. Accordingly, the Company and BioEsthetics Group Limited does not accrue for income taxes.

*<u>Singapore</u>*

The Company's subsidiaries are in Singapore and are subject to the Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

Significant components of the provision for income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  **Income tax expense is comprised of the following:** |  |  |  |
|  Current | 364139 | 253043 | 197222 |
|  Total income tax expenses | 364139 | 253043 | 197222 |

---

[**Table of Contents**](#TOC001)

#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS

#### 13 Income taxes (cont.)
A reconciliation between of the statutory tax rate to the effective tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Income before tax | 3143502 | 3388225 | 2640783 |
|  Singapore income tax rate | 17.0% | 17.0% | 17.0% |
|  Reconciling items: |  |  |  |
|  – Tax effect on expense not deductible for tax purposes | 2.5% | 3.6% | 3.6% |
|  – Singapore statutory stepped income exemption | (5.4)% | (4.9)% | (4.9)% |
|  – Tax rebate | (7.0)% |  |  |
|  – Deferred tax assets on temporary differences not recognized | 4.2% | (4.9)% | (4.9)% |
|  – Over provision of current taxation in respect of prior year |  | (3.2)% | (3.2)% |
|  – Others | 0.4% | (0.1)% | (0.1)% |
|  Effective tax rate | 11.6% | 7.5% | 7.5% |

---

Deferred tax assets are recognized in the combined financial statements only to the extent that it is probable that future taxable profits will be available against which the Company can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislations of the respective countries in which the group companies operate.

Tax expenses are derived on the basis where operating revenue and cost are recognized by the respective types of treatments and sub-specialization by doctors operating in 5 clinics. These operating revenue and cost are recorded across 15 individual entities. Management has documented their organizational structure adopted by the Regenique Group Limited and its subsidiaries, and that the tax structure is in compliance with Inland Revenue Authority of Singapore's (IRAS) regulation. In the event where IRAS disputes with the Company's current tax position, the Company may have tax exposure which could result in tax penalties and other consequences. The Company will further seek the assistance of a tax advisor to review the previous and prevailing structure to ensure compliance with tax regulation and that transactions are conducted at arm's length principal.

**14 Other income**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  Interest income |  | 138 | 107 |
|  Government grants | 89571 | 131108 | 102186 |
|  Others | 163844 | 229196 | 178635 |
|  | 253415 | 360442 | 280928 |

---

Other income comprises of general clinic management and consultancy fee charged to third parties.

[**Table of Contents**](#TOC001)

#### REGENIQUE GROUP LIMITED<br>NOTES TO Combined FINANCIAL STATEMENTS
**15 Commitment and Contingencies**

**Operating lease commitments**

The total future lease payments under the non-cancellable operating lease with respect to the clinics' management service fee as of September 30, 2024 are payable as below:

---

| | |
|:---|:---|
|  | **Operating lease <br>commitments** |
|  Within 1 year | 54512 |
|  2 – 5 years | 73093 |
|  **Total** | 127605 |

---

As of September 30, 2023 and 2024, the Company does not have any capital commitments and contingencies.

**16 Subsequent events**

The Company has assessed all subsequent events through May 23, 2025 which is the date that these combined financial statements are available to be issued and other than the following, there are no further material subsequent events that require disclosure in these combined financial statements.

On February 25, 2025, the Original Shareholders entered into the Acquisition Agreement. The Company's subsidiary, BioEsthetics Group Limited will acquire 100% ownership of Shari Wellness Pte. Ltd. through a share swap with Mr. Wong Ming Kwong, who will transfer all his equity interests in Shari Wellness (represented 100% ownership). In return, Mr. Wong's allocated interest in the Company will vest with the issuance of 20 Class A ordinary shares of Regenique Group Limited (represented 50% shares). Shari Wellness is a Singapore company incorporated in 2013 by Mr. Wong. It is the licensee of the Licensed Technologies, which consists of the three bio-technology patents under the License Agreement and focuses on stem-cell based Regenerative Health & Aesthetics personalized treatments and bio-cosmeceuticals. As of the date of these financial statements, the acquisition is still on-going and pending the receipt of a valuation report on Shari Wellness with an appraised value reasonably satisfactory to the Original Shareholders.

[**Table of Contents**](#TOC001)

#### REGENIQUE GROUP LIMITED<br>COMBINED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **As at<br>September 30,<br>2024** | **As at<br>June 30,<br>2025** | **As at<br>June 30,<br>2025** |
|  | **S$ <br>Audited** | **S$ <br>Unaudited** | **US$Unaudited** |
|  **ASSETS** |  |  |  |
|  **Current assets** |  |  |  |
|  Cash and cash equivalents | 1683814 | 986955 | 775944 |
|  Accounts receivable | 3129 | 86983 | 68386 |
|  Other current assets | 414225 | 429172 | 337415 |
|  Inventories | 266731 | 164033 | 128963 |
|  Amount due from a related party | 96987 | 90436 | 71101 |
|  **Total current assets** | 2464886 | 1757579 | 1381809 |
|  **Non-current assets** |  |  |  |
|  Intangible assets | 4000 | 8986 | 7065 |
|  Property and equipment, net | 3976348 | 3990669 | 3137464 |
|  Right-of-use assets | 1963470 | 1270854 | 999145 |
|  Deferred offering costs |  | 1066171 | 838224 |
|  Other receivables |  | 174664 | 137321 |
|  **Total non-current assets** | 5943818 | 6511344 | 5119219 |
|  **TOTAL ASSETS** | 8408704 | 8268923 | 6501028 |
|  **LIABILITIES** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Accounts payable | 557559 | 438941 | 345096 |
|  Accruals and other payables | 410436 | 122021 | 95933 |
|  Contract liabilities | 3436850 | 1730386 | 1360429 |
|  Amount due to a director | 6100 | 6100 | 4796 |
|  Amount due to related parties | 35226 |  |  |
|  Amount due to shareholders |  | 508725 | 399960 |
|  Bank loans | 383534 | 97056 | 76305 |
|  Operating lease liabilities | 1296519 | 895044 | 703684 |
|  Finance lease liability |  | 85896 | 67531 |
|  Income taxes payables | 111535 | 338025 | 265755 |
|  **Total current liabilities** | 6237759 | 4222194 | 3319489 |
|  **Non-current liabilities** |  |  |  |
|  Deferred tax liabilities | 36161 | 36161 | 28431 |
|  Provision for reinstatement | 30756 | 30756 | 24180 |
|  Operating lease liabilities | 691464 | 392470 | 308560 |
|  Finance lease liability |  | 99063 | 77883 |
|  Bank loans | 13246 |  |  |
|  **Total non-current liabilities** | 771627 | 558450 | 439054 |
|  **TOTAL LIABILITIES** | 7009386 | 4780644 | 3758543 |
|  COMMITMENTS AND CONTINGENCIES |  |  |  |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  \*\*Class A Ordinary shares, US$0.0001 par value, 400,000,000 shares authorized, 40 shares issued and outstanding as of September 30, 2024 and June 30, 2025 respectively | —<br> \* | —<br> \* | —<br> \* |
|  \*\*Class B Ordinary shares, US$0.0001 par value, 100,000,000 shares authorized, nil shares issued and outstanding as of September 30, 2024 and June 30, 2025 respectively |  |  |  |
|  Additional paid in capital | 2486500 | 2486500 | 1954888 |
|  (Accumulated losses)/Retained earnings | (1096763) | 842265 | 662187 |
|  Total shareholders' Regenique Group Limited equity | 1389737 | 3328765 | 2617075 |
|  Non-controlling interest | 9581 | 159514 | 125410 |
|  **Total shareholders' equity** | 1399318 | 3488279 | 2742485 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 8408704 | 8268923 | 6501028 |

---

____________

\* Less than S$1

\*\* Retroactively presented for the reorganization exercise described in Note 1.

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

[**Table of Contents**](#TOC001)

#### REGENIQUE GROUP LIMITED<br>COMBINED STATEMENTS OF OPERATIONS AND <br>COMPREHENSIVE INCOME (UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended June 30** | **For the nine months ended June 30** | **For the nine months ended June 30** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  Revenue | 9046840 | 9405715 | 7394773 |
|  Purchases and other direct costs | (1028237) | (1031023) | (810590) |
|  Depreciation and amortization | (589282) | (696560) | (547635) |
|  Employee benefits expenses | (4142872) | (3727187) | (2930314) |
|  Operating lease expenses | (1120151) | (1110385) | (872985) |
|  Other operating expenses | (923503) | (760409) | (597834) |
|  Income from operations | 1242795 | 2080151 | 1635415 |
|  Other income: |  |  |  |
| &nbsp;&nbsp;&nbsp; Other income | 301554 | 177699 | 139707 |
|  Finance cost: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (13594) | (10452) | (8217) |
|  Profit before tax expense | 1530755 | 2247398 | 1766905 |
| &nbsp;&nbsp;&nbsp; Income tax expense | (174671) | (158437) | (124563) |
|  **Net Income** | 1356084 | 2088961 | 1642342 |
|  Net income attributable to Regenique Group Limited | 1199819 | 1939028 | 1524465 |
|  Net income attributable to non-controlling interests | 156265 | 149933 | 117877 |
|  | 1356084 | 2088961 | 1642342 |
|  **Net income per share attributable to ordinary shareholders** |  |  |  |
|  Basic and diluted | 29995 | 48476 | 38112 |
|  **Weighted average number of ordinary shares used in computing net income per share\*\*** |  |  |  |
|  Basic and diluted | 40 | 40 | 40 |

---

____________

\*\* Retroactively presented for the reorganization exercise described in Note 1.

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

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#### REGENIQUE GROUP LIMITED<br>COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A <br>ordinary shares** | **<br>Class A <br>ordinary shares** | **Additional <br>paid in <br>capital** | **(Accumulated <br>losses)/ <br>Retained<br>earnings** | **Total<br>shareholders'<br>Regenique<br>Group<br>Limited<br>equity** | **Non-<br>controlling<br>interest** | **Total<br>shareholders'<br>equity** |
|  | **Shares<br>Outstanding\*\*** | **Par value** | **Additional <br>paid in <br>capital** | **(Accumulated <br>losses)/ <br>Retained<br>earnings** | **Total<br>shareholders'<br>Regenique<br>Group<br>Limited<br>equity** | **Non-<br>controlling<br>interest** | **Total<br>shareholders'<br>equity** |
|  |  | **S$** | **S$** | **S$** | **S$** | **S$** | **S$** |
|  **Balance as of October 1, 2023** | 40 | —<br> \* | 1356500 | 18290 | 1374790 | 3646 | 1378436 |
|  Net income |  |  |  | 1199819 | 1199819 | 156265 | 1356084 |
|  Dividend |  |  |  | (1841700) | (1841700) | (276300) | (2118000) |
|  **Balance as of June 30, <br>2024** | 40 | —<br> \* | 1356500 | (623591) | 732909 | (116389) | 616520 |
|  **Balance as of October 1, 2024** | 40 | —<br> \* | 2486500 | (1096763) | 1389737 | 9581 | 1399318 |
|  Net income |  |  |  | 1939028 | 1939028 | 149933 | 2088961 |
|  **Balance as of June 30, <br>2025** | 40 | —<br> \* | 2486500 | 842265 | 3328765 | 159514 | 3488279 |
|  |  | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
|  **Balance as of June 30, <br>2025** |  | —<br> \* | 1954888 | 662187 | 2617075 | 125410 | 2742485 |

---

____________

\* Less than S$1.

\*\* Retroactively presented for the reorganization exercise described in Note 1.

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

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#### REGENIQUE GROUP LIMITED<br>COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended June 30** | **For the nine months ended June 30** | **For the nine months ended June 30** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
|  Net income | 1356084 | 2088961 | 1642342 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 589282 | 696560 | 547635 |
| &nbsp;&nbsp;&nbsp; Interest expense | 13594 | 10452 | 8217 |
| &nbsp;&nbsp;&nbsp; Operating lease expenses | 1120151 | 1110385 | 872985 |
|  Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Account receivables, net | 47708 | (83854) | (65925) |
| &nbsp;&nbsp;&nbsp; Inventories | 140376 | 102698 | 80741 |
| &nbsp;&nbsp;&nbsp; Other current assets | (58617) | (189611) | (149072) |
| &nbsp;&nbsp;&nbsp; Account payables | 375183 | (118618) | (93257) |
| &nbsp;&nbsp;&nbsp; Accruals and other payables | (34108) | (288415) | (226752) |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 19334 | (1706464) | (1341622) |
| &nbsp;&nbsp;&nbsp; Income taxes payable | 42553 | 226490 | 178066 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | (1119319) | (1118238) | (879159) |
| &nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 2492221 | 730346 | 574199 |
|  CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment | (2394361) | (470881) | (370207) |
| &nbsp;&nbsp;&nbsp; Purchase of intangible assets |  | (4986) | (3920) |
| &nbsp;&nbsp;&nbsp; Net movements in amount due from related party | (97954) | 6551 | 5150 |
| &nbsp;&nbsp;&nbsp; Net cash used in investing activities | (2492315) | (469316) | (368977) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp; Repayment to working capital loan | (370960) | (308603) | (242624) |
| &nbsp;&nbsp;&nbsp; Principal payments on finance lease obligations | (7777) | (56614) | (44510) |
| &nbsp;&nbsp;&nbsp; Deferred offering costs |  | (1066171) | (838224) |
| &nbsp;&nbsp;&nbsp; Net movement in amount due to shareholders | 425535 | 508725 | 399960 |
| &nbsp;&nbsp;&nbsp; Net movement in amount due to related party | (9044) | (35226) | (27695) |
| &nbsp;&nbsp;&nbsp; Net movement in amount due to director | (108000) |  |  |
| &nbsp;&nbsp;&nbsp; Dividend paid | (276300) |  |  |
| &nbsp;&nbsp;&nbsp; Net cash used in financing activities | (346546) | (957889) | (753093) |
| &nbsp;&nbsp;&nbsp; Net change in cash and cash equivalents | (346640) | (696859) | (547871) |
| &nbsp;&nbsp;&nbsp; Cash, cash equivalents – beginning of period | 1611382 | 1683814 | 1323815 |
| &nbsp;&nbsp;&nbsp; Cash, cash equivalents – ending of period | 1264742 | 986955 | 775944 |
| &nbsp;&nbsp;&nbsp; SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for income tax | 118614 | 68053 | 53503 |
| &nbsp;&nbsp;&nbsp; Cash paid for interest | 13594 | 10452 | 8217 |
| &nbsp;&nbsp;&nbsp; SUPPLEMENTAL NON-CASH INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities arising from obtaining <br>right-of-use assets | 1699017 | 350475 | 275543 |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment through exchange of lease ROU asset |  | 231508 | 182012 |

---

The accompanying notes form an integral part of these combined financial statements.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 1 Organization and business overview
Regenique Group Limited (the "Company") is an investment holding company incorporated on November 13, 2024 under the laws of the Cayman Islands. The Company and its subsidiaries are collectively referred to as the "Company". The Company through its subsidiaries provide medi-aesthetics services (the "Clinic Business").

The Clinic Business was founded in 2009 by Mr. Then Chee Tat and Dr. Shiau Ee Leng ("Original Shareholders") with the incorporation of ClearSK Medispa Pte Ltd, a Singapore company. Throughout the past 16 years, our main business has been the delivery of medi-aesthetics services (the "Clinic Business"). As our Clinic Business continued to grow, we started investing in real properties (the "Real Property Investments") to diversify the risk of increasing rental expenses.

As of the date of this prospectus, our business has been carried out through 16 entities, 11 of which were operating entities of the Clinic Business, 5 of which were operating entities of a combination of the Clinic Business, Real Property Investments, and back-end accounting and administrative services provided to other entities ("Mixed Business and Back-End Entities").

The Company is headquartered in Singapore.

<u><u>Reorganization</u></u>

The Group is expected to complete an internal reorganization prior to the Company's listing on Nasdaq Capital Market.

On January 20, 2025, the Original Shareholders incorporated Biogenisk Pte. Ltd. ("Biogenisk") to acquire the Clinic Business. On February 21, 2025, the Original Shareholders transferred all of the shares in the entities solely operating the Clinic Business to Biogenisk; concurrently with the share transfers, the Mixed Business and Back-End Entities transferred their respective Clinic Business to Biogenisk.

At the same time, on January 20, 2025, BioEsthetics Group Limited (the "Intermediate Holdco"), was incorporated as a BVI exempted limited liability company, to be a subsidiary of the Company.

On February 25, 2025, the Original Shareholders transferred all of their ownership interests in Biogenisk to the Intermediate Holdco.

On April 16, 2025, the Original Shareholders transferred all of their ownership interests in Intermediate Holdco to the Company.

Upon completion of the aforementioned, the Company became the ultimate holding company of the operating subsidiaries. As of the date of these combined financial statements, the reorganization of the Company's legal structure is still in progress.

The Company accounts for the reorganization as a business combination under common control in accordance with ASC 805-50-15-6, Business Combinations — Relates Issues. A high degree of common ownership exists when multiple shareholders hold similar ownership interests in multiple entities, but no one shareholder controls the entities. Transfers among entities that have a high degree of common ownership are not common control transactions. However, such transfers may be accounted for in a manner similar to a common control transaction if the transfers lack economic substance. The reorganization between entities under common control are accounted for using the carryover basis of accounting. The net assets of the acquired entities of the Clinic Business are recorded at their historical carrying values. The financial statements are retrospectively adjusted to reflect the combined entities as though the combination occurred at the beginning of the earliest period presented. Upon combining the financial information for the periods, intra-group income and expenses, intragroup accounts and profits and losses on transactions between the combined entities are eliminated. The accounting principles set out below have been applied consistently to all periods presented in these combined financial statements.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 1 Organization and business overview (cont.)
During the nine months ended June 30, 2024 and 2025, the Original Shareholders were the ultimate shareholders of the Clinic Business.

The combined financial statements of the Company include the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Date of <br>incorporation** | **Percentage of <br>direct or <br>indirect <br>interests** | **Place of <br>incorporation** | **Principal activities** |
|  ClearSK Biomed Pte. Ltd. ("CSB") | April 16, 2016 | 100% | Singapore | Clinics and other general medical services |
|  CSKC Pte. Ltd. ("CSKC") | September 22, 2016 | 55% | Singapore | Clinics and other general medical services |
|  CSKC Medispa Pte. Ltd. ("CCM") | November 26, 2021 | 55% | Singapore | Clinics and other general medical services |
|  ClearSK Centre Pte. Ltd. ("CSC") | February 16, 2009 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Medi-Wellness Pte. Ltd. ("CMW") | July 05, 2017 | 100% | Singapore | Hairdressing salons/shops |
|  ClearSK Medi-Aesthetics (TP Central) Pte. Ltd. ("TP") | April 25, 2012 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Body Medi-Aesthetics Clinique Pte. Ltd. ("BODY") | February 02, 2012 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Medispa Pte. Ltd. ("CCM") | January 04, 2009 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Medi-Aesthetics Clinique Pte. Ltd. ("CMA") | November 23, 2009 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Medical Spa Pte. Ltd. ("CMS") | February 16, 2009 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Orchard Pte. Ltd. ("CSO") | February 12, 2010 | 100% | Singapore | Clinics and other general medical services |
|  ClearSK Medi-Aesthetics (Westgate) Pte. Ltd. ("WG") | April 25, 2012 | 100% | Singapore | Clinics and other general medical services |

---

On October 9, 2025, seven investors (the "**Pre**-IPO **Investors**") acquired Class A Ordinary Shares representing, in aggregate, 13.05% of the issued share capital of the Company from Mr. Wong for a total consideration of US$114,188. The Pre-IPO Investors consist of employees and external consultants. The shareholdings of Mr. Wong, Mr. Then and Dr. Shiau were reduced from 50%, 25% and 25% to 36.95%, 25.0% and 25.0%, respectively.

On October 10, 2025, the Original Shareholders transferred all of the shares in the entities solely operating the Clinic Business to Biogenisk. On the same date, the Original Shareholders transferred all of their ownership interests in Biogenisk to Intermediate Holdco.

On October 13, 2025, Mr. Wong transferred all of his ownership interests in Shari Wellness to Intermediate Holdco.

#### 2 Summary of significant accounting policies
*Basis of presentation*

This summary of significant accounting policies is presented to assist in understanding the Company's combined financial statements and have been consistently applied in the preparation of the financial statements The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
*Going concern*

The accompanying combined financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

As reported in the accompanying combined financial statements, the Company's current liabilities exceed its current assets by S$2,464,615 (US$1,937,680) for the nine months ended June 30, 2025. Management of the Company has evaluated the sufficiency of its working capital and concluded that with the financial support of the Original Shareholders, the Company will be able to support its continuous operations and to meet its payment obligations as and when liabilities fall due within the next twelve months from the balance sheet date and the date of combined financial statements for the nine months ended June 30, 2025. Accordingly, the Company's combined financial statements are prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they fall due. In the event the Company will not be able to continue as a going concern, adjustments will have to be made to reflect the situation that assets will need to be realized other than in the amounts at which they are currently recorded in the balance sheet. In addition, the Company may have to provide for further liabilities that might arise and to reclassify non-current assets and liabilities as current assets and liabilities.

*Use of estimates*

The preparation of combined financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

Significant accounting estimates reflected in the Company's combined financial statements include, but are not limited to contract liability for unredeemed points rebates and assessment of tax positions. Actual results may differ from these estimates.

Evolving tax regulations and scrutiny of corporate tax practices may subject us to inquiries or audits from tax authorities of the relevant jurisdictions on various tax matters including challenges to positions. We cannot be certain that the tax authorities will agree with our interpretations of the applicable tax laws, or that the tax authorities will resolve any inquiries in our favor. To the extent the relevant tax authorities do not agree with our interpretation, we may seek to enter into settlements with the tax authorities which may require significant payments and may adversely affect our results of operations or financial condition. We may also appeal against the tax authorities' determinations to the appropriate governmental authorities, but we cannot be sure we will prevail. If our appeal does not prevail, we may have to make significant payments or otherwise record charges that could adversely affect our results of operations, financial condition and cash flows. Similarly, any adverse or unfavorable determinations by tax authorities on our appeal could lead to increased taxation on us, that may adversely affect our business, financial condition and results of operations and may also impact our reputation.

*Cash and cash equivalents*

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains its bank accounts in Singapore.

*Accounts receivable, net*

Accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded net of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. Forward-looking information is also considered in the evaluation of current expected credit losses. The Company writes off the receivable when it is determined to be uncollectible.

*Other current assets*

Other current assets, net, primarily consists of deposits, prepayments made to vendors or services providers for future services that have not been provided, and other receivables from third parties.

*Inventories*

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the weighted average principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. The inventories primarily consist of consumables such as injectables, threads, fillers and consumable tips. Generally, these items are not held for sale but are essential in delivering the services to the customers.

*Deferred offering costs*

The Company follows the requirements of the FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Deferred offering costs consist of underwriting, legal and other expenses incurred through the balance sheet date that are directly related to the intended initial public offering ("IPO"). Deferred offering cost will be charged to shareholders' equity netted against the proceeds upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. As of September 30, 2024 and June 30, 2025, the Company deferred nil and S$1,066,171 (US$838,224) of offering costs. Such costs will be deferred until the closing of the IPO, at which time the deferred costs will be offset against the offering proceeds.

*Property and equipment, net*

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
|  **Property and equipment** | **Expected useful life <br>(number of years)** |
|  Property | Remaining lease term of 63 years |
|  Clinic equipment | 7 years |
|  Clinic tools | 2 years |
|  IT equipment and software | 5 years |
|  Machine component | 5 years |
|  Furniture and fittings | 5 years |
|  Office equipment | 5 years |
|  Motor vehicles | 5 years |
|  Renovation | 5 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the combined statement of operations and other comprehensive income Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
*Right-of-use assets and lease liabilities*

The Company adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its clinics. The Company determines if an arrangement is a lease at inception. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the nine months ended June 30, 2024 and 2025, the Company did not have any impairment loss against its operating lease right-of-use assets.

The Company's operating lease liabilities and right-of-use assets are disclosed in Note 9.

*Intangible assets*

Intangible assets represent the application cost of Biogenisk trademark. The useful life of the intangible assets is assessed to be finite. Amortization is computed using the straight-line method over the estimated useful life of 20 years.

*Commitments and contingencies*

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. Liabilities for the contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.

Certain conditions may exist as of the date the combined financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in legal proceedings, the Company, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the combined financial statements. If the assessment indicates that a potentially material loss contingency is not probable, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
*Impairment of long-lived assets*

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the nine months ended June 30, 2024 and 2025, no impairment of long-lived assets was observed and recognized.

*Fair value measurements*

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

    <u> Level 1 — </u>   <u> observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </u> <br>     <u> Level 2 — </u>   <u> other inputs that are directly or indirectly observable in the marketplace. </u> <br>     <u> Level 3 — </u>   <u> unobservable inputs which are supported by little or no market activity. </u>

The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, other payables to related parties, contract liabilities, and accruals and other payables approximate their fair values because of their generally short maturities.

*Revenue recognition*

The Company accounts for its revenue under FASB ASC Topic 606, Revenue from Contracts with Customers. The five-step model defined by FASB ASC Topic 606 requires the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) identify its contracts with customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) identify its performance obligations under those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) determine the transaction prices of those contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) allocate the transaction prices to its performance obligations in those contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are transferred to the client in an amount that reflects the consideration expected in exchange for those services.

Revenues are recognized when persuasive evidence of an arrangement exists, service has occurred, and all performance obligations have been performed pursuant to the terms of the agreement, the sales price is fixed or determinable and collectability is reasonably assured. Our revenue agreements generally do not include a right of

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
return in relation to the delivered products or services. Depending on the terms of the agreement and the laws that apply to the agreement, control of the 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;• provides all of the benefits received and consumed simultaneously by the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creates and enhances an asset that the client controls as the Company performs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance complete to date.

*Revenue generated from bio-regenerative and medi-aesthetic treatment*

The core business activities include the provision of bio-regenerative and medi-aesthetic treatments. Revenue is recognized at a point in time when the Company satisfies its performance obligations upon the completion of each treatment and acknowledgement by customers. The Company recognizes contract liabilities for advance billing to customers on the bio-regenerative and medi-aesthetic treatment, for which treatment has yet to be completed.

*Revenue generated from sales of products*

The customers purchase the products either physically in the outlets or online through the e-commerce platform. The revenue is recognized at a point in time upon the completion of the sales transaction to the customers.

The Company has a customer loyalty program that enables end-customers to earn loyalty points based on the amount of purchases on the e-shop. The loyalty points are redeemable for a discount on purchases within the next 1 year. The Company recognizes revenue for the loyalty points redeemed and recognizes a contract liabilities for unredeemed points as at the end of the financial period. The contract liabilities is recognized until the corresponding loyalty points are redeemed or expire.

Segments

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a result of the assessment made by the CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

*Concentrations and credit risk*

The Company maintains cash with banks in Singapore. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company will lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation ("SDIC").

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
As of September 2024 and June 30, 2025 the Company's assets were located in Singapore and the Company's revenue was principally derived from the operation in Singapore.

*Employee benefits*

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i)* Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

*ii)* Short-term compensated absences

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

*Related parties*

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

A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company's securities (ii) the Company's management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

*Foreign currency*

The accompanying combined financial statements are presented in Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currencies of the Company and its wholly owned subsidiaries is Singapore Dollars.

*Convenience translation*

Translations of the combined balance sheet, combined statements of operations and comprehensive income and combined statements of cash flows from S$ into US$ as of and for the nine months ended June 30, 2025 are solely for the convenience of the reader and were calculated at the rate of US$0.7862 = S$1, as set forth in the statistical release of the Federal Reserve System on June, 2025. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on June, 2025, or at any other rate.

*Income taxes*

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the combined financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future taxable income.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 2 Summary of significant accounting policies (cont.)
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for combined financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the nine months ended June 30, 2024 and 2025. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

*Earnings (loss) per share*

Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company has a loss, diluted shares are not included as their effect would be anti-dilutive. The Company has no dilutive securities or debt for each of the nine months ended June 30, 2024 and 2025.

*Recent Accounting Pronouncements*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its combined financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The new standard requires entities to disclose additional information about certain expenses, such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses included in commonly presented expense captions on the income statement. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply this guidance either on a retrospective or prospective basis, and early adoption is permitted.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's combined balance sheets, statements of operations and cash flows.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 3 Account receivable

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Accounts receivable | 3129 | 86983 | 68386 |
|  Total accounts receivable | 3129 | 86983 | 68386 |

---

#### 4 Other current assets

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Deposits | 388598 | 341914 | 268813 |
|  Prepayments | 8312 | 3066 | 2410 |
|  Other receivables | 17315 | 84192 | 66192 |
|  | 414225 | 429172 | 337415 |

---

#### 5 Inventories

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Finished goods | 266731 | 164033 | 128963 |

---

#### 6 Property and equipment, net

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025,** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Property<sup>(1)</sup> | 1130000 | 1130000 | 888406 |
|  Clinic equipment | 6675606 | 6913106 | 5435084 |
|  Clinic tools | 418270 | 423400 | 332877 |
|  IT equipment and software | 1015592 | 1010462 | 794425 |
|  Machine component | 999759 | 1351344 | 1062427 |
|  Furniture and fittings | 496346 | 496346 | 390227 |
|  Office equipment | 565572 | 565574 | 444654 |
|  Motor vehicles | 110712 | 110712 | 87042 |
|  Renovation | 3872076 | 3975484 | 3125526 |
|  Total | 15283933 | 15976428 | 12560668 |
|  Less: accumulated depreciation | (11307585) | (11985759) | (9423204) |
|  Carrying amount | 3976348 | 3990669 | 3137464 |

---

Depreciation expense for the nine months ended June 30, 2024 and 2025, was S$589,282 and S$696,560 (US$547,635).

––––––––––

(1) Property has been assigned to the Company by a related company, owned by director (see note 11). The Company is given the power to direct the activities of the business conducted at the Property, which most significantly impact its economic performance, such that the Company would be considered the primary beneficiary of the arrangement. The related company also grants the Company full and exclusive operational control over the Property under a free-to-use arrangement for its business operations. Furthermore, the Company has the sole and exclusive right to occupy and use the Property as the related company has delegated the full rights and responsibilities of management and control of the Property to the Company, such

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 6 Property and equipment, net (cont.)
that the Company shall, for all practical purposes, function in the capacity of the owner of the Property for the duration. This reflect the economic substance of a capital contribution and is intended to support the Company's strategic growth. This contribution has been recognized as an increase to Additional Paid-In Capital (APIC) in the Statements of Changes in Shareholders' Equity.

The Company evaluated the arrangement under ASC 810-10-25-55 through 25-56 and determined that the related company qualifies as a variable interest entity (VIE) due to insufficient equity investment at risk and lack of independent decision-making authority. However, under ASC 810-10-25-38A, the Company concluded that it is not the primary beneficiary of the VIE, as it does not possess both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. Accordingly, the Company has not consolidated the related company.

As of September 30, 2024, the property has been pledged for a property loan amounting to S$878,551 (US$684,710) taken up by the related company and is not recorded in the books of the Company.

#### 7 Accruals and other payables

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Accruals | 400884 | 77433 | 60878 |
|  Other payable |  | 35226 | 27695 |
|  GST payables | 9552 | 9362 | 7360 |
|  Total | 410436 | 122021 | 95933 |

---

#### 8 Bank loans
On April 8, 2020, the Company acquired a 5-year S$1,000,000 temporary bridging loan which expires in August 2025. The bank loan which carries interest of 3% per annum is secured by joint and several guarantee by Then Chee Tat (Director) and Shiau Ee Leng (Director). As of June 30, 2025 the carrying amount of the bank loan was S$52,814 (US$41,522).

On April 16, 2020, the Company acquired another 5-year S$600,000 temporary bridging loan which expires November 2025. The bank loan which carries interest of 3% per annum is secured by joint and several guarantee by Then Chee Tat (Director) and Shiau Ee Leng (Director). As of June 30, 2025, the carrying amount of the bank loan was S$44,242 (US$34,783).

#### 9 Right-of -use assets and lease liabilities
The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company leases several clinic locations, office space and warehouse space under operating lease agreements with terms ranging from 2 to 3 years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. As permitted by ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the leases with a lease term of one year or less.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 9 Right-of -use assets and lease liabilities (cont.)
As of June 30, 2025 the Company had the following non-cancellable operating lease contracts.

---

| | |
|:---|:---|
|  **Description of lease** | **Lease term** |
|  Kovan Heartland Mall, 205 Hougang Street 21, #03-04 to #03-06 Singapore 530205 | 3 years |
|  Novena Medical Centre, 10 Sinaran Drive #10-01, Singapore 307506 | 2 years |
|  Novena Medical Centre, 10 Sinaran Drive #10-26, Singapore 307506 | 2 years |
|  Novena Medical Centre, 10 Sinaran Drive, #10-24, Singapore 307506 | 3 years |
|  Novena Medical Centre, 10 Sinaran Drive, #10-25, Singapore 307506 | 2 years |
|  Scotts Medical Centre, 9 Scotts Rd, #07-03, Pacific Plaza, Singapore 228210 | 2 years |
|  Scotts Medical Centre, 9 Scotts Rd, #07-04 to #07-06, Pacific Plaza, Singapore 228210 | 3 years |
|  One Raffles Place, 1 Raffles Place, #02-21 to #02-22, Singapore 048616 | 3 years |
|  3 Gateway Drive #03-12, Westgate Mall Singapore 608532 | 3 years |
|  16 Kallang Place, #02-24, Singapore 339156 | 3 years |
|  114 Lavender Street #09-91 CT Hub 2, Singapore 338729 | 2 years |

---

*The weighted*-average *remaining lease term and the weighted*-average *discount rate of leases are as follows:*

---

| | | |
|:---|:---|:---|
|  | **Nine months ended <br>June 30** | **Nine months ended <br>June 30** |
|  | **2024** | **2025** |
|  Weighted average remaining lease term (years) | 1.36 | 1.49 |
|  Weighted average discount rate | 5.25% | 5.25% |

---

As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. This methodology was deemed to yield a measurement of the ROU lease asset and associated lease liability that was appropriately stated in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount recognized in the combined balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025,** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Right-of-use assets, net | 1963470 | 1270854 | 999145 |
|  Operating lease liabilities |  |  |  |
|  Current | 1296519 | 895044 | 703684 |
|  Non-current | 691464 | 392470 | 308560 |
|  | 1987983 | 1287514 | 1012244 |
|  Finance lease liabilities |  |  |  |
|  Current |  | 85896 | 67531 |
|  Non-current |  | 99063 | 77883 |
|  |  | 184959 | 145414 |

---

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 9 Right-of -use assets and lease liabilities (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A summary of lease expenses recognized in the Company's combined statements of operations and comprehensive income is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  Amortization of right-of-use assets | 1026931 | 1043088 | 820076 |
|  Interest of lease liabilities | 93220 | 67297 | 52909 |
|  Total operating lease expenses | 1120151 | 1110385 | 872985 |

---

Future minimum lease payments under non-cancellable operating lease agreements as of June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  **Ending June 30,** | **S$** | **US$** |
| 2026 | 936167 | 736014 |
| 2027 | 380930 | 299487 |
| 2028 | 20150 | 15843 |
|  Total future minimum lease payments | 1337247 | 1051344 |
|  Less imputed interest | (49733) | (39100) |
|  Present value of operating lease liabilities | 1287514 | 1012244 |
|  Less: current portion | (895044) | (703684) |
|  Long-term portion | 392470 | 308560 |

---

Future minimum lease payments under non-cancellable finance lease agreements as of June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  **Ending June 30,** | **S$** | **US$** |
| 2026 | 94303 | 74141 |
| 2027 | 44511 | 34995 |
| 2028 | 21803 | 17141 |
| 2029 | 21803 | 17141 |
|  2030 onwards | 19985 | 15712 |
|  Total future minimum lease payments | 202405 | 159130 |
|  Less imputed interest | (17446) | (13716) |
|  Present value of operating lease liabilities | 184959 | 145414 |
|  Less: current portion | (85896) | (67531) |
|  Long-term portion | 99063 | 77883 |

---

#### 10 Equity
*Ordinary shares*

The Company was incorporated under the laws of the Cayman Islands on 13 November 2024. Upon our incorporation, our authorized share capital was US$50,000 divided into 50,000,000 ordinary shares of par value US$0.0001 each.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 11 Related party transactions and balances
The table below sets forth the major related parties and their relationships with the Company as of as of September 2024 and June 30, 2025:

---

| | |
|:---|:---|
|  **Name of related parties** | **Relationship with the Company** |
|  Dr Shiau Ee Leng | Chief Medical Advisor (spouse of Mr Then Chee Tat) |
|  Mr Then Chee Tat | Executive Director, Deputy Chief Executive Officer and Chief Financial Officer (spouse of Dr Shiau Ee Leng) |
|  Dr. Chen Yiming | Deputy Medical Director and director of subsidiaries CSKC Pte. Ltd. and CSKC Medispa Pte. Ltd. |
|  ClearSK Aesthetics Academy Sdn. Bhd. ("CAA") | Related company under common control of directors Dr Shiau Ee Leng and Mr Then Chee Tat (Original Shareholders) |
|  SGP Healthcare Investments Pte. Ltd. ("SGP") | Related company under common control of directors Dr Shiau Ee Leng and Mr Then Chee Tat (Original Shareholders) |
|  Clearsk Medi-Aesthetics (West) Pte. Ltd. ("CWE") | Related company under common control of directors Dr Shiau Ee Leng and Mr Then Chee Tat (Original Shareholders) |

---

<u>Related party balances</u>

The amount due to shareholders represents the net of dividend declared to Mr Then Chee Tat and Dr Shiau Ee Leng (collectively termed "original shareholders"), funds provided for the Company's working capital needs and reimbursement of amounts paid on behalf of the shareholders incurred for the normal course of business. The dividends declared to original shareholders for the nine months ended June 30, 2024 and 2025 amounted to S$1,841,700 and S$NIL. As of September 30, 2024, and June 30, 2025, total amounts due to shareholders amounted to nil and S$508,725 (US$399,960), respectively.

The payable balance due to Dr Chen Yiming were S$6,100 and S$6,100 (US$4,796) as of September 30, 2024, and June 30, 2025, respectively. The balance is interest free and repayable on demand. The dividends declared to Dr Chen Yiming for the nine months ended June 30, 2024 and 2025 amounted to S$276,300 and nil, respectively.

The receivable balance due from CAA were S$96,987 and S$90,436 (US$71,101) as of September 30, 2024, and June 30, 2025, respectively.

<u><u>Related party transactions</u></u>

During the nine months ended June 30, 2024 and 2025, the Company paid expenses of S$231,895 and S$395,636 (US$311,049) respectively, for accounting and administrative services to CAA.

During the nine months ended June 30, 2024 and 2025, the Company paid rental expenses of nil and S$33,106 (US$26,028) respectively, for rental of the lease to SGP.

A warehouse valued at S$1,130,000 (US$888,406) located at 114 Lavender ST #09-91 Singapore 338729, was assigned by the related company, CWE, to the Company.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 12 Revenue

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  Bio-regenerative and medi-aesthetic treatments | 8951064 | 9292794 | 7305995 |
|  Sales of products | 95776 | 112921 | 88778 |
|  | 9046840 | 9405715 | 7394773 |

---

In the following table, revenue is disaggregated by the timing of revenue recognition.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  Point-in-time | 9046840 | 9405715 | 7394773 |
|  | 9046840 | 9405715 | 7394773 |

---

#### Contract liabilities

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2025** |
|  | **S$** | **S$** | **US$** |
|  Balance – beginning of the year/period | 5206637 | 3436850 | 2702050 |
|  Advances from customers | 3436850 | 1730386 | 1360429 |
|  Revenue recognized during the year/period | (5206637) | (3436850) | (2702050) |
|  Balance – ending of the year/period (to be recognized in the next 12 months) | 3436850 | 1730386 | 1360429 |

---

Contract liabilities represent packages of 3 to 6 months' validity which are sold to customers.

#### 13 Income taxes
*<u>*<u>Cayman Islands and British Virgin Islands</u>*</u>*

The Company is domiciled in the Cayman Islands. The subsidiary BioEsthetics Limited is domiciled in the British Virgin Islands ("BVI"). Under the current laws of the Cayman Islands and the BVI, the Company and BioEsthetics Limited is not subject to tax on its income. Accordingly, the Company and BioEsthetics Limited does not accrue for income taxes.

*<u>*<u>Singapore</u>*</u>*

The Company's subsidiaries are in Singapore and are subject to the Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS

#### 13 Income taxes (cont.)
Significant components of the provision for income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  **Income tax expense is comprised of the following:** |  |  |  |
|  Current | 174671 | 158437 | 124563 |
|  Total income tax expenses | 174671 | 158437 | 124563 |

---

A reconciliation between of the statutory tax rate to the effective tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  Income before tax | 1530755 | 2247398 | 1766905 |
|  Singapore income tax rate | 17.0% | 17.0% | 17.0% |
|  Reconciling items: |  |  |  |
|  Tax effect on expense not deductible for tax purposes | 0.7% | 0.2% | 0.2% |
|  Singapore statutory stepped income exemption | (6.0)% | (6.7)% | (6.7)% |
|  Tax rebate |  | (5.3)% | (5.3)% |
|  Others | (0.3)% | 1.8% | 1.8% |
|  Effective tax rate | 11.4% | 7.0% | 7.0% |

---

Deferred tax assets are recognized in the combined financial statements only to the extent that it is probable that future taxable profits will be available against which the Company can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislations of the respective countries in which the group companies operate.

Tax expenses are derived on the basis where operating revenue and cost are recognized by the respective types of treatments and sub-specialization by doctors operating in 5 clinics. These operating revenue and cost are recorded across 15 individual entities. Management has documented their organizational structure adopted by the Regenique Group Limited and its subsidiaries, and that the tax structure is in compliance with Inland Revenue Authority of Singapore's (IRAS) regulation. In the event where IRAS disputes with the Company's current tax position, the Company may have tax exposure which could result in tax penalties and other consequences. The Company will further seek the assistance of a tax advisor to review the previous and prevailing structure to ensure compliance with tax regulation and that transactions are conducted at arm's length principal.

**14 Other income**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** | **For the nine months ended <br>June 30, 2025** |
|  | **2024** | **2025** | **2025** |
|  | **S$** | **S$** | **US$** |
|  Interest income | 83 | 149 | 117 |
|  Government grants | 72611 | 24364 | 19155 |
|  Others | 228860 | 153186 | 120435 |
|  | 301554 | 177699 | 139707 |

---

Other income comprises of general clinic management and consultancy fee charged to third parties.

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#### REGENIQUE GROUP LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS
**15 Commitment and Contingencies**

#### Operating lease commitments
The total future lease payments under the non-cancellable operating lease with respect to the clinics' management service fee as of June 30, 2025 are payable as below:

---

| | |
|:---|:---|
|  | **Operating lease <br>commitments** |
|  Within 1 year | 54512 |
|  2 – 5 years | 34764 |
|  **Total** | 89276 |

---

As of June 30, 2025, the Company does not have any capital commitments and contingencies. The Company is not currently involved in any legal proceedings, nor is it aware of any pending or threatened litigation that would have a material adverse effect on its financial position, results of operations, or cash flows.

#### 16 Subsequent events
The Company has evaluated all subsequent events and transactions that occurred, which is the date that these combined financial statements are available to be issued and other than the following, there are no further material subsequent events that require disclosure in these combined financial statements.

On September 29, 2025, the company declared dividends to the Original Shareholders in the amount of S$800,000 (US$628,980) payable on the same day.

On October 9, 2025, seven investors (the "**Pre**-IPO **Investors**") acquired Class A Ordinary Shares representing, in aggregate, 13.05% of the issued share capital of the Company from Mr. Wong for a total consideration of US$114,188. The Pre-IPO Investors consist of employees and external consultants. The shareholdings of Mr. Wong, Mr. Then and Dr. Shiau were reduced from 50%, 25% and 25% to 36.95%, 25.0% and 25.0%, respectively.

On October 10, 2025, the Original Shareholders transferred all of the shares in the entities solely operating the Clinic Business to Biogenisk. On the same date, the Original Shareholders transferred all of their ownership interests in Biogenisk to Intermediate Holdco.

On October 13, 2025, Mr. Wong transferred all of his ownership interests in Shari Wellness to Intermediate Holdco.

[**Table of Contents**](#TOC001)

 **Until , 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that buy, sell, or trade our 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.**

#### Class A Ordinary Shares

#### Regenique Group Limited

#### __________________________

#### PROSPECTUS

#### __________________________

#### , 2025

------

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of directors and officers.
Cayman Islands law does not limit the extent to which a company's 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 amended and restated memorandum and articles of association provide that, to the extent permissible under Cayman Islands law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against: (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own fraud, dishonesty, willful default or willful neglect.

To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs.

Pursuant to the form of indemnification agreements to be filed as Exhibit 10.2 to this registration statement, 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 such a director or executive officer.

The form of underwriting agreement 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 under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities.
During the past three years, we have issued the following securities without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering, or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of ordinary shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number of <br>Class A<br>Ordinary<br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Consideration** |
|  Ogier Global Subscriber (Cayman) Limited | November 13, 2024 | 2 |  | Nominal |
|  Mr. Then | November 13, 2024 | 1 |  | US$0.001 |
|  Dr. Shiau | November 13, 2024 | 1 |  | US$0.001 |
|  Mr. Wong | October 8, 2025 | 15224980 |  | US$1,522.498 |

---

[**Table of Contents**](#TOC001)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number of <br>Class A<br>Ordinary<br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Consideration** |
|  Mr. Then | October 8, 2025 | 7612490 |  | US$761.249 |
|  Dr. Shiau | October 8, 2025 | 7612490 |  | US$761.249 |
|  Mr. Wong | October 13, 2025 |  | 2275000 | US$227.5 |
|  Mr. Then | October 13, 2025 |  | 1137500 | US$113.75 |
|  Dr. Shiau | October 13, 2025 |  | 1137500 | US$113.75 |

---

#### Item 8. Exhibits and Financial Statement Schedules.
a) Exhibits

See Exhibit Index beginning on page II-3 of this registration statement.

b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in our combined financial statements or the notes thereto.

#### Item 9. Undertakings.
The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

The undersigned registrant hereby undertakes:

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

2) That, for purposes of determining any liability under the Securities Act, (i) 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; and (ii) 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.

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#### Regenique Group Limited
**EXHIBIT INDEX**

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Description of Document** |
|  1.1\*\* | [Form of Underwriting Agreement](ea023557208ex1-1_regenique.htm) |
|  3.1\*\* | [Amended and Restated Memorandum and Articles of Association of the Registrant adopted on April 8, 2025, as currently in effect](ea023557208ex3-1_regenique.htm) |
|  4.1\*\* | [Registrant's Specimen Certificate for Class A Ordinary Shares](ea023557208ex4-1_regenique.htm) |
|  5.1\*\* | [Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered and certain Cayman Islands tax matters](ea023557208ex5-1_regenique.htm) |
|  8.1\*\* | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea023557208ex5-1_regenique.htm) |
|  8.2\*\* | [Opinion of Bird & Bird ATMD LLP regarding certain Singapore law matters](ea023557208ex8-2_regenique.htm) |
|  10.1\*\* | [Form of management service agreement between the Registrant and its executive officers](ea023557208ex10-1_regenique.htm) |
|  10.2\*\* | [Form of board director and management service agreement between the Registrant and its executive directors](ea023557208ex10-2_regenique.htm) |
|  10.3#\*\* | [License Agreement entered into between Supergenics Pte Ltd and Shari Wellness Pte Ltd, dated August 18, 2024](ea023557208ex10-3_regenique.htm) |
|  10.4\*\* | [Addendum to License Agreement entered into between Supergenics Pte Ltd and Shari Wellness Pte Ltd, dated January 8, 2025](ea023557208ex10-4_regenique.htm) |
|  10.5\*\* | [Memorandum of Understanding, entered into between Shari Wellness Pte Ltd and SGP Healthcare Investments Pte Ltd, dated April 3, 2024](ea023557208ex10-5_regenique.htm) |
|  10.6#\*\* | [Allocation Agreement, entered into among the Original Shareholders and Mr. Wong, dated November 13, 2024](ea023557208ex10-6_regenique.htm) |
|  10.7#\*\* | [Deed of Assignment, entered into between Clearsk Medi-Aesthetics (West) Pte Ltd and Clearsk Medi-Aesthetics (Westgate) Pte Ltd, dated November 1, 2023](ea023557208ex10-7_regenique.htm) |
|  10.8#\*\* | [Lease Agreement for Novena Medical Centre, 10 Sinaran Drive, #10-25, Singapore 307506, entered into between ClearSK Healthcare Pte Ltd and ClearSK Medispa Pte Ltd, dated January 1, 2025](ea023557208ex10-8_regenique.htm) |
|  10.9#\*\* | [Lease Agreement for Novena Medical Centre, 10 Sinaran Drive, #10-26, Singapore 307506, entered into between ClearSK Healthcare Pte Ltd and ClearSK Medispa Pte Ltd, dated January 1, 2025](ea023557208ex10-9_regenique.htm) |
|  10.10\*\* | [2025 Share Incentive Plan of the Registrant](ea023557208ex10-10_regenique.htm) |
|  10.11\*\* | [Form of Independent Director Agreement between the Registrant and its independent directors](ea023557208ex10-11_regenique.htm) |
|  10.12\*\* | [Form of Indemnification Agreement between the Registrant and its directors and executive officers](ea023557208ex10-12_regenique.htm) |
|  10.13#\*\* | [Business transfer agreement amongst certain parties, including Biogenisks Private Limited, the Original Shareholders, dated February 21, 2025](ea023557208ex10-13_regenique.htm) |
|  10.14#\*\* | [Addendum to the Business Transfer Agreement amongst certain parties, including Biogenisks Private Limited, the Original Shareholders, dated September 19, 2025](ea023557208ex10-14_regenique.htm) |
|  10.15#\*\* | [<u>Business transfer agreement's novation & assignment of assets undertaking clause among the Original Shareholders and the Company, dated October 1, 2025</u>](ea023557208ex10-15_regenique.htm) |
|  21.1\*\* | [List of subsidiaries of the Registrant](ea023557208ex21-1_regenique.htm) |
|  23.1\*\* | [Consent of Enrome LLP](ea023557208ex23-1_regenique.htm) |
|  23.2\*\* | [Consent of Ogier (included in Exhibit 5.1)](ea023557208ex5-1_regenique.htm) |
|  23.3\*\* | [Consent of Bird & Bird ATMD LLP](ea023557208ex23-3_regenique.htm) |
|  99.1\*\* | [Code of Business Conduct and Ethics of the Registrant](ea023557208ex99-1_regenique.htm) |
|  99.2\*\* | [Charter of the Audit Committee](ea023557208ex99-2_regenique.htm) |
|  99.3\*\* | [Charter of the Remuneration Committee](ea023557208ex99-3_regenique.htm) |
|  99.4\*\* | [Charter of the Nominating and Corporate Governance Committee](ea023557208ex99-4_regenique.htm) |
|  99.5\*\* | [Consent of Fok Chee Khuen](ea023557208ex99-5_regenique.htm) |
|  99.6\*\* | [Consent of Yong Siak Hoong](ea023557208ex99-6_regenique.htm) |
|  99.7\*\* | [Consent of Lim Yit Keong](ea023557208ex99-7_regenique.htm) |
|  99.8\*\* | [Request for Waiver and Representation under Item 8.A.4 of Form 20-F](ea023557208ex99-8_regenique.htm) |
|  107\*\* | [Filing Fee Table](ea023557208ex-fee_regenique.htm) |

---

____________

# Certain information has been redacted from this exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K on the basis that the Company customarily and actually treats that information as private or confidential and the omitted information is not material. The registrant hereby agrees to furnish an unredacted copy of the exhibit to the SEC upon request.

\* To be filed by amendment.

\*\* Filed herewith.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on October 31, 2025.

---

| | |
|:---|:---|
|  **Regenique Group Limited** | **Regenique Group Limited** |
|  By: | /s/ Wong Ming Kwong |
|  Name: | Wong Ming Kwong |
|  Title: | Executive Chairman and Chief Executive Officer |

---

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  */s/* Wong Ming Kwong | Executive Chairman and Chief Executive Officer | October 31, 2025 |
| Name: Wong Ming Kwong | (Principal Executive Officer) |  |
|  */s/* Then Chee Tat | Executive Director, Chief Financial Officer and Deputy Chief Executive Officer | October 31, 2025 |
| Then Chee Tat | (Principal Financial and Accounting Officer) |  |
|  */s/* Shiau Ee Leng | Chief Medical Officer | October 31, 2025 |
| Shiau Ee Leng |  |  |

---

[**Table of Contents**](#TOC001)

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of Regenique Group Limited, has signed this registration statement or amendment thereto in Newark, Delaware, United States on October 31, 2025.

---

| | |
|:---|:---|
|  Puglisi & Associates | Puglisi & Associates |
|  By: | */s/ Donald J. Puglisi* |
|  Name: | Donald J. Puglisi |
|  Title: | Managing Director<br> Puglisi & Associates |

---

## Exhibit 1.1

**Exhibit 1.1**

**REGENIQUE GROUP LIMITED**

**UNDERWRITING AGREEMENT**

[●], 2025

**Network 1 Financial Securities, Inc.**

The Galleria, 2 Bridge Avenue, Suite 241

Red Bank, NJ 07701

*As Representative of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **Regenique Group Limited**, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act (as amended) of the Cayman Islands (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with the several underwriters named on <u>Schedule A</u> hereto (collectively the "**Underwriters**," and each, an "**Underwriter**"), for which **Network 1 Financial Securities, Inc.,** acting as the representative (in such capacity, the "**Representative**"), to issue and sell an aggregate of [●] Class A ordinary shares (the "**Firm Shares**") of the Company, par value $0.0001 per share (the "**Class A Ordinary Shares**"). The Company has also granted to the Representative an option to purchase up to [●]<sup>1</sup> additional Class A Ordinary Shares, on the terms and for the purposes set forth in Section 2(c) hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**." The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "**Offering**."

The Company confirms its agreement with the Underwriters as follows:

SECTION 1. *Representations and Warranties of the Company.*

 

The Company represents and warrants to the Underwriters as follows with the understanding that the same may be relied upon by the Underwriters in the Offering, as of the date hereof and as of the Closing Date (as defined below) and each Option Closing Date (as defined below), if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Filing of the Registration Statement*. The Company has prepared and filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1 (File No. 333-[●]), which contains a form of prospectus to be used in connection with the Offering. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (collectively, the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of final prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the preliminary prospectus included in the Registration Statement (each, a "**preliminary prospectus**"), the Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**"). The preliminary prospectus that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the "**Pricing Prospectus**." Any reference to the "most recent preliminary prospectus" shall be deemed to refer to the latest preliminary prospectus included in the registration statement. Any reference herein to any preliminary prospectus, the Prospectus, or any supplement or amendment to either thereof shall be deemed to refer to and include any documents incorporated by reference therein as of the date of such reference.

<sup>1</sup> 15% of the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Time**" means [5:00] pm, Eastern Time, on the date of this Agreement or such other time as agreed to in writing by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on [●], 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission.

Each preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical in content to the copy thereof delivered to the Underwriters for use in connection with the Offering, other than with respect to any artwork and graphics that were not filed. The Registration Statement and any post-effective amendment to the Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 4(3) of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times until the Underwriters have completed the Offering, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment to the Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished on behalf of any of the Underwriters consists of (i) the names of the Underwriters contained on the cover page of the Registration Statement, the Pricing Prospectus and Prospectus and (ii) the sub-sections titled "Electronic Distribution" and "Stabilization" in each case under the caption "Underwriting" in the Registration Statement, the Pricing Prospectus, the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Package*. The term "**Disclosure Package**" shall mean (i) the Pricing Prospectus, as amended or supplemented, (ii) each issuer free writing prospectus, as defined in Rule 433 under the Securities Act (each, an "**Issuer Free Writing Prospectus**"), if any, identified on <u>Schedule B</u> hereto, (iii) the pricing terms set forth on <u>Schedule C</u> to this Agreement, and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Company Not Ineligible Issuer*. (i) At the time of filing the Registration Statement and (ii) as of the date of the execution and delivery of this Agreement, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Issuer Free Writing Prospectuses*. No Issuer Free Writing Prospectus includes any information that conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Offering Materials Furnished to the Underwriters*. The Company has delivered to the Underwriters copies of the Registration Statement and of each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriters have reasonably requested in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Distribution of Offering Material by the Company*. The Company has not distributed or authorized the distribution of, and will not distribute, prior to the completion of the Offering, any offering material in connection with the Offering other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters, and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Underwriting Agreement*. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Authorization of the Offered Securities*. The Offered Securities to be sold by the Company through the Underwriters have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be validly issued, fully paid and non-assessable, free and clear of all liens imposed by the Company. The Company has sufficient authorized and unissued Class A Ordinary Shares for the issuance of the maximum number of Offered Securities issuable pursuant to the Offering as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *No Applicable Registration or Other Similar Rights*. Except as otherwise disclosed in the Registration Statement, there are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Material Adverse Change.* Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects or operations, whether or not arising from transactions in the ordinary course of business, of the Company (any such change, a "**Material Adverse Change**", and any resulting effect, a "**Material Adverse Effect**"); and (ii) the Company has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Independent Accountant*. Enrome LLP (the "**Accountant**"), which has expressed its opinion with respect to the audited financial statements (which term as used in this Agreement includes the related notes thereto) of the Company filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Preparation of the Financial Statements*. The financial statements of the Company, included in the Registration Statement, the Disclosure Package, and the Prospectus, present fairly the information provided as of and at the dates and for the periods indicated. Such financial statements comply as to form with the applicable accounting requirements of the Securities Act and the Securities Act Regulations and have been prepared in conformity with generally accepted accounting principles of the United States of America ("**U.S. GAAP**") applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus. Each item of historical financial data relating to the operations, assets or liabilities of the Company set forth in summary form in each of the preliminary prospectuses and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Incorporation and Good Standing*. The Company has been duly incorporated and is validly existing and in good standing as a company under the laws of the jurisdiction of its incorporation and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package, and the Prospectus and to enter into and perform its obligations under this Agreement. As of the Closing Date, the Company does not own or control, directly or indirectly, any corporation, association or other entity that is not otherwise disclosed in the Registration Statement, the Disclosure Package, or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Capitalization and Other Share Matters*. The authorized, issued and outstanding shares of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package and Prospectus, as the case may be). The Class A Ordinary Shares conform, and, when issued and delivered as provided in this Agreement, the Offered Securities will conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Class A Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Class A Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The Depository Trust Company (the "**DTC**") has authorized the Class A Ordinary Shares for delivery through its full fast transfer facilities. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and the Prospectus. The description of the Company's stock option and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights. No further approval from Nasdaq or authorization of any regulatory authority or governmental body, shareholder, the Company's board of directors or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's Class A Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Non-Contravention of Existing Instruments, No Further Authorizations or Approvals Required*. The Company is not in violation of its memorandum and articles of association, as amended, or in default (or, with the giving of notice or lapse of time, would be in default) ("**Default**") under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement or to which any of the property or assets of the Company are subject (each, an "**Existing Instrument**")), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum and articles of association of the Company, as amended, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material Adverse Effect. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus, except for the registration or qualification of the Offered Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Subsidiaries*. Each of the Company's direct and indirect subsidiaries (each a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified on <u>Schedule E</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing under the laws of the jurisdiction of its formation, and in good standing under the laws of the jurisdiction of its incorporation, has full power and authority (corporate or otherwise) and all consents, approvals, authorizations, permits, licenses, orders, registrations, clearances and qualifications of or with any governmental or regulatory agency, authority, body, entity or court, domestic or foreign having jurisdiction over the Subsidiaries to own its property and to conduct its business as described in the Registration Statement, the Disclosure Package, the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change on the Company and its Subsidiaries, taken as a whole. All of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned directly or indirectly by the Company, are fully paid in accordance with its memorandum and articles of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims. None of the outstanding share capital or equity interest in any Subsidiary issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive, charter, or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *No Material Actions or Proceedings*. There are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, (i) threatened against the Company or any Subsidiaries, or (ii) have as the subject thereof any of the executive officers, directors, or key employees of the Company or any of its Subsidiaries or any of the properties owned or leased by the Company or any Subsidiaries, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company or any Subsidiary, and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. No material labor dispute with the employees of the Company or any Subsidiary exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer of the Company, to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. To the knowledge of the Company, the Company and its Subsidiaries are in compliance with all applicable laws and regulations, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiaries, or to the knowledge of the Company, any director or officer of the Company, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is no pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Intellectual Property Rights*. Each of the Company and the Subsidiaries owns, possesses or has obtained valid and legally enforceable licenses for, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade names, copyrights, domain names, licenses, approvals and trade secrets (collectively, "**Intellectual Property Rights**") reasonably necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiaries has received any written notice of infringement or conflict with asserted Intellectual Property Rights of others. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company and its Subsidiaries are not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and the Prospectus and are not described in all material respects. None of the technology employed by the Company or its Subsidiaries has been obtained or is being used by the Company or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries, to the Company's knowledge, in violation of the rights of any persons. Neither the Company nor its Subsidiaries is subject to any judgment, order, writ, injunction or decree of any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has it entered into nor is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs its use of any Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *All Necessary Permits, etc*. Each of the Company and the Subsidiaries possess such valid and current certificates, authorizations or permits issued by the applicable regulatory agencies or bodies necessary to conduct their respective business, and has made all declarations and filings with, the appropriate national, regional, local or other governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or assets or the conduct of their respective businesses as described in the Registration Statement, the Disclosure Package and the Prospectus, except where any lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such licenses and, to the knowledge of the Company, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of business that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Title to Properties*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, the Company and the Subsidiaries have good and marketable title to all the properties and assets reflected as owned by it in the financial statements referred to in <u>Section 1(n)</u> above (or elsewhere in the Registration Statement, Disclosure Package and the Prospectus), in each case free and clear of any security interest, mortgage, lien, encumbrance, equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company. The real property, improvements, equipment, and personal property held under lease by the Company and the Subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company and the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Tax Law Compliance*. (i) The Company and the Subsidiaries have each filed all necessary income tax returns required to be filed as of the date of this Agreement or have timely and properly filed requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them in all material respects. (ii) No tax deficiency has been determined adversely to the Company or any of its Subsidiaries that has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have) a Material Adverse Effect. (iii) The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in <u>Section 1(n)</u> above in respect of all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined. (iv) All local and national governmental tax credit, exemptions, waivers, financial subsidies, and other local and national tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as disclosed in the Registration Statement, the Disclosure Package and the Prospectus and the Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of the applicable jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Company Not an "Investment Company."* The Company is not, and after giving effect to payment for the Offered Securities and the application of the proceeds as contemplated under the caption "Use of Proceeds" in each of the Disclosure Package and the Prospectus will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "**Investment Company Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *Insurance.* Each of the Company and the Subsidiaries is insured against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which they are engaged as the Company reasonably believes are adequate and customary for companies engaged in similar businesses. The Company has no reason to believe that it will not be able (i) to renew its or their existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its or their business as now conducted at a cost that would not have a Material Adverse Effect, except in each case as described in each of the Registration Statement, the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *No Price Stabilization or Manipulation*. The Company has not taken and will not take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Related Party Transactions*. There are no business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Disclosure Controls and Procedures*. The Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. The Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Company's Accounting System*. The Company has established and maintains a system of accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *Money Laundering Law Compliance*. The operations of the Company and any Subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and any Subsidiaries conduct business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company and any Subsidiaries with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *No Accounting Issues*. The Company has not received any notice, oral or written, from its board of directors or audit committee stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Company's board of directors or audit committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years; or (iii) any Internal Control (as defined below) event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *OFAC*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Company and its Subsidiaries nor, to the knowledge of the Company, any director, officer or employee of the Company and its Subsidiary, or any other person authorized to act on behalf of the Company or its Subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), His Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Russia, Cuba, Iran, Libya, North Korea, Sudan and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will not, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Foreign Corrupt Practices Act.* Neither the Company and its Subsidiaries, nor, to the knowledge of the Company, any director, officer or employee or affiliate of the Company and its Subsidiaries, any Subsidiary or any other person acting on behalf of the Company, has, directly or indirectly, taken any action that (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**") or otherwise subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if done in the past, might reasonably be expected to have a Material Adverse Effect or (iii) if continued in the future, might reasonably be expected to materially and adversely affect the assets, business, or operations of the Company. The foregoing includes, without limitation, giving or agreeing to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company is in full compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated in connection therewith, and all applicable rules of Nasdaq, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications required under the Sarbanes-Oxley Act. The Company maintains a system of internal controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls (collectively, "**Internal Controls**") to comply with applicable laws and regulations, including, without limitation, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission, and the rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Exchange Act Filing*. A registration statement in respect of the Class A Ordinary Shares has been filed on Form 8-A (the "**Form 8-A Registration Statement**") pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act. The Form 8-A Registration Statement is effective, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Class A Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *Earning Statements*. The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the EDGAR system) to its security holders as soon as practicable, but in any event not later than 16 months after the end of the Company's current fiscal year, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Periodic Reporting Obligations*. During the Prospectus Delivery Period (defined below), the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *Forward-looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contained in any amendments and supplements thereof, has been made, or will be made, without a reasonable basis, as reasonably determined by the Company in good faith at the time such statement is made or will be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the Cayman Islands, the British Virgin Islands ("**BVI**"), or Singapore, or to any Cayman Islands, BVI, or Singapore taxing authority in connection with the issuance, sale and allotment of the Offered Securities, and the allotment of the Offered Securities to or for the account of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Foreign Private Issuer Status*. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *D&O Questionnaires*. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Exhibit A</u> provided to the Representative is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *Solvency*. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The Registration Statement and the Prospectus set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "Indebtedness" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Except as set forth in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *Regulation M Compliance*. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Offered Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Offered Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriters in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *EGC Status and Testing the Waters Communications*. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing the Waters Communication (as defined below)) through the date hereof, the Company has been and is an "emerging growth company", as defined in Section 2(a) of the Securities Act ("**Emerging Growth Company**"). "**Testing the Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company (i) has not alone engaged in any Testing the Waters Communications other than Testing the Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representative to engage in Testing the Waters Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in undertaking Testing the Waters Communications. The Company has not distributed any Written Testing the Waters Communications (as defined below) other than those listed on <u>Schedule F</u> hereto. "**Written Testing the Waters Communication**" means any Testing the Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. As of the time of each sale of the Offered Securities in connection with the Offering when the Prospectus is not yet available to prospective purchasers, no individual Written Testing the Waters Communications, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of the Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *No Finder's Fee.* There are no contracts, agreements, or understandings between the Company or its Subsidiaries and any other person that would give rise to a valid claim against the Company or its Subsidiaries or any Underwriter for a brokerage commission, finder's fee or other like payment in connection with this Offering, or any other arrangements, agreements, understandings, payments, or issuance with respect to the Company, or its Subsidiaries, or any of their respective officers, directors, shareholders, partners, employees or related parties that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *No FINRA Affiliations*. To the Company's knowledge and except as disclosed to the Representative in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of ten percent (10%) or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day immediately prior to the date that the Registration Statement was initially filed to the Commission, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative and its counsel if it becomes aware that any such person described in (i) to (iii) under this section 1(xx) is or becomes an affiliate or associated person of a FINRA member participating in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *Operating and Other Data.* All operating and other data pertaining to the Disclosure Package and the Prospectus are true and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) *Third-party Data.* Any statistical, industry-related and market-related data included in the Disclosure Package and the Prospectus is based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agrees with the sources from which it is derived, and the Company has obtained the written consent for the use of such data from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) *Compliance with Environmental Laws*. The Company and its Subsidiaries are (A) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("**Environmental Laws**"), (B) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) *Compliance with Law, Constitutive Documents and Contracts*. Neither the Company nor any of the Subsidiaries is (a) in breach or violation of any provision of applicable law (including, but not limited to, any applicable law concerning information collection and user privacy protection) or (b) in breach or violation of its respective constitutive documents, or (c) in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) any agreement or other instrument that is binding upon the Company or any of the Subsidiaries, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any of the Subsidiaries, except in the cases of (a) and (c) above, where any such breach, violation or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) *No Unlawful Influence.* The Company has not offered, or caused the Underwriters to offer, Shares to any person or entity with the intention of unlawfully influencing: (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer's or supplier's level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) *Integration*. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) *Representation of Officers*. Any certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to <u>Section 6</u> hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

SECTION 2. *Firm Shares; Additional Shares.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purchase of Firm Shares*. Based on the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters the Firm Shares at a purchase price (net of discounts<sup>2</sup>) of $[●] per share. The Underwriters agree to subscribe for and purchase from the Company the Firm Shares in such amounts as set forth opposite their respective names on <u>Schedule A</u> attached hereto and made a part hereof.

<sup>2</sup> 7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of and Payment for Firm Shares*. Issue and delivery of, and payment for, the Firm Shares shall be made at 10:00 A.M., Eastern Time, on the second (2<sup>nd</sup>) business day following the Applicable Time, or at such time as shall be agreed upon by the Representative and the Company, at a place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of issue and delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and issue of the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon issue to the Underwriters of the Firm Shares (and either delivery of share certificate in respect of the Firm Shares or if uncertificated through the full fast transfer facilities of the DTC for the account of the Underwriters). The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) Business Days prior to the Closing Date. The Company shall not be obligated to issue and sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Shares*. The Company hereby grants to the Underwriters an option (the "**Over-allotment Option**"), exercisable for 45 days from the Closing Date, to purchase up to an additional [●]<sup>3</sup> Class A Ordinary Shares, in each case solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is, at the Representative's sole discretion, for Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to Section 2(c) hereof may be exercised by the Representative on or within 45 days from the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in Section 2(a). The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Delivery and Payment of Additional Shares.* Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Additional Shares (or through the facilities of DTC) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" shall refer to the time and date of delivery of the Firm Shares and Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Underwriter's Discount.* In consideration of the services to be provided for hereunder, the Underwriters shall receive a discount equal to seven percent (7%) of the gross proceeds.

<sup>3</sup> 15%

 ****

SECTION 3. *Covenants of the Company.*

 

The Company also covenants and agrees with each of the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Underwriter's Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of counsel for the Representative, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report filed under the Exchange Act, the Company shall furnish to the Underwriters for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Securities Act Compliance*. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use its best efforts to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder and will confirm that any filings made by the Company under such Rule 424(b) were received in a timely manner by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exchange Act Compliance*. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Amendments and Supplements to the Registration Statement, Prospectus and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to <u>Section 3(a)</u> and <u>Section 3(f)</u> hereof), file with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Permitted Free Writing Prospectuses*. The Company represents that it has not made, and agrees that, unless it obtains the prior written consent of the Underwriters, it will not make, any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "**free writing prospectus**" (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act; provided that the prior written consent of the Underwriters hereto shall be deemed to have been given in respect of each free writing prospectus listed on <u>Schedule B</u> hereto. Any such free writing prospectus consented to by the Underwriters is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriters, without charge, during the Prospectus Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus and the Disclosure Package and any amendments and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Use of Proceeds*. The Company shall apply the net proceeds from the issue and sale of the Offered Securities sold by it substantially in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Transfer Agent*. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Internal Controls*. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the Offering, will be overseen by the audit committee of the Company's board of directors in accordance with the rules of the Nasdaq Stock Market ("**Nasdaq**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Exchange Listing*. The Class A Ordinary Shares have been duly authorized for listing on the Nasdaq Capital Market, subject to official notice of issuance. The Company is in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof or the Closing Date or the Option Closing Date, if any; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Company's board of directors who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating and corporate governance committee of the Company's board of directors, meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company's board of directors has at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) that, based on discussions with Nasdaq, the Company meets all requirements for listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Absence of Further Requirements.* No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement or in connection with the Offering, and the issuance and sale of the Offered Securities, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect, including (i) under applicable blue sky laws in any jurisdiction in which the Offered Securities are offered and sold and (ii) under the rules and regulations of the FINRA*.* No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the Offering, issuance and sale of the Offered Securities under the laws and regulations of such jurisdiction except such as have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Future Reports to the Underwriters.* For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative pursuant to the addresses and contacts provided in <u>Section 13</u> of this Agreement: (i) as soon as practicable after the end of each fiscal year, copies of the annual report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, annual report on Form 20-F, interim financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Existing Lock-Up Agreements.* Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its shareholders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's Class A Ordinary Shares or Class B Ordinary Shares. The Company will direct the transfer agent to place stop transfer restrictions upon the Class A Ordinary Shares and Class B Ordinary Shares of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Company Lock-Up*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and any successors of the Company will not, without the prior written consent of the Representative, from the date of execution of this Agreement and continuing for a period of six (6) months after the Closing (the "**Lock-Up Period**"), (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any Class A Ordinary Share or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, in cash or otherwise, except to the Underwriters pursuant to this Agreement. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions contained in <u>Section 3(o)(i)</u> hereof shall not apply to: (i) the Offered Securities to be sold hereunder, (ii) the issuance by the Company of Class A Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Disclosure Package or the Prospectus, (iii) the issuance by the Company, or the filing by the Company of a Registration Statement related thereto, of stock options or shares of the Company under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the Lock-Up Period and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Tail Period*. In the event that at any time prior to the Second (2nd) anniversary of the Closing, the Company, or any of its affiliates, shall enter into any transaction (including, without limitation, any merger, consolidation, acquisition, financing, joint venture or other arrangement) with any party introduced to the Company by the Representative, directly or indirectly, during such period, the Representative will be paid a transaction fee, payable at the closing thereof, equal to a percentage of the consideration or value received by the Company and/or its shareholders as follows:

5% of the first $1,000,000;

4% of the next $1,000,000;

3% of the next $1,000,000;

2% of the next $1,000,000; and

1% of all amounts in excess of $4,000,000.

In compliance with FINRA Rule 5110(g)(5)(B), the right granted to the Representative under this Section 3(p) shall be terminated upon termination by the Company of this Agreement for Cause (as defined below) and the Company shall not be responsible for paying for the fee set forth in this Section 3(p) unless a Tail Financing is consummated within the Engagement Period. "**Engagement Period**" shall mean the period beginning on September 30, 2025, the date of the engagement letter between the Company and the Representative (the "**Engagement Agreement**"), and ending on the earliest of (i) the date the Offering is completed, or (ii) the date that either the Company or the Representative terminates the Engagement Agreement pursuant to the terms therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Right of First Refusal*. Upon Closing of the Offering, the Company will grant the Representative the right of first refusal (the "**Right of First Refusal**") to act as lead managing underwriter for any public underwriting, or private placement, of debt, or equity, securities (excluding (i) shares issued under any compensation or stock option plan approved by the shareholders of the Company, (ii) shares issued in payment of the consideration for an acquisition or as part of strategic partnerships and transactions and (iii) conventional banking arrangements and commercial debt financing) of the Company or any subsidiary or successor of the Company, with the Representative receiving the right to underwrite or place a number of the securities to be sold therein having an aggregate purchase price therein equal to a minimum of the aggregate purchase price of the base shares in the Offering, until twelve (12) months after completion of the Offering. If the Representative fails to accept in writing any such proposal for such public or private sale within ten (10) days after receipt of a written notice from the Company containing such proposal, then the Representative will have no claim or right with respect to any such sale contained in any such notice. If, thereafter, such proposal is modified in any material respect, the Company will adopt the same procedure as with respect to the original proposed public or private sale, and the Representative shall have the Right of First Refusal with respect to such revised proposal in accordance with the terms of this Section 3(q). The Right of First Refusal shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by the Company for Cause (as defined below), which shall mean a material breach by the Representative of this Agreement.

SECTION 4. *Payment of Fees and Expenses.*

 

The Company will bear all fees, disbursements, and expenses, in connection with the Offering ("**Accountable Expenses**"), including, without limitation: the Company's legal and accounting fees and disbursements; the costs of preparing, printing, mailing and delivering the Registration Statement, the preliminary and final prospectus contained therein and amendments thereto, post-effective amendments and supplements thereto, the Underwriting Agreement and related documents (all in such quantities as the Representative may reasonably require); preparing and printing stock certificates and warrant certificates; the costs of any "due diligence" meetings; all reasonable and documented fees and expenses for conducting a net road show presentation; all filing fees (including fees for filings with the Commission) and communication expenses relating to the registration of the shares to be sold in the Offering, FINRA filing fees. In addition the Company will pay the reasonable, and documented, fees and disbursements, of the Representative's counsel up to an amount of $95,000 (which maximum shall apply solely to such fees and disbursements of counsel and not to other fees and expenses provided for in this Section 4); background checks of the Company's officers and directors up to a maximum of $15,000; preparation of bound volumes and Lucite cube mementos in such quantities as the Representative may reasonably request up to an amount of $2,500; transfer taxes, if any, payable upon the transfer of securities from the Company to the Representative; and the fees and expenses of the transfer agent, clearing firm, and registrar, for the shares; provided that the actual Accountable Expenses of the underwriter shall not exceed $140,000.

As of the date of this Agreement, the Company has paid an advance of $70,000 to the Representative for its anticipated out-of-pocket expenses; any advance will be returned to the Company to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

The Company will pay the Representative a non-accountable expense allowance of one percent (1%) of the gross proceeds from the Offering upon the Closing of the Offering.

The Company has also agreed to pay the Representative advisory fees in the aggregate amount of $125,000 upon the Closing of the Offering.

SECTION 5. *Taxes; Deductions and Withholding from Payments.*

 

All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes, duties, or other amounts.

SECTION 6. *Conditions of the Obligations of the Underwriters.*

 

The obligations of the Underwriters to subscribe for and purchase the Offered Securities as provided herein on the Closing Date and each Option Closing Date shall be subject to (1) the accuracy of the representations and warranties on the part of the Company set forth in <u>Section 1</u> hereof as of the date hereof and as of the Closing Date and each Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; (3) no objections from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement; and (4) each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accountant's Comfort Letter*. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily included in accountants' "comfort letters" to Representative, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effectiveness of Registration Statement; Compliance with Registration Requirements; No Stop Order*. During the period from and after the execution of this Agreement to and including the Closing Date and each Option Closing Date, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Material Adverse Change*. For the period from and after the date of this Agreement to and including the Closing Date and each Option Closing Date, if any, in the reasonable judgment of the Representative there shall not have occurred any Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *CFO Certificate*. On the date hereof and on the Closing and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Officers' Certificate.* On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, each Issuer Free Writing Prospectus, if any, and this Agreement, to the effect that, to the knowledge of such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date or Option Closing Date, if applicable, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date and/or the Option Closing Date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company's knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Offered Securities or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After reasonable investigation as of the date thereof, there have been no events that have occurred that would have a Material Adverse Effect, and no labor dispute is imminent which would result in a Material Adverse Effect, nor any legal or governmental proceeding is pending, threatened against, or involving the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) When the Registration Statement became effective, at the Applicable Time and at all times subsequent thereto, the Registration Statement contained all material information required to be included therein by the Securities Act and the Exchange Act and the applicable Regulations thereunder, as the case may be, and in all material respects conformed to the requirements of the Securities Act and the Exchange Act and the applicable Regulations thereunder, as the case may be, and the Chief Executive Officer and the Chief Financial Officer of the Company has carefully examined the Registration Statement, the Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the date thereto did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Disclosure Package, as of the Applicable Time and as of the date thereto, any Permitted Free Writing Prospectus as of its date and as of the date of thereto, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the date thereto, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change, or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Class A Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Class A Ordinary Shares); (e) any dividend or distribution of any kind declared, paid or made on Class A Ordinary Shares; or (f) any loss or damage (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Secretary's Certificate*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received a certificate of the Company signed by the Chief Executive Officer of the Company, dated such Closing Date, certifying: (i) that the Company's memorandum and articles of association attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that each of the Subsidiaries' articles of association, memorandum of association or charter documents attached to such certificate is true and complete, has not been modified and is in full force and effect; (iii) that the resolutions of the Company's board of directors relating to the Offering attached to such certificate are in full force and effect and have not been modified; and (iv) the good standing of the Company and each of the Subsidiaries. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Bring-down Comfort Letter*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this <u>Section 6</u>, except that the specified date referred to therein for the carrying out of procedures shall be no more than two Business Days prior to the Closing Date and/or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Lock-Up Agreements*. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors, and shareholders of the Company's Class A Ordinary Shares or Class B Ordinary Shares prior to the Offering listed on <u>Schedule D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Exchange Listing*. The Offered Securities to be delivered on the Closing Date and/or the Option Closing Date shall have been approved for listing on the Nasdaq Capital Market, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Company Counsel Opinions*. On the Closing Date and/or the Option Closing Date, as applicable, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the favorable opinion of K&L Gates LLP, U.S. counsel to the Company, addressed to the Representative, including a negative assurance letter, dated as of such date, in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the favorable opinion of Ogier, Cayman Islands legal counsel to the Company in form and substance reasonably satisfactory to the Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the favorable opinions of Bird & Bird ATMD LLP, Singapore legal counsels to the Company in form and substance reasonably satisfactory to the Representative;

The Underwriters shall rely on the opinions of Ogier, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation, validity of the Offered Securities and due authorization, execution, and delivery of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Additional Documents*. On or before the Closing Date and/or the Option Closing Date, as applicable, the Representative and counsel for the Representative shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Offered Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.

If any condition specified in this <u>Section 6</u> is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by written notice to the Company at any time on or prior to the Closing Date and/or the Option Closing Date, as applicable, which termination shall be without liability on the part of any party to any other party, except that <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Representative) and <u>Section 8</u> shall at all times be effective and shall survive such termination.

SECTION 7. *Effectiveness of this Agreement.*

 

This Agreement shall not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act.

SECTION 8. *Indemnification.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriter, its respective affiliates and each of its respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the "**Underwriter Indemnified Parties**," and each a "**Underwriter Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided*, *however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this <u>Section 8(a)</u> are not exclusive and will be in addition to any liability, which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification by the Underwriters*. The Underwriters shall indemnify and hold harmless the Company and the Company's affiliates and each of their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out of (i) any untrue statement of a material fact contained in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission was made in reliance upon and in conformity with the Underwriter Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this <u>Section 8(b)</u>, in no event shall any indemnity by the Underwriters under this <u>Section 8(b)</u> exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this <u>Section 8(b)</u> are not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Company Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Procedure*. Promptly after receipt by an indemnified party under this <u>Section 8</u> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 8</u>, notify such indemnifying party in writing of the commencement of that action; *provided*, *however*, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this <u>Section 8</u> except to the extent it has been materially adversely prejudiced by such failure; and, *provided*, *further*, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <u>Section 8</u>. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under <u>Section 8(a)</u> or <u>Section 8(b)</u>, as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided*, *however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such separate counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <u>Section 8(a)</u>, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for reasonable legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided*, *however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this <u>Section 8</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 8</u> is a Company Indemnified Party. Subject to this <u>Section 8(c)</u>, the amount payable by an indemnifying party under <u>Section 8</u> shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this <u>Section 8</u> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than ninety (90) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least sixty (60) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Contribution*. If the indemnification provided for in this <u>Section 8</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 8(a)</u> or <u>Section 8(b)</u>, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this <u>Section 8(d)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this <u>Section 8(d)</u> but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations as determined in a final judgment by a court of competent jurisdiction. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to the Offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <u>Section 8(d)</u> be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this <u>Section 8(d)</u> shall be deemed to include, for purposes of this <u>Section 8(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this <u>Section 8(d)</u>, the Underwriters shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person, guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 9. *Termination of this Agreement.*

 

Prior to the Closing Date and/or the Option Closing Date, as applicable, whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act, this Agreement may be terminated by the Underwriters by written notice given to the Company if at any time (i) trading or quotation in the Company's Ordinary Shares shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking moratorium shall have been declared by any U.S. federal authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions that, in the reasonable judgment of the Underwriters, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of the Offered Securities; or (iv) regulatory approval (including but not limited to Nasdaq approval) for the Offering is denied, conditioned or modified and as a result it makes it impracticable for the Underwriters to proceed with the offering, sale and/or delivery of the Offered Securities or to enforce contracts for the sale of the Offered Securities. Except as otherwise stated in this section, the Agreement may not be terminated by the Company prior to the Closing Date, other than for Cause. Any termination pursuant to this <u>Section 9</u> shall be without liability on the part of (a) the Company to any of the Underwriters, except that the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for only those reasonable, accountable and properly documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110, less any amounts previously paid by the Company; *provided*, *however*, that all such expenses shall not exceed $140,000 in the aggregate, (b) the Underwriters to the Company, or (c) of any party hereto to any other party, except that the provisions of <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and <u>Section 8</u> shall at all times be effective and shall survive such termination. "**Cause**," for the purpose of this Agreement, shall mean an uncured material breach of the Agreement by the Representative or a material failure by the Representative to provide the underwriting services contemplated hereunder. In the event that the Company believes that the Representative has engaged in conduct constituting Cause, it must first notify Representative in writing of the facts and circumstances supporting such an assertion(s) and allow Representative twenty (20) days to cure such alleged conduct.

SECTION 10. *No Advisory or Fiduciary Responsibility.*

 

The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the Offering. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Offered Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of the Offering that are not limited to the difference between the price to the public and the purchase price paid to the Company by the Underwriters for the Offered Securities, and the Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial interests.

SECTION 11. *Underwriter Default.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter or Underwriters shall default in its or their obligation to purchase the Firm Shares, and if the Firm Shares with respect to which such default relates (the "**Default Securities**") do not (after giving effect to arrangements, if any, made by the Representative pursuant to subsection (b) below) exceed in the aggregate ten percent (10%) of the number of Firm Shares, each non-defaulting Underwriter, acting severally and not jointly, agrees to subscribe for and purchase from the Company that number of Default Securities that bears the same proportion to the total number of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on <u>Schedule A</u> hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriters; subject, however, to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the aggregate number of Default Securities exceeds ten percent (10%) of the number of Firm Shares, the Representative may in its discretion arrange for itself or for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to subscribe for and purchase the Default Securities on the terms contained herein. In the event that within five (5) calendar days after such a default the Representative does not arrange for the purchase of the Default Securities as provided in this <u>Section 11</u>, this Agreement shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in <u>Sections 4</u>, <u>8</u>, <u>9</u>, <u>11</u> and <u>12</u>) or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of their liability, if any, to the other Underwriters and the Company for damages related to its or their default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Default Securities are to be subscribed for and purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriters' counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this <u>Section 11</u> with like effect as if it had originally been a party to this Agreement with respect to such Default Securities.

SECTION 12. *Representations and Indemnities to Survive Delivery; Third Party Beneficiaries.*

 

The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Offered Securities sold hereunder and any termination of this Agreement.

SECTION 13. *Notices.*

 

All communications hereunder shall be in writing and shall be mailed, hand delivered, emailed or telecopied and confirmed to the parties hereto as follows:

**If to the Underwriter(s):**

Network 1 Financial Securities, Inc.

The Galleria, 2 Bridge Avenue, Suite 241

Red Bank, NJ 07701

Attn: Damon Testaverde, Managing Director

Email: dtestaverde@netw1.com

*With a copy (which shall not constitute notice) to:*

Hunter Taubman Fischer & Li LLC

950 Third Avenue, 19th Floor

New York, NY 10022

Attn: Ying Li, Esq.; Guillaume de Sampigny, Esq.

Email: yli@htflawyers.com; gdesampigny@htflawyers.com

**If to the Company:**

Regenique Group Limited

10 Sinara Drive, #10-25 Square 2

Singapore 307506

Attn: Mr. Wong Ming Kwong

Email: hl.wee@equestz.com.com

*With a copy (which shall not constitute notice) to:*

K&L Gates LLP

44/F, Edinburgh Tower, The Landmark

15 Queen's Road Central, Hong Kong

Attn: Virginia Tam, Esq.; Clayton Parker, Esq.

Email: Virginia.Tam@klgates.com; Clayton.Parker@klgates.com

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 14. *Successors.*

 

This Agreement will inure to the benefit of and be binding upon the parties hereto and to the benefit of the employees, officers and directors and controlling persons referred to in <u>Section 8</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "successors" shall not include any purchaser of the Offered Securities as such merely by reason of such purchase.

SECTION 15. *Partial Unenforceability.*

 

The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph, or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

SECTION 16. *Governing Law; Submission to Jurisdiction; Trial by Jury.*

 

This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to the choice of law or conflict of laws principles thereof.

Any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York (each, a "**New York Court**"), and each party hereto irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereto hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon any party hereto may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 13</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon any party hereto in any action, proceeding or claim. The Company and the Underwriters agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor as determined in a final judgment by a court of competent jurisdiction. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 17. *Enforceability of Judgment.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that any final judgment against the Company for a fixed or readily calculable sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement or any transaction contemplated herein and therein would be recognized and enforced, without re-examination or review of the merits of the underlying dispute by the courts of the Cayman Islands, BVI, or Singapore or the cause of action in respect of which the original judgment was given or re-litigation of the matters adjudicated upon, by an action commenced on the foreign judgment debt in the courts of the Cayman Islands, BVI or the Singapore, provided that subject to the judicial discretion under common law for the Cayman Islands, BVI, or the Singapore, (a) a separate legal action was brought at common law in the Cayman Islands, BVI, or the Singapore, to enforce such judgment; (b) such judgment was a final judgment conclusive upon the merits of the claim; (c) such judgement was for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges; (d) such judgement was not obtained by fraud; (e) the proceedings in which such judgment was obtained were not opposed to natural justice; (f) the enforcement or recognition of such judgment would not be contrary to the public policy of the Cayman Islands, BVI, or the Singapore; (g) the court of the United States was jurisdictionally competent; and (h) such judgment was not in conflict with a prior Cayman Islands, BVI, or the Singapore judgment. The Company is not aware of any reason why the enforcement in the Cayman Islands, BVI, or the Singapore of such a New York Court judgment would be, as of the date hereof, contrary to natural justice of the public policy of the Cayman Islands, BVI, or the Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Cayman Islands Grand Court will at common law enforce final and conclusive in personam judgments of state and/or federal courts of the United States of America (the "**Foreign Court**") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, or in respect of a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands may also at common law enforce final and conclusive in personam judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The Cayman Islands courts are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

 

 

SECTION 18. *General Provisions.*

 

This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering, except for those specific provisions of the Engagement Agreement between the Company and the Representative, dated as of September 30, 2025, that are not related to the Offering, each of which provisions shall remain in full force and effect for the term of the Engagement Agreement. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of <u>Section 8</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 8</u> hereto fairly allocate the risks in the light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

The respective indemnities, contribution agreements, representations, warranties and other statements of the Company and the Underwriters set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **REGENIQUE GROUP LIMITED** | **REGENIQUE GROUP LIMITED** |
| By: |  |
| Name: | Wong Ming Kwong |
| Title: | Executive Director and Chief Executive Officer |

---

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

For itself and on behalf of the several Underwriters listed

on <u>Schedule A</u> hereto

---

| | |
|:---|:---|
| **NETWORK 1 FINANCIAL SECURITIES, INC.** | **NETWORK 1 FINANCIAL SECURITIES, INC.** |
| By: |  |
| Name: | Damon Testaverde |
| Title: | Managing Director |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Firm Shares** |
| Network 1 Financial Securities, Inc. | [●] |
| **Total** | [●] |

---

**SCHEDULE B**

**Issuer Free Writing Prospectus(es)**

[●]

**SCHEDULE C**

**Pricing Information**

Number of Firm Shares: [●]

Number of Additional Shares: [●]

Public Offering Price per one Share: $[●]

Underwriting Discount per one Share: 7% per one Share (or $[●] per share)

Non-accountable expense allowance per one Share: 1% per share (or $[●] per share)

Proceeds to Company per one Share (before expenses): $[●]

**SCHEDULE D**

**Lock-Up Parties**

---

| | | | |
|:---|:---|:---|:---|
| **Locked-up Parties** | **Ordinary Shares <br> Beneficially Owned** | **Ordinary Shares <br> Locked-up** | **Lock Up<br> Period** |
| **Ming Kwong Wong** | 10,657,500 Class A Ordinary Shares<br> 2,275,000 Class B Ordinary Shares | 10,657,500 Class A Ordinary Shares<br> 2,275,000 Class B Ordinary Shares | 6 months |
| **Then Chee Tat** | 15,225,000 Class A Ordinary Shares<br> 2,275,000 Class B Ordinary Shares | 15,225,000 Class A Ordinary Shares<br> 2,275,000 Class B Ordinary Shares | 6 months |
| **Shiau Ee Leng** | 15,225,000 Class A Ordinary Shares<br> 2,275,000 Class B Ordinary Shares | 15,225,000 Class A Ordinary Shares<br> 2,275,000 Class B Ordinary Shares | 6 months |
| **Fok Chee Khuen** |  |  | 6 months |
| **Yong Siak Hoong** |  |  | 6 months |
| **Lim Yit Keong** |  |  | 6 months |
| **Hoe Yin Chan Chan Pak Yin** | 913,500 Class A Ordinary Shares | 913,500 Class A Ordinary Shares | 6 months |
| **Cheow Kok Patrick Lawrence Chung** | 395,850 Class A Ordinary Shares | 395,850 Class A Ordinary Shares | 6 months |
| **Leading King Group Limited** | 304,500 Class A Ordinary Shares | 304,500 Class A Ordinary Shares | 6 months |
| **Aida Goh Binte Moctar** | 609,000 Class A Ordinary Shares | 609,000 Class A Ordinary Shares | 6 months |
| **Swee Shyong Moh** | 852,600 Class A Ordinary Shares | 852,600 Class A Ordinary Shares | 6 months |
| **Gark Lim Tan** | 883,050 Class A Ordinary Shares | 883,050 Class A Ordinary Shares | 6 months |
| **Hee Ling Wee** | 609,000 Class A Ordinary Shares | 609,000 Class A Ordinary Shares | 6 months |

---

**SCHEDULE E**

**Subsidiaries**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation** |
| BioEsthetics Group Limited | BVI |
| BioGenisk Pte Ltd | Singapore |
| Shari Wellness Pte Ltd | Singapore |
| ClearSK Biomed Pte Ltd | Singapore |
| ClearSK Centre Pte Ltd | Singapore |
| ClearSK Medi-Wellness Pte Ltd | Singapore |
| ClearSK Medi-Aesthetics (TP Central) Pte Ltd | Singapore |
| ClearSK Body Medi-Aesthetics Clinique Pte Ltd | Singapore |
| ClearSK Medi-Aesthetic Clinique Pte Ltd | Singapore |
| ClearSK Medical Spa Pte Ltd | Singapore |
| ClearSK Orchard Pte Ltd | Singapore |
| ClearSK Medi-Aesthetics (Westgate) Pte Ltd | Singapore |
| CSKC Pte Ltd | Singapore |
| CSKC Medispa Pte Ltd | Singapore |

---

**SCHEDULE F**

**Written Testing the Waters Communications**

[●]

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●], 2025

**Network 1 Financial Securities, Inc.**

The Galleria, 2 Bridge Avenue, Suite 241

Red Bank, NJ 07701

Ladies and Gentlemen:

The undersigned understands that Network 1 Financial Securities, Inc., the representative (the "<u>Representative</u>") of the underwriters (the "<u>Underwriters</u>"), propose to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") with Regenique Group Limited, a Cayman Islands company (the "<u>Company</u>"), in connection to the initial public offering (the "<u>Offering</u>") of the Company's Class A ordinary shares, par value $0.0001 per share (the "<u>Shares</u>").

To induce the Underwriters to continue its efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the effective date of the registration statement associated with the Offering (the "<u>Lock-Up Period</u>"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for the Shares (collectively, the "<u>Lock-Up Securities</u>"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of the Lock-Up Securities, in cash or otherwise. The foregoing sentence shall not apply to (a) transactions relating to the Shares or other securities acquired in open market transactions after the completion of the Offering, or (b) transfers of the Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); *provided* that in the case of any transfer or distribution pursuant to clause (b), each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this lock-up agreement; (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; *provided* that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement, (iii) no filing under Section 13 of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or other filing or public announcement shall be required or shall be voluntarily made, (f) the receipt by the undersigned from the Company of Class A ordinary shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's Class A ordinary shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "<u>Plan Shares</u>") or the transfer of Class A ordinary shares or any securities convertible into Class A ordinary shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, *provided* that no filing under Section 13 of the Exchange Act or other public announcement shall be required or shall be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90th day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Class A ordinary shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, *provided*, *further*, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, *provided* that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act will be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan; and (h) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further, that any filing under Section 13 of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "<u>Permitted Transfers</u>"). In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

No provision in this lock-up agreement shall be deemed to restrict or prohibit (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to any equity incentive plan, and the filing of a registration statement on Form S-8; *provided*, *however*, that any sales by parties to this lock-up agreement shall be subject to this lock-up agreement, (ii) the issuance of Class A ordinary shares in connection with the exercise of outstanding warrants of the Company; *provided* that this lock-up agreement shall apply to any of the undersigned's shares issued upon such exercise, or (iii) the issuance of securities in connection with an acquisition or a strategic relationship which may include the sale or equity securities; *provided*, that none of such shares shall be saleable in the public market until the expiration of the 6-month period described above.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any securities that the undersigned may purchase in the Offering; and (ii) the Representative agrees that, at least three (3) Business Days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) Business Days after the release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this lock- up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representative, successors and assigns.

The undersigned understands that, if (i) the Underwriting Agreement is not executed by [●], 2025, or (ii) the Company notifies the Representative in writing that it does not intend to proceed with the Offering, or (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. The undersigned acknowledges that no assurances are given by the Company or the Underwriters that any Offering will be consummated. This lock-up agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

[*Signature Page Follows*]

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| |
|:---|
| Very truly yours, |
| (Signature) |
| Address: |
| Email: |
| Date: |

---

## Exhibit 3.1

**Exhibit 3.1**

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

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**REGENIQUE GROUP LIMITED**

(Adopted by special resolution passed on 8 April 2025 and <br> conditional upon and with effect from 8 April 2025)

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

---

**The Companies Act (Revised) of the Cayman Islands**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Regenique Group Limited**

(Adopted by special resolution passed on 8 April 2025 and

conditional upon and with effect from 8 April 2025)

1 The name of the Company is Regenique Group Limited.

2 The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

---

| | |
|:---|:---|
| 1 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

---

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The authorised share capital of the Company is US$50,000 consisting of 500,000,000 shares with par value of US$0.0001 each, divided into 400,000,000 Class A Ordinary Shares of par value of US$0.0001 each and 100,000,000 Class B Ordinary Shares of par value of US$0.0001 each. Subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

---

| | |
|:---|:---|
| 2 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

---

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

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**REGENIQUE GROUP LIMITED**

(Adopted by special resolution passed on 8 April 2025 and <br> conditional upon and with effect from 8 April 2025)

---

| | |
|:---|:---|
| 3 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

---

**The Companies Act (Revised) of the Cayman Islands**

**Company Limited by Shares**

**Amended and Restated**

**Articles of Association**

**of**

**Regenique Group Limited**

**(Adopted by special resolution passed on 8 April 2025 and**

**conditional upon and with effect from 8 April 2025)**

**CONTENTS**

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| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **9** |
| Definitions | Definitions | 9 |
| Interpretation | Interpretation | 13 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 14 |
| **2** | **Shares** | **15** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 15 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 15 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 15 |
| Trusts not recognised | Trusts not recognised | 16 |
| Security interests | Security interests | 16 |
| Rights of Shares | Rights of Shares | 16 |
| Power to vary class rights | Power to vary class rights | 18 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 19 |
| No bearer Shares or warrants | No bearer Shares or warrants | 19 |
| Treasury Shares | Treasury Shares | 19 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 19 |
| Register of Members | Register of Members | 20 |
| Annual Return | Annual Return | 20 |
| **3** | **Share certificates** | **20** |
| Issue of share certificates | Issue of share certificates | 20 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 21 |
| **4** | **Lien on Shares** | **21** |
| Nature and scope of lien | Nature and scope of lien | 21 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 22 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 22 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 22 |
| Application of proceeds of sale | Application of proceeds of sale | 23 |

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| | |
|:---|:---|
| 4 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

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| | | |
|:---|:---|:---|
| **5** | **Calls on Shares and forfeiture** | **23** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 23 |
| Time when call made | Time when call made | 24 |
| Liability of joint holders | Liability of joint holders | 24 |
| Interest on unpaid calls | Interest on unpaid calls | 24 |
| Deemed calls | Deemed calls | 24 |
| Power to accept early payment | Power to accept early payment | 24 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 24 |
| Notice of default | Notice of default | 25 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 25 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 25 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 25 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 26 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 26 |
| **6** | **Transfer of Shares** | **27** |
| Form of Transfer | Form of Transfer | 27 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 27 |
| Suspension of transfers | Suspension of transfers | 28 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 28 |
| Notice of refusal to register | Notice of refusal to register | 28 |
| **7** | **Transmission of Shares** | **28** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 28 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 28 |
| Indemnity | Indemnity | 29 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 29 |
| **8** | **Alteration of capital** | **29** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 29 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 30 |
| Reducing share capital | Reducing share capital | 30 |
| **9** | **Redemption and purchase of own Shares** | **31** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 31 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 31 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 31 |
| **10** | **Meetings of Members** | **32** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 32 |
| Power to call meetings | Power to call meetings | 32 |
| Content of notice | Content of notice | 33 |
| Period of notice | Period of notice | 34 |
| Persons entitled to receive notice | Persons entitled to receive notice | 34 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 34 |
| **11** | **Proceedings at meetings of Members** | **35** |
| Quorum | Quorum | 35 |
| Lack of quorum | Lack of quorum | 35 |
| Chairman | Chairman | 35 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 36 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 36 |

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| | |
|:---|:---|
| 5 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

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| | | |
|:---|:---|:---|
| Security | Security | 36 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 36 |
| Method of voting | Method of voting | 37 |
| Taking of a poll | Taking of a poll | 37 |
| Chairman's casting vote | Chairman's casting vote | 37 |
| Written resolutions | Written resolutions | 37 |
| Sole-Member Company | Sole-Member Company | 39 |
| **12** | **Voting rights of Members** | **39** |
| Right to vote | Right to vote | 39 |
| Rights of joint holders | Rights of joint holders | 40 |
| Representation of corporate Members | Representation of corporate Members | 40 |
| Member with mental disorder | Member with mental disorder | 40 |
| Objections to admissibility of votes | Objections to admissibility of votes | 41 |
| Form of proxy | Form of proxy | 41 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 42 |
| Voting by proxy | Voting by proxy | 43 |
| **13** | **Number of Directors** | **43** |
| **14** | **Appointment, disqualification and removal of Directors** | **43** |
| First Directors | First Directors | 43 |
| No age limit | No age limit | 44 |
| Corporate Directors | Corporate Directors | 44 |
| No shareholding qualification | No shareholding qualification | 44 |
| Appointment of Directors | Appointment of Directors | 44 |
| Board's power to appoint Directors | Board's power to appoint Directors | 44 |
| Removal of Directors | Removal of Directors | 45 |
| Resignation of Directors | Resignation of Directors | 45 |
| Termination of the office of Director | Termination of the office of Director | 45 |
| **15** | **Alternate Directors** | **46** |
| Appointment and removal | Appointment and removal | 46 |
| Notices | Notices | 46 |
| Rights of alternate Director | Rights of alternate Director | 47 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 47 |
| Status of alternate Director | Status of alternate Director | 47 |
| Status of the Director making the appointment | Status of the Director making the appointment | 47 |
| **16** | **Powers of Directors** | **48** |
| Powers of Directors | Powers of Directors | 48 |
| Directors below the minimum number | Directors below the minimum number | 48 |
| Appointments to office | Appointments to office | 48 |
| Provisions for employees | Provisions for employees | 49 |
| Exercise of voting rights | Exercise of voting rights | 49 |
| Remuneration | Remuneration | 49 |
| Disclosure of information | Disclosure of information | 50 |
| **17** | **Delegation of powers** | **50** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 50 |
| Local boards | Local boards | 51 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 51 |

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| | |
|:---|:---|
| 6 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

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| | | |
|:---|:---|:---|
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 52 |
| Borrowing Powers | Borrowing Powers | 52 |
| Corporate Governance | Corporate Governance | 52 |
| **18** | **Meetings of Directors** | **53** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 53 |
| Calling meetings | Calling meetings | 53 |
| Notice of meetings | Notice of meetings | 53 |
| Use of technology | Use of technology | 53 |
| Quorum | Quorum | 53 |
| Chairman or deputy to preside | Chairman or deputy to preside | 53 |
| Voting | Voting | 54 |
| Recording of dissent | Recording of dissent | 54 |
| Written resolutions | Written resolutions | 54 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 54 |
| **19** | **Permissible Directors' interests and disclosure** | **55** |
| **20** | **Minutes** | **55** |
| **21** | **Accounts and audit** | **55** |
| Financial year | Financial year | 56 |
| Auditors |  | 56 |
| **22** | **Record dates** | **56** |
| **23** | **Dividends** | **57** |
| Source of dividends | Source of dividends | 57 |
| Declaration of dividends by Members | Declaration of dividends by Members | 57 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 57 |
| Apportionment of dividends | Apportionment of dividends | 58 |
| Right of set off | Right of set off | 58 |
| Power to pay other than in cash | Power to pay other than in cash | 58 |
| How payments may be made | How payments may be made | 59 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 59 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 59 |
| **24** | **Capitalisation of profits** | **60** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 60 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 60 |
| **25** | **Share Premium Account** | **60** |
| Directors to maintain share premium account | Directors to maintain share premium account | 60 |
| Debits to share premium account | Debits to share premium account | 61 |
| **26** | **Seal** | **61** |
| Company seal | Company seal | 61 |
| Duplicate seal | Duplicate seal | 61 |
| When and how seal is to be used | When and how seal is to be used | 61 |
| If no seal is adopted or used | If no seal is adopted or used | 61 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 62 |
| Validity of execution | Validity of execution | 62 |

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| | |
|:---|:---|
| 7 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

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| | | |
|:---|:---|:---|
| **27** | **Indemnity** | **62** |
| Release | Release | 63 |
| Insurance | Insurance | 63 |
| **28** | **Notices** | **64** |
| Form of notices | Form of notices | 64 |
| Electronic communications | Electronic communications | 64 |
| Persons entitled to notices | Persons entitled to notices | 65 |
| Persons authorised to give notices | Persons authorised to give notices | 65 |
| Delivery of written notices | Delivery of written notices | 65 |
| Joint holders | Joint holders | 66 |
| Signatures | Signatures | 66 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 66 |
| Date of giving notices | Date of giving notices | 67 |
| Saving provision | Saving provision | 67 |
| **29** | **Authentication of Electronic Records** | **67** |
| Application of Articles | Application of Articles | 67 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 67 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 68 |
| Manner of signing | Manner of signing | 68 |
| Saving provision | Saving provision | 68 |
| **30** | **Transfer by way of continuation** | **69** |
| **31** | **Winding up** | **69** |
| Distribution of assets in specie | Distribution of assets in specie | 69 |
| No obligation to accept liability | No obligation to accept liability | 70 |
| **32** | **Amendment of Memorandum and Articles** | **70** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 70 |
| Power to amend these Articles | Power to amend these Articles | 70 |

---

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| | |
|:---|:---|
| 8 |  |
|  | ![](ex3-1_001.jpg) |
|  | *Filed: 10-Apr-2025 08:59 EST* |
| *www.verify.gov.ky File#: 415793* | *Auth Code: D72418194349* |

---

**The Companies Act (Revised) of the Cayman Islands**

**Company Limited by Shares**

**Amended and Restated**

**Articles of Association**

**of**

**Regenique Group Limited**

(Adopted by special resolution passed on 8 April 2025 and

conditional upon and with effect from 8 April 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Affiliate** means in respect of a person or entity, any other person or entity that, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person or entity, and (i) 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, a trust solely for the benefit of any of the foregoing, a company, partnership or entity wholly owned by one or more of the foregoing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" in this definition shall mean the ownership, directly or indirectly, of securities possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, securities having such power only by reason of the happening of a contingency not within the reasonable control of such partnership, corporation, natural person or entity), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

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**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means the class A ordinary shares of US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Class B Ordinary Share** means the class B ordinary shares of US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be
given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to
take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Conversion Date** means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered;

**Conversion Notice** means 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 2.9(a);

**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;

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**Conversion Rate** in relation to the conversion of Class B Ordinary Shares to Class A Ordinary Shares means, at any time, on a one-to-one basis. The foregoing Conversion Rate shall also be adjusted to account for any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class A Ordinary Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Ordinary Shares in issue;

**Conversion Right** in respect of a holder of Class B Ordinary Shares, 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;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video- communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

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**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par
value for that Share and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money
or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed
issue price for that Share has been fully paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes cast by, or on behalf of, the Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value
for that Share and any premium payable in respect of the issue of that Share, has not been fully paid or credited as paid in money or
money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed
issue price for that Share has not been fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

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**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares
and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes cast by, or on behalf of, Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.15;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions
apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference
to a statute of the Cayman Islands as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect
the interpretation of these Articles, unless there is ambiguity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under
these Articles is not a Business Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural,
a word which denotes the plural also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a
company, trust, partnership, joint venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another
part of speech or grammatical form in respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to
time in the place where the Company's registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all
modes of representing or reproducing words in a visible form, but do not include an Electronic Record where the distinction between a
document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of
any person attending a meeting, such person's presence at a general meeting of Members (or any meeting of the holders of any class
of Shares), which may be satisfied by means of such person or, if a corporation or other non-natural person, its duly authorized representative
(or, in the case of any Member, a proxy which has been validly appointed by such Member in accordance with these Articles), being: (a)
physically present at the meeting; or (b) in the case of any meeting at which Electronic Communication Facilities are permitted in accordance
with these Articles, including any Virtual Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience
only and shall not affect the interpretation of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule
of the Act and any other regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the
Company.

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**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about
the redemption and purchase of the Shares, the Directors have general and unconditional authority to allot (with or without confirming
rights of renunciation), grant options over or otherwise deal with any unissued Shares to such persons, at such times and on such terms
and conditions as they may decide. No Share may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors
may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, 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 other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute
or conditional, for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid
Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

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**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Rights of Shares**

2.9 Subject to Article 2.1, the Memorandum and any Special Resolution to the contrary and without prejudice
to any special rights conferred thereby on the holders of any other Shares or class of Shares, Class A Ordinary Shares and Class B Ordinary
Shares shall carry equal rights and rank pari passu with one another in all respects other than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Conversion Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
in its holding. 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;&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 such Conversion Number of fully paid Class A Ordinary Shares 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/or 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Conversion Date, every Class B Ordinary Share converted
shall automatically be re-designated and re-classified (or in such other manner as the Directors may direct that is not in contravention
of applicable laws) as the applicable Conversion Number of Class A Ordinary Shares 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 converted Class B Ordinary Shares as the holder of the corresponding 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 of members and shall procure that, if required, 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;&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: (A) 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 (B) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 shares of Class
A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as a single class on all matters submitted to a vote
for Members' consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class A Ordinary Share shall be entitled to one (1) vote
on all matters subject to the vote at general meetings of the Company; whereas, each Class B Ordinary Share shall be entitled to fifteen
(15) votes on all matters subject to the vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 such Conversion Number of Class A Ordinary
Shares calculated based on the Conversion Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 of Members; 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 fee simple ownership interest 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 of Members.

**Power to vary class rights**

2.10 If the share capital is divided into different classes of
Shares then, unless the terms on which a class of Shares was issued state otherwise, the rights attaching to a class of Shares may only
be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued
Shares of that class consent in writing to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution
passed at a separate general meeting of the Members holding the issued Shares of that class.

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2.11 For the purpose of Article 2.10(b), all the provisions of
these Articles relating to general meetings apply, mutatis mutandis, to every such separate meeting except that the necessary quorum
shall be one or more persons holding, or representing by proxy, not less than one third of the issued Shares of the class;

2.12 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.13 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

2.14 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.15 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption
or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and
the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.16 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.17 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose
and shall not exercise any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly,
at any meeting of the Company and shall not be counted in determining the total number of issued shares at any given time, whether for
the purposes of these Articles or the Act.

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2.18 Nothing in Article 2.17 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.19 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.20 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

2.21 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.22 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each
class held by that Member (and, upon transferring a part of the Member's holding of Shares of any class, to a certificate for the
balance of that holding); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine
for every certificate after the first, several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing
numbers (if any) of the Shares to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed
under seal or executed in such other manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company
in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement
share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

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4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has a first and paramount lien on all Shares
(whether Fully Paid Up or not) registered in the name of a Member (whether solely or jointly with others). The lien is for all monies
payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or
not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or
to the person entitled to it in consequence of the death or bankruptcy of that Member) demanding payment and stating that if the notice
is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) Clear Days after
that notice is deemed to be given under these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the Board determines.

4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall not be affected by any irregularity or invalidity
in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation
the certificate (if any) for those Lien Default Shares.

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4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued,
at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon
surrender to the Company of that certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

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5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when
the resolution of the Directors authorising the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or
in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

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**Notice of default**

5.10 If a call remains unpaid after it has become due and payable the Directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to
that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares
in respect of which the call is made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee. The Directors may accept the surrender for no consideration of any
Share in accordance with the Act.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the
register of Members as the holder of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

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5.15 Despite the forfeiture or surrender of his Shares, that person
shall remain liable to the Company for all monies which at the date of forfeiture or surrender were presently payable by him to the Company
in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies
before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a
Director or the Secretary shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled
to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

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6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares,
and provided that such transfer complies with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares
to another person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if
such Shares are listed on the Designated Stock Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that
Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares of any class in question are not listed on
or subject to the rules of any Designated Stock Exchange, the Directors may in their absolute discretion decline to register any transfer
of such Shares which are not Fully Paid Up or on which the Company has a lien.

6.4 The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied
by the certificate (if any) for the Shares to which it relates and such other evidence as the Board may reasonably require to show the
right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class
of Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of
joint holders to whom the Share is to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien
in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock
Exchanges (to the extent applicable) may determine to be payable, or such lesser sum as the Board may from time to time require, related
to the transfer is paid to the Company.

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**Suspension of transfers**

6.5 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the
Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.6 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.7 If the Directors refuse to register a transfer of any Shares of any class not listed on a Designated Stock
Exchange, they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the
transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company
as having any title to the deceased Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor
or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's
personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

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7.4 That person must produce such evidence of his entitlement
as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he
must give notice to the Company to that effect. For the purposes of these Articles, that notice shall be treated as though it were an
executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person
then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute
an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and
the transferee must execute an instrument of transfer.

7.7 All the Articles relating to the transfer of Shares shall
apply to the notice or, as appropriate, the instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or
bankruptcy of another Member shall indemnify the Company and the Directors against any loss or damage suffered by the Company or the
Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed
by that Ordinary Resolution and with the attached rights, priorities and privileges set out in that Ordinary Resolution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into
Shares of larger amount than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) sub-divide its Shares or any of them into Shares of an amount
smaller than that fixed by the Memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount,
if any, unpaid on each reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary
Resolution, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the
Shares so cancelled or, in the case of Shares without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members
would become entitled to fractions of a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit,
including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole
number, such rounding to be determined by the Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price
reasonably obtainable to any person (including, subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those
Members.

8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

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9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed,
at the option of the Company or the Member holding those redeemable Shares, on the terms and in the manner its Directors determine before
the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding
Shares of a particular class, vary the rights attaching to that class of Shares so as to provide that those Shares are to be redeemed
or are liable to be redeemed at the option of the Company on the terms and in the manner which the Directors determine at the time of
such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including
any redeemable Shares on the terms and in the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to
any rights in respect of the Share other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date
of redemption or purchase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register
of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share,
as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the applicable Designated Stock Exchange Rules) be
obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

10.6 The requisition must be in writing and given by one or more Member(s) who together hold(s) at least ten
per cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this
purpose each joint holder shall be obliged to sign). The requisition may consist of several documents in like form signed by one or more
of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt
of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Member(s) who together hold(s) at
least five (5) per vent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business
specified in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Member(s) call(s) a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting including the procedures to be followed by any Member or other participant of the
meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence
the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled
to appoint one or more proxies to attend and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

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**Period of notice**

10.13 At least five (5) Clear Days' notice must be given to
Members for any general meeting.

10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or
bankruptcy of a Member.

10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any
person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled
to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification
until the conclusion of the meeting to which the notice relates.

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11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members
holding Shares that represent not less than one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes
of the time appointed for the meeting, or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Member(s), it shall be
cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the
same time and place seven days hence, or to such other time or place as is determined by the Directors. If a quorum is not present at
the meeting within fifteen minutes of the time appointed for the adjourned meeting, then the Members present in person or by proxy at
the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

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**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been
convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion
of the Directors by written notice provided to all persons entitled to attend the meeting, unless the meeting was requisitioned by Member(s)
or otherwise called by Member(s) pursuant to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption,
at any time during the meeting at the discretion of the chairman with the consent of the Member(s) constituting a quorum.

The chairman must adjourn the meeting if so directed by the Member(s) constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

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11.9 Should a meeting be adjourned for more than seven (7) Clear Days, whether because of a lack of quorum
or otherwise, Members shall be given at least seven (7) Clear Days' notice of the date, time and place of the adjourned meeting and the
general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a
Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice
of the resolution as if the same were being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or
more of those Members; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the
Company, including, if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for
that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed
at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by
which the resolution must be passed if it is not to lapse, being a period of five (5) Clear Days beginning with the date that the notice
is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or
more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the
Company, including, if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for
that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of five (5) Clear Days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 14 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution
 may be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time
 having first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in
 writing or given by Electronic Record and shall otherwise be given
to the Company in accordance with Article 28 (*Notices*) prior to the written resolution taking effect.

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11.16 The Directors may determine the manner in which written resolutions
shall be put to Members. In particular, they may provide, in the form of any written resolution, for each Member to indicate, out of
the number of votes the Member would have been entitled to cast at a meeting to consider the resolution, how many votes he wishes to
cast in favour of the resolution and how many against the resolution or to be treated as abstentions. The result of any such written
resolution shall be determined on the same basis as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

11.18 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

**Sole-Member Company**

11.19 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting and all Members holding Shares of a particular class of Shares are entitled
to vote at a meeting of the holders of that class of Shares. Unless otherwise required under the Act or by these Articles, holders of
Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote
by the Members.

12.2 Members may vote in person or by proxy.

12.3 On a poll, each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to vote
at general meetings of the Company, and each Class B Ordinary Share shall be entitled to fifteen (15) votes on all matters subject to
vote at general meetings of the Company. A fraction of a Class A Ordinary Share shall entitle its holder to an equivalent fraction of
one (1) vote, and a fraction of a Class B Ordinary Share shall
entitle its holder to an equivalent fraction of fifteen (15) votes.

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12.4 No Member is bound to vote on his Shares or any of them;
nor is he bound to vote each of his Shares in the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote by that Member's receiver, *curator bonis* or other person
authorised in that behalf appointed by that court.

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12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under
seal or signed by an authorised officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence
which they consider necessary to determine the validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will
 affect the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the
 revocation.

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**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in
the notice convening any meeting or adjourned meeting, or in an instrument of proxy sent out by the Company, specify the manner by which
the instrument appointing a proxy shall be deposited and the place and the time (being not later than the time appointed for the commencement
of the meeting or adjourned meeting to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the
absence of any such direction from the Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy
sent out by the Company, the form of appointment of a proxy and any authority under which it is signed (or a copy of the authority certified
notarially or in any other way approved by the Directors) must be delivered so that it is received by the Company before the time for
holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote. They must be
delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at
or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place specified in the notice convening the meeting
or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given
to the Company in an Electronic Record, an Electronic Record of an appointment of a proxy must be sent to the address specified pursuant
to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company
in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in
relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the
chairman of the Company may, in any event at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time,
it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the same Share for use at the same
meeting and in respect of the same matter, the one which is last validly delivered or
received (regardless of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards
that Share. lf the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated
as valid in respect of that Share.

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12.23 The Board may at the expense of the Company send forms of
appointment of proxy to the Members by post (that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise
(with or without provision for their return by pre-paid post) for use at any general meeting or at any separate meeting of the holders
of any class of Shares, either blank or nominating as proxy in the alternative any one or more of the Directors or any other person.
lf for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations
are issued at the Company's expense, they shall be issued to all (and not to some only) of the Members entitled to be sent notice
of the meeting and to vote at it. The accidental omission to send such a form of appointment or to give such an invitation to, or the
non-receipt of such form of appointment by, any Member entitled to attend and vote at a meeting shall not invalidate the proceedings
at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

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**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 The remaining Director(s) may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as any class of the Shares are listed on a Designated Stock Exchange, the Directors shall
include at least such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require
as determined by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these
Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or
as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

14.10 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. Each Director whose term of office
expires shall be eligible for re-election at a meeting of the Members or re-appointment by the Board.

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**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from
meetings of Directors for a continuous period of six months.

---

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15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another
Director, to act in his place as an alternate Director. No appointment shall take effect until the Director has given notice of the appointment
to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions
contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be
given to the appointing Director and not to the alternate.

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**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote
at any Board meeting or meeting of a committee of the Directors at which the appointing Director is not personally present, and generally
to perform all the functions of the appointing Director in his absence. An alternate Director, however, is not entitled to receive any
remuneration from the Company for services rendered as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by
notice delivered to the Board or to the registered office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were
a Director of the Company, would cause his office as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the
Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

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16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these
Articles the business of the Company shall be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

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16.7 If there is no chairman, or if the chairman is unable to preside
at a meeting, that meeting may select its own chairman; or the Directors may nominate one of their number to act in place of the chairman
should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also
appoint and remove any person, who need not be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding
that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

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16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully
required to do so under the laws of any jurisdiction to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules (to the extent applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee
consisting of one or more persons who need not be Members. Persons on the committee may include non-Directors so long as the majority
of those persons are Directors. For so long as any class of the Shares are listed on a Designated Stock Exchange, any such committee
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law.

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17.2 The delegation may be collateral with, or to the exclusion
of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as any class of the Shares are listed on a Designated Stock Exchange, the Board shall, if
required by the Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate
governance committee. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee
set forth in these Articles. Each of the audit committee, compensation committee and nominating and corporate governance committee (if
so established) shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange
Rules or otherwise required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other
applicable laws.

**Local boards**

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

17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or
agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

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**Power to appoint an attorney or authorised signatory of the Company**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

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

17.11 Any power of attorney or other appointment may contain such
provision for the protection and convenience for persons dealing with the attorney or authorised signatory as the Directors think fit.
Any power of attorney or other appointment may also authorise the attorney or authorised signatory to delegate all or any of the powers,
authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

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

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or (to the extent applicable)
the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the
Company, which shall be intended to set forth the guiding principles and policies of the Company and the Board on various corporate governance
related matters as the Board shall determine by resolution from time to time.

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18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors
may regulate their proceedings as they think fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two (except that if the
Board is comprised of a single Director only, then the quorum shall be one) unless the Directors fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

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**Voting**

18.9 A question which arises at a Board meeting shall be decided
by a majority of votes. If votes are equal the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following
the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding
a meeting if all Directors sign a document or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as
 a Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the
 appointment of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated
 office or were not entitled to vote, be as valid as if every such
person had been duly appointed and qualified and had continued to be a Director or alternate Director and had been entitled to vote.

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19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly,
interested in a contract or transaction or proposed contract or transaction with the Company shall declare the nature of his interest
at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified
company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or
firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. Subject to
the Designated Stock Exchange Rules and disqualification by the chairman of the relevant Board meeting, a Director may vote in respect
of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the Director
discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed
contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors
at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration.

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20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board
and of any such Officer's remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors,
a committee of the Board, the Company or the holders of any class of shares or debentures, and all orders, resolutions and proceedings
of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

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21.2 The books of account shall be kept at the registered office
of the Company and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting
any account or book or document of the Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

**Financial year**

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 30 September
in each year and begin on 1 October in each year.

**Auditors**

21.4 The Directors may appoint or remove an Auditor of the Company who shall hold office on such terms as the
Directors determine, provided that for so long as any class of the Shares are listed on a Designated Stock Exchange, such appointment
or removal shall be made in accordance with the applicable Designated Stock Exchange Rules.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may
by Ordinary Resolution remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary Resolution,
at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

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22.3 The provisions of this Article apply, *mutatis mutandis*,
to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

23 Dividends

 **Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final
by the Directors in the dividend resolution, a debt shall be created immediately following the declaration, the due date to be the date
the dividend is stated to be payable in the resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends
or rights to dividends at a fixed rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the
Directors may pay dividends on Shares which confer deferred or non-preferred rights with regard to dividends as well as on Shares which
confer preferential rights with regard to dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights
if, at the time of payment, any preferential dividend is in arrears.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them,
any dividend payable at a fixed rate if it appears to them that there are sufficient funds of the Company lawfully available for distribution
to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any
liability to the Members holding Shares conferring preferred rights for any loss those Members may suffer by the lawful payment of the
dividend on any Shares having deferred or non-preferred rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares
all dividends shall be declared and paid according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends
shall be apportioned and paid proportionately to the amount Paid Up on the Shares during the time or part of the time in respect of which
the dividend is paid. But if a Share is issued on terms providing that it shall rank for dividend as from a particular date, that Share
shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments
to some Members on the footing of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

---

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**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled
to that Share nominates a bank account for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address
of the Member holding that Share or other person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share
who is named first on the register of Members or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated
by the Joint Holders, whether that nomination is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

---

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---

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

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

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

24.2 The amount resolved to be capitalised must be appropriated
to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit
to each Member so entitled must be given in either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities
of the Company to that Member or as that Member directs. The Directors may resolve that any Shares issued to the Member in respect of
Partly Paid Up Shares (**Original Shares**) rank for dividend only to the extent that the Original Shares rank for dividend while
those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance
with the Act. They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed
or such other amounts required by the Act.

---

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**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium
account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between
the nominal value of that Share and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted
by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or
purchase of a Share, the Directors may pay the difference between the nominal value of that Share and the redemption purchase price out
of the profits of the Company or, as permitted by the Act, out of capital.

---

| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

---

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---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually
but may be affixed by some other method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual
but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses,
damages or liabilities incurred or sustained by the existing or former Director (including alternate Director), Secretary or Officer
in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former Director's
(including alternate Director's), Secretary's or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses,
losses or liabilities incurred by the existing or former Director (including alternate Director), Secretary or Officer in defending (whether
successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed)
concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

---

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---

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty, fraud, wilful default or wilful neglect.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty, fraud, wilful default
or wilful neglect.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty, fraud, wilful default or wilful neglect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director),
Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether
direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or
other trust in which any of the persons referred to in paragraph (a) is or was interested.

---

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---

---

| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules (to the
extent applicable), any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner
set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed
by or on behalf of the giver by Electronic Signature and authenticated in accordance with Articles about authentication of Electronic
Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means
of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic
Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an
electronic address to which the notice may be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules (to the extent applicable) and to any other rules
which the Company is bound to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by
publishing that notice or other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access
to the notice or document on a website (instead of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements
laid down by the Act and, in a manner for the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 For so long as any class of the Shares are listed on a Designated
Stock Exchange, any notice or other document to be given to a Member may be given by reference to the register of Members as it stands
at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within any other
period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules and/or
the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice or document
or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these
Articles may be given on behalf of the Company or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in
writing may be given personally to the recipient, or left at (as appropriate) the Member's or Director's registered address
or the Company's registered office, or posted to that registered address or registered office.

---

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**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall
be given to the Member whose name first appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

---

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**Date of giving notices**

28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp; (B) By leaving it at the Member's registered<br> address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp; (C) By posting it by prepaid post to the street<br> or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp; 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the<br> website |

---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the
original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those
Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by
Electronic means by, or at the direction of, that Member to an address specified in accordance with these Articles for the purpose for
which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

---

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29.3 For example, where a sole Member signs a resolution and sends
the Electronic Record of the original resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
specified for that purpose, the facsimile copy shall be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case
may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by
the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by
Electronic means by, or at the direction of, the Secretary or that Officer to an address specified in accordance with these Articles
for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and
scans the resolution, or causes it to be scanned, as a PDF version which is attached to an email sent to the address in these Articles
specified for that purpose, the PDF version shall be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication
of Electronic Records, a document will be taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered
after the signatory had signed the original document; or

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record
of it, was altered, without the approval of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record
of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being,
incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the
Cayman Islands to deregister the Company in the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated,
registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be
taken to effect the transfer by way of continuation of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

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

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

---

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**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

 **Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its
objects, powers or any other matter specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

---

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## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **Regenique Group Limited** | **D +852 3656 6054** |
| Ogier Global (Cayman) Limited | **E nathan.powell@ogier.com** |
| 89 Nexus Way, Camana Bay | **D +852 3656 6073** |
| Grand Cayman, KY1-9009 | **E rachel.huang@ogier.com** |
| Cayman Islands |  |
|  | <br> Reference: NMP/RYH/511811.00001  |
| 23 October 2025 |  |
| **Regenique Group Limited (the Company)** |  |

---

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments and supplements thereto (the **Registration Statement**) as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**). Pursuant to the latest Registration Statement, the Company's initial public offering (the **Offering**) relates to the offer and sale of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 2,000,000 Class A ordinary shares of US$0.0001 par value each of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) up to 300,000 Class A ordinary shares which an option for a period of 45 days will be granted to the representative
of the underwriters, Network 1 Financial Securities Inc. (the **Representative**) of the Offering after the closing of the Offering
to purchase a maximum of 15% additional Ordinary Shares offered in the Offering (the **Over-allotment Option**).

The Class A ordinary shares issued under the Offering (including the Class A ordinary shares that may be issued pursuant to the exercise of the Over-allotment Option) shall be collectively referred to as the **IPO Shares**.

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.

---

| | |
|:---|:---|
| **1** | **Documents examined** |

---

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 13 November 2024 issued by the Registrar of Companies of the Cayman Islands
(the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the memorandum and articles of association of the Company dated 13 November 2024 and filed with the Registrar
on 13 November 2024 (the **Memorandum and Articles**);

---

| | | | |
|:---|:---|:---|:---|
| **Ogier** |  |  |  |
| Providing advice on British Virgin Islands, |  |  |  |
| Cayman Islands and Guernsey laws |  |  |  |
| Floor 11 Central Tower | **Partners** |  |  |
| 28 Queen's Road Central | Nicholas Plowman | Cecilia Li |  |
| Central | Nathan Powell | Yuki Yan |  |
| Hong Kong | Anthony Oakes | David Lin |  |
| T +852 3656 6000 | Oliver Payne | Alan Wong | \* admitted in New Zealand |
| F +852 3656 6001 | Kate Hodson | Rachel Huang\*\*<sup>‡</sup> | \*\* admitted in England and Wales |
| **ogier.com** | David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup> <br> James Bergstrom | <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page **2** of **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amended and restated memorandum and articles of association of the Company adopted by special resolution
passed on 8 April 2025 and conditional upon and with effect from 8 April 2025 and filed with the Registrar on 10 April 2025 (the **Amended and Restated Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the certificate of good standing of the Company dated 2 October 2025 issued by the Registrar
(the **Certificate of Good Standing**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the register of directors of the Company dated 11 December 2024 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the register of members of the Company as provided to us on 13 October 2025 (the **ROM**, and together with the ROD, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a certificate from a director of the Company dated 23 October 2025 as to certain matters of facts (the **Director's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a copy of the written resolutions of the directors of the Company dated 1 September 2025 and 22 October
2025 approving, among other things, the Company's filing of the Registration Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a search of the Cayman Online Registry Information Service conducted against the Company at the Registrar on 22 October 2025 (the **CORIS Search**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a draft copy of the underwriting agreement as exhibited to the Registration Statement (the **Underwriting Agreement**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Registration Statement (together with the Underwriting Agreement the **Documents**).

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copies of documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals
are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Certificate of Good Standing, Registers and the Director's Certificate is accurate and complete as at the date of
this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of the Registration Statement are true and correct copies and where any Document has been provided
to us in draft or undated form, that Document conforms in every material respect to the latest drafts of the same produced to us and,
where any Document has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have
been so indicated;

Page **3** of **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Board Resolutions were duly passed in accordance with the then memorandum and articles of association
of the Company and remain in full force and effect and the directors of the Company has acted in good faith with a view to the best interests
of the Company and has exercised the standard of care, diligence and skill that is required of him or her in approving the Offering and
no director has a financial interest in or other relationship to a party of the transactions contemplated by the Documents which has not
been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the director(s) nor the shareholders of the Company have taken any steps to appoint a liquidator
of the Company, restructuring officer and no receiver has been appointed over any of the Company's property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the CORIS Search which we have examined is accurate and that the information disclosed by the CORIS Search
is true and complete and that such information has not since been altered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) upon the issuance of the IPO Shares, the Company will receive consideration for the full issue price thereof which shall be equal
to at least the par value thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any IPO Shares and none of the IPO Shares have been offered or issued to residents of the Cayman Islands.

---

| | |
|:---|:---|
| **3** | **Opinions** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar under the laws of the Cayman Islands.

**Authorised share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the
Company is US$50,000 consisting of 500,000,000 shares with par value of US$0.0001 each, divided into 400,000,000 Class A Ordinary
Shares of par value of US$0.0001 each and 100,000,000 Class B Ordinary Shares of par value of US$0.0001 each.

**Valid issuance of shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issuance and allotment of the IPO Shares have been duly
authorised and, when issued and allotted in accordance with the Registration Statement and the duly passed Board Resolutions and once
consideration is paid for in accordance with the Registration Statement, will be validly issued, fully paid and non-assessable. Once
the register of members of the Company has been updated to reflect the issuance as fully paid, the shareholders recorded in the register
of members will be deemed to have legal title to the IPO Shares set against their respective names.

Page **4** of **5**

**Registration statement - taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The statements contained in the Registration Statement in the
section headed "*TAXATION - Cayman Islands Taxation* ", insofar as they purport to summarise the laws or regulations
of the Cayman Islands, are accurate in all material respects and that such statements constitute our opinion.

---

| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |

---

4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or
conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration
Statement and any other agreements into which the Company may have entered or any other documents.

4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands,
annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A failure to file
annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets
will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public
of the Cayman Islands.

4.3 In **good standing** means only that as of the date of the Certificate
of Good Standing the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have
made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to
make under the laws of the Cayman Islands other than the Companies Act.

4.4 We are not aware of any Cayman Islands authority as to when the courts would
set aside the limited liability of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Companies Act
and English common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English
authorities, circumstances in which a court would attribute personal liability to a shareholder are very limited, and include: (a) such
shareholder expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; (c) the
company being incorporated by or at the behest of such shareholder for the purpose of committing or furthering such shareholder's
fraud, or for a sham transaction otherwise carried out by such shareholder. In the absence of these circumstances, we are of the opinion
that a Cayman Islands' court would have no grounds to set aside the limited liability of a shareholder.

Page **5** of **5**

4.5 In this opinion, the phrase "non-assessable" means, with respect
to the Ordinary Shares of the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional
assessments or calls on the Ordinary Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud,
the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be prepared to
pierce or lift the corporate veil).

---

| | |
|:---|:---|
| **5** | **Governing law of this opinion** |

---

5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this opinion.

5.2 Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to
that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| **6** | **Reliance** |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.

This opinion may be used only in connection with the offer and sale of the IPO Shares while the Registration Statement is effective.

---

| |
|:---|
| Yours faithfully |
| /s/ Ogier |
| Ogier |

---

## Exhibit 8.2

**Exhibit 8.2**

---

| | |
|:---|:---|
| ![](ex8-2_001.jpg) | ![](ex8-2_002.jpg) |

---

Our Ref: MWKC

23 October 2025

**STRICTLY PRIVATE & CONFIDENTIAL**

**LEGALLY PRIVILEGED**

**BY EMAIL AND COURIER**

**REGENIQUE GROUP LIMITED**

89 Nexus Way

Camana Bay, Grand Cayman

KYI-9009 Cayman Islands

Dear Sirs

**PROPOSED INITIAL PUBLIC OFFERING OF REGENIQUE GROUP LIMITED ON THE NASDAQ CAPITAL MARKET ("NASDAQ") - LEGAL OPINION**

**1.** **INTRODUCTION** 

We have been instructed by Regenique Group Limited (the "**Client**") to issue this Opinion on the following entities (each a "**Company**" and together, the "**Companies**") in connection with the proposed initial public offering of the equity shares of the holding company of the Companies (the "**Listing Vehicle**") (the "**IPO**") on NASDAQ:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BioGenisk Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ClearSK Biomed Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) CSKC Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) CSKC Medispa Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ClearSK Centre Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ClearSK Medi-Wellness Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ClearSK Medi-Aesthetics (TP Central) Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ClearSK Body Medi-Aesthetics Clinique Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ClearSK Medi-Aesthetics Clinique Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) ClearSK Medical Spa Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ClearSK Orchard Pte. Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) ClearSK Medi-Aesthetics (Westgate) Pte. Ltd.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Shari Wellness Pte. Ltd.

![](ex8-2_003.jpg)

We do not accept service of court documents by facsimile.

Bird & Bird ATMD LLP is a Singapore law practice registered as a limited liability partnership in Singapore with registration number T08LL0001K and is associated with Bird & Bird LLP.

**2.** **DEFINITIONS AND INTERPRETATION** 

2.1 In this Opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**ACRA**" means the Accounting and Corporate Regulatory Authority of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**ACRA Searches**" has the meaning given to it in paragraph 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Companies**" has the meaning given to it in paragraph 1 of this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Constitutions**" means the respective constitutions of the Companies as provided to
us and set out in **Appendix A**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Directors**" means the respective directors of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Insolvency Searches**" has the meaning given to it in paragraph 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**IPO**" has the meaning given to it in paragraph 1 of this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**IPOS**" means the Intellectual Property Office of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Letter of Confirmation**" has the meaning given to it in paragraph 3.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Opinion**" means this letter of opinion, together with its appendices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Prospectus**" means the prospectus to be issued by the Listing Vehicle in connection with the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Registries**" means ACRA and the Singapore Courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Searches**" has the meaning given to it in paragraph 3.2 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Singapore Courts**" means the Supreme Court of Singapore and the State Courts of Singapore;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**S$**" means Singapore Dollar, the lawful currency of Singapore.

2.2 References to "**paragraph**" and "**Appendix**" are to the paragraphs and appendices
of this Opinion.

2.3 Headings used in this Opinion are for ease of reference only and shall not affect its interpretation.

**3.** **DOCUMENTS AND SEARCHES REVIEWED** 

3.1 For the purpose of rendering this Opinion, we have only examined and relied solely on the following documents,
but only to the extent necessary for the purpose of rendering this Opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the list of documents set out in **Appendix A** (as provided by the Companies through emails and uploaded
onto the data room up to 23 October 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the letter of confirmation from the management of the Companies dated 23 October 2025 (the "**Letter of Confirmation**") and set out in **Appendix B**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
results of the Searches set out in paragraph 3.2 below,

(collectively, the "**Reviewed Documents**").

3.2 We have relied on the following searches and enquiries for the purpose of this Opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) business profile search on each of the Companies conducted on the ACRA BizFile online portal on 22 October
2025 and the Certificate of Good Standing of each of the Companies issued by ACRA on 23 October 2025 (the "**ACRA Searches**") **;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) results of the intellectual property searches conducted on ClearSK Healthcare Pte. Ltd. and ClearSK Aesthetics
Pte Ltd with IPOS on 23 October 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) result of the appeal cases search (comprising appeal cases at State Courts and Supreme Court of Singapore)
and civil cases search (comprising writ of summons for Magistrate Court, District Court and Supreme Court of Singapore; originating summons
at State Courts of Singapore and originating summons, originating petitions and originating motions at Supreme Court of Singapore in Singapore)
for the period from 1 January 2022 to 23 October 2025 conducted in respect of each of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) results of the enforcement search (comprising writ of possession, writ of seizure and sale, writ of distress
and writ of delivery) at both State Courts and Supreme Courts of Singapore for the period from 1 January 2022 to 23 October 2025 conducted
in respect of each of the Companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) results of the insolvency searches including judicial management searches (comprising companies winding
up and originating petitions and originating motions at the Supreme Court of Singapore) from 1 January 2022 to 23 October 2025 and insolvency
search at the Insolvency Office ()"**Insolvency Searches**") from 1 January 2022 to 23 October 2025 conducted in respect of
each of the Companies.

(collectively, the "**Searches**" which are attached hereto as **Appendix C**.)

4. ASSUMPTIONS

4.1 In giving this Opinion, we only hold ourselves out as having skills and expertise with respect to Singapore
law and our statements in this Opinion are made only to the extent that a law firm practicing Singapore law in Singapore, having our role
as legal advisers to the Companies as to Singapore law in connection with the IPO, would reasonably be expected to have become aware of
relevant facts and/or to have identified the implications of those facts. In particular, we do not and cannot hold ourselves out as having
any expertise in relation to, and express no opinion on, the laws of other jurisdictions. We do not hold ourselves out as having any skills
or expertise in any other capacity, financial (including cash flow and payment matters), business, industry, statistical, accounting,
audit, taxation, valuation, operational or technical or otherwise.

4.2 Notwithstanding that we have provided the professional services as legal advisors to the Client on matters
of Singapore laws, the limitations inherent in the independent verification of factual matters, and the character of determinations involved
in the preparation of the various documents in respect of the IPO, are such that we cannot and do not assume responsibility for the accuracy,
completeness or fairness of the statements contained in the offering document or any offering documents issued in connection with the
IPO. The offering document or any offering documents issued in connection with the IPO remain the sole responsibility of the persons responsible
for it under the relevant laws and regulations. We also express no opinion as to whether the offering document or any offering documents
issued in connection with the IPO contains all information which investors and their professional advisers would reasonably require to
make an informed assessment of the Companies, the Listing Vehicle or the IPO.

4.3 Our statements in this Opinion are strictly limited to the matters stated in this Opinion and do not apply
by implication to other matters. In particular, our statements do not relate to any additional documents or statements concerning the
offering document or any offering documents issued in connection with the IPO, the Companies, the Listing Vehicle or the IPO that may
be made by any person or any other conduct that any person may engage in concerning the offering document or any offering documents issued
in connection with the IPO.

4.4 We have relied on, and take no responsibility for, the truthfulness, accuracy and completeness of the
information (written or otherwise) provided by the Directors, representatives and management of the Companies and authorised individuals,
and any representations or oral information provided by any of them,
and have assumed that all certificates, letters, representations, statements, information, opinions of any person and results of searches
given to or obtained by us (a) are accurate, complete and up to date, and (b) have not since they were given to or obtained by us, been
materially altered, and nothing has come to our attention which gives us any reason to doubt the truthfulness, accuracy and completeness
of such documents, information and materials or to believe that this assumption is false.

4.5 We have relied on the Letter of Confirmation, confirming, amongst others, that the management of the Companies
has considered the due diligence scope that was provided and as set out in Annex 1 to the Letter of Confirmation, and provided all information
and documents that have been requested for pursuant to the due diligence scope.

4.6 We have relied upon the genuineness of all signatures on all documents and the completeness, and the conformity
to original documents, of all copies submitted to us.

4.7 We have assumed that all copies, specimens, documents and records referred to in this Opinion on which
we have expressed reliance remain accurate, complete and in full force and effect at the date of this Opinion and have not been rescinded,
cancelled, varied, amended, modified or superseded in any way.

4.8 We have assumed that each of the relevant professional parties (other than ourselves) involved in the
preparation of the offering document or any offering documents issued in connection with the IPO and in the due diligence and verification
procedures, have raised all such questions and made all such enquiries as can reasonably be expected of that person or entity. In particular,
we assume that the enquiries conducted as part of the due diligence procedures undertaken have been conducted with members of management
with experience and capability in the particular area, and that the management and Directors have responded to such due diligence and
verification completely and accurately. We have relied, to the extent that we have deemed such reliance proper, on responses provided
by the Companies as part of the verification process.

4.9 We take no responsibility for the completeness or accuracy of the investigations and advice of the Directors,
officers, advisors and agents of the Companies, and we assume that all persons or entities to whom functions or duties are ascribed have
fully performed those duties and functions.

4.10 Although we have copies of documents insofar as such documents have been provided to us, we have assumed
the authenticity of all seals, initials and signatures and of any stamping, dates or marking and the completeness and the conformity to
original documents or instruments of all copies, specimens or draft documents examined by us and that any facts which may give reason
to question the validity, continuing effectiveness or lawfulness of any document or instrument have been drawn to our attention.

4.11 All documents purporting to be sealed have been so sealed and all documents required to be stamped have
been or will be stamped.

4.12 We have assumed that all factual statements and/or representations made by the management of the Companies
to Bird & Bird ATMD LLP are complete, true and accurate in all aspects. Where the Opinion makes reference to the confirmations of
the Companies whether in the Letter of Confirmation or otherwise, the Companies have further confirmed that there is no basis upon which
we cannot rely on such confirmations.

4.13 We have assumed that the Companies have provided us with the required documents for the preparation of
this Opinion, and there was no failure or omission by the Companies to provide us with documents and/or information relating to non-compliance
by the Companies with the applicable laws and regulations of Singapore;

4.14 We have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authenticity, completeness and factual accuracy of all documents and corporate records presented as
originals and the conformity with the originals of all documents and corporate records presented as copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the authenticity of all signatures, seals and dates and the correct identity and legal capacity, power
and authority of all signatories and corporate officers and the due execution and validity of all documents in accordance with applicable
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that the Reviewed Documents are within the capacity and powers and legal rights of, and have been, or
when executed and delivered will be, validly authorised, executed and delivered by, and are binding on the signatories or parties to them
under the respective laws by which the relevant documents are expressed to be governed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that all statements of fact in any document provided to us for review are true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that all relevant notices of meetings of the Companies have been fully and properly given in relation
to meetings of directors and members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that all corporate records and other documents examined by us are genuine, complete, up-to-date and accurate.
These include minutes of meetings of the Companies and of Directors recording the business of, and resolutions passed at, such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that no information, documents or relevant corporate records have been withheld from us (whether deliberately
or inadvertently) and that all documents have been duly, properly and completely provided to us for our review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that where the documents provided to us were unexecuted and/or undated, that they would be duly executed,
completed and/or dated (as the case may be) and delivered by all the parties thereto in materially the same form as that provided to us
and they will not be altered in any material way which affects this Opinion.

4.15 In giving this Opinion we have, without any further enquiry, assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each entity involved in the IPO, other than ourselves, whose knowledge is relevant for the purpose of
giving the opinions contained herein has disclosed to us all information actually known to it and all information that, in the circumstances,
it ought reasonably to have obtained by making enquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all documents referred to in this Opinion, and on which we have expressed reliance, remain accurate, complete
and in full force and effect at the date of this Opinion and have not been rescinded, varied, amended, modified or superseded in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the files of records maintained at the Registries concerning the Companies were complete, accurate and
up-to-date at the time of the Searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the information disclosed by the Searches is true and complete, that such information is accurate and
continues to be accurate from the date of the Searches until the date of this Opinion and that such information has not since then been
materially altered, and that no material information has been delivered for filing but did not appear on the public file at the time of
the Searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Searches reveal all matters which are capable of being revealed and are required to be notified to
the Registries notwithstanding that such matters may not in fact have been so notified or that any time limit for any such notification
has not yet expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there has been no alteration in the status or condition of the Companies as disclosed by the Searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all documents constitute legal, valid, binding and enforceable obligations of all the parties thereto
(other than the Companies) for all purposes under the laws of all jurisdictions (other than Singapore) and were entered into by the respective
parties for its corporate benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that the choice of any foreign law as the governing law of any document is bona fide and is not in contravention
of public policy. The choice of law to govern any document will only be recognised and upheld by a Singapore court provided that it is
bona fide and there are no reasons for avoiding it on grounds of public policy. A choice of law would also not be upheld if it was made
with the express purpose of avoiding the law of the jurisdiction with which the document has its most substantial connection and which,
in the absence of the stated choice of law, would have invalidated or been inconsistent with such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any term of an agreement may be amended orally notwithstanding that it may provide that it may only be amended in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any payments due or payable under any document upon a default (or a similar event) may not be recoverable if they amount to a penalty
under the laws of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all trust deeds and/or declarations of trust had been duly executed and are valid and in order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) save as revealed by the Searches, (i) the Companies have not passed any voluntary winding-up resolution
or any other analogous step taken in any jurisdiction; (ii) no petition has been presented or order made by a court for the winding-up
or dissolution of the Companies, the reorganisation of its affairs pursuant to a scheme of arrangement, or any analogous step taken in
any jurisdiction; (iii) no application has been presented or order made by a court for the administration, judicial management or receivership
of the Companies; (iv) no documents have been filed with the court for the appointment of an administrator or insolvency officer (howsoever
described) in respect of the Companies and no other similar process in any other jurisdiction is taking place in relation to the Companies;
(v) no receiver, trustee, administrator, administrative receiver, judicial manager or similar officer has been appointed and no distress
or execution or other process is being enforced upon or issued out in relation to the Companies or their respective business, assets,
revenues or undertakings; and (vi) the Companies are not insolvent at the time of entering into any of the documents referred to in this
Opinion, and will not be insolvent as a result of entering into such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all consents, approvals, authorisations, permits, licences, exemptions or orders required by the parties
(" **Contracting Party**") to any agreement entered into by the Companies (including any Reviewed Documents) ()"**Contract** ")
(other than the Companies) in connection with the entry into and performance of their obligations under such Contract have been duly obtained
and will remain in full force and effect and that any conditions to which they are subject have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the choice of governing law for any Contract has been made in good faith and will be regarded as a valid
and binding section which will be upheld in the respective courts as a matter of the laws of such jurisdiction and all other relevant
laws (other than the laws of Singapore);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) each Contracting Party (other than the Companies) is validly incorporated and existing under the laws
of their respective jurisdiction of incorporation and has the power, capacity and authority to execute, deliver, exercise its rights and
perform its obligations under such Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) each Contract has been entered into by each Contracting Party in good faith and the directors of each
of Contracting Party thereto have complied with their duties insofar as relevant for the purposes of this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all conditions precedent, if any, contained in any Contract have been or will be satisfied or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) where any Contract has been executed outside Singapore, formalities for execution by any party thereto
required by the law of the respective place of execution have been or will be complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) insofar as any obligation expressed to be incurred or performed under any Contract is to be performed
in or is otherwise subject to any laws of any jurisdiction other than Singapore, its performance will not be illegal by virtue of the
laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the Contracts have been entered into for bona fide reasons and the exercise by each Contracting Party
of its rights and the performance of its obligations under the Contracts will sufficiently benefit and is in the interest of the Contracting
Party, and the Directors in deciding to so enter into the Contracts have acted in good faith, in furtherance of the substantive objects,
for the legitimate purpose of and in the interests of the Companies and not for any improper purposes nor in breach of their fiduciary
obligations owned to the Companies or to their creditors, and the entry into the Contracts may reasonably be considered to have been in
the interests, and for the commercial benefit, of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) no disposition of property effected by the Contracts is made for an improper purpose or wilfully to defeat
an obligation owed to a creditor and at an undervalue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all documents, forms and notices, when delivered to, filed or registered with ACRA and/or the relevant
authorities, were and continue to remain true, accurate and not misleading, and the files of records maintained at ACRA and/or the relevant
authorities concerning the Companies, were complete, accurate and up-to-date at the time of the Searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) all documents, forms and notices which should have been delivered to, filed and/or registered with the
Supreme Court of Singapore and the State Courts of Singapore on behalf of or relating to the Companies have been so delivered, filed or
registered within the time limits prescribed for such delivery, filing or registration; and such documents, forms and notices were when
delivered to, filed or registered with the Supreme Court of Singapore and the State Courts of Singapore, were and continue to remain true,
accurate and not misleading, and the files of records maintained at the Supreme Court of Singapore and the State Courts of Singapore concerning
the Companies were complete, accurate and up-to-date at the time of the Searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all resolutions appearing in the minutes provided to us are a full and accurate record of all resolutions
passed by the directors and as appropriate, by the members of the Companies and are valid and subsisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) there are no documents not examined by us which would affect or have any implication on this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) all facts and information stated or given in the Reviewed Documents continue to be true, accurate and
complete, as at the date of this Opinion, and no relevant matter was withheld from us whether deliberately or inadvertently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the Companies are not, and will not be, seeking to conduct any relevant transaction or any
 associated activity in a manner or for a purpose not evident on the face of the Reviewed Documents which might render any relevant
 transaction or any associated activity illegal, void or voidable including, but not limited to, the financing or refinancing or the
 giving of financial assistance by the Companies for the purposes of or in connection with the acquisition or proposed acquisition of
 any shares in the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) except as otherwise stated, all material information not in
the files of the Companies within the knowledge of their officers and directors was made available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) there are no fraud, defalcations or other criminal acts under
Singapore law effected by the Companies or their respective board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) there are no provisions of any law, rule or regulation of any
jurisdiction outside Singapore which would have any implication on the opinions expressed herein, and that insofar as the laws of any
jurisdiction outside Singapore may be relevant, such laws have been or will be complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) all consents, approvals, authorisations, permits, licences,
exemptions or orders required from any governmental body or agency outside Singapore and all other requirements outside Singapore for
the legality, validity and enforceability of any transactions entered into by the Companies and their subsidiaries are and will remain
in full force and effect and that any conditions to which they are subject have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) save for any laws, rules and regulations in Singapore and the
Reviewed Documents, there are no subsisting contractual or other restrictions binding on the Companies which would have any implication
on the opinions expressed herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) each director and the secretary of the Companies has properly
performed his or her duties, whether under statute or common law (including but not limited to fiduciary duties to the Companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) for each document to which any Company is a party, the other
party had been, and at all relevant times remained, duly incorporated and had at all relevant times the necessary corporate power, all
corporate authorisations had been validly obtained, each such document was validly executed and was entered into for that party's
respective corporate benefit and that party was solvent when it did so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all resolutions have been duly executed (and where by a corporate entity such execution has been duly
authorised if so required) by or on behalf of each director and the signatures and initials thereon are those of a person or persons in
whose name the resolutions have been expressed to be signed, and have been duly delivered to the other parties thereto by and on behalf
of the respective parties (where applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) where a document reviewed by us is governed by foreign law,
while we have transcribed the provisions of such documents into the Opinion, we are not opining on the validity, legality or enforceability
of such a document under foreign law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) we take no responsibility for the completeness or accuracy of
any translation or interpretation of the translation of any document or agreement referred to in this Opinion and we assume that all
persons or entities who are responsible for such translations have fully performed those duties and functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) save as set out in the Searches, no Company is, at the time
of this Opinion, insolvent or otherwise unable to pay its debts within the meaning of Section 125(2) of the Insolvency, Restructuring
and Dissolution Act 2018 (for which purpose account is to be taken of its contingent and prospective liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) other than offers made or to be made to institutional investors
as defined in the Securities and Futures Act 2001 of Singapore, no offer of Shares will be made in Singapore in connection with the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) there is no provision of law, rule or regulation of any jurisdiction
(other than Singapore) which would be contravened by any matter relating to the IPO and that, in so far as any obligation expressed to
be incurred or performed in connection with the IPO or falls to be performed in or is otherwise subject to the laws of any jurisdiction
other than Singapore, its performance will not be illegal by virtue of the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) all information set out in or accompanying the offering document
or any offering documents issued in connection with the IPO, as amended, modified or supplemented by any additional information provided
to NASDAQ and with respect to all other information supplied or disclosed prior to the date hereof by the Companies, their respective
directors and executive officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such information is true, accurate and complete in all respects and is not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there are no other facts or circumstances which might be material for disclosure or the omission of which
would make any such information misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all enquiries have been made to verify the accuracy of such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) the directors and shareholders of the Companies have not caused
and will not cause, whether by exercising their voting rights and other powers in relation to the Companies or otherwise, the Companies
to do (or omit to do) any acts which are in breach of their respective Constitutions.

4.16 The making of each of the above assumptions indicates that we have assumed that for each matter the subject
of each assumption is true, correct and complete in every way. The fact that we have made the assumptions in this Opinion does not imply
that we have made any enquiry to verify an assumption or are aware of any circumstances which would affect the correctness of any assumption.
No assumption is limited by any other assumption.

**5.** **OPINIONS** 

Based upon and subject to the assumptions and the qualifications set forth in this Opinion and any matters not disclosed to us, based solely on the Reviewed Documents, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Company is a company limited by shares, duly incorporated on the date listed in **Appendix D** with limited liability, is validly existing under the laws of Singapore, having the status of an independent legal entity and has the
full corporate power, authority to enter into legally binding and enforceable contracts and undertakings, with full power to sue or be
sued in its own name, and it may do any act that is legally permitted or required to do by its Constitution or any law of Singapore. Each
Company has the corporate power and capacity to conduct its businesses as described in the Prospectus.

The issued and paid-up share capital of the Companies, based on the ACRA Business Profiles of the Companies dated 22 October 2025 and the ACRA Electronic Registers of Members of the Companies dated 24 April 2025, 10 October 2025, 13 October 2025 and 14 October 2025, is listed in **Appendix D**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no restrictions on the transfer or holding of shares, or any restrictions on the right of non-resident
or foreign shareholders to hold or exercise voting rights on the shares of the Companies imposed by any applicable
law or regulation or by the respective Constitutions and, save for customary rights of first refusals for shareholders as provided in
the Constitutions, there are no legal restrictions on the transfer of shares of the Companies under the laws of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Based on the Letter of Confirmation, there have been no issuances of convertible securities or options
or any other form of arrangement by the Companies which may result in the issue of new shares or any other securities of the Companies.
Except as otherwise disclosed in the Prospectus, based on the Letter of Confirmation, all of the equity interests of the Companies are
free and clear of all liens, charges or any other encumbrances, pledges, security interests, equities or claims or any third-party rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on the Letter of Confirmation, the Companies are not currently prohibited from paying any dividends
on its equity interests in accordance with Singapore laws and their respective Constitutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Based on the ACRA Business Profiles dated 22 October 2025, the present directors of the Companies are
as set out in **Appendix D**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Based on the Letter of Confirmation, there have been no fines or penalties imposed on the Companies for
any non-compliance with the Companies Act 1967 of Singapore in relation to the late lodgement of notice of transfer of shares on ACRA's
lodgement platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Based on the Letter of Confirmation, no Company has any outstanding credit facilities, bank borrowings,
debt instruments, promissory notes, letters of credit or other borrowings or indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Based on the ACRA Searches did not reveal any charge registered against the assets of any Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Based on the Letter of Confirmation and the Searches in **Appendices B** and **C**, respectively,
save as set out below, the Companies have not applied for or registered any trademarks with IPOS:

**<u>Registered trademarks with IPOS:</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Proprietor** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Effective Period** | &nbsp;&nbsp;**Trademark Logo** |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. &nbsp;&nbsp;40202326306U | &nbsp;&nbsp;5, 44 | &nbsp;&nbsp;28 November 2023 to 28 November 2033 |  |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. &nbsp;&nbsp;40202120783X | &nbsp;&nbsp;5, 44 | &nbsp;&nbsp;31 August 2021 to 31 August 2031 |  |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. &nbsp;&nbsp;40202115956W | &nbsp;&nbsp;5, 44 | &nbsp;&nbsp;5 July 2021 to 5 July 2031 | &nbsp;&nbsp;![](ex8-2_006.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201916908S | &nbsp;&nbsp;3, 5, 44 | &nbsp;&nbsp;2 August 2019 to 2 August 2029 | &nbsp;&nbsp;![](ex8-2_007.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201907028U | &nbsp;&nbsp;3, 5, 44 | &nbsp;&nbsp;29 March 2019 to 29 March 2029 | &nbsp;&nbsp;![](ex8-2_008.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201907027S | &nbsp;&nbsp;3, 5, 44 | &nbsp;&nbsp;29 March 2019 to 29 March 2029 |  |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201609689S | &nbsp;&nbsp;44 | &nbsp;&nbsp;17 June 2016 to 17 June 2026 | &nbsp;&nbsp;![](ex8-2_010.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201609687X | &nbsp;&nbsp;44 | &nbsp;&nbsp;17 June 2016 to 17 June 2026 |  |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201609686T | &nbsp;&nbsp;44 | &nbsp;&nbsp;17 June 2016 to 17 June 2026 | &nbsp;&nbsp;![](ex8-2_012.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201609685U | &nbsp;&nbsp;44 | &nbsp;&nbsp;17 June 2016 to 17 June 2026 | &nbsp;&nbsp;![](ex8-2_013.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201609683R | &nbsp;&nbsp;44 | &nbsp;&nbsp;17 June 2016 to 17 June 2026 | &nbsp;&nbsp;![](ex8-2_014.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201607797P | &nbsp;&nbsp;44 | &nbsp;&nbsp;9 September 2016 to 9 May 2026 | &nbsp;&nbsp;![](ex8-2_015.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40201607796R | &nbsp;&nbsp;44 | &nbsp;&nbsp;16 September 2016 to 9 May 2026 | &nbsp;&nbsp;![](ex8-2_016.jpg) |
| &nbsp;&nbsp;ClearSK Aesthetics Pte Ltd | &nbsp;&nbsp;T1305673Z | &nbsp;&nbsp;5, 44 | &nbsp;&nbsp;16 January 2014 to 10 April 2033 | &nbsp;&nbsp;![](ex8-2_017.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;T1110500H | &nbsp;&nbsp;5, 44 | &nbsp;&nbsp;24 September 2014 to 1 August 2031 | &nbsp;&nbsp; ![](ex8-2_018.jpg) |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;T1110499J | &nbsp;&nbsp;5, 44 | &nbsp;&nbsp;24 September 2014 to 1 August 2031 | &nbsp;&nbsp; ![](ex8-2_019.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. | &nbsp;&nbsp;40202508234W | &nbsp;&nbsp;3,5,44 | &nbsp;&nbsp;4 April 2025 to 4 April 2035 | &nbsp;&nbsp;![](ex8-2_020.jpg) |

---

**<u>Trademark applied for with IPOS:</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Applicant** | **Class** | &nbsp;&nbsp;**Status/Date of Application** | &nbsp;&nbsp;**Trademark Logo** |
| &nbsp;&nbsp;ClearSK Healthcare Pte. Ltd. &nbsp;&nbsp;40202511163Y | 3, 544 | &nbsp;&nbsp;Pending (Published)/ Application date: 8 May 2025 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Based on the Letter of Confirmation, no Company owns any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The employment agreements entered into between ClearSK Medical Spa Pte. Ltd. and each of Daniel Then Chee
Tat and Shiau Ee Leng have been duly executed by the respective parties and constitute legal, valid and binding obligations of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except as otherwise disclosed in the Prospectus and based on the Letter of Confirmation, the Companies
have obtained all material governmental authorisations to own, use, lease and operate its assets in the conduct of its current business
as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Based on the Letter of Confirmation, the Companies are not in violation of any conditions or terms under
any governmental authorisation or their respective Constitutions or any Singapore law, regulation, judgment, order or decree of any government
or governmental agency, court or body having jurisdiction over the Companies or their assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except otherwise disclosed in the Prospectus, based on the Searches and the Letter of Confirmation, there
is no legal, arbitration or governmental proceeding in progress or pending in Singapore to which any Company or a Director thereof is
a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Insolvency Searches did not reveal any order or resolution for the winding up of any Company or any
notice of appointment of a receiver or judicial manager of any Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Under the laws of Singapore, the Companies can sue and be sued in their own names in Singapore, and based
on the Letter of Confirmation, the Companies are not entitled to any right of immunity on the grounds of sovereignty or otherwise from
any legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any court in Singapore, service of process, attachment
prior to or in aid of execution of judgment, or other legal process or proceeding for the granting of any relief or the enforcement of
any judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Based on the Letter of Confirmation, the statements in the Prospectus under the sections headed Regulations
and Enforceability of Civil Liabilities – Singapore summarily disclose all material aspects of Singapore law and regulations applicable
to the Companies' business operations to the extent that they constitute matters of Singapore laws or summaries of legal matters
under Singapore laws, are materially accurate in all respects, and not misleading.

6. QUALIFICATIONS

6.1 The
 qualifications to which this Opinion is subject are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term "enforceable" or "enforcement" or "binding" as used above means
that the obligations assumed or to be assumed by the Companies under any agreement, deed or other instrument are of a type and form which
the Singapore Courts enforce. It does not mean that those obligations will necessarily be enforced in all circumstances in accordance
with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enforcement may be limited by bankruptcy, insolvency, liquidation, lapse of time, reorganisation and other
laws of general application relating to or affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enforcement may be limited by general principles of equity — for example, equitable remedies may
not be available where damages are considered to be an adequate remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) claims may become barred under the Limitation Act 1959 of Singapore or may be or become subject to the
defences of set-off, counterclaim or limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where obligations are to be performed in a jurisdiction outside Singapore, they may not be enforceable
in Singapore to the extent that performance would be illegal or contrary to public policy under the laws of Singapore and/or that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the courts of Singapore may not enforce the tax laws of another jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) enforcement may be limited by the provisions of the laws of Singapore applicable to agreements held to
have been frustrated by events happening after their execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) enforcement is subject to the general common law doctrine of estoppel in relation to the representations,
acts or omissions of any party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) enforcement may be subject to the availability of defences such as, without limitation, fraud, misrepresentation,
unforeseen circumstances, undue influence, duress, mistake, negligence, misconduct and counterclaims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent that any provision of the documents is adjudicated to be penal in nature, it will not be
enforceable in the courts of Singapore; in particular, the enforceability of any provision of the documents that is adjudicated to constitute
a secondary obligation which imposes a detriment on the contract- breaker out of all proportion to any legitimate interest of the innocent
party in the enforcement of the primary obligation may be limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a court will not necessarily award costs in litigation in accordance with contractual provisions in this
regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any opinion qualified by the expression "to our knowledge" or any similar expression shall refer
to actual knowledge only, and does not include any imputed or constructive knowledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the phrase "good standing" is not a term of art under Singapore law and has no special meaning
in the context of Singapore law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforcement of the obligations of the Companies under any agreement, deed or other instrument may be affected
by prescription or lapse of time, bankruptcy, insolvency, liquidation, reorganisation, reconstruction or similar laws generally affecting
creditors' rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) foreign judgments may be directly enforced in Singapore only pursuant to the Reciprocal Enforcement of
Commonwealth Judgments Act 1921 of Singapore or the Reciprocal Enforcement of Foreign Judgments Act 1959 of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Courts may refuse to recognise or enforce foreign judgements where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the foreign judgment was obtained by fraud in connection with a matter of procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the defendant was not notified in time to defend the proceedings against him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) recognition would be incompatible with Singapore public policy including our principles of procedural fairness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the exclusive choice of court agreement is null and void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) one of the parties lacked the capacity to enter into the exclusive choice of court agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the foreign judgement is inconsistent with a Singapore judgement in a dispute between the same parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) rights under any agreement, deed or other instrument may be held to have been suspended, impaired or waived
by representations, conduct and delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a certificate, determination, notification or opinion of any party as to any matter provided for in any
agreement, deed or other instrument might be held by the Singapore Courts not to be final, conclusive and binding (for example, if it
could be shown to have an unreasonable or arbitrary basis or in the event of manifest error), notwithstanding any provision in any document
to the contrary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certain disclaimers of or limitations on liability may not be enforceable to the extent that the Unfair
Contract Terms Act 1977 is applicable and such disclaimers/limitations are in contravention of the said act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) opinions on the likelihood, prospect, chance or probability of any matter occurring and/or any action
being taken or withheld are given based on our assessment of the relevant factors and circumstances then existing and known to us, and
do not constitute any representation or guarantee that such matter will or will not occur or that such action will or will not be taken
or withheld. Where any party or authority possesses any right to prosecute and/or take action against any other party, the exercise of
such right is subject to their sole and absolute discretion. In connection therewith, the relevant party/authority may or may not give
regard to any factors or circumstances which we have considered in connection with any opinion given herein, and we do not represent that
such factors or circumstances are relevant to, or are the only factors or circumstances which, such party/authority may take into consideration.
In addition, we do not represent that such factors or circumstances which we have considered in this Opinion will be considered by the
Singapore Courts to be relevant in arriving in its decision on liability or the quantum of fine or penalty to be imposed should the relevant
party/authority decide to exercise its right to prosecute and/or take action against the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in respect of any representation, response, comment or statement (written, verbal or otherwise) made by
any officer or employee of any governmental or regulatory authority given in connection with any query or discussion regarding matters
within the jurisdiction of such authority, such officer, employee or agent, as the case may be, has the authority, expertise and capacity
to make such representation, response,comment or statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the power of the Singapore Courts to grant equitable remedies such as injunction and specific performance
is discretionary and, accordingly, a court in Singapore may make an award of damages where an equitable remedy is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) where, under any agreement, deed or other instrument, any person is vested with a discretion or may determine
a matter in its opinion, the laws of Singapore may require that such discretion is exercised reasonably or that such opinion is based
upon reasonable grounds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the rate of interest recoverable after judgment in the Singapore Courts is limited to such rate fixed
by the Chief Justice or such lower rate as directed by the Singapore Courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) if it is necessary to initiate legal proceedings in Singapore by serving a writ outside the jurisdiction,
the leave of the court (as to which court has discretion) would have to be obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a party to a contract may be able to avoid its obligations under that contract (and may have other remedies)
where it has been induced to enter into that contract by a misrepresentation and the courts of Singapore will generally not enforce an
obligation if there has been fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) terms providing for the right of assignment of rights or obligations may require further documents or
additional steps by one or more parties to perfect or implement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) any provision in any agreement, deed or other instrument which purports to excuse or protect any party
against its own negligence or misconduct or which purports to apply notwithstanding the negligence or misconduct of any party, or excusing
a party from a liability or duty otherwise owed, may be limited by law or may not be given effect by the courts of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Singapore Courts may not, depending on the facts of the case, give effect to a conclusive evidence
clause, particularly in situations where there is fraud, an unlawful provision or manifest error. It has been held that there is a generally
rebuttable presumption in commercial documents that a party has not agreed to confer on the opposing party an exclusive right to determine
conclusively all matters pertaining to an adversarial claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) whilst the Singapore Courts have the power to give judgment in a currency other than Singapore dollars
if, subject to the terms of the contract, it is the currency which most truly expresses the plaintiff's loss, it has the discretion to
decline to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) we give no opinion on taxation matters and in particular give no opinion on the tax position of any person
or tax consequences of any of the transactions contemplated by the offering document or any offering documents issued in connection with
the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) under the laws of Singapore, trustees are required to comply with duties of care imposed at law and under
the Trustees Act 1967 of Singapore. Accordingly, the rights and duties of the trustees, including the limitations to their liabilities,
as set out in any documents, would be subject to compliance with such applicable laws, to the extent that the trustees' duties are carried
out in Singapore or to the extent that trust assets are held in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) we express no opinion as to any financial, business, industry, statistical, accounting, audit or technological
matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the extent that any matter is expressly to be determined by future agreement or negotiation, the relevant
provision may be unenforceable or void for uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) save as expressly set out in paragraph 5 of this Opinion, we express no opinion as to whether the offering
document or any offering documents issued in connection with the IPO breach any agreement or instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the Singapore Courts may stay proceedings if concurrent proceedings are brought elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) where obligations are to be performed in a jurisdiction outside
Singapore, they may not be enforceable in Singapore to the extent that performance would be illegal or contrary to public policy under
the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) provisions in any agreement, deed or other instrument as to
severability may not be binding under the laws of Singapore and the question of whether or not provisions which are illegal, invalid
or unenforceable may be severed from other provisions in order to save such other provisions depends on the nature of the illegality,
invalidity or unenforceability in question and would be determined by the Singapore Courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) the Singapore Courts may refuse to give effect to any clause
any agreement, deed or other instrument in respect of the costs of litigation brought before a court in Singapore, or where the court
has itself made an order for costs although the court would normally do so where successful litigation is brought and there are no good
reasons to depart from such clauses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the Singapore Courts are bound to follow judicial precedents
laid down by superior courts of Singapore. However, the Supreme Court, which is the highest court in Singapore, has power to depart from
such precedents where adherence will cause injustice in a particular case or constrain the development of the law in conformity with
the circumstances of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) this Opinion relates only to the laws of Singapore as at the
date hereof and as currently applied by the courts in Singapore, and is given on the basis that it will be governed by and construed
in accordance with the laws of Singapore. We have made no investigation of, and do not express or imply any views on, the laws of any
country other than Singapore. With respect to matters of fact material to this Opinion, we have relied on the statements of the responsible
officers of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) we have relied on, and take no responsibility for, the truthfulness,
accuracy and completeness of all information (whether written or oral) provided or statements made by the directors, officers, employees
and representatives of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) we have not concerned ourselves with confirming any representations
or warranties of the Companies, and we have not been responsible for investigating or verifying the correctness of any such facts or
statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) the limitations inherent in the independent verification of
factual matters and the character of determinations involved in the preparation of disclosure documents are such that we cannot and do
not assume responsibility for the accuracy, completeness or fairness of the statements contained in the offering document or any offering
documents issued in connection with the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where Searches are conducted by us, we have conducted them on
computerised search facilities provided by ACRA, CrimsonLogic Pte. Ltd., INLIS, the Integrated Land Information Service and IPOS, the
Intellectual Property Office of Singapore (collectively the "**Service Providers**") **.** The Searches provide general
information on Singapore-incorporated companies and parties to legal proceedings. However, the information that we have obtained from
the Service Providers may not be complete or up-to-date and may in fact contain errors or omissions because the requisite notices or
resolutions may either not have been filed or having been filed with the Service Providers, have not been processed by the Service Providers,
and will thus not appear on public record at the date on which the information was obtained, or errors and omissions may have occurred
when data is processed by the Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) the Searches are not conclusively capable of revealing whether
or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there are any pending, threatened, contingent or potential legal, administrative, regulatory, or governmental
proceedings, inquiries or investigations to which any Company is a party, as the database for court searches only contains data filed
through the electronic filing system of the Supreme and State Courts from 2003 and will thus only reveal legal proceedings that have been
commenced in the Supreme and State Courts of Singapore from 2003 onwards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there are any pending, threatened, contingent or potential legal, administrative, regulatory, or governmental
proceedings, inquiries or investigations to which any of the properties or assets of the Companies are subject, as the Searches can only
be conducted on the name of the parties and not the subject matter of the dispute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Company is involved in any scheme of arrangement, reorganisation or workout;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a winding-up order has been made or a resolution passed for the winding up of a Company, or a scheme of
arrangement order has been made or a receiver, administer, judicial manager or liquidator has been appointed, as notice of these matters
may not be filed with ACRA immediately and when filed, may not appear on the public records of the Companies immediately. In addition,
the Searches are not capable of revealing, prior to the making of the relevant order, whether or not a winding-up petition, application
for judicial management or a petition for a scheme of arrangement order has been presented; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there are any intellectual property rights which a Company owns, uses, enjoys, exploits or holds for use,
as only certain types of intellectual property rights are registrable under Singapore law, such Company may not have registered all of
its registrable intellectual property rights and the Searches will only reveal designs, patents and trade marks registered in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) it should be noted that the ACRA Searches only reveals the legal
ownership of the shares of the Companies but is not required to record the beneficial ownership of such shares or any trust affecting
them nor the existence of any mortgage, charge, pledge, lien or other encumbrance or adverse interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) this Opinion is given on the basis that there will be no amendment
to or termination or replacement of the Reviewed Documents, or the offering document or any offering documents issued in connection with
the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) save as expressly set out in paragraph 5 above, we express no
opinion on whether the Companies are in breach of any legislation, rules, regulations, approvals, authorisations, agreement or instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) except as may be provided for under Contracts (Rights of Third
Parties) Act 2001 of Singapore, a person who is not a contracting party to an agreement or is not entitled to the benefits of the agreement
may not enforce the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Singapore legal concepts are expressed in English terms. However,
the concepts concerned may not be identical to the concepts described by the same English terms as they exist in the laws of other jurisdictions,
this opinion may, therefore, only be relied upon on the express condition that any issues of the interpretation or liability arising
hereunder will be governed by Singapore law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) we express no opinion (i) on public international law or on
the rules of or promulgated under any treaty or by any treaty organisation, or on any taxation laws of any jurisdiction, (ii) that the
future or continued performance of a party's obligations or the consummation of the transactions contemplated by the offering document
or any offering documents issued in connection with the IPO will not contravene Singapore law, its application or interpretation if altered
in the future, and (iii) the effect of any systems of law (other than Singapore law) even in cases where, under Singapore law, any foreign
law should be applied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) if a person for whose benefit our Opinion is given is actually
aware of or believes there to be a false or misleading statement in the offering document or any offering documents issued in connection
with the IPO or in this Opinion, that person may not rely on this Opinion in relation to that statement or omission and should seek our
advice on the specific matter concerned.

6.2 The opinions provided in this Opinion insofar as they relate to matters of fact (as distinct from matters
of Singapore law) are provided in relation to the actual knowledge of those lawyers directly engaged in this transaction and which they
have acquired in acting for the Client.

6.3 If a person for whose benefit this Opinion is given is actually aware of or believes there to be a false
or misleading statement in the offering document or any offering documents issued in connection with the IPO or an omission from such
document of the information required to be disclosed by any relevant laws and regulations, that person may not rely on this Opinion in
relation to that statement or omission and should seek legal advice on the specific matter concerned.

**7.** **BENEFIT OF OPINION** 

7.1 This Opinion is rendered by us solely for the benefit of the addressee of this Opinion. This Opinion is
strictly limited to the matters stated herein and is not to be read as extending by implication to any other matter. Further, this Opinion
is not to be circulated to, or relied upon by, any other person or disclosed to any other person quoted or referred to in any public document
or filed with any governmental body or agency without our prior written consent provided however, that you may release a copy of this
Opinion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the extent required by any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any government or competent regulatory authority having jurisdiction over you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person to whom disclosure is required in connection with any actual or potential dispute, claim or
legal proceedings to which you are a party in relation to the offering document or any offering documents issued in connection with the
IPO; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the affiliates of any addressee and the officers, employees, auditors and professional advisers of any
addressee or its affiliates,

provided that no such party to whom this Opinion is disclosed may rely on this Opinion without our prior written consent, in each case, for the purposes of information only on the strict understanding that Bird & Bird ATMD LLP assumes no duty or liability whatsoever to any such recipient as a result or otherwise.

7.2 This Opinion is stated as of its date and we do not undertake any obligation to take into account any
change in law or circumstances after the date of this Opinion. This Opinion is also given on the basis that we undertake no responsibility
to notify any addressee of this Opinion of any change in the laws of Singapore after the date of this Opinion.

7.3 This Opinion is given on the basis that Bird & Bird ATMD LLP alone, and none of Bird & Bird ATMD
LLP's affiliated or associated businesses as described on its website and none of the members, partners, directors, employees or
consultants of Bird & Bird ATMD LLP or any of those affiliated or associated businesses, hereby incurs potential liability to you
in relation to the matters set out in this Opinion.

Yours faithfully

---

| |
|:---|
| ![](ex8-2_022.jpg) |
| **Marcus Chow** |
| Partner |
| **Bird & Bird ATMD LLP** |

---

E-mail: marcus.chow@twobirds.com

Direct Dial: +65 64289425

**Appendix A**

**List of Documents Provided and Reviewed**

**Appendix A**

**List of Documents Provided and Reviewed**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**BioGenisk Pte. Ltd.** | &nbsp;&nbsp;**BioGenisk Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 14 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificate no. 1 to 3 |
| 5. | &nbsp;&nbsp;First directors' resolution in writing dated 20 January 2025 |
| 6. | &nbsp;&nbsp;ACRA (Register new business entity) dated 20 January 2025 |
| 7. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 17 October 2025 |
| 8. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng and Then Chee Tat) dated 10 October 2025 |
| 9. | &nbsp;&nbsp;Certificate of Stamp Duty dated 17 October 2025 |
| 10. | &nbsp;&nbsp;ACRA (Update Shares Information) dated 10 October 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Biomed Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Biomed Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificate no. 1 to 7 |
| 5. | &nbsp;&nbsp;Minutes of the First Directors' Meeting dated 16 April 2016 |
| 6. | &nbsp;&nbsp;Directors' resolution (Alter share capital and allotment of shares) dated 30 December 2016 |
| 7. | &nbsp;&nbsp;Notice of Extraordinary General Meeting ("**EGM**") (Alter share capital and allotment of shares) dated 30 December 2016 |
| 8. | &nbsp;&nbsp;Minutes of EGM (Alter share capital and allotment of shares) dated 30 December 2016 |
| 9. | &nbsp;&nbsp; Consent to Short Notice (Alter share capital and allotment of shares) dated 30 December 2016 |
| 10. | &nbsp;&nbsp;ACRA (Notice by Local Company of Alteration in Share Capital under S71) dated 12 January 2017 |
| 11. | &nbsp;&nbsp;ACRA (Incorporation of a Local Company) dated 16 April 2016 |
| 12. | &nbsp;&nbsp;Shareholders' resolution (Allotment of shares) dated 30 December 2016 |
| 13. | &nbsp;&nbsp;ACRA (Return of Allotment of Shares) dated 12 January 2017 |
| 14. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 3 January 2020 |
| 15. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 7 June 2016 |
| 16. | &nbsp;&nbsp;Share Transfer Form dated 7 June 2016 |
| 17. | &nbsp;&nbsp;Certificate of Stamp Duty dated 20 June 2016 |
| 18. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 14 June 2016 |
| 19. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 31 December 2019 |
| 20. | &nbsp;&nbsp;Share Transfer Form dated 31 December 2019 |
| 21. | &nbsp;&nbsp;Certificate of Stamp Duty dated 13 January 2020 |
| 22. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 3 January 2020 |
| 23. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 17 October 2025 |
| 24. | &nbsp;&nbsp;Share Transfer Form dated 9 October 2025 |
| 25. | &nbsp;&nbsp;Certificate of Stamp Duty dated 17 October 2025 |
| 26. | &nbsp;&nbsp;ACRA (Update Shares Information) dated 10 October 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CSKC Pte. Ltd.** | &nbsp;&nbsp;**CSKC Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 5 |
| 5. | &nbsp;&nbsp;First directors' resolution dated 22 September 2016 |
| 6. | &nbsp;&nbsp;Minutes of EGM dated 19 October 2016 |
| 7. | &nbsp;&nbsp;ACRA (Incorporation of a Local Company) dated 22 September 2016 |

---

8. ACRA (Return of Allotment of Shares) dated 19 October 2016

9. Notice of EGM dated 19 October 2016

10. Consent to Short Notice dated 19 October 2016

11. Directors' resolution (Issuance of Shares) dated 19 October 2016

12. Directors' resolution (Transfer of shares) dated 17 October 2025

13. Share Transfer Form dated 9 October 2025

14. Certificate of Stamp Duty dated 17 October 2025

15. ACRA (Update Shares Information) dated 10 October 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CSKC Medispa Pte. Ltd.** | &nbsp;&nbsp;**CSKC Medispa Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 15 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificate no. 1 |
| 5. | &nbsp;&nbsp;First directors' resolution dated 26 November 2021 |
| 6. | &nbsp;&nbsp;Shareholders' resolution dated 26 November 2021 |
| 7. | &nbsp;&nbsp;ACRA (Incorporation of a Local Company) dated 26 November 2021 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Centre Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Centre Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 11 |
| 5. | &nbsp;&nbsp;Minutes of the First Directors' Meeting dated 16 February 2009 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of a Private Company) dated 16 February 2009 |
| 7. | &nbsp;&nbsp;Directors' resolution (Allotment of shares) dated 18 October 2021 |
| 8. | &nbsp;&nbsp;Shareholders' resolution (Allotment of shares) dated 18 October 2021 |
| 9. | &nbsp;&nbsp;ACRA (Return of Allotment) dated 21 October 2021 |
| 10. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 3 June 2010 |
| 11. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 3 June 2010 |
| 12. | &nbsp;&nbsp;Share Transfer Form dated 3 June 2010 |
| 13. | &nbsp;&nbsp;Certificate of Stamp Duty dated 4 June 2010 |
| 14. | &nbsp;&nbsp;ACRA (Notice by Local Company of Transfer of Shares/Change in Particulars of Shareholders) dated 3 June 2010 |
| 15. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 22 August 2012 |
| 16. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 22 August 2012 |
| 17. | &nbsp;&nbsp;Share Transfer Form dated 22 August 2012 |
| 18. | &nbsp;&nbsp;Certificate of Stamp Duty dated 22 August 2012 |
| 19. | &nbsp;&nbsp;ACRA (Notice by Local Company of Transfer of Shares/Change in Particulars of Shareholders) dated 22 August 2012 |
| 20. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 29 January 2014 |
| 21. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 19 January 2014 |
| 22. | &nbsp;&nbsp;Share Transfer Form dated 29 January 2014 |
| 23. | &nbsp;&nbsp;Certificate of Stamp Duty dated 4 February 2014 |
| 24. | &nbsp;&nbsp;ACRA (Notice by Local Company of Transfer of Shares/Change in Particulars of Shareholders) dated 29 January 2014 |
| 25. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 1 January 2015 |
| 26. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2015 |
| 27. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2015 |
| 28. | &nbsp;&nbsp;Share Transfer Form (Then Chee Tat) dated 1 January 2015 |
| 29. | &nbsp;&nbsp;Certificate of Stamp Duty dated 21 December 2015 |
| 30. | &nbsp;&nbsp;ACRA (Notice by Local Company of Transfer of Shares/Change in Particulars of Shareholders) dated 18 December 2015 |
| 31. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 1 January 2016 |
| 32. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2016 |
| 33. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2016 |

---

34. Share Transfer Form (Then Chee Tat) dated 1 January 2016

35. Certificate of Stamp Duty dated 24 August 2016

36. ACRA (Transfer of Shares/Update List of Members) dated 23 August 2016

37. Directors' resolution (Transfer of shares) dated 17 October 2025

38. Share Transfer Form dated 9 October 2025

39. Certificate of Stamp Duty dated 17 October 2025

40. ACRA (Update Shares Information) dated 10 October 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Medi-Wellness Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Medi-Wellness Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 6 |
| 5. | &nbsp;&nbsp;Directors' resolution (Allotment of shares) dated 5 July 2017 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of Local Company) dated 5 July 2017 |
| 7. | &nbsp;&nbsp;Directors' resolution (Allotment of shares) dated 14 August 2017 |
| 8. | &nbsp;&nbsp;Notice of EGM dated 13 August 2017 |
| 9. | &nbsp;&nbsp;Consent to Short Notice dated 13 August 2017 |
| 10. | &nbsp;&nbsp;Minutes of EGM dated 14 August 2017 |
| 11. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 31 December 2019 |
| 12. | &nbsp;&nbsp;Share Transfer Form dated 31 December 2019 |
| 13. | &nbsp;&nbsp;Stamp Duty Certificate dated 9 March 2020 |
| 14. | &nbsp;&nbsp;ACRA Transfer of Shares/Update List of Members dated 9 March 2020 |
| 15. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 17 October 2025 |
| 16. | &nbsp;&nbsp;Share Transfer Form dated 9 October 2025 |
| 17. | &nbsp;&nbsp;Certificate of Stamp Duty dated 17 October 2025 |
| 18. | &nbsp;&nbsp;ACRA (Update Shares Information) dated 10 October 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Medi-Aesthetics (TP Central) Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Medi-Aesthetics (TP Central) Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 11 |
| 5. | &nbsp;&nbsp;Minutes of First Directors' meeting dated 25 April 2012 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of a Private Company) dated 25 April 2012 |
| 7. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 11 September 2012 |
| 8. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 11 September 2012 |
| 9. | &nbsp;&nbsp; ACRA (Notice by Local Company of Transfer of Shares/Change in Particulars of Shareholders) dated 11 September 2012 |
| 10. | &nbsp;&nbsp;Share Transfer Form dated 11 September 2012 |
| 11. | &nbsp;&nbsp;Certificate of Stamp Duty dated 13 September 2012 |
| 12. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 29 January 2014 |
| 13. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 29 January 2014 |
| 14. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 29 January 2014 |
| 15. | &nbsp;&nbsp;Share Transfer Form (SGP Healthcare Investments Pte. Ltd.) dated 29 January 2014 |
| 16. | &nbsp;&nbsp;Certificate of Stamp Duty dated 4 February 2014 |
| 17. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 1 January 2015 |
| 18. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2015 |
| 19. | &nbsp;&nbsp;ACRA (Notice by Local Company of Transfer of Shares/Change in Particulars of Shareholders) dated 18 December 2015 |
| 20. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2015 |
| 21. | &nbsp;&nbsp;Share Transfer Form (Then Chee Tat) dated 1 January 2015 |
| 22. | &nbsp;&nbsp;Certificate of Stamp Duty 21 December 2015 |
| 23. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 1 January 2016 |
| 24. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2016 |
| 25. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 23 August 2016 |

---

26. Share Transfer Form dated (Shiau Ee Leng) 1 January 2016

27. Share Transfer Form dated (Then Chee Tat) 1 January 2016

28. Certificate of Stamp Duty dated 24 August 2016

29. Directors' resolution (Transfer of shares) dated 30 November 2023

30. ACRA (Transfer of Shares/Update List of Members) dated 4 January 2024

31. Share Transfer Form dated 30 November 2023

32. Certificate of Stamp Duty dated 4 January 2024

33. Directors' resolution (Transfer of shares) dated 17 October 2025

34. Share Transfer Form dated 9 October 2025

35. Certificate of Stamp Duty dated 17 October 2025

36. ACRA (Update Shares Information) dated 10 October 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Body Medi-Aesthetics Clinique Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Body Medi-Aesthetics Clinique Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 11 |
| 5. | &nbsp;&nbsp;First directors' resolution dated 2 February 2012 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of a Private Company) dated 2 February 2012 |
| 7. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 11 September 2012 |
| 8. | &nbsp;&nbsp;Share Transfer Form dated 11 September 2012 |
| 9. | &nbsp;&nbsp;Stamp Duty Certificate dated 13 September 2012 |
| 10. | &nbsp;&nbsp;ACRA (Transfer of Shares) dated 11 September 2012 |
| 11. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 9 January 2014 |
| 12. | &nbsp;&nbsp;Share Transfer Form dated 9 January 2014 |
| 13. | &nbsp;&nbsp;Stamp Duty Certificate dated 4 February 2014 |
| 14. | &nbsp;&nbsp;Stamp Duty Certificate dated 4 February 2014 |
| 15. | &nbsp;&nbsp;ACRA (Transfer of Shares) dated 29 January 2014 |
| 16. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 1 January 2015 |
| 17. | &nbsp;&nbsp;Share Transfer Form dated 1 January 2015 |
| 18. | &nbsp;&nbsp;Stamp Duty Certificate dated 21 December 2016 |
| 19. | &nbsp;&nbsp;Stamp Duty Certificate dated 21 December 2016 |
| 20. | &nbsp;&nbsp;ACRA (Transfer of Shares) dated 18 December 2015 |
| 21. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 1 January 2016 |
| 22. | &nbsp;&nbsp;Share Transfer Form dated 1 January 2016 |
| 23. | &nbsp;&nbsp;Stamp Duty Certificate dated 24 August 2016 |
| 24. | &nbsp;&nbsp;Stamp Duty Certificate dated 24 August 2016 |
| 25. | &nbsp;&nbsp;ACRA (Transfer of Shares) dated 1 January 2016 |
| 26. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 17 October 2025 |
| 27. | &nbsp;&nbsp;Share Transfer Form dated 9 October 2025 |
| 28. | &nbsp;&nbsp;Certificate of Stamp Duty dated 17 October 2025 |
| 29. | &nbsp;&nbsp;ACRA (Update Shares Information) dated 10 October 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Medi-Aesthetics Clinique Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Medi-Aesthetics Clinique Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 9 |
| 5. | &nbsp;&nbsp;First directors' resolution dated 23 November 2009 |
| 6. | &nbsp;&nbsp;Minutes of EGM dated 29 January 2014 |
| 7. | &nbsp;&nbsp;ACRA (Incorporation of a Private Company) dated 23 November 2009 |
| 8. | &nbsp;&nbsp;ACRA (Return of Allotment of Shares) dated 29 January 2014 |
| 9. | &nbsp;&nbsp;Directors' resolution (Issuance of Shares) 29 January 2014 |
| 10. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 21 November 2011 |
| 11. | &nbsp;&nbsp;Share Transfer Form dated 21 November 2011 |
| 12. | &nbsp;&nbsp;Stamp Duty Certificate dated 21 November 2011 |

---

13. ACRA (Transfer of Shares) dated 21 November 2011

14. Directors' resolution (Transfer of Shares) dated 29 January 2014

15. Share Transfer Form dated 29 January 2014

16. Stamp Duty Certificate dated 29 January 2014

17. ACRA (Transfer of Shares) dated 29 January 2014

18. Directors' resolution (Transfer of Shares) dated 1 January 2015

19. Share Transfer Form dated 18 December 2015

20. Stamp Duty Certificate dated 21 December 2015

21. Stamp Duty Certificate dated 21 December 2015

22. ACRA (Transfer of Shares) dated 18 December 2015

23. Directors' resolution (Transfer of Shares) dated 1 January 2016

24. Share Transfer Form (Then Chee Tat) dated 1 January 2016

25. Share Transfer Form (Shiau Ee Leng) dated 1 January 2016

26. Stamp Duty Certificate dated 24 August 2016

27. Stamp Duty Certificate dated 24 August 2016

28. ACRA (Transfer of Shares) dated 23 August 2016

29. Directors' resolution (Transfer of shares) dated 17 October 2025

30. Share Transfer Form dated 9 October 2025

31. Certificate of Stamp Duty dated 17 October 2025

32. ACRA (Update Shares Information) dated 10 October 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Medical Spa Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Medical Spa Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 11 |
| 5. | &nbsp;&nbsp;Minutes of first directors' meeting dated 16 February 2009 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of Company) dated 16 February 2009 |
| 7. | &nbsp;&nbsp;Directors' resolution (Issuance of Shares) dated 28 March 2022 |
| 8. | &nbsp;&nbsp;Shareholders' resolution (Issuance of Shares) dated 28 March 2022 |
| 9. | &nbsp;&nbsp;ACRA (Return of Allotment of Shares) dated 28 March 2022 |
| 10. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 3 June 2010 |
| 11. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 3 June 2010 |
| 12. | &nbsp;&nbsp;Share Transfer Form dated 3 June 2010 |
| 13. | &nbsp;&nbsp;Stamp Duty Certificate dated 4 June 2010 |
| 14. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 3 June 2010 |
| 15. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 22 August 2012 |
| 16. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 22 August 2012 |
| 17. | &nbsp;&nbsp;Share Transfer Form dated 22 August 2012 |
| 18. | &nbsp;&nbsp;Stamp Duty Certificate dated 22 August 2012 |
| 19. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 22 August 2012 |
| 20. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 29 January 2014 |
| 21. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 29 January 2014 |
| 22. | &nbsp;&nbsp;Share Transfer Form dated 29 January 2014 |
| 23. | &nbsp;&nbsp;Stamp Duty Certificate dated 29 January 2014 |
| 24. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 29 January 2014 |
| 25. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 1 January 2015 |
| 26. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2015 |
| 27. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2015 |
| 28. | &nbsp;&nbsp;Share Transfer Form (Then Chee Tat) dated 1 January 2015 |
| 29. | &nbsp;&nbsp;Stamp Duty Certificate dated 21 December 2015 |
| 30. | &nbsp;&nbsp;ACRA (Transfer of Shares/Update List of Members) dated 18 December 2015 |
| 31. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 1 January 2016 |
| 32. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2016 |
| 33. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2016 |
| 34. | &nbsp;&nbsp;Share Transfer Form Then Chee Tat) dated 1 January 2016 |
| 35. | &nbsp;&nbsp;Stamp Duty Certificate dated 24 August 2016 |

---

36. ACRA (Transfer of Shares/Update List of Members) dated 23 August 2016

37. Directors' resolution (Transfer of shares) dated 17 October 2025

38. Share Transfer Form dated 9 October 2025

39. Certificate of Stamp Duty dated 17 October 2025

40. ACRA (Update Shares Information) dated 10 October 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Orchard Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Orchard Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 9 |
| 5. | &nbsp;&nbsp;Minutes of first directors' meeting dated 12 February 2010 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of Company) dated 11 February 2010 |
| 7. | &nbsp;&nbsp;Directors' resolution (Issuance of Shares) dated 2 October 2013 |
| 8. | &nbsp;&nbsp;Minutes of EGM dated 2 October 2013 |
| 9. | &nbsp;&nbsp;ACRA (Return of Allotment of Shares) dated 2 October 2013 |
| 10. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 24 May 2011 |
| 11. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 24 May 2011 |
| 12. | &nbsp;&nbsp;Share Transfer Form dated 26 May 2011 |
| 13. | &nbsp;&nbsp;Stamp Duty Certificate dated 1 June 2011 |
| 14. | &nbsp;&nbsp;ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 26 May 2011 |
| 15. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 29 January 2014 |
| 16. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 29 January 2014 |
| 17. | &nbsp;&nbsp;Share Transfer Form dated 29 January 2014 |
| 18. | &nbsp;&nbsp;Stamp Duty Certificate dated 4 February 2014 |
| 19. | &nbsp;&nbsp;ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 29 January 2014 |
| 20. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 1 January 2015 |
| 21. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2015 |
| 22. | &nbsp;&nbsp;Share Transfer Form (Then Chee Tat) dated 1 January 2015 |
| 23. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2015 |
| 24. | &nbsp;&nbsp;Stamp Duty Certificate dated 21 December 2015 |
| 25. | &nbsp;&nbsp;ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 18 December 2015 |
| 26. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 1 January 2016 |
| 27. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 1 January 2016 |
| 28. | &nbsp;&nbsp;Share Transfer Form (Then Chee Tat) dated 1 January 2016 |
| 29. | &nbsp;&nbsp;Share Transfer Form (Shiau Ee Leng) dated 1 January 2016 |
| 30. | &nbsp;&nbsp;Stamp Duty Certificate dated 24 August 2016 |
| 31. | &nbsp;&nbsp;ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 23 August 2016 |
| 32. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 17 October 2025 |
| 33. | &nbsp;&nbsp;Share Transfer Form dated 9 October 2025 |
| 34. | &nbsp;&nbsp;Certificate of Stamp Duty dated 17 October 2025 |
| 35. | &nbsp;&nbsp;ACRA (Update Shares Information) dated 10 October 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ClearSK Medi-Aesthetics (Westgate) Pte. Ltd.** | &nbsp;&nbsp;**ClearSK Medi-Aesthetics (Westgate) Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 10 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;Share certificates no. 1 to 10 |
| 5. | &nbsp;&nbsp;Minutes of first directors' meeting dated 25 April 2012 |
| 6. | &nbsp;&nbsp;ACRA (Incorporation of Company) dated 25 April 2012 |
| 7. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 12 September 2012 |
| 8. | &nbsp;&nbsp;Shareholders' resolution (Transfer of shares) dated 12 September 2012 |
| 9. | &nbsp;&nbsp;Share Transfer Form dated 12 September 2012 |
| 10. | &nbsp;&nbsp;Stamp Duty Certificate dated 13 September 2012 |
| 11. | &nbsp;&nbsp;ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 12 September 2012 |
| 12. | &nbsp;&nbsp;Directors' resolution (Transfer of Shares) dated 29 January 2014 |

---

13. Shareholders' resolution (Transfer of shares) dated 29 January 2014

14. Share Transfer Form (SGP Healthcare Investments Pte. Ltd.) dated 29 January 2014

15. Share Transfer Form (Shiau Ee Leng) dated 29 January 2014

16. Stamp Duty Certificate dated 29 January 2014

17. ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 29 January 2014

18. Directors' resolution (Transfer of Shares) dated 1 January 2015

19. Shareholders' resolution (Transfer of shares) dated 1 January 2015

20. Share Transfer Form (Shiau Ee Leng) dated 1 January 2015

21. Share Transfer Form (Then Chee Tat) dated 1 January 2015

22. Stamp Duty Certificate dated 21 December 2015

23. ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 18 December 2015

24. Directors' resolution (Transfer of Shares) dated 1 January 2016

25. Shareholders' resolution (Transfer of shares) dated 1 January 2016

26. Share Transfer Form (Then Chee Tat) dated 1 January 2016

27. Share Transfer Form (Shiau Ee Leng) dated 1 January 2016

28. Stamp Duty Certificate dated 24 August 2016

29. ACRA (Notice of Transfer/Change in Particulars of Shareholders) dated 23 August 2016

30. Directors' resolution (Transfer of shares) dated 17 October 2025

31. Share Transfer Form dated 9 October 2025

32. Certificate of Stamp Duty dated 17 October 2025

33. ACRA (Update Shares Information) dated 10 October 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shari Wellness Pte. Ltd.** | &nbsp;&nbsp;**Shari Wellness Pte. Ltd.** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp;ACRA Business Profile dated 22 October 2025 |
| 2. | &nbsp;&nbsp;ACRA Electronic Register of Members dated 13 October 2025 |
| 3. | &nbsp;&nbsp;Constitution |
| 4. | &nbsp;&nbsp;First director's resolution dated 22 August 2013 |
| 5. | &nbsp;&nbsp;Shareholders' resolution dated 22 August 2013 |
| 6. | &nbsp;&nbsp;Share certificates no. 3 to 4 |
| 7. | &nbsp;&nbsp;Directors' resolution (Transfer of shares) dated 17 October 2025 |
| 8. | &nbsp;&nbsp;Share Transfer Form dated 10 October 2025 |
| 9. | &nbsp;&nbsp;Certificate of Stamp Duty dated 17 October 2025 |
| 10. | &nbsp;&nbsp;ACRA (Update Shares Information) dated 13 October 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Others** | &nbsp;&nbsp;**Others** |
| S/N | &nbsp;&nbsp;Document Name |
| 1. | &nbsp;&nbsp; Employment agreement between ClearSK Medical Spa Pte. Ltd. and Shiau Ee Leng dated 1 January 2016 |
| 2. | &nbsp;&nbsp;Employment agreement between ClearSK Medical Spa Pte. Ltd. and Then Chee Tat dated 1 January 2016 |

---

**Appendix B**

**Letter of Confirmation** 

**Appendix C**

**Searches**

**Appendix D**

**Details of the Companies**

**<u>BioGenisk Pte. Ltd.</u>**

---

| | |
|:---|:---|
| Company Registration Number | 202504016K |
| Company Type | Private Company Limited by Shares |
| Date of Incorporation | 20 January 2025 |
| Jurisdiction of Incorporation | Singapore |
| Issued Share Capital of the Company | S$2 comprising 2 ordinary shares |
| Paid-up Share Capital of the Company | S$2 comprising 2 ordinary shares |
| Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| Directors / Date of Appointment | &nbsp;&nbsp;&nbsp;1. Then Chee Tat / 20 January 2025 |
|  | &nbsp;&nbsp;&nbsp;2. Shiau Ee Leng / 20 January 2025 |
| Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| Auditors | None sighted. |
| Registered Shareholder(s) of the Company | BioEsthetics Group Limited (2 ordinary shares) |

---

**<u>ClearSK Biomed Pte. Ltd.</u>**

---

| | |
|:---|:---|
| Company Registration Number | 201610126H |
| Company Type | Private Company Limited by Shares |
| Date of Incorporation | 16 April 2016 |
| Jurisdiction of Incorporation | Singapore |
| Issued Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| Paid-up Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| Directors / Date of Appointment | Then Chee Tat / 7 June 2016 |
| Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| Auditors | None sighted. |
| Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (100,000 ordinary shares) |

---

**<u>CSKC Pte. Ltd.</u>**

---

| | |
|:---|:---|
| Company Registration Number | 201625889Z |
| Company Type | Private Company Limited by Shares |
| Date of Incorporation | 22 September 2016 |
| Jurisdiction of Incorporation | Singapore |
| Issued Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| Paid-up Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| Directors / Date of Appointment | &nbsp;&nbsp;&nbsp;1. Then Chee Tat / 22 September 2016 |
|  | &nbsp;&nbsp;&nbsp;2. Chen Yiming / 22 September 2016 |
| Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| Auditors | None sighted. |
| Registered Shareholder(s) of the Company | &nbsp;&nbsp;&nbsp;1. BioGenisk Pte. Ltd. (55,000 ordinary shares) |
|  | &nbsp;&nbsp;&nbsp;2. Chen Yiming (45,000 ordinary shares) |

---

**<u>CSKC Medispa Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 202141122D |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 26 November 2021 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | &nbsp;&nbsp;&nbsp;1. Then Chee Tat / 26 November 2021 |
|  | &nbsp;&nbsp;&nbsp;2. Chen Yiming / 26 November 2021 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | CSKC Pte. Ltd. (100 ordinary shares) |

---

**<u>ClearSK Centre Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 200902751Z |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 16 February 2009 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$700,100 comprising 700,100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$700,100 comprising 700,100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | &nbsp;&nbsp;&nbsp;1. Then Chee Tat / 4 September 2020 |
|  | &nbsp;&nbsp;&nbsp;2. Shiau Ee Leng / 16 February 2009 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (700,100 ordinary shares) |

---

**<u>ClearSK Medi-Wellness Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 201718761G |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 5 July 2017 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$51,000 comprising 51,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$51,000 comprising 51,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | Then Chee Tat / 5 July 2017 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (51,000 ordinary shares) |

---

**<u>ClearSK Medi-Aesthetics (TP Central) Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 201210222E |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 25 April 2012 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | Then Chee Tat / 25 April 2012 |
| &nbsp;&nbsp;&nbsp;Secretary | Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (100 ordinary shares) |

---

**<u>ClearSK Body Medi-Aesthetics Clinique Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 201202474N |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 2 February 2012 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | Then Chee Tat / 2 February 2012 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (100 ordinary shares) |

---

**<u>ClearSK Medi-Aesthetics Clinique Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 200921897K |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 23 November 2009 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$150,000 comprising 150,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$150,000 comprising 150,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | Then Chee Tat / 23 November 2009 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (150,000 ordinary shares) |

---

**<u>ClearSK Medical Spa Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 200902745K |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 16 February 2009 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$260,000 comprising 260,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$260,000 comprising 260,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | &nbsp;&nbsp;&nbsp;1. Then Chee Tat / 4 September 2020 |
|  | &nbsp;&nbsp;&nbsp;2. Shiau Ee Leng / 16 February 2009 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (260,000 ordinary shares) |

---

**<u>ClearSK Orchard Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 201003373W |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 12 February 2010 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | &nbsp;&nbsp;&nbsp;1. Then Chee Tat / 4 September 2020 |
|  | &nbsp;&nbsp;&nbsp;2. Shiau Ee Leng / 12 February 2010 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | 2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (100,000 ordinary shares) |

---

**<u>ClearSK Medi-Aesthetics (Westgate) Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 201210211C |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 25 April 2012 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$100 comprising 100 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 10 Sinaran Drive #10-25 Square 2 Singapore 307506 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | Then Chee Tat / 25 April 2012 |
| &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;1. Liew Kam Yew |
|  | &nbsp;&nbsp;&nbsp;2. Loo Yun Haw, Jonathan |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioGenisk Pte. Ltd. (100 ordinary shares) |

---

**<u>Shari Wellness Pte. Ltd.</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Company Registration Number | 201322810M |
| &nbsp;&nbsp;&nbsp;Company Type | Private Company Limited by Shares |
| &nbsp;&nbsp;&nbsp;Date of Incorporation | 22 August 2013 |
| &nbsp;&nbsp;&nbsp;Jurisdiction of Incorporation | Singapore |
| &nbsp;&nbsp;&nbsp;Issued Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Paid-up Share Capital of the Company | S$100,000 comprising 100,000 ordinary shares |
| &nbsp;&nbsp;&nbsp;Registered Address | 6 Eu Tong Sen Street, #11-01 The Central Singapore 059817 |
| &nbsp;&nbsp;&nbsp;Directors / Date of Appointment | Wong Ming Kwong / 22 August 2013 |
| &nbsp;&nbsp;&nbsp;Secretary | Loo Yun Haw, Jonathan (Lu Yunhao) |
| &nbsp;&nbsp;&nbsp;Auditors | None sighted. |
| &nbsp;&nbsp;&nbsp;Registered Shareholder(s) of the Company | BioEsthetics Group Limited (100,000 ordinary shares) |

---

## Exhibit 10.1

**Exhibit 10.1**

DATED: [●]

REGENIQUE GROUP LIMITED

AND

[NAME]

**management service AGREEMENT**

![](ex10-1_001.jpg)

c/o Ogier Global (Cayman) Limited

89 Nexus Way

Camana Bay, Grand Cayman,

KYI-9009 Cayman Islands

THIS AGREEMENT is made on the [●] day of [MONTH] 2025

**BETWEEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **REGENIQUE GROUP LIMITED**, a company incorporated in Cayman Island (Co No: OC-415793) whose registered
office is at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009 Cayman Islands (the "**Company** "); **and** 

(2) [NAME] (Passport No: [ ● ]) of [ADDRESS] (the "**Executive** ").

**RECITALS**

WHEREAS, the Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

**AGREEMENT**

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Executive agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employment

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "**Employment**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **APPOINTMENT AND TERM** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Appointment shall deemed to have commenced on the [DATE] (the "**Effective Date** ")
and shall continue for a term of three (3) years (the "**Initial Term** ", subject to earlier termination as provided in this
agreement) but may be terminated by either party hereto giving to the other not less than six (6) months' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Upon the expiry of the Initial Term, the employment of the Executive may, at the option of the Company,
be extended for such further period on terms and conditions to be agreed between the parties. At least six (6) months before the end of
the Initial Term, the Company shall give the Executive written notice of whether it intends to exercise its option to extend the term
of the employment of the Company beyond the Initial Term and the terms on which such term is extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **POSITION AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 During the Term, the Executive shall serve as [COMPANY DESIGNATION] of the Company or in such other position or positions with a level of duties and responsibilities consistent with the foregoing with the
Company and/or its subsidiaries and affiliates as the Board of Directors of the Company (the "**Board**") may specify from
time to time and shall have the duties, responsibilities and obligations customarily assigned to individuals serving in the position or
positions in which the Executive serves hereunder and as assigned by the Board, or with the Board's authorization, from time to
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Executive agrees to devote all of his/her working time and efforts to the performance of his/her duties
for the Company and to faithfully and diligently serve the Company in accordance with the Agreement and the guidelines, policies and procedures
of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director
of the Company or any subsidiaries or affiliated entities of the Company (collectively, the "Group") and as a member of any
committees of the board of directors of any such entity, provided that the Executive is indemnified for serving in any and all such capacities
on a basis no less favourable than is currently provided to any other director of any member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **REMUNERATION AND BENEFITS** 

4.1 <u>Renumeration</u>. During the Term, The Executive shall work such hours as may be necessary or appropriate from time to time to carry out his/her responsibillties and duties properly and effectively. The Company shall pay the Executive cash remuneration of S$[ ● ] (Singapore Dollar) which includes S$[ ● ] as transport allowance per month for the performance by the Executive of his/her obligations hereunder, This is subject to annual review and adjustment by the Board or any committee designated by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the foregoing, for each full Financial Year, the Company shall pay an Annual Wage Supplement
("AWS") and an Incentive Bonus, the quantum shall be determined with reference to the Group's audited consolidated net
profit before tax for that Financial Year ("Group PBT"), and contingent upon approval by the Company and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided under Clauses 4.1, 4.2 and 4.3 the Executive shall not be entitled to any further remuneration
by way of salary, other forms of bonus payment or fees in any respect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and the Executive shall make all payments required under applicable laws in Singapore and/or
any other jurisdiction where the Executive is based or assigned. Salary shall accrue on a daily basis. The Company reserves the right
to deduct from the Executive's salary or any other sums due to the Executive any amounts required by law or regulation, including
the Executive's contributions to the Central Provident Fund or any other statutory deductions the Company is entitled or obligated
to make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Annual Leave</u>. The Executive shall be entitled to up to twenty-four (24) days of paid annual leave
per calendar year, in addition to public holidays, to be taken at reasonable times with the Directors' approval. Up to 50% of unused
leave may be carried forward to the following year, but must be used by the end of the first half of that year, unless otherwise approved
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Equity Incentives</u>. During the Term, the Executive shall be eligible to participate, at a level
comparable to similarly situated executives of the Company, in such long-term compensation arrangements as may be authorized from time
to time by the Board, including any share incentive plan the Company may adopt from time to time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Benefits</u>. During the Term, the Executive shall be entitled to participate in all of the employee
benefit plans and arrangements made available by the Company to its similarly situated executives, including, but not limited to, any
retirement plan, medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms, conditions and
overall administration of such plans and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Executive shall be responsible for the payment of his/her income tax on the said salary and all other
taxable income received or deemed received by him from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **TERMINATION** 

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Death</u>. The Employment shall terminate upon the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Disability</u>. The Employment shall terminate if the Executive has a disability, including any physical
or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of
his/her position at the Company, even with reasonable accommodation that does not impose an undue burden 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 shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Cause</u>. The Company may terminate the Executive's employment hereunder for Cause. The occurrence
of any of the following, as reasonably determined by the Company, shall be a reason for Cause, provided that, if the Company determines
that the circumstances constituting Cause are curable, then such circumstances shall not constitute Cause unless and until the Executive
has been informed by the Company of the existence of Cause and given an opportunity of ten (10) business days to cure, and such Cause
remains uncured at the end of such ten (10)-day period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) continued failure by the Executive to satisfactorily perform his/her duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) willful misconduct or gross negligence by the Executive in the performance of his/her duties hereunder,
including insubordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's conviction or entry of a guilty or nolo contendere plea of any felony or any misdemeanor
involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's commission of any act involving dishonesty that results in material financial, reputational
or other harm, monetary or otherwise, to any member of the Group, including but not limited to an act constituting misappropriation or
embezzlement of the property of any member of the Group as determined in good faith by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any material breach by the Executive of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Good Reason</u>. The Executive may terminate his/her employment hereunder for "**Good Reason** "
upon the occurrence, without the written consent of the Company, of an event constituting a material breach of this Agreement by the Company
that has not been fully cured within ten (10) business days after written notice thereof has been given by the Executive to the Company
setting forth in sufficient detail the conduct or activities the Executive believes constitute grounds for Good Reason, including but
not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure by the Company to pay to the Executive any portion of the Executive's current compensation
or to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation program of the Company,
within twenty (20) business days of the date such compensation is due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material breach by the Company of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement
shall be communicated by written notice of termination ()"**Notice of Termination**") from the terminating party to the
other party. The notice of termination shall indicate the specific provision(s) of the Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Date of Termination</u>. The "Date of Termination" shall mean (i) the date set forth in
the Notice of Termination, or (ii) if the Executive's employment is terminated by the Executive's death, the date of his/her
death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Death* \| If the Executive's employment is terminated by reason of the Executive's death,
the Company shall have no further obligations to the Executive under this Agreement and the Executive's benefits shall be determined
under the Company's retirement, insurance and other benefit and compensation plans or programs then in effect in accordance with
the terms of such plans and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *By Company without Cause or by the Executive for Good Reason* \| If the Executive's employment
is terminated by the Company other than for Cause or by the Executive for Good Reason, the Company shall (1) continue to pay and otherwise
provide to the Executive, during any notice period, all compensation, base salary and previously earned but unpaid incentive compensation,
if any, and shall continue to allow the Executive to participate in any benefit plans in accordance with the terms of such plans during
such notice period; and (2) pay to the Executive, in lieu of benefits under any severance plan or policy of the Company, any such amount
as may be agreed between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Return of Company Property</u>. The Executive agrees that following the termination of the Executive's
employment for any reason, or at any time prior to the Executive's termination upon the request of the Company, he/she shall return
all property of the Group that is then in or thereafter comes into his/her possession, including, but not limited to, any Confidential
Information (as defined below) or Intellectual Property (as defined below), or any other documents, contracts, agreements, plans, photographs,
projections, books, notes, records, electronically stored data and all copies, excerpts or summaries of the foregoing, as well as any
automobile or other materials or equipment supplied by the Group to the Executive, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Requirement for a Release</u>. Notwithstanding the foregoing, the Company's obligations to pay
or provide any benefits shall (a) cease as of the date the Executive breaches any of the provisions of Sections 6 and 8 hereof, and (b)
be conditioned on the Executive signing the Company's customary release of claims in favor of the Group and the expiration of any
revocation period provided for in such release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Confidentiality and Non-Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive acknowledges and agrees that: (i) the Executive holds a position of trust and confidence
with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and
sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers, business
partners and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or
stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current
or future research or development activities of the Company; the products and services provided or offered by the Company to customers
or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual
or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition
or disposition of products and/or services of the Company; user base personal data, programs, software and source codes, licensing information,
personnel information, advertising client information, vendor information, marketing plans and techniques, forecasts, and other trade
secrets ("Confidential Information"); and (ii) the direct and indirect disclosure of any such Confidential Information would
place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Term and at all times thereafter, the Executive shall not, directly or indirectly, whether
individually, as a director, stockholder, owner, partner, employee, consultant, principal or agent of any business, or in any other capacity,
publish or make known, disclose, furnish, reproduce, make available, or utilize any of the Confidential Information without the prior
express written approval of the Company, other than in the proper performance of the duties contemplated herein, unless and until such
Confidential Information is or shall become general public knowledge through no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Executive is required by law to disclose any Confidential Information, the Executive
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 failure to mark any Confidential Information as confidential shall not affect its status as Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Third Party Information in the Executive's Possession</u>. The Executive agrees that he/she shall
not, during the Term, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person
or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring
into the premises of Company any document or confidential or proprietary information belonging to such former employer, person or entity
unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless
from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of litigation, arising
out of or in connection with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Third Party Information in the Company's Possession</u>. The Executive 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 Executive
agrees that the Executive owes the Company and such third parties, during the Term and thereafter, a duty to hold all such confidential
or proprietary information in strict confidence and not to disclose such information to any person or firm, or otherwise use such information,
in a manner inconsistent with the limited purposes permitted by the Company's agreement with such third party.

This Clause 6 shall survive the termination of the Agreement for any reason. In the event the Executive breaches this Clause 6, the Company shall have right to seek remedies permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. CONFLICTING EMPLOYMENT

The Executive hereby agrees that, during the Term, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the Term, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. NON-COMPETITION AND NON-SOLICITATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Non-Competition</u>. In consideration of the compensation provided to the Executive by the Company
hereunder, the adequacy of which is hereby acknowledged by the parties hereto, the Executive agree that during the Term and for a period
of two (2) years following the termination of the Employment for whatever reason, the Executive shall not engage in Competition (as defined
below) with the Group. For purposes of this Agreement, "**Competition**" by the Executive shall mean the Executive's
engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer,
employee, principal, agent, stockholder, member, owner or partner of, or permitting the Executive's name to be used in connection
with the activities of, any other business or organization which competes, directly or indirectly, with the Group in the Business; provided,
however, it shall not be a violation of this Clause 8 (a) for the Executive to become the registered or beneficial owner of up to one
percent (1%) of any class of the capital stock of a publicly traded corporation in Competition with the Group, provided that the Executive
does not otherwise participate in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 For purposes of this Agreement, "**Business**" means the Regenerative Healthcare and Regenerative/Medi-Aesthetics
businesses and any other business which the Group engages in, or is preparing to become engaged in, during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Non-Solicitation; Non-Interference.</u> During the Term and for a period of two (2) years following
the termination of the Executive's employment for any reason, the Executive agrees that he/she will not, directly or indirectly,
for the Executive's benefit or for the benefit of any other person or entity, do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) solicit from any customer or business partners doing business with the Group during the Term business
of the same or of a similar nature to the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) solicit from any known potential customer of the Group business of the same or of a similar nature to
that which has been the subject of a known written or oral bid, offer or proposal by the Group, or of substantial preparation with a view
to making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit the employment or services of, or hire or engage, any person who is known to be employed or engaged
by the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise interfere with the business or accounts of the Group, including, but not limited to, with respect
to any relationship or agreement between the Group and any vendor or supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Injunctive Relief; Indemnity of Company</u>. The Executive agrees that any breach or threatened breach
of sub clauses 8.1 and 8.2 of this Clause 8 would result in irreparable injury and damage to the Company for which an award of money to
the Company would not be an adequate remedy. The Executive therefore also agrees that in the event of said breach or any reasonable threat
of breach, the Company shall be entitled to seek an immediate injunction and restraining order to prevent such breach and/or threatened
breach and/or continued breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive. The terms
of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof,
including, but not limited to, remedies available under this

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Agreement and the recovery of damages</u>. The Executive and the Company further agree that the provisions
of this Clause 8 are reasonable. The Executive 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 Executive. This Clause 9 shall survive the termination of the Agreement for any reason

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SEVERABILITY

If any provision of the Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of the Agreement are declared to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ENTIRE AGREEMENT

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment by the Company under the laws of the State of New York and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. To the maximum permitted by the governing law, any agreements entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based shall remain the same effective and operative pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. GOVERNING LAW

The Agreement shall be governed by and construed in accordance with the laws of the State of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AMENDMENT

The Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to the Agreement, which agreement is executed by both of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. WAIVER

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. NOTICES

All notices, requests, demands and other communications required or permitted under the 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 e-mail with confirmation of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. COUNTERPARTS

The 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. The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that the 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 the Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

[*The remainder of this page is intentionally left blank.*]

IN WITNESS WHEREOF this Agreement has been entered into by the parties hereto

---

| |
|:---|
| SIGNED by: |
| For and on behalf of |
| **Regenique Group Limited** |
| [NAME]) |
| [DESIGNATION]) |
| in the presence of |
| [NAME]) |
| [DESIGNATION]) |
| SIGNED by: |
| [NAME]) |
| Passport No: [●]) |
| in the presence of |
| [NAME]) |
| Passport No: [●]) |

---

[*Signature Page to Management Service Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

DATED: [●]

REGENIQUE GROUP LIMITED

AND

[●]

**BOARD DIRECTOR & management service AGREEMENT**

![](ex10-2_001.jpg)

c/o Ogier Global (Cayman) Limited

89 Nexus Way

Camana Bay, Grand Cayman,

KYI-9009 Cayman Islands

THIS AGREEMENT is made on the [●] day of [MONTH] 2025

**BETWEEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **REGENIQUE GROUP LIMITED**, a company incorporated in Cayman Island (Co No: OC-415793) whose registered
office is at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009 Cayman Islands (the "**Company** "); **and** 

(2) [NAME], (Passport No: [●]) of [ADDRESS] (the "**Executive** ").

**RECITALS**

WHEREAS, the Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

**AGREEMENT**

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Executive agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employment

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "**Employment**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **APPOINTMENT AND TERM** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company shall employ the Executive and the Executive shall serve the Company as the [BOARD
Designation] or in such other capacity as the Directors may deem advisable from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Appointment shall deemed to have commenced on the [DATE] (the "**Effective Date** ")
and shall continue for a term of three (3) years (the "**Initial Term** ", subject to earlier termination as provided in this
agreement) but may be terminated by either party hereto giving to the other not less than six (6) months' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Upon the expiry of the Initial Term, the employment of the Executive may, at the option of the Company,
be extended for such further period on terms and conditions to be agreed between the parties. At least six (6) months before the end of
the Initial Term, the Company shall give the Executive written notice of whether it intends to exercise its option to extend the term
of the employment of the Company beyond the Initial Term and the terms on which such term is extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **POSITION AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 During the Term, the Executive shall serve as [COMPANY DESIGNATION] of the Company or in such other position
or positions with a level of duties and responsibilities consistent with the foregoing with the Company and/or its subsidiaries and affiliates
as the Board of Directors of the Company (the "**Board**") may specify from time to time and shall have the duties, responsibilities
and obligations customarily assigned to individuals serving in the position or positions in which the Executive serves hereunder and as
assigned by the Board, or with the Board's authorization, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Executive agrees to devote all of his/her working time and efforts to the performance of his/her duties
for the Company and to faithfully and diligently serve the Company in accordance with the Agreement and the guidelines, policies and procedures
of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director
of the Company or any subsidiaries or affiliated entities of the Company (collectively, the "Group") and as a member of any
committees of the board of directors of any such entity, provided that the Executive is indemnified for serving in any and all such capacities
on a basis no less favourable than is currently provided to any other director of any member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **REMUNERATION AND BENEFITS** 

4.1 <u>Renumeration</u>. During the Term, The Executive shall work such hours as may be necessary or appropriate from time to time to carry out his/her responsibillties and duties properly and effectively. The Company shall pay the Executive cash remuneration of S$[ ● ] (Singapore Dollar) which includes S$[ ● ] as transport allowance per month for the performance by the Executive of his/her obligations hereunder, This is subject to annual review and adjustment by the Board or any committee designated by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the foregoing, for each full Financial Year, the Company shall pay an Annual Wage Supplement
("AWS") and an Incentive Bonus, the quantum shall be determined with reference to the Group's audited consolidated net
profit before tax for that Financial Year ("Group PBT"), and contingent upon approval by Company and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive shall also receive such director's fees, if any, as determined by the Board from time to
time at their absolute discretion and approved by the Company in general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided under Clauses 4.1, 4.2 and 4.3 the Executive shall not be entitled to any further remuneration
by way of salary, other forms of bonus payment or fees in any respect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Executive shall make all payments required under applicable laws in Singapore and/or
any other jurisdiction where the Executive is based or assigned. Salary shall accrue on a daily basis. The Company reserves the right
to deduct from the Executive's salary or any other sums due to the Executive any amounts required by law or regulation, including
the Executive's contributions to the Central Provident Fund or any other statutory deductions the Company is entitled or obligated
to make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Annual Leave</u>. The Executive shall be entitled to up to twenty-four (24) days of paid annual leave
per calendar year, in addition to public holidays, to be taken at reasonable times with the Directors' approval. Up to 50% of unused
leave may be carried forward to the following year, but must be used by the end of the first half of that year, unless otherwise approved
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Equity Incentives</u>. During the Term, the Executive shall be eligible to participate, at a level
comparable to similarly situated executives of the Company, in such long-term compensation arrangements as may be authorized from time
to time by the Board, including any share incentive plan the Company may adopt from time to time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Benefits</u>. During the Term, the Executive shall be entitled to participate in all of the employee
benefit plans and arrangements made available by the Company to its similarly situated executives, including, but not limited to, any
retirement plan, medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms, conditions and
overall administration of such plans and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Executive shall be responsible for the payment of his/her income tax on the said salary and all other
taxable income received or deemed received by him from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **TERMINATION** 

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Death</u>. The Employment shall terminate upon the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Disability</u>. The Employment shall terminate if the Executive has a disability, including any physical
or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of
his/her position at the Company, even with reasonable accommodation that does not impose an undue burden 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 shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Cause</u>. The Company may terminate the Executive's employment hereunder for Cause. The occurrence
of any of the following, as reasonably determined by the Company, shall be a reason for Cause, provided that, if the Company determines
that the circumstances constituting Cause are curable, then such circumstances shall not constitute Cause unless and until the Executive
has been informed by the Company of the existence of Cause and given an opportunity of ten (10) business days to cure, and such Cause
remains uncured at the end of such ten (10)-day period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) continued failure by the Executive to satisfactorily perform his/her duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) willful misconduct or gross negligence by the Executive in the performance of his/her duties hereunder,
including insubordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's conviction or entry of a guilty or nolo contendere plea of any felony or any misdemeanor
involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's commission of any act involving dishonesty that results in material financial, reputational
or other harm, monetary or otherwise, to any member of the Group, including but not limited to an act constituting misappropriation or
embezzlement of the property of any member of the Group as determined in good faith by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any material breach by the Executive of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Good Reason</u>. The Executive may terminate his/her employment hereunder for "**Good Reason** "
upon the occurrence, without the written consent of the Company, of an event constituting a material breach of this Agreement by the Company
that has not been fully cured within ten (10) business days after written notice thereof has been given by the Executive to the Company
setting forth in sufficient detail the conduct or activities the Executive believes constitute grounds for Good Reason, including but
not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure by the Company to pay to the Executive any portion of the Executive's current compensation
or to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation program of the Company,
within twenty (20) business days of the date such compensation is due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material breach by the Company of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement
shall be communicated by written notice of termination ()"**Notice of Termination**") from the terminating party to the
other party. The notice of termination shall indicate the specific provision(s) of the Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Date of Termination</u>. The "Date of Termination" shall mean (i) the date set forth in
the Notice of Termination, or (ii) if the Executive's employment is terminated by the Executive's death, the date of his/her
death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Death* \| If the Executive's employment is terminated by reason of the Executive's death,
the Company shall have no further obligations to the Executive under this Agreement and the Executive's benefits shall be determined
under the Company's retirement, insurance and other benefit and compensation plans or programs then in effect in accordance with
the terms of such plans and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *By Company without Cause or by the Executive for Good Reason* \| If the Executive's employment
is terminated by the Company other than for Cause or by the Executive for Good Reason, the Company shall (1) continue to pay and otherwise
provide to the Executive, during any notice period, all compensation, base salary and previously earned but unpaid incentive compensation,
if any, and shall continue to allow the Executive to participate in any benefit plans in accordance with the terms of such plans during
such notice period; and (2) pay to the Executive, in lieu of benefits under any severance plan or policy of the Company, any such amount
as may be agreed between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Return of Company Property</u>. The Executive agrees that following the termination of the Executive's
employment for any reason, or at any time prior to the Executive's termination upon the request of the Company, he/she shall return
all property of the Group that is then in or thereafter comes into his/her possession, including, but not limited to, any Confidential
Information (as defined below) or Intellectual Property (as defined below), or any other documents, contracts, agreements, plans, photographs,
projections, books, notes, records, electronically stored data and all copies, excerpts or summaries of the foregoing, as well as any
automobile or other materials or equipment supplied by the Group to the Executive, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Requirement for a Release</u>. Notwithstanding the foregoing, the Company's obligations to pay
or provide any benefits shall (a) cease as of the date the Executive breaches any of the provisions of Sections 6 and 8 hereof, and (b)
be conditioned on the Executive signing the Company's customary release of claims in favor of the Group and the expiration of any
revocation period provided for in such release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONFIDENTIALITY AND NONDISCLOSURE** 

6.1 <u>Confidentiality and Non-Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive acknowledges and agrees that: (i) the Executive holds a position of trust and confidence
with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and
sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers, business
partners and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or
stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current
or future research or development activities of the Company; the products and services provided or offered by the Company to customers
or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual
or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition
or disposition of products and/or services of the Company; user base personal data, programs, software and source codes, licensing information,
personnel information, advertising client information, vendor information, marketing plans and techniques, forecasts, and other trade
secrets ("Confidential Information"); and (ii) the direct and indirect disclosure of any such Confidential Information would
place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Term and at all times thereafter, the Executive shall not, directly or indirectly, whether
individually, as a director, stockholder, owner, partner, employee, consultant, principal or agent of any business, or in any other capacity,
publish or make known, disclose, furnish, reproduce, make available, or utilize any of the Confidential Information without the prior
express written approval of the Company, other than in the proper performance of the duties contemplated herein, unless and until such
Confidential Information is or shall become general public knowledge through no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Executive is required by law to disclose any Confidential Information, the Executive
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 failure to mark any Confidential Information as confidential shall not affect its status as Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Third Party Information in the Executive's Possession</u>. The Executive agrees that he/she shall
not, during the Term, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person
or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring
into the premises of Company any document or confidential or proprietary information belonging to such former employer, person or entity
unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless
from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of litigation, arising
out of or in connection with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Third Party Information in the Company's Possession</u>. The Executive 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 Executive
agrees that the Executive owes the Company and such third parties, during the Term and thereafter, a duty to hold all such confidential
or proprietary information in strict confidence and not to disclose such information to any person or firm, or otherwise use such information,
in a manner inconsistent with the limited purposes permitted by the Company's agreement with such third party.

This Clause 6 shall survive the termination of the Agreement for any reason. In the event the Executive breaches this Clause 6, the Company shall have right to seek remedies permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. CONFLICTING EMPLOYMENT

The Executive hereby agrees that, during the Term, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the Term, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. NON-COMPETITION AND NON-SOLICITATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Non-Competition</u>. In consideration of the compensation provided to the Executive by the Company
hereunder, the adequacy of which is hereby acknowledged by the parties hereto, the Executive agree that during the Term and for a period
of two (2) years following the termination of the Employment for whatever reason, the Executive shall not engage in Competition (as defined
below) with the Group. For purposes of this Agreement, "**Competition**" by the Executive shall mean the Executive's
engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director, officer,
employee, principal, agent, stockholder, member, owner or partner of, or permitting the Executive's name to be used in connection
with the activities of, any other business or organization which competes, directly or indirectly, with the Group in the Business; provided,
however, it shall not be a violation of this Clause 8 (a) for the Executive to become the registered or beneficial owner of up to one
percent (1%) of any class of the capital stock of a publicly traded corporation in Competition with the Group, provided that the Executive
does not otherwise participate in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 For purposes of this Agreement, "**Business**" means the Regenerative Healthcare and Regenerative/Medi-Aesthetics
businesses and any other business which the Group engages in, or is preparing to become engaged in, during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Non-Solicitation; Non-Interference.</u> During the Term and for a period of two (2) years following
the termination of the Executive's employment for any reason, the Executive agrees that he/she will not, directly or indirectly,
for the Executive's benefit or for the benefit of any other person or entity, do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) solicit from any customer or business partners doing business with the Group during the Term business
of the same or of a similar nature to the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) solicit from any known potential customer of the Group business of the same or of a similar nature to
that which has been the subject of a known written or oral bid, offer or proposal by the Group, or of substantial preparation with a view
to making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit the employment or services of, or hire or engage, any person who is known to be employed or engaged
by the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise interfere with the business or accounts of the Group, including, but not limited to, with respect
to any relationship or agreement between the Group and any vendor or supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Injunctive Relief; Indemnity of Company</u>. The Executive agrees that any breach or threatened breach
of sub clauses 8.1 and 8.2 of this Clause 8 would result in irreparable injury and damage to the Company for which an award of money to
the Company would not be an adequate remedy. The Executive therefore also agrees that in the event of said breach or any reasonable threat
of breach, the Company shall be entitled to seek an immediate injunction and restraining order to prevent such breach and/or threatened
breach and/or continued breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive. The terms
of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof,
including, but not limited to, remedies available under this

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Agreement and the recovery of damages</u>. The Executive and the Company further agree that the provisions
of this Clause 8 are reasonable. The Executive 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 Executive. This Clause 9 shall survive the termination of the Agreement for any reason

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SEVERABILITY

If any provision of the Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of the Agreement are declared to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ENTIRE AGREEMENT

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment by the Company under the laws of the State of New York and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. To the maximum permitted by the governing law, any agreements entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based shall remain the same effective and operative pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. GOVERNING LAW

The Agreement shall be governed by and construed in accordance with the laws of the State of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AMENDMENT

The Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to the Agreement, which agreement is executed by both of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. WAIVER

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. NOTICES

All notices, requests, demands and other communications required or permitted under the 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 e-mail with confirmation of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. COUNTERPARTS

The 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. The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that the 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 the Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

[*The remainder of this page is intentionally left blank.*]

IN WITNESS WHEREOF this Agreement has been entered into by the parties hereto

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| |
|:---|
| SIGNED by: |
| For and on behalf of |
| **Regenique Group Limited** |
| [NAME]) |
| [DESIGNATION]) |

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| |
|:---|
| in the presence of |
| [NAME]) |
| [DESIGNATION]) |

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| |
|:---|
| SIGNED by: |
| [NAME]) |
| Passport No: [●]) |

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| |
|:---|
| in the presence of |
| [NAME]) |
| Passport No: [●]) |

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[*Signature Page to Management Service Agreement*]

## Exhibit 10.3

**Exhibit 10.3**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading.

This Exclusive License Agreement (hereinafter referred to as "**Agreement**") is made and entered into this 18 August 2024 (the "**Effective Date**").

**BY AND BETWEEN**

**SUPERGENICS PTE LTD** (UEN: 201104919N), a company incorporated in Singapore with its address at 6 Eu Tong Sen Street, #11-01 Soho 1 @ Central, Singapore 059817 (hereinafter referred to as "**SUPERGENICS**");

**AND**

**SHARI WELLNESS PTE LTD** (UEN: 201322810M) of a company incorporated in Singapore with its address at 6 Eu Tong Sen Street, #11-01 Soho 1 @ Central, Singapore 059817 (hereinafter referred to as "**SHARI**");

SUPERGENICS and SHARI are hereinafter individually also referred to as a "**Party**" and collectively referred to as the "**Parties**".

**WHEREAS**

(A) SUPERGENICS, a renowned player in the field of life sciences,
boasting patented cutting- edge technology, specializes in advanced stem cell production. The company leverages its expertise in cell
therapy utilizing human umbilical cord Wharton's Jelly mesenchymal stem cells. With ISO certification for testing and calibration laboratories,
SUPERGENICS leads the way in research and development, backed by a history of international publications. Additionally, SUPERGENICS produces
a diverse range of extracellular vesicle-related products, further cementing its status as a front-runner in the life sciences sector.

(B) SHARI, a medical concierge company providing services with focus on personalized Integrated Regenerative
Healthcare and Aesthetics programs to clients in the APAC region.

(C) The goal of this transformative Agreement is to combine SUPERGENICS deep cell-based biologics experience
& formulation and clinical manufacturing expertise, with SHARI extensive professional medical concierge market reach, and marketing
and distribution capabilities in Singapore and the region.

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties hereto agree as follows:

**<u>ARTICLE 1. DEFINITIONS</u>**

1.1 The following words, expressions and terms shall, unless
the context otherwise requires, have the meaning given next to such words, expressions and terms:

(i) "**Affiliate**" shall mean any person or entity
that directly or indirectly through one or more persons or entities, controls or is controlled by a Party or is under the common control
with such Party. Control in case of a person shall mean any direct or indirect family relationship; and in case of an entity shall mean,
having not less than 49% beneficial ownership in the capital of such entity or the right to control the management or policies of such
entity, whether through ownership, management rights, voting rights or in any other manner.

(ii) "**Applicable Law**" means and include all applicable statutes, enactments or acts of any
legislative body in Singapore including all laws, ordinances, rules, by-laws, regulations, notifications, guidelines, policies, directions
and orders of any governmental authority, agency or instrumentality of the Government of Singapore and any amendments, modifications or
enactments thereof.

(iii) "**Confidential Information**" shall mean, without limitation, this Agreement, the Intellectual
Property, the IP License Agreement, any proprietary information, software programs, plans, processes, policies, drawings, specifications,
system and user documentation, correspondences, prototypes, trade secrets, know how, design, invention, techniques, business methods,
personal or sensitive data of employees, agents, consultants, officers, directors, customers or prospective customers or any other person
which might reasonably be presumed to be confidential in nature, financial information, technical information, sales and marketing plans
or other business plans; whether recorded, written, stored or transmitted in any form or medium by one disclosing Party to the other receiving
Party.

(iv) "**Intellectual Property**" shall mean without limitation, registered and unregistered
trademarks, registered and unregistered service marks, trade names, business names, trade dress, get-ups, logos, patents, registered and
unregistered design rights, copyrights, database rights, domain names and URLs, and all other similar rights in any part of the world
(including in Know-how) including, where such rights are obtained or enhanced by registration, any registration of such rights and applications
and rights to apply for such registrations of SUPERGENICS Group.

(v) "**License Agreement**" means this License Agreement and includes any annexure, schedules
or exhibits attached hereto and any amendments, modifications or restatements.

(vi) "**SUPERGENICS Group**" refers to SUPERGENICS and its Affiliates.

**<u>ARTICLE 2. OBJECTIVE OF THE AGREEMENT</u>**

2.1 The primary objective of the Agreement is to appoint SHARI
to as a hub for the following key functions:

(i) SALES & BUSINESS DEVELOPMENT \| Drive sales growth, identify
new business opportunities, and develop innovative products and services in the regenerative medicine and medical aesthetics sectors,
supplied solely by SUPERGENICS Group or approved by SUPERGENICS in accordance with the term hereinbefore mentioned.

(ii) PRODUCT LAUNCHES \| Introduce cutting-edge products and services
that cater to the evolving needs of the market and enhance the Parties' competitive edge in the field of medical aesthetics.

(iii) RIGHTS OF PATENTS \| SUPERGENICS authorises SHARI the rights
to use the following Intellectual Property (Patents) of SUPERGENICS for product development and commercial launches in order to facilitate
continuous development and valuation for longer-term planning. The intent and purpose of this arrangement is to achieve the regional
commercial, business & market development and branding objectives within the next three (3) years.

● CHARACTERISTICS: STEM CELL GENE TESTING, Stemness Gene Detection and Methods Thereof Grant No. (MY-172477-A)

● ANGIOGENESIS, A method and kit for determining the expression level of angiogenic and endogenic genes Grant No. (MY-184228-A)

● HIGH YIELD CLINICAL GRADE WJ-MSC CULTURE, A method for high yield clinical grade Wharton's Jelly MSC Culturing Patent No. (PI2024002799)

(iv) RESEARCH & DEVELOPMENT \| Conduct continuous research,
innovate, and develop new technologies and products to stay at the forefront of regenerative cell development with the above-mentioned
initiatives or expanded scope, if any.

(i) OTHER RELATED ACTIVITIES \| Explore and pursue B2B and B2C
business expansion initiatives, in addition to other relevant activities that contribute to the growth and success of the Parties.

By aligning with these objectives, SHARI aims to solidify its position as a leading entity in the field of regenerative medicine market, fostering growth, innovation, and success in the Singapore market and beyond – with a focus on enhancing the global reputation of the 'Supergenics' brand

**<u>ARTICLE 3. EXCLUSIVE LICENSE GRANT</u>**

3.1 **Exclusive License Grant** \| SUPERGENICS grants to SHARI an exclusive, APAC regional right and license
to use the SUPERGENICS Group Intellectual Property (Patents) and cell- based biologic Products to manufacture, have manufactured and sell
the Regenerative Products, provided that the products are manufactured in accordance with the specifications and quality standards submitted
or approved by SUPERGENICS. Such approvals of standards and specifications may not be unreasonably withheld.

3.2 **Innovations by SUPERGENICS Group** \| Any and all improvements, modifications, derivatives and the
like, whether conceived by SUPERGENICS or SHARI, for SUPERGENICS Patents and Regenerative Products hereafter developed by SUPERGENICS
shall automatically be included under this Agreement at no additional cost to SHARI. SUPERGENICS shall promptly disclose such improvements,
modifications, derivatives and the like to SHARI.

3.3 The license includes, but is not limited to, the following rights:

(i) THE RIGHTS TO MANUFACTURE, USE, SELL, LICENSE, DISTRIBUTE,
OFFER FOR SALE, EXPORT AND IMPORT PRODUCTS based on or using in any manner SUPERGENICS Intellectual Property for regenerative medicine
purposes.

(ii) THE RIGHTS TO SUBLICENSE, at a minimum of six months after
the Effective Date, to another party mutually agreed upon by SUPERGENICS and SHARI, any of the rights granted to SHARI hereunder, including
the right to authorize other parties to manufacture, use, sell, license, distribute, offer for sale, export and import products based
on or using in any manner SUPERGENICS Intellectual Property for regenerative medicine purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any such sublicense must include all the terms of protection
of this agreement including but not limited to non-infringement, non-competition, confidentiality, and other protection of intellectual
property which SUPERGENICS may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No sublicense may be entered into without the express written
approval by SUPERGENICS of the form and terms thereof which approval shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. SHARI's performance of this agreement shall not be obviated,
reduced or otherwise diminished in any respect by rights or responsibilities granted by it to sublicensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Prior to discussion or negotiation with any Sublicensee, such
Sublicensee shall execute a SUPERGENICS-approved non-disclosure agreement.

**<u>ARTICLE 4. EXCLUSIVE SUPPLIER AGREEMENT</u>**

4.1 **Obligation to Purchase Exclusively from SUPERGENICS Group** \| The Parties hereby agree that SHARI shall exclusively purchase its range of biotech products and services required for its related
operations and businesses from SUPERGENICS Group, unless otherwise mutually agreed in writing. Exemptions may be granted if alternative
similar quality products and services do not directly compete with those offered by the SUPERGENICS Group and do not compromise the brand
image of SUPERGENICS.

4.2 **Product Labelling** \| SHARI shall have the option of including the statement on the product label,
"Manufactured Under License by *SUPERGENICS Group"* on each individual product manufactured under this Agreement or any
Sub-licensee agreement. Licensee shall have the right to list "*Patent Pending*" on the product label and put the relevant
patent numbers on the products when relevant patents are issued.

4.3 **Approval for Alternative Sources** \| SHARI may only procure products or services from a similar supplier
other than the SUPERGENICS Group if:

(i) SUPERGENICS provides prior written consent for such procurement; and

(ii) The alternative supplier meets the quality, delivery, and pricing standards as set forth by SUPERGENICS.

4.4 **Pricing and Terms** \| The pricing, payment terms, and other commercial terms for the products and
services provided by the SUPERGENICS shall be determined based on mutually agreed terms, which shall be documented in separate purchase
agreements or orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Remedies for Breach

(i) SPECIFIC PERFORMANCE \| In the event that the SHARI breaches
its obligation under this clause to exclusively purchase products and services from the SUPERGENICS Group, SUPERGENICS shall be entitled
to seek specific performance of this obligation, compelling the SHARI to comply with the terms of this Agreement.

(ii) DAMAGES \| In addition to or as an alternative to specific performance, SUPERGENICS shall be entitled to
recover any and all damages incurred as a result of the SHARI's breach of this clause. This includes but is not limited to direct, indirect,
and consequential damages arising from the SHARI's failure to comply with the exclusive purchasing obligation.

(iii) TERMINATION RIGHTS \| In the event of a material breach of this clause by the SHARI, SUPERGENICS shall
have the right to terminate this Agreement in accordance with the termination provisions outlined in Article 11 of this Agreement.

(iv) INDEMNIFICATION \| The SHARI agrees to indemnify, defend, and hold harmless SUPERGENICS Group from and
against any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or in connection
with the SHARI's breach of this clause.

(v) TERMINATION OF EXCLUSIVITY \| This exclusive purchasing obligation shall remain in effect for the duration
of the Agreement, unless terminated earlier by mutual written agreement of the parties.

**<u>ARTICLE 5. EFFECT OF AGREEMENT</u>**

5.1 This Agreement shall come into effect on the Effective Date and shall remain valid and subsisting for
a period of **TEN (10) years** from the Effective Date (subject to further extension by mutual agreement) unless sooner terminated
in accordance with the termination provisions set forth under ARTICLE 9. TERMINATION below.

**<u>ARTICLE 6. INTELLECTUAL PROPERTY (PATENTS)</u>**

6.1 **Intellectual Property Rights** \| SUPERGENICS Group is the sole legal and beneficial owner of the
SUPERGENICS Patents which was developed by SUPERGENICS Group. Nothing in this Agreement shall give SHARI any rights in respect of any
Intellectual Property (whether registered or not) provided by SUPERGENICS, and SHARI hereby acknowledges that, except as expressly provided
in this Agreement, SHARI shall not acquire any rights in respect thereof and that all such rights and goodwill are and shall remain vested
in SUPERGENICS Group as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Restrictions on SHARI

(i) SHARI shall not register any Intellectual Property namely
trademarks or trade names so resembling the trademarks or trade names of SUPERGENICS or any name likely to cause confusion or deception
during the duration of this Agreement and after expiration, termination or earlier determination of this Agreement.

(ii) SHARI shall not do or authorize any third party to do any act which would or might invalidate or be inconsistent
with the Intellectual Property and shall not omit or authorize any third party to omit to do any act, which by its omission would have
that effect or character.

(iii) SHARI shall not after expiration, termination or earlier determination of this Agreement (whether as shareholder
or as reseller, dealer, marketing affiliate, distributor, partner, consultant of any entity or pursuant to any other similar relationship
with any other entity be engaged in the business of providing or reselling any goods using or resembling any of the Intellectual Property
provided by SUPERGENICS Group.

**<u>ARTICLE 7. REPRESENTATIONS AND WARRANTIES</u>**

7.1 SUPERGENICS represents and warrants that:

(i) It is a company duly incorporated and validly existing under Applicable Laws; and that the Parties have
the necessary authority and resources and capacity to enter into this Agreement;

(ii) The execution and delivery of this Agreement and the performance of the terms, conditions and obligations
set forth therein are duly authorized by its corporate charter and all necessary individual, collective and corporate actions have been
adopted to effectuate the same;

(iii) There are no pending actions, suits or proceedings, event or occurrence or any other form of encumbrance
which, in any case, might reasonably be expected to obstruct SUPERGENICS from performing its obligations under this Agreement; and

(iv) The execution and delivery of this Agreement and the performance of the terms, conditions and obligations
set forth therein does not and will not contravene any Applicable Law or any judgment or decree of any court of competent jurisdiction;
nor conflict with or result in breach or default of any arrangement, agreement or contract.

7.2 SHARI represents and warrants that:

(i) SHARI is not being wounded up and there is no pending suit, legal proceedings or claims against the SHARI;

(ii) SHARI is not involved in any trade disputes and free from any debts, liabilities, or obligation of any
kind, whether contingent or otherwise, except as disclosed in the financial statements provided to SUPERGENICS prior to the execution
of this Agreement;

(iii) SHARI is in full compliance with all applicable laws, regulations, and ordinances of the Applicable Law;

(iv) SHARI is in possession of all necessary permits, licenses, approvals, and authorizations required to conduct
its business and operations, all of which are in full force and effect;

(v) SHARI is not in default under any material contract, agreement, or obligation, nor are there any existing
conditions that, with the passage of time or the giving of notice, would constitute a default under any such contract, agreement, or obligation;

(vi) All information and documents provided by SHARI in connection with this Agreement are true, accurate,
and complete in all material respects and do not omit any material fact necessary to make such information not misleading.

The Parties hereby agree to indemnify, defend, and hold harmless each other from any and all losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising from a breach of any representation or warranty herein, including legal proceedings, judgments, settlements, defence costs, and any direct, indirect, or consequential losses or damages.

**<u>ARTICLE 8. CONFIDENTIALITY</u>**

8.1 The Parties covenant, warrant and undertake to keep and to cause SHARI to keep all Confidential Information
confidential and not use, disclose, divulge, make known, publish, communicate, reproduce or transmit in any manner, any Confidential Information,
in whole or in part; directly or indirectly, during the term of or at any time forever after termination of this Agreement, either for
their own benefit or for the benefit of others.

8.2 Each of the Parties hereto undertakes to the other to keep confidential all information (written or oral)
concerning the business and affairs of the other that it shall have obtained or received as a result of the discussions leading up to
or the entering into of this Agreement or in the course of giving effect to this Agreement.

8.3 The Parties shall ensure that their and SHARI's officers, directors, employees, agents, contractors,
sub-contractors, consultants, or any persons acting on any of any of their behalf, shall keep all Confidential Information confidential
and not use, disclose, divulge, make known, publish, communicate, reproduce or transmit in any manner any Confidential Information, in
whole or in part; directly or indirectly, during the term of or at any time forever after termination of this Agreement, either for their
own benefit or for the benefit of others.

8.4 The obligation for confidentiality set forth above shall not apply if the Confidential Information:

(i) Is lawfully known to a receiving party, at the time of disclosure or prior to the disclosure of the Confidential
Information, as evidenced by written records; or

(ii) Is publicly known or present in the public domain or becomes publicly known or present in the public domain
through no fault, failure, wrongful act or negligence of the receiving party or the receiving party's officers, directors, employees,
agents, contractors, sub- contractors, consultants, partners, or any persons acting on any of their behalf; or

(iii) Is received from a third party, who is lawfully entitled to make the disclosure of such information to
the receiving party; or

(iv) Is required to be disclosed pursuant to a valid order or direction of a proper court of competent jurisdiction
or a government agency; provided however that the receiving party will use its best efforts to minimize the disclosure of such information
and prior to disclosing the Confidential Information will notify the owner of the Confidential Information and will consult with and assist
the owner of such Confidential Information in obtaining a protective order prior to such disclosure; or

(v) Is required to be disclosed to a Party's professional advisors (including a Party's lawyers,
auditors, accountants and/or consultants) provided such advisor is bound by similar confidentiality obligations.

8.5 The receiving Party of any Confidential Information acknowledges and agrees that its failure to comply
with any of the provisions of this Clause may cause irrevocable harm to the disclosing Party and that a remedy at law may not be an adequate
remedy and that the disclosing Party may, in its sole discretion, obtain from a court having proper jurisdiction an injunction, restraining
order, specific performance or other equitable relief to enforce such provision. The disclosing Party's right to obtain such equitable
relief will be in addition to any other remedy that it may have under applicable law including, but not limited to, monetary damages.

**<u>ARTICLE 9. TERMINATION</u>**

9.1 Either Party may terminate this Agreement with cause under the possible options under the addendum for
reference or consent by both parties , after giving ninety (90) days prior written notice of termination to the other Party.

9.2 Notwithstanding the foregoing, this Agreement may be terminated
at the option of either Party upon the occurrence of any of the following events (each an "**Event of Default** "):

(i) Any Party materially defaults in the performance of any of the covenants, terms or conditions of this
Agreement, and fails to cure such default within thirty (30) days after receipt of notice in writing from the other Party of the default;
or

(ii) If either Party files a voluntary petition for winding up or dissolution; or is being wound up or adjudged
bankrupt or insolvent by a court or tribunal of competent jurisdiction or enters into a compromise or arrangement with its creditors as
a result of its bankruptcy; or

(iii) If either Party suffer or permit the appointment of a receiver for its business or assets, or avail itself
of or become subject to any proceeding under any statute of any governing authority relating to insolvency or the protection of rights
of credits; or

(iv) If SHARI undergoes a substantial change in management, personnel, or ownership effected without the prior
written approval of the either Party; or

(v) Upon the occurrence and continuation of any force *majeure* events (as hereinafter defined in this
Agreement) for a period of six (6) months; or

(vi) If SHARI is acquired, either directly or indirectly by any person, firm or entity, whose material business
is in competition with the business of SHARI.

9.3 Upon expiry or termination of this Agreement for any reason whatsoever:

(i) All Parties to this Agreement, shall promptly return to the
owner and/or erase or destroy all Confidential Information, including all copies, notes, drawings, photocopies, written, audio or photographic
records or other records in any form, relating to the Confidential Information in their possession or control. This obligation shall
not apply to any Confidential Information that is required under Applicable Law to be retained for any period of time;

(ii) All intellectual property licenses and assignments granted under this Agreement shall automatically be
cancelled and revoked, effective as of the date of termination. Upon termination of this Agreement, each Party shall promptly execute
any documents and take any actions necessary to effectuate the cancellation and revocation of the intellectual property licenses and assignments,
including but not limited to any filings with relevant authorities.

(iii) SHARI shall be wound up in an orderly manner under Applicable Law and any profits or losses and assets
shall be apportioned between the Parties, only after all third-party liabilities of SHARI including all statutory liabilities are satisfied
and provided for; and

(iv) SHARI and its Affiliates hereby agree and covenant that they shall not, thereafter, register or attempt
to register the name 'Supergenics Pte Ltd' or any name that is confusingly similar to 'Supergenics Pte Ltd' in any jurisdiction or for
any other company, entity, or business venture.

9.4 Notwithstanding the termination of this Agreement, any provisions that by their nature should survive
termination shall remain in full force and effect, including but not limited to confidentiality, indemnification, and governing law provisions.

9.5 This termination clause regarding the automatic cancellation of intellectual property licenses and assignments
shall survive the termination of this Joint Venture Agreement.

9.6 Any termination of this Agreement (howsoever occasioned) shall not affect any accrued rights or liabilities
of either Party nor shall it affect the coming into force or the continuance in force of any provision hereof which is expressly or by
implication intended to come into or continue in force on or after such termination.

9.7 It is further agreed that a failure or delay by either Party to seek redress or remedy under this Agreement
for any breach or default by the other Party shall not be deemed a continuing or absolute waiver of that breach or similar breach or default
by the other Party thereafter.

**<u>ARTICLE 10. MISCELLANEOUS</u>**

10.1 **Notices** \| All notices, communications, demands, requests, approvals or consents required to be
given or made under this Agreement by either Party must be in writing and shall be effective only if either personally delivered, sent
by pre-paid mail or electronic mail to the addresses and attention to the persons set out below:

(i) SUPERGENICS PTE LTD

Address: 6 Eu Tong Sen Street, #11-01 Soho 1 @ Central, Singapore 059817 <br> Email:

Attention: Mr. Wong Ming Kwong

(ii) SHARI WELLNESS PTE LTD

Address: 6 Eu Tong Sen Street, #11-01 Soho 1 @ Central, Singapore 059817

Email:

Attention: Ms. Wee Hee Ling

10.2 Any notices, communications, demands, requests, approvals,
or consents shall be deemed to be duly given and received:

(i) if personally delivered, on the day of delivery;

(ii) if sent by pre-paid mail from and to addresses within the
same country, one(1) business day after the same is sent;

(iii) if sent by pre-paid mail from and to addresses in different
countries, five (5) days after the same is sent; and

(iv) if sent by electronic mail, on the day of sending provided
a confirmation copy is hand delivered or sent by pre-paid mail within twenty-four (24) hours.

Either Party may from time to time by written notice to the other designate a different address applicable or designate a different person to whom the notices, communications, demands, requests, approvals, or consents must be attention to.

10.3 **Assignment** \| This Agreement and the present and future
obligations, liabilities, rights, titles, and interests of the Parties there under shall not be assigned to any third party, in whole
or in part, without the prior written consent of other Party, which shall not be unreasonably withheld. Notwithstanding the foregoing
either Party shall have the right to transfer this Agreement and all rights and obligations hereunder to an Affiliate or to a party that
acquires all or substantially all of its assets provided such party agrees in writing to be bound by the provision of this Agreement.

10.4 **Force *Majeure*** 

 ****

(i) For the purposes of this Agreement, force *majeure* shall mean, the occurrence of any event (a) not within the reasonable control of a Party; (b) which could not have been reasonably avoided
by the Party; and (c) which materially interferes with the ability of a Party to perform its obligations under this Agreement, including
without limitation, any natural calamities, acts of God, war, civil unrest, terrorist events or change in law.

(ii) No Party shall be deemed to be in default under this Agreement or be held liable or responsible for any
delay or failure to fulfil any obligation hereunder, so long as and to the extent to which any delay or failure in the fulfilment of such
obligation is prevented, frustrated, hindered or delayed as a consequence of the occurrence of a force *majeure* event.

(iii) The occurrence of a force *majeure* event shall not excuse such Party from its obligations but merely
suspend the performance of the obligations under this Agreement.

(iv) A Party claiming the benefit of a force *majeure* event,
shall, as soon as reasonably practicable after the occurrence of any such event, provide written notice to the other Party of the nature
and extent of any such force *majeure* event; and use commercially reasonable efforts to resume performance under this Agreement
as soon as reasonably practicable.

10.5 **Modifications & Amendments** \| This Agreement shall not be altered, modified or supplemented
except in writing and signed by all the Parties.

10.6 **Waivers** 

(i) No waiver or amendment to this Agreement shall be binding upon the Parties unless it is made in writing
and duly executed by all of them.

(ii) No failure or delay, with or without intent, of any Party to enforce or exercise at any time any of the
provisions of this Agreement, or any right in respect thereto, shall be construed to be a waiver of such provisions or rights or affect
the validity of this Agreement.

(iii) No delay or failure by either Party to exercise any of its powers, rights or remedies under this Agreement
will operate as a waiver of them, nor will any single or partial exercise of any such powers, rights or remedies preclude or prejudice
the said Party from exercising the same or any other or future right it may have under this Agreement, irrespective of any previous action
or proceeding taken hereunder.

10.7 **Severability** \| If any part, term or provision of this Agreement is held to be illegal or unenforceable,
the validity or enforceability of the remainder of this Agreement shall not be affected, if such part, term or provision is severable
from the rest of this Agreement, without altering the essence of this Agreement. If such part, term or provision is not so severable,
then the Parties shall renegotiate in good faith in order to agree to the terms of a mutually satisfactory replacement provision, achieving
as nearly as possible the same commercial effect, to be substituted for the provision so found to be invalid, illegal or unenforceable.

10.8 **Entire Agreement** \| This Agreement constitutes the entire agreement and understanding between the
Parties hereto with respect to the subject matter hereof and supersedes all prior agreements, letters of intent, negotiations, commitments
arrangements, representations, warranties, statements, promises, information and undertakings, whether oral or written, expressed or implied,
with respect to the subject matter of this Agreement.

10.9 **Governing Law & Dispute Resolution** 

(i) This Agreement and all disputes or controversies arising out of or in connection with the interpretation,
performance, non-performance, expiry or termination of this Agreement, shall be governed by and construed in accordance with the laws
of Singapore.

(ii) The Parties agree that any dispute or disagreement in relation to this Agreement shall in the first instance
be amicably resolved by mutual negotiations between the Parties at their respective highest levels of management. If, despite the aforesaid,
the dispute or disagreement remains unresolved for a period of sixty (60) days, then the Parties shall be at liberty to seek recourse
of the courts of law in Singapore, and such courts shall have exclusive jurisdiction to decide all such disputes or disagreements.

10.10 **Counterparts** \| This Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

10.11 **Headings** \| The paragraph headings in the Agreement are for the convenience of the Parties hereto
and shall not affect the construction of the Agreement.

10.12 Stamp Duty & Costs

(i) Any stamp duty payable on this Agreement shall be borne equally
by the Parties.

(ii) Each Party shall bear its own costs relating to the negotiation
and execution of this Agreement, including the cost of consulting any legal or financial consultants.

10.13 **No Agency** \| This Agreement shall not be construed
to create agency or partnership or any fiduciary obligation between the Parties; nor grant any power or authority to any Party to represent
the other Party hereto.

IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized representatives to execute this Agreement the day and year first above written.

---

| | |
|:---|:---|
| Signed by | Signed by |
| for and on behalf of | for and on behalf of |
| **SUPERGENICS PTE LTD** | **SHARI WELLNESS PTE LTD** |
| /s/ Wong Ming Kwong | /s/ Wee Hee Ling |
| Wong Ming Kwong | Wee Hee Ling |
| Director | Chief Executive |
| Date: 18 August 2024 | Date: 18 August 2024 |

---

## Exhibit 10.4

**Exhibit 10.4**

**ADDENDUM to**

**Exclusive License Agreement**

This Addendum ("Addendum") is made and entered into as of 8 January 2025 (the "Effective Date"),

 

*BY AND BETWEEN*

 

**SUPERGENICS PTE LTD** (UEN: 201104919N), a company incorporated in Singapore with its address at 6 Eu Tong Sen Street, #11-01 Soho 1 @ Central, Singapore 059817 (hereinafter referred to as "**SUPERGENICS**");

*AND*

 

**SHARI WELLNESS PTE LTD** (UEN: 201322810M) of a company incorporated in Singapore with its address at 6 Eu Tong Sen Street, #11-01 Soho 1 @ Central, Singapore 059817 (hereinafter referred to as "**SHARI**");

 

*WHEREAS*, Supergenics and Shari entered into an agreement dated 18 Auguest 2024 (the "Agreement") and the parties desire to amend the Agreement as set forth herein;

*NOW, THEREFORE*, in consideration of the mutual covenants and agreements contained herein, the parties agree as to the clause "<u>Article 9. Termination</u> 9.2 (iv) *If SHARI undergoes a substantial change in management, personnel, or ownership effected without the prior written approval of the either Party*"

1. Supergenics supports Shari in its Nasdaq IPO initiative,
in collaboration with Biogenisk Pte Limited commencing 2025.

2. Supergenics confirms that this exclusive license agreement
will continue to survive following the successful listing of the company under Regenique Group Limited.

All other terms and conditions of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Addendum as of the day and year first above written.

---

| | |
|:---|:---|
| Signed by | Signed by |
| **SUPERGENICS PTE LTD** | **SHARI WELLNESS PTE LTD** |
| /s/ Wong Ming Kwong | /s/ Wee Hee Ling |
| Wong Ming Kwong | Wee Hee Ling |
| Director | Chief Executive |
| Date: 08 January 2025 | Date: 08 January 2025 |

---

## Exhibit 10.5

**Exhibit 10.5**

*Private & Confidential*

 

**MEMORANDUM OF UNDERSTANDING**

**For NASDAQ Listing**

**3 April 2024**

Understanding between Shari Wellness Pte Ltd (represented by Wong Ming Kwong) and SGP Healthcare Investments Pte Ltd (represented by Then Chee Tat) for the purpose of NASDAQ Listing is restricted to merging both companies in combining their companies' income statement through final restructuring of share swap with Cayman Listco (to be newly registration for NASDAQ listing purpose) on 50:50 shareholding basis. It is agreed there will be provision for allotment of shares for potential pre-IPO investors in the range of 25% to 30% as a total minority group.

As for post IPO, both companies will be reporting as a new entity Listco as listed in the NASDAQ.

In the event that the NASDAQ listing is not successful of whatsoever reason not intended as this agreement stated, both companies will demerger and there is a provision of this option for the MOU.

Both parties will strictly treat this arrangement between The Company and you/your company as private & confidential and shall not be disclosed to any third party. Both will take all necessary controls, measures and precautions to protect and safeguard the security and confidentiality of the fee arrangement and payable relating to this listing.

In Agreement and Acceptance

---

| | |
|:---|:---|
| For and on behalf of | For and on behalf of |
| **Shari Wellness Pte. Ltd.** | **SGP Healthcare Investments Pte Ltd** |

---

---

| | |
|:---|:---|
| /s/ Wong Ming Kwong | /s/ Daniel Then |
| Wong Ming Kwong | Daniel Then |
| Director | Director / Chief Executive Officer |

---

## Exhibit 10.6

**Exhibit 10.6**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading.

**REGENIQUE GROUP LIMITED**

**ALLOCATION AGREEMENT**

13 November 2024

The undersigned are the registered holders of ordinary shares of Regenique Group Limited (the "**Company**"), incorporated and registered in Cayman Islands with Co Number: OC-415793 whose registered office is at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009 Cayman Islands.

Each of the undersigned hereby confirms their understanding among themselves in relation to the Company that:

1) The provision for allotment of shares between 25% and 30% of the equity ownership in the Company, as contemplated in a memorandum of understanding dated 3 April 2024, shall be agreed no later than the public filing of the registration statement in relation to the proposed NASDAQ offering, at which time all of the rights attached to such ordinary shares shall vest immediately in their respective equity owners, or be subject to any terms and conditions attached to such shares ("**Vesting**").

2) The rights attached to the ordinary shares of the Company shall be allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Legal Title*** . Until Vesting, Mr. Then Chee Tat
and Dr Shiau Ee Leng (the "**Original Shareholders**") and Mr. Wong Ming Kwong ()"**Mr. Wong**") shall hold
the respective ordinary shares registered under their names for the benefit of the equity owners of the Company at Vesting and be subject
to the other terms set out in this agreement. The Original Shareholders shall act in concert in their voting and disposition of their
shares in the Company at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Voting Rights.*** Until the acquisition of Shari
Wellness Pte Ltd ()"**Shari Wellness**") is completed, the Original Shareholders shall have 51% of the total voting power
in the election of directors at general meetings of the Company, and the remaining 49% shall be held by Mr. Wong.

&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Right of Disposition.*** Each of the Original
Shareholders and Mr. Wong shall not dispose the ordinary shares without the consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***Economic Interests.*** Until Vesting, the Original
Shareholders shall maintain their full economic interests and control in the business of the delivery of medi-aesthetics services (the
" **Clinic Business** "), and Mr. Wong shall maintain his full economic interests and control in Shari Wellness. The Company
shall own and operate the Clinic Business and Shari Wellness based on the foregoing arrangement.

The parties also agreed that interests in any entities incorporated for the purpose of this offering and not wholly owned by the Company shall be allocated in the same.

Agreed and Signed By:

---

| | | |
|:---|:---|:---|
| /s/ Then Chee Tat | /s/ Shiau Ee Leng | /s/ Wong Ming Kwong |
| Then Chee Tat | Shiau Ee Leng | Wong Ming Kwong |
| NRIC: | NRIC: | NRIC: |

---

## Exhibit 10.7

**Exhibit 10.7**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type ofinformation that the Company treats as private or confidential, as indicated by the black shading.

**DEED OF ASSIGNMENT**

This Deed of Assignment (the "***Deed***") is made on this 1<sup>st</sup> day of November 2023.

**BETWEEN:**

**CLEARSK MEDI-AESTHETICS (WEST) PTE LTD** (UEN No. 201210218W) of 10 Sinara Drive, #10-25 Square 2, Singapore 307506 ("*Assignor*"), and

**CLEARSK MEDI-AESTHETICS (WESTGATE) PTE LTD** (UEN No. 201210211C) of 10 Sinara Drive, #10-25 Square 2, Singapore 307506 ("*Assignee*").

(The Assignor and the Assignee are hereinafter referred to individually as a "***Party***" and collectively as the "***Parties***")

**WHEREAS:**

A. The Assignor is the legal and beneficial owner of the property located at 114 Lavender Street #09-91 CT
Hub 2, Singapore 338729 (the "  ***Property*** "), which is a unit within the B1 light industrial commercial development
known as CT Hub 2 (the "  ***Development*** ").

B. The Assignor and the Assignee are related parties, and the Assignor has agreed to provide capital support
to the Assignee by granting the Assignee the sole and exclusive right to occupy and use the Property on the terms and conditions contained
in this Deed and to delegate the full rights and responsibilities of management and control of the Property to the Assignee, such that
the Assignee shall, for all practical purposes, function in the capacity of the owner of the Property for the duration of this Deed, short
of holding the legal title thereto.

C. The Assignor hereby contributes the exclusive use and full benefits of the Property to the Assignee as
part of a strategic non-cash capital contribution designed to reinforce the Assignee's financial structure, operational continuity
and long-term growth trajectory, effective 1 November 2023.

D. The Assignor hereby grants the Assignee full and exclusive operational control over the Property under
a free-to-use arrangement for its business operations.

E. This Deed reflects the economic substance of a capital contribution and is intended to support the Assignee's
strategic growth. The Assignee shall derive the full benefit and bear the operational responsibility of the Property, in accordance with
the principle of substance over form.

*Page **1** of **5***

F. The Parties acknowledge and agree that the rights granted to the Assignee under this Deed are intended
to give the Assignee the power to direct the activities of the business conducted at the Property, which most significantly impact its
economic performance, such that the Assignee would be considered the primary beneficiary of the arrangement.

G. This Deed sets out the terms and conditions upon which the Assignee is granted the right to occupy and
use the Property.

**NOW THIS DEED WITNESSETH AS FOLLOWS:**

**1.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Definitions: In this Deed, unless the context otherwise requires, the following words and expressions
shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Commencement Date" means 1 November 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MCST" means the Management Corporation Strata Title Plan No. 4338 for the Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Permitted Use" means the use of the Property for a purpose consistent with B1 light industrial
use, and for no other purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. In this Deed, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to Clauses and Recitals are to clauses of and recitals to this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) headings are for convenience only and shall not affect the interpretation of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) words importing the singular number include the plural and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) references to any statute or statutory provision shall include any modification, re-enactment, or extension thereof.

**2.** **RIGHT TO OCCUPY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. In consideration of the covenants on the part of the Assignee hereinafter contained, the Assignor hereby
grants to the Assignee the sole and exclusive right to occupy and use the Property for the Permitted Use, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unrestricted access, occupancy, and beneficial use of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Integration of the Property into its business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Discretion over all maintenance, enhancement, and operational decisions;

*Page **2** of **5***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Authority to initiate or approve the sale of the Property;

commencing on the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The Assignee acknowledges and agrees that this Deed creates a personal right of occupation and shall not
be construed as a demise of the Property, notwithstanding that the Assignee is granted exclusive occupation.

**3.** **ASSIGNEE'S COVENANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Assignee hereby covenants with the Assignor to observe and perform the following obligations throughout
the duration of this arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Outgoings:** To punctually pay and discharge all property tax, and all charges for the supply of
water, electricity, gas, sewerage, telecommunications, and other utilities and services to the Property, together with any maintenance
contributions or other sums levied by the MCST in respect of the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Repair and Maintenance:** To keep the interior of the Property, including all fixtures and fittings
therein (other than those of a structural nature), in a clean and tenantable state of repair and condition (fair wear and tear excepted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Compliance:** Not to use the Property for any illegal, immoral, or improper purpose, and to comply
with all applicable laws, regulations, and the by-laws, rules, and regulations of the MCST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Nuisance:** Not to do or permit to be done at the Property anything which may be or become a nuisance,
annoyance, disturbance, or cause of damage to the Assignor or to the occupiers of other units in the Development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Alterations:** Not to make or permit any alterations, additions, or installations to the Property
without the prior written consent of the Assignor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Assignment:** Not to assign, sub-let, or part with the possession or occupation of the Property or
any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Indemnity:** To indemnify and keep the Assignor fully indemnified against all actions, proceedings,
claims, demands, losses, damages, costs (including legal costs on a full indemnity basis), and expenses which may be brought against or
incurred by the Assignor arising from any breach by the Assignee of any covenant in this Deed or from the Assignee's occupation and use
of the Property.

**4.** **GOVERNING PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. **Governing Law and Jurisdiction:** This Deed and any non-contractual obligations arising out of
 or in connection with it shall be governed by, and construed in accordance with, the laws of the Republic of Singapore. The Parties hereby irrevocably submit to the
exclusive jurisdiction of the Courts of Singapore to settle any dispute or claim that arises out of or in connection with this Deed.

*Page **3** of **5***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. **Entire Agreement and Variation:** This Deed constitutes the entire agreement between the Parties
with respect to the subject matter hereof and supersedes all prior agreements, negotiations, representations, and understandings, whether
oral or written. No amendment, variation, or modification of any term of this Deed shall be valid or binding unless it is made in writing
and duly executed by or on behalf of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. **No Waiver:** No failure or delay by a Party to exercise any right or remedy provided under this Deed
or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that
or any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. **Severability:** If any provision or part-provision of this Deed is or becomes invalid, illegal, or
unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal, and enforceable. If such modification
is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision
under this clause shall not affect the validity and enforceability of the rest of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. **Counterparts:** This Deed may be executed in any number of counterparts, each of which when executed
and delivered shall constitute a duplicate original, but all the counterparts shall together constitute one and the same instrument. Delivery
of an executed counterpart of this Deed by electronic mail (PDF) or other electronic means shall be as effective as delivery of a manually
executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. **Rights of Third Parties:** Save for the Assignor and the Assignee, a person who is not a party to
this Deed has no right under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any term of this Deed, but this does not
affect any right or remedy of a third party which exists or is available apart from that Act.

*Page **4** of **5***

**IN WITNESS WHEREOF** the Parties have executed this Deed as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| SIGNED, SEALED and DELIVERED as a Deed: | ![](ex10-7_001.jpg) | ![](ex10-7_002.jpg) |
| For and on behalf of | ![](ex10-7_001.jpg) | ![](ex10-7_002.jpg) |
| **CLEARSK MEDI-AESTHETICS (WEST) PTE LTD** | ![](ex10-7_001.jpg) | ![](ex10-7_002.jpg) |
| Name: THEN CHEE TAT | ![](ex10-7_001.jpg) | ![](ex10-7_002.jpg) |
| NRIC No. | ![](ex10-7_001.jpg) | ![](ex10-7_002.jpg) |
| Designation: Director | ![](ex10-7_001.jpg) | ![](ex10-7_002.jpg) |

---

---

| | |
|:---|:---|
| In the presence of:-<br> Name: AI SZE YIN<br> NRIC No. | ![](ex10-7_003.jpg) |

---

---

| | |
|:---|:---|
| SIGNED, SEALED and DELIVERED as a Deed: | ![](ex10-7_001.jpg) |
| For and on behalf of | ![](ex10-7_001.jpg) |
| **CLEARSK MEDI-AESTHETICS (WESTGATE) PTE LTD** | ![](ex10-7_001.jpg) |
| Name: THEN CHEE TAT | ![](ex10-7_001.jpg) |
| NRIC No. | ![](ex10-7_001.jpg) |
| Designation: Director | ![](ex10-7_001.jpg) |

---

---

| | |
|:---|:---|
| In the presence of:-<br> Name: AI SZE YIN<br> NRIC No. | ![](ex10-7_003.jpg) |

---

*Page **5** of **5***

## Exhibit 10.8

**Exhibit 10.8**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading.

**TENANCY AGREEMENT (COMMERCIAL / INDUSTRIAL)**

THIS AGREEMENT is made on the 1<sup>st</sup> day of January 2025

**BETWEEN**

---

| | |
|:---|:---|
| Name: | <u>ClearSK Healthcare Pte Ltd</u> |
| Company UEN: | <u>200211226Z</u> |
| Registered Address: | <u>10 Sinaran Drive, #10-25, Square 2, Singapore, 307506</u> |

---

(hereinafter called "the Landlord" which expression shall where the context so admits include the person entitled for the time being to the reversion immediately expectant on the term hereby created) of the one part.

**AND**

---

| | |
|:---|:---|
| Name: | <u>ClearSK Medispa Pte Ltd</u> |
| Company UEN: | <u>200900181W</u> |
| Registered Address: | <u>10 Sinaran Drive, #10-25, Square 2, Singapore, 307506</u> |
| Mailing Address: | <u>10 Sinaran Drive, #10-25, Square 2, Singapore, 307506</u> |

---

(hereinafter called "the Tenant" which expression shall where the context so admits include the Tenant's successors and assigns) of the other part.

**WHEREBY it is agreed** as follows:

1. The
 Landlord agrees to let and the Tenant agrees to take the property of approximate built-in
 floor area of 678 sq. ft. known as  **<u>10 Sinaran Drive, #10-25, Square 2, Singapore, 307506</u>** (hereinafter called "the said premises") together with the furniture, fixtures
 and fittings therein belonging to the Landlord as specified in the Schedule annexed hereto
 (hereinafter called "the Furniture and Fittings") TO HOLD unto the Tenant from
 the  **<u>1st</u>** day of  **<u>January</u>** 20  **<u>25</u>** for a fixed term
 of  **<u>TWENTY FOUR</u>** (**24**) months, at the rent listed in **schedule 1.0** per month plus GST (if applicable) which is payable monthly in advance without deduction
 whatsoever on the  **<u>7<sup>TH</sup></u>** day of each calendar month.

2. **The Tenant hereby agrees with the Landlord** as follows:

---

| | | | |
|:---|:---|:---|:---|
| (a) | To pay the said rent at the times and in manner aforesaid by way of GIRO made payable to ClearSK Healthcare Pte Ltd: | To pay the said rent at the times and in manner aforesaid by way of GIRO made payable to ClearSK Healthcare Pte Ltd: | **RENTAL PAYMENT** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank: United Overseas Bank (UOB) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank: United Overseas Bank (UOB) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Name: ClearSK Healthcare Pte Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Name: ClearSK Healthcare Pte Ltd |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Account Number : | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Account Number : |  |
| (b) | To pay all charges due in respect of any telephones or other equipment installed at the said premises, including any tax payable thereon. | To pay all charges due in respect of any telephones or other equipment installed at the said premises, including any tax payable thereon. | **PAYMENT OF OUTGOINGS** |
| (c) | To pay all charges for the supply of water, electricity, gas and any water borne sewerage system, any such installations fitted or used at the said premises, including any tax payable thereon. | To pay all charges for the supply of water, electricity, gas and any water borne sewerage system, any such installations fitted or used at the said premises, including any tax payable thereon. |  |
| (d) | To keep the interior of the said premises including the sanitary and water apparatus, Furniture and Fittings, doors and windows thereof in good and tenantable repair and condition throughout this tenancy (fair wear and tear and damage by any act beyond the control of the Tenant excepted). | To keep the interior of the said premises including the sanitary and water apparatus, Furniture and Fittings, doors and windows thereof in good and tenantable repair and condition throughout this tenancy (fair wear and tear and damage by any act beyond the control of the Tenant excepted). | **INTERIOR MAINTENANCE** |
| (e) | (i) | To permit the Landlord and its agents, surveyors and workmen with all necessary appliances to enter upon the said premises at all reasonable times by prior appointment for the purpose whether of viewing the condition thereof or of doing such works and things as may be required for any repairs, alterations or improvements whether of the said premises or of any parts of any building to which the said premises may form a part of or adjoin. | **ACCESS TO PREMISES FOR REPAIRS** |

---

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 1 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the two
 (2) months immediately preceding the expiration of the tenancy herein to permit the Landlord or its representatives at all reasonable
 times and by prior appointment to bring interested parties to view and the said premises for the purpose of letting the same. **ACCESS TO PREMISES FOR NEW TENANTS** 

(iii) During the currency of this tenancy, to allow the Landlord or its representatives at all reasonable times and by prior appointment to bring any interested parties to view the said premises in the event of a prospective sale thereof. The said premises shall be sold subject to this tenancy. **ACCESS TO PREMISES FOR POTENTIAL SALE** 

(f) At all times
 during the term hereby created to comply with all such requirements as may be imposed upon the Tenant by Management Corporation and
 / or HDB and / or other regulatory bodies, and / or any statute legislation now or hereafter in force and any orders, rules, regulations,
 requirements and notices thereunder. **COMPLIANCE WITH RULES** 

(g) To yield up the
 said premises and the Furniture and Fittings at the expiration or sooner determination of this tenancy in such good and tenantable
 repair and condition (fair wear and tear excepted) as shall be in accordance with the conditions, covenants and stipulations herein
 contained and with all locks keys and the Furniture and Fittings. **YEILDING UP OF PREMISES** 

(h) To keep the air-conditioning
 units, Furniture and Fittings installed at and for the said premises in good and tenantable repair and condition, including the regular
 servicing and maintenance of the air-conditioning units, Furniture and Fittings, by reliable contractors, at the expense of the Tenant. **AIRCON SERVICING, FURNITURE & FITTINGS REPAIR** 

(i) Not to make or permit
 to be made any structural alterations to the said premises. **NO UNAUTHORISED ALTERATION** 

(j) Not to use the
 said premises or any part thereof other than a **shop** in connection with and for the purpose of the Tenant's business and
 to obtain licenses and permits at the Tenant's expense from the relevant authorities where necessary. **PURPOSE OF USE** 

(k) The said tenant
 is allowed to assign or sublet the premises with all original renovation Furniture and Fittings, and fixtures intact, in the event
 that the said Tenant business is not doing well, subject to the approval of the Landlord, provided that the trade and monthly rental
 shall not be less than the agreed rental herein. Written consent for such assignment and sublet shall be obtained from Landlord, which
 shall not be unreasonably withheld. **ASSIGNMENT OR SUBLET ALLOWED** 

(l) Not to keep or
 permit to be kept on the said premises or any part thereof any materials of a dangerous or explosive nature or the keeping of which
 may contravene any statute or subsidiary legislation. **NO DANGEROUS MATERIALS** 

(m) Not to do or
 permit to be done anything whereby the policy or policies of insurance on the said premises against damage by fire may become void
 or voidable or whereby the premium thereon may be increased. **NOT TO VOID INSURANCE** 

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 2 of 6

(n) Not to use the
 demised premises or any part thereof for any unlawful or immoral purposes and not to do or permit or suffer to be done upon the demised
 premises any act or thing which may become a nuisance to or annoyance to or give cause for reasonable complaints from the occupants
 of other parts of the Building or of adjoining or adjacent properties. **NO ILLEGAL / IMMORAL USE AND NOT TO CAUSE NUISANCE** 

(o) To be responsible
 for and to indemnify the Landlord from and against all claims and demands and against damage occasioned to the demised premises or
 any adjacent or neighboring premises or injury caused to any person by any act default or negligence of the Tenant or the servants,
 agents, licensees or invitees of the Tenant. **TO INDEMNIFY LANDLORD** 

(p) Not to obstruct
 or cause or suffer to be obstructed the hall lobby staircases landings and passages leading to the demised premises. **NO OBSTRUCTION** 

(q) To apply for and
 obtain all necessary permits / licence etc from the relevant authorities for the use of the said premises for their trade. **APPLICATION OF LICENSE/PERMIT** 

3. **The Landlord hereby agrees with the Tenant** as follows:

---

| | | |
|:---|:---|:---|
| (a) | To pay all rates, taxes, maintenance charges and any surcharges thereon, assessments and outgoing (except as otherwise provided in this Agreement) which are or may hereafter be charged or imposed on the said premises including any surcharges payable thereon. | **PAYMENT OF TAXES** |
| (b) | To insure the said premises against loss or damage by fire and to pay all premium thereon. | **INSURANCE** |
| (c) | To be responsible for the repair and replacement of parts in respect of the air-conditioning units installed at the said premises save where the same are caused by any act, default, neglect or omission on the part of the Tenant or any of its servants, agents, occupiers, contractors, guests or visitors. | **REPAIR OF REPLACEMENT** |
| (d) | To maintain the structural condition of the said premises including sanitary pipes and electrical wiring and to keep the roof of the said premises in good and tenantable repair and condition. | **STRUCTURAL MAINTENANCE** |
| (e) | That the Tenant paying the rent hereby reserved, observing and performing the several conditions, covenants and stipulations on the Tenant's part herein contained shall peaceably hold and enjoy the said premises during this tenancy without any interruption by the Landlord or any person rightfully claiming under or in trust for the Landlord. | **QUIET POSSESSION / ENJOYMENT** |
| (f) | The Landlord agrees that the Tenant is not liable for the maintenance or repair of the Television set and the CCTV inside the premises ("Unused Accessories"), provided the Tenant has not used and shall not use the Unused Accessories, and shall, when practicable, allow the Landlord to remove the said items, whereupon the Unused Accessories shall be removed from the Schedule of Furniture & Fittings. | **ELECTRICAL ITEMS** |

---

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 3 of 6

4. **Provided always and it is expressly agreed as follows:** 

(a) If the rent
 hereby reserved shall not be paid for **seven (7) days** after its due or if there shall be a breach of any of the conditions,
 covenants or stipulations on the part of the Tenant herein contained, the Landlord shall be entitled to re-enter upon the said premises
 and thereupon this tenancy shall immediately absolutely determine but without prejudice to any right of action of the Landlord for
 damage or otherwise in respect of any such breach or any antecedent breach unless the landlord waived its right in this regard in
 writing. **DEFAULT OF TENANT** 

(b) In the event
 the rent remaining unpaid seven (7) days after becoming payable (whether formally demanded or not), it shall be lawful for the Landlord
 to claim interest at **ten percent (10%)** calculated on monthly basis on the amount unpaid calculated from after the date due
 to the date of actual payment unless the landlord waived the interest charges so accrued in writing. **RENT IN ARREARS** 

(c) The Landlord shall not be liable to the Tenant or the
 Tenant's servants or agents or other persons in the said premises or persons calling upon the Tenant for any accidents happening,
 injury suffered, damage to or loss of any chattel property sustained on the said premises. **LIMITED LIABILITY OF LANDLORD** 

(d) In case the said premises or any part thereof shall
 at any time during this tenancy be destroyed or damaged by fire lightning riot explosion or any other cause beyond the control of
 the parties hereto so as to be unfit for occupation and use, then and in every such case (unless the insurance money shall be wholly
 or partially irrecoverable by reason solely or in part of any act, default, neglect or omission of the Tenant or any of their servants
 agents occupiers guests or visitors), the rent hereby reserved or a just and fair proportion thereof according to the nature and
 extent of the destruction or damage sustained shall be suspended and cease to be payable in respect of any period while the said
 premises shall continue to be unfit for occupation and use by reason of such destruction or damage. **UNTENANTABILITY LEADING TO SUSPENSION OF RENT** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) In case the said premises shall
 be destroyed or damaged as aforesaid, either party shall be at liberty by notice in writing to the other determine this tenancy,
 and upon such notice being given, this tenancy or the balance thereof shall absolutely cease and determine and the deposit paid hereunder
 together with a reasonable proportion of such advance rent as has been paid hereunder, where applicable, shall be refunded to the
 Tenant forthwith but without prejudice to any right of action of either party in respect of any antecedent breach of this Agreement
 by the other. **UNTENANTABILITY LEADING TO TERMINATION OF LEASE** 

(f) The Landlord shall on the written request of the Tenant
 made not less than **two (2) months** before the date of expiry of this tenancy, and if there shall not at the time of such request
 be any existing breach or any non-observance of any of the conditions, covenants or stipulations on the part of the Tenant herein
 contained, at the expense of the Tenant, grant to the Tenant a tenancy of the said premises for a further term of <u>TWO</u> (02) years from the date of expiry of this tenancy at a rent to be agreed based on the prevailing market rent but otherwise containing
 the like conditions, covenants and stipulations as are herein contained with the exception of this option for renewal. **RENEWAL CLAUSE** 

(g) Any notice served under or in any way in connection
 with this Agreement shall be sufficiently served on the Tenant if left at the said premises or delivered to the Tenant personally
 or sent to the Tenant at the said premises by registered post, or if sent by registered post to the address of the Tenant stated
 above, and shall be sufficiently served on the Landlord if delivered to the Landlord personally or sent to the abovementioned address
 by registered post. Any notice sent by registered post shall deemed to be given at the time when, in due course of post it, would
 be delivered at the address to which it is sent. **NOTICE** 

(h) The waiver by either party of a breach of default of
 any of the provisions in this Agreement shall not be construed as a waiver of any succeeding breach of the same or other provisions
 nor any delay or omission on the part of either party to exercise or avail itself of any right that it has or may have herein, operates
 as a waiver of any breach or default of the other party. **WAIVER OF DEFAULTS** 

(i) This Agreement shall be subject to the laws of the
 Republic of Singapore. **GOVERNING LAW** 

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 4 of 6

**IN WITNESS WHEREOF** the parties have hereunto set their hands the day and year first above written.

---

| | | |
|:---|:---|:---|
| **SIGNED by the Landlord** | **SIGNED by the Landlord**) |  |
| (With Company stamp affixed where applicable) | (With Company stamp affixed where applicable) |  |
| Name : | **ClearSK Healthcare Pte Ltd**) |  |
| UEN : | **200211226Z**) |  |
| Name : | **Dr Shiau Ee Leng**) | /s/ Dr Shiau Ee Leng |
| Designation: | **Director**) |  |

---

---

| | |
|:---|:---|
| In the presence of :) |  |
| Name : **Dang Li Jing**) | /s/ Dang Li Jing |
| NRIC No. : |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED by the Tenant** | **SIGNED by the Tenant**) |  |
| (With Company stamp affixed where applicable) | (With Company stamp affixed where applicable) |  |
| Name : | **ClearSK Medispa Pte Ltd**) |  |
| UEN : | **200900181W**) |  |
| Name : | **Then Chee Tat**) | /s/ Then Chee Tat |
| Designation: | **Managing Director**) |  |

---

---

| | |
|:---|:---|
| In the presence of :) |  |
| Name : **Dang Li Jing**) | /s/ Dang Li Jing |
| NRIC No. :) |  |

---

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 5 of 6

**<u>Schedule 1.0</u>**

**<u>Particulars Of Tenancy</u>**

**<u>Landlord</u>**

Name : ClearSK Healthcare Pte Ltd

Company UEN : 200211226Z

Registered Address : 10 Sinaran Drive, #10-25, Square 2, Singapore, 307506

**<u>Tenant</u>**

Name : ClearSK Medispa Pte Ltd

Company UEN : 200900181W

Registered Address : 10 Sinaran Drive, #10-25, Square 2, Singapore, 307506

Building : 10 Sinaran Drive, #10-25, Square 2, Singapore, 307506

Floor Area : 678 square feet

Term : 01 January 2025 – 31 December 2026

Option to Renew : Not Applicable

Fitting Out Period : Not Applicable

**<u>Rental Breakdown :</u>**

Rent:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Term | &nbsp;&nbsp;Rent Payable psqf | &nbsp;&nbsp;Total Monthly Rent Payable |
| &nbsp;&nbsp;01/01/2025 – 31/12/2026 | &nbsp;&nbsp;$15.54 | &nbsp;&nbsp;$10536.12 |

---

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Page 6 of 6

## Exhibit 10.9

**Exhibit 10.9**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading.

**TENANCY AGREEMENT (COMMERCIAL / INDUSTRIAL)**

THIS AGREEMENT is made on the 1<sup>st</sup> day of January 2025

**BETWEEN**

---

| | |
|:---|:---|
| Name: | <u>ClearSK Healthcare Pte Ltd</u> |
| Company UEN: | <u>200211226Z</u> |
| Registered Address: | <u>10 Sinaran Drive, #10-25, Square 2, Singapore, 307506</u> |

---

(hereinafter called "the Landlord" which expression shall where the context so admits include the person entitled for the time being to the reversion immediately expectant on the term hereby created) of the one part.

**AND**

---

| | |
|:---|:---|
| Name: | <u>ClearSK Medispa Pte Ltd</u> |
| Company UEN: | <u>200900181W</u> |
| Registered Address: | <u>10 Sinaran Drive, #10-25, Square 2, Singapore, 307506</u> |
| Mailing Address: | 10 Sinaran Drive, #10-25, Square 2, Singapore, 307506 |

---

(hereinafter called "the Tenant" which expression shall where the context so admits include the Tenant's successors and assigns) of the other part.

**WHEREBY it is agreed** as follows:

1. The
 Landlord agrees to let and the Tenant agrees to take the property of approximate built-in
 floor area of 700 sq. ft. known as  **<u>10 Sinaran Drive, #10-26, Square 2, Singapore, 307506</u>** (hereinafter called "the said premises") together with the furniture, fixtures
 and fittings therein belonging to the Landlord as specified in the Schedule annexed hereto
 (hereinafter called "the Furniture and Fittings") TO HOLD unto the Tenant from
 the  **<u>1st</u>** day of  **<u>January</u>** 20  **<u>25</u>** for a fixed term
 of  **<u>TWENTY FOUR</u>** (**24**) months, at the rent listed in **schedule 1.0** per month plus GST (if applicable) which is payable monthly in advance without deduction
 whatsoever on the  **<u>7<sup>TH</sup></u>** day of each calendar month.

2. **The Tenant hereby agrees with the Landlord** as follows:

---

| | | | |
|:---|:---|:---|:---|
| (a) | To pay the said rent at the times and in manner aforesaid by way of GIRO made payable to ClearSK Healthcare Pte Ltd: | To pay the said rent at the times and in manner aforesaid by way of GIRO made payable to ClearSK Healthcare Pte Ltd: | **RENTAL PAYMENT** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank: United Overseas Bank (UOB) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank: United Overseas Bank (UOB) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Name: ClearSK Healthcare Pte Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Name: ClearSK Healthcare Pte Ltd |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Account Number : | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Account Number : |  |
| (b) | To pay all charges due in respect of any telephones or other equipment installed at the said premises, including any tax payable thereon. | To pay all charges due in respect of any telephones or other equipment installed at the said premises, including any tax payable thereon. | **PAYMENT OF OUTGOINGS** |
| (c) | To pay all charges for the supply of water, electricity, gas and any water borne sewerage system, any such installations fitted or used at the said premises, including any tax payable thereon. | To pay all charges for the supply of water, electricity, gas and any water borne sewerage system, any such installations fitted or used at the said premises, including any tax payable thereon. |  |
| (d) | To keep the interior of the said premises including the sanitary and water apparatus, Furniture and Fittings, doors and windows thereof in good and tenantable repair and condition throughout this tenancy (fair wear and tear and damage by any act beyond the control of the Tenant excepted). | To keep the interior of the said premises including the sanitary and water apparatus, Furniture and Fittings, doors and windows thereof in good and tenantable repair and condition throughout this tenancy (fair wear and tear and damage by any act beyond the control of the Tenant excepted). | **INTERIOR MAINTENANCE** |
| (e) | (i) | To permit the Landlord and its agents, surveyors and workmen with all necessary appliances to enter upon the said premises at all reasonable times by prior appointment for the purpose whether of viewing the condition thereof or of doing such works and things as may be required for any repairs, alterations or improvements whether of the said premises or of any parts of any building to which the said premises may form a part of or adjoin. | **ACCESS TO PREMISES FOR REPAIRS** |

---

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Page 1 of 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the two
 (2) months immediately preceding the expiration of the tenancy herein to permit the Landlord or its representatives at all reasonable
 times and by prior appointment to bring interested parties to view and the said premises for the purpose of letting the same. **ACCESS TO PREMISES FOR NEW TENANTS** 

(iii) During the currency of this
 tenancy, to allow the Landlord or its representatives at all reasonable times and by prior appointment to bring any interested parties
 to view the said premises in the event of a prospective sale thereof. The said premises shall be sold subject to this tenancy. **ACCESS TO PREMISES FOR POTENTIAL SALE** 

(f) At all times
 during the term hereby created to comply with all such requirements as may be imposed upon the Tenant by Management Corporation and
 / or HDB and / or other regulatory bodies, and / or any statute legislation now or hereafter in force and any orders, rules, regulations,
 requirements and notices thereunder. **COMPLIANCE WITH RULES** 

(g) To yield up the
 said premises and the Furniture and Fittings at the expiration or sooner determination of this tenancy in such good and tenantable
 repair and condition (fair wear and tear excepted) as shall be in accordance with the conditions, covenants and stipulations herein
 contained and with all locks keys and the Furniture and Fittings. **YEILDING UP OF PREMISES** 

(h) To keep the air-conditioning
 units, Furniture and Fittings installed at and for the said premises in good and tenantable repair and condition, including the regular
 servicing and maintenance of the air-conditioning units, Furniture and Fittings, by reliable contractors, at the expense of the Tenant. **AIRCON SERVICING, FURNITURE & FITTINGS REPAIR** 

(i) Not to make or permit
 to be made any structural alterations to the said premises. **NO UNAUTHORISED ALTERATION** 

(j) Not to use the
 said premises or any part thereof other than a **shop** in connection with and for the purpose of the Tenant's business and
 to obtain licenses and permits at the Tenant's expense from the relevant authorities where necessary. **PURPOSE OF USE** 

(k) The said tenant
 is allowed to assign or sublet the premises with all original renovation Furniture and Fittings, and fixtures intact, in the event
 that the said Tenant business is not doing well, subject to the approval of the Landlord, provided that the trade and monthly rental
 shall not be less than the agreed rental herein. Written consent for such assignment and sublet shall be obtained from Landlord, which
 shall not be unreasonably withheld. **ASSIGNMENT OR SUBLET ALLOWED** 

(l) Not to keep or
 permit to be kept on the said premises or any part thereof any materials of a dangerous or explosive nature or the keeping of which
 may contravene any statute or subsidiary legislation. **NO DANGEROUS MATERIALS** 

(m) Not to do or
 permit to be done anything whereby the policy or policies of insurance on the said premises against damage by fire may become void
 or voidable or whereby the premium thereon may be increased. **NOT TO VOID INSURANCE** 

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 2 of 6

(n) Not to use the
 demised premises or any part thereof for any unlawful or immoral purposes and not to do or permit or suffer to be done upon the demised
 premises any act or thing which may become a nuisance to or annoyance to or give cause for reasonable complaints from the occupants
 of other parts of the Building or of adjoining or adjacent properties. **NO ILLEGAL / IMMORAL USE AND NOT TO CAUSE NUISANCE** 

(o) To be responsible
 for and to indemnify the Landlord from and against all claims and demands and against damage occasioned to the demised premises or
 any adjacent or neighboring premises or injury caused to any person by any act default or negligence of the Tenant or the servants,
 agents, licensees or invitees of the Tenant. **TO INDEMNIFY LANDLORD** 

(p) Not to obstruct
 or cause or suffer to be obstructed the hall lobby staircases landings and passages leading to the demised premises. **NO OBSTRUCTION** 

(q) To apply for and
 obtain all necessary permits / licence etc from the relevant authorities for the use of the said premises for their trade. **APPLICATION OF LICENSE/PERMIT** 

3. **The Landlord hereby agrees with the Tenant** as follows:

---

| | | |
|:---|:---|:---|
| (a) | To pay all rates, taxes, maintenance charges and any surcharges thereon, assessments and outgoing (except as otherwise provided in this Agreement) which are or may hereafter be charged or imposed on the said premises including any surcharges payable thereon. | **PAYMENT OF TAXES** |
| (b) | To insure the said premises against loss or damage by fire and to pay all premium thereon. | **INSURANCE** |
| (c) | To be responsible for the repair and replacement of parts in respect of the air-conditioning units installed at the said premises save where the same are caused by any act, default, neglect or omission on the part of the Tenant or any of its servants, agents, occupiers, contractors, guests or visitors. | **REPAIR OF REPLACEMENT** |
| (d) | To maintain the structural condition of the said premises including sanitary pipes and electrical wiring and to keep the roof of the said premises in good and tenantable repair and condition. | **STRUCTURAL MAINTENANCE** |
| (e) | That the Tenant paying the rent hereby reserved, observing and performing the several conditions, covenants and stipulations on the Tenant's part herein contained shall peaceably hold and enjoy the said premises during this tenancy without any interruption by the Landlord or any person rightfully claiming under or in trust for the Landlord. | **QUIET POSSESSION / ENJOYMENT** |
| (f) | The Landlord agrees that the Tenant is not liable for the maintenance or repair of the Television set and the CCTV inside the premises ("Unused Accessories"), provided the Tenant has not used and shall not use the Unused Accessories, and shall, when practicable, allow the Landlord to remove the said items, whereupon the Unused Accessories shall be removed from the Schedule of Furniture & Fittings. | **ELECTRICAL ITEMS** |

---

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 3 of 6

4. **Provided always and it is expressly agreed** as follows:

(a) If the rent
 hereby reserved shall not be paid for **seven (7) days** after its due or if there shall be a breach of any of the conditions,
 covenants or stipulations on the part of the Tenant herein contained, the Landlord shall be entitled to re-enter upon the said premises
 and thereupon this tenancy shall immediately absolutely determine but without prejudice to any right of action of the Landlord for
 damage or otherwise in respect of any such breach or any antecedent breach unless the landlord waived its right in this regard in
 writing. **DEFAULT OF TENANT** 

(b) In the event
 the rent remaining unpaid seven (7) days after becoming payable (whether formally demanded or not), it shall be lawful for the Landlord
 to claim interest at **ten percent (10%)** calculated on monthly basis on the amount unpaid calculated from after the date due
 to the date of actual payment unless the landlord waived the interest charges so accrued in writing. **RENT IN ARREARS** 

(c) The Landlord shall not be liable to the Tenant or the
 Tenant's servants or agents or other persons in the said premises or persons calling upon the Tenant for any accidents happening,
 injury suffered, damage to or loss of any chattel property sustained on the said premises. **LIMITED LIABILITY OF LANDLORD** 

(d) In case the said premises or any part thereof shall
 at any time during this tenancy be destroyed or damaged by fire lightning riot explosion or any other cause beyond the control of
 the parties hereto so as to be unfit for occupation and use, then and in every such case (unless the insurance money shall be wholly
 or partially irrecoverable by reason solely or in part of any act, default, neglect or omission of the Tenant or any of their servants
 agents occupiers guests or visitors), the rent hereby reserved or a just and fair proportion thereof according to the nature and
 extent of the destruction or damage sustained shall be suspended and cease to be payable in respect of any period while the said
 premises shall continue to be unfit for occupation and use by reason of such destruction or damage. **UNTENANTABILITY LEADING TO SUSPENSION OF RENT** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) In case the said premises shall
 be destroyed or damaged as aforesaid, either party shall be at liberty by notice in writing to the other determine this tenancy,
 and upon such notice being given, this tenancy or the balance thereof shall absolutely cease and determine and the deposit paid hereunder
 together with a reasonable proportion of such advance rent as has been paid hereunder, where applicable, shall be refunded to the
 Tenant forthwith but without prejudice to any right of action of either party in respect of any antecedent breach of this Agreement
 by the other. **UNTENANTABILITY LEADING TO TERMINATION OF LEASE** 

(f) The Landlord shall on the written request of the Tenant
 made not less than **two (2) months** before the date of expiry of this tenancy, and if there shall not at the time of such request
 be any existing breach or any non-observance of any of the conditions, covenants or stipulations on the part of the Tenant herein
 contained, at the expense of the Tenant, grant to the Tenant a tenancy of the said premises for a further term of <u>TWO</u> (02) years from the date of expiry of this tenancy at a rent to be agreed based on the prevailing market rent but otherwise containing
 the like conditions, covenants and stipulations as are herein contained with the exception of this option for renewal. **RENEWAL CLAUSE** 

(g) Any notice served under or in any way in connection
 with this Agreement shall be sufficiently served on the Tenant if left at the said premises or delivered to the Tenant personally
 or sent to the Tenant at the said premises by registered post, or if sent by registered post to the address of the Tenant stated
 above, and shall be sufficiently served on the Landlord if delivered to the Landlord personally or sent to the abovementioned address
 by registered post. Any notice sent by registered post shall deemed to be given at the time when, in due course of post it, would
 be delivered at the address to which it is sent. **NOTICE** 

(h) The waiver by either party of a breach of default of
 any of the provisions in this Agreement shall not be construed as a waiver of any succeeding breach of the same or other provisions
 nor any delay or omission on the part of either party to exercise or avail itself of any right that it has or may have herein, operates
 as a waiver of any breach or default of the other party. **WAIVER OF DEFAULTS** 

(i) This Agreement shall be subject to the laws of the
 Republic of Singapore. **GOVERNING LAW** 

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 4 of 6

**IN WITNESS WHEREOF** the parties have hereunto set their hands the day and year first above written.

---

| | | |
|:---|:---|:---|
| **SIGNED by the Landlord** | **SIGNED by the Landlord**) |  |
| (With Company stamp affixed where applicable) | (With Company stamp affixed where applicable) |  |
| Name: | **ClearSK Healthcare Pte Ltd**) |  |
| UEN: | **200211226Z**) |  |
| Name: | **Dr Shiau Ee Leng**) | /s/ Dr Shiau Ee Leng |
| Designation: | **Director**) |  |

---

---

| | |
|:---|:---|
| In the presence of:) |  |
| Name: **Dang Li Jing**) | /s/ Dang Li Jing |
| NRIC No.:) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED by the Tenant** | **SIGNED by the Tenant**) |  |
| (With Company stamp affixed where applicable) | (With Company stamp affixed where applicable) |  |
| Name: | **ClearSK Medispa Pte Ltd**) |  |
| UEN: | **200900181W**) |  |
| Name: | **Then Chee Tat**) | /s/ Then Chee Tat |
| Designation: | **Managing Director**) |  |

---

---

| | |
|:---|:---|
| In the presence of:) |  |
| Name: **Dang Li Jing**) | /s/ Dang Li Jing |
| NRIC No.:) |  |

---

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 5 of 6

**<u>Schedule 1.0</u>**

**<u>Particulars Of Tenancy</u>**

**<u>Landlord</u>**

Name: ClearSK Healthcare Pte Ltd

Company UEN: 200211226Z

Registered Address : 10 Sinaran Drive, #10-25, Square 2, Singapore, 307506

**<u>Tenant</u>**

Name: ClearSK Medispa Pte Ltd

Company UEN: 200900181W

Registered Address: 10 Sinaran Drive, #10-25, Square 2, Singapore, 307506

Building: 10 Sinaran Drive, #10-26, Square 2, Singapore, 307506

Floor Area: 700 square feet

Term: 01 January 2025 – 31 December 2026

Option to Renew: Not Applicable

Fitting Out Period: Not Applicable

**<u>Rental Breakdown:</u>**

Rent:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Term | &nbsp;&nbsp;Rent Payable psqf | &nbsp;&nbsp;Total Monthly Rent Payable |
| &nbsp;&nbsp;01/01/2025 – 31/12/2026 | &nbsp;&nbsp;$15.54 | &nbsp;&nbsp;$10878.00 |

---

Initials <br> <u>Landlord</u> <u>Tenant</u> <br>    

Page 6 of 6

## Exhibit 10.10

**Exhibit 10.10**

**regenique group Limited**

**2025 Share Incentive Plan**

1.  **<u>Purposes of this Plan</u>** . The purposes of this Plan are to attract and retain the best available
talents, to provide incentives to Eligible Persons and to promote the success of the Company's business. For the avoidance of doubt,
this Plan does not intend to provide incentive to and shall not be applicable to any other person.

2.  **<u>Definitions</u>** . The following definitions shall apply as used herein and in the individual
Award Agreements except as defined otherwise in an individual Award Agreement. In the event a term is separately defined in an individual
Award Agreement, such definition shall supersede the definition contained in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Administrator**" has the meaning described in Section 4(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Laws**" means the legal
 requirements relating to this Plan and the Awards under applicable laws, regulations, rules, federal securities laws, state
 corporate and securities laws, the rules of any applicable stock exchange or national market system, and the laws, regulations,
 orders or rules of any jurisdiction applicable to the Company and the Awards granted to residents therein or the Grantees receiving
 such Awards, which shall include but is not limited to Cayman Islands laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Assumed**" means that, pursuant to a Corporate Transaction, either (i) the Award is
expressly affirmed by the Company or (ii) the contractual obligations represented by the Award are expressly assumed (and not simply by
operation of law) by the successor entity or its Parent in connection with the Corporate Transaction with appropriate adjustments to the
number and type of securities of the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which
at least preserves the compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance
with the instruments evidencing the agreement to assume the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Award**" means the grant of an Option, Restricted Share, or other types of equity-based
incentives to a Grantee under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Award Agreement**" means the written agreement evidencing the grant of an Award executed
by the Company and the Grantee, including any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Board**" means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Company**" means Regenique Group Limited, a company incorporated with limited liability
under the laws of the Cayman Islands or any successor corporation that adopts this Plan in connection with a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Code**" means the Internal Revenue Code of 1986 of the United States, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Control**" of a given Person means the power or authority, whether exercised or not,
to direct the business, management, and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial
ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or
shareholders of such Person or power to control the composition of a majority of the board of directors of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Corporate Transaction**" means (as determined by the Administrator acting reasonably)
any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a merger, amalgamation, consolidation, or other business combination of the Company with or into any Person,
in which the Company is not the surviving entity, or any other transaction or series of transactions, as a result of which the shareholders
of the Company immediately prior to such transaction or series of transactions will cease to own a majority of the voting power of the
surviving entity immediately after consummation of such transaction or series of transactions, except for a transaction the principal
purpose of which is to change the state in which the Company is incorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sales, transfer, exclusive license, or other disposition of all or substantially all of the assets
of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the completion of liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any reverse merger or series of related transactions culminating in a reverse merger (including, but not
limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the Shares outstanding
immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities,
cash, or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company's
outstanding securities are transferred to a Person or Persons different from those who held such securities immediately prior to such
merger or the initial transaction culminating in such merger, but excluding any such transaction or series of related transactions that
the Administrator determines shall not be a Corporate Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) acquisition in a single or series of related transactions by any Person or related group of Persons (other
than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership of securities possessing more than fifty percent
(50%) of the total combined voting power of the Company's outstanding securities, but excluding any such transaction or series of
related transactions that the Administrator determines shall not be a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Director**" means a member of the Board or the board of directors of any Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Effective Date**" means the first calendar day immediately after the completion of the initial
public offering of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Eligible Persons**" means officers, directors, advisors, personnel and employees of
the Company and Related Entities, but only to the extent Shares to be issued hereunder to any such potential Eligible Person are eligible
for registration under Form S-8 or its equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Exchange Act**" means the Securities Exchange Act of 1934 of the United States, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exercise Window**" means such period of time determined by the Administrator in his
sole discretion during which an Award may be exercised, with reasonable advance notice to Grantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Expiration Date**" means the tenth anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Grantee**" means an Eligible Person who receives an Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**M&A**" means the currently effective memorandum and articles of association of the
Company, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Option**" means a right granted to a
 Grantee pursuant to Section 1 of this Plan to purchase a specified number of Shares at a specified price being no less than the par
 value of such Share during specified time periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Parent**" means any company (other than the Company) in an unbroken chain of companies
ending with the Company, if each of the companies (other than the Company) owns or Controls shares possessing 50% or more of the total
combined voting power of all classes of shares in one of the other companies in such chain. A company that attains the status of a Parent
on a date after the adoption of this Plan shall be considered a Parent commencing as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Person**" means any individual, corporation, partnership, limited partnership, limited
liability company, firm, joint venture, estate, trust, unincorporated organization, association, enterprise, institution, public benefit
corporation, entity, or governmental or regulatory authority or other entity of any kind or nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Plan**" means this 2025 Share Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Registration Date**" means the date of filing a registration statement on Form S-8 under
the Securities Act of 1933, as amended, registering the securities issuable under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Related Entity**" means any Subsidiary or Parent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Replaced**" means that, pursuant to a Corporate Transaction, the Award is replaced with
a comparable share award or a cash incentive program of the Company, the successor entity (if applicable), or the Parent of either
of them which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent
payout in accordance with the same (or a more favorable) vesting schedule applicable to such Award. The determination of Award comparability
shall be made by the Administrator, and its determination shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Restricted Share**" means a Share awarded to a Grantee that is subject to certain restrictions
and may be subject to risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Share**" means the Company's Class A ordinary shares, currently of par value of US$0.0001 each or such par value may be adjusted resulting from a share subdivision, share consolidation,
combination or reclassification of the Shares, or similar transaction affecting the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Spin-off Transaction**" means a distribution by the Company to its shareholders of all
or any portion of the securities of any Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Subsidiary**" means with respect to a specific entity, (A) any entity (x) more than
fifty percent (50%) of whose shares or other interests entitled to vote in the election of directors or (y) more than a fifty percent
(50%) interests in whose profits or capital, are owned or Controlled directly or indirectly by the subject entity or through one (1) or
more Subsidiaries of the subject entity; (B) any entity whose assets, or portions thereof, are consolidated with the net earnings of the
subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with U.S. GAAP; or (C)
any entity with respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly
or indirectly through another Subsidiary.

3.  **<u>Shares Subject to this Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares to be issued pursuant to the Awards under this Plan shall be authorized, but unissued, or reacquired
Shares. Subject to the provisions of Section 9 below, the maximum aggregate number of Shares that may be issued pursuant to all Awards
under this Plan shall be 5,000,000 Shares, representing not less than 10 percent (10%) of the total number of Shares outstanding on the
Effective Date.

Notwithstanding the limit in the paragraph above and subject to any adjustments as necessary and any adjustments upon changes in capitalization under Section 10, the aggregate number of Shares pursuant to the Awards will automatically increase on the first calendar day of each fiscal year such that the number of Shares that may be issued pursuant to all Awards shall be not less than 10 percent (10%) of the total number of Shares outstanding as of the last calendar day of the immediately preceding fiscal year. For the avoidance of doubt, the number of Shares under this Plan shall at all times be subject to the authorized but unissued Shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Shares covered by an Award (or portion of an Award) that is forfeited, canceled, or expires (whether
voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares
that may be issued under this Plan. Shares that actually have been issued under this Plan pursuant to an Award shall not be returned to
this Plan and shall not become available for future issuance under this Plan, except that if unvested Shares are forfeited, or repurchased
by the Company, such Shares shall become available for future grant under this Plan. To the extent not prohibited by the Applicable Laws
and the listing requirements of Nasdaq Stock Market or any other applicable stock exchange or national market system on which the Shares
are traded, any Shares covered by an Award which are surrendered (i) in payment of the Award exercise or purchase price or (ii) in satisfaction
of tax withholding obligations incident to the exercise of an Award shall be deemed not to have been issued for purposes of determining
the maximum number of Shares which may be issued pursuant to all Awards under this Plan, unless otherwise determined by the Administrator.

4.  **<u>Administration of this Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Plan Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Administration</u>. This Plan shall be administered by the Board or a committee of one or more members
of the Board (the "**Administrator** "). With respect to any decision relating to an Eligible Person who is a Director or
officer, the Administrator shall delegate its authority to a committee consisting solely of two or more Directors who are disinterested.
The Administrator may authorize one or more officers or Directors of the Company to grant such Awards and may limit such authority as
the Administrator determines from time to time. Notwithstanding the foregoing, the full Board, acting by majority of its members in office,
shall conduct the general administration of this Plan as the Administrator if required by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration Errors</u>. In the event an Award is granted in a manner inconsistent with the provisions
of this subsection (a), such Award shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws and
approved by the Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Powers of the Administrator</u>. Subject to Applicable Laws and the provisions of this Plan (including
any other powers given to the Administrator hereunder), the Administrator shall have the authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to select among the Eligible Persons individuals to whom Awards may be granted from time to time hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to determine whether and to what extent Awards are granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to determine the type or the number of Awards to be granted, the number of Shares, or the amount of consideration
to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to approve forms of Award Agreements for use under this Plan, to amend terms of the Award Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to determine or alter the terms and conditions of any Award granted hereunder (including without limitation
the vesting schedule and exercise price set forth in the relevant notice of award or Award Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to amend the terms of any outstanding Award granted under this Plan, provided that any amendment that
would adversely affect the Grantee's rights under an outstanding Award in material aspects shall not be made without the Grantee's
written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to construe and interpret the terms of this Plan and Awards, including without limitation, any notice
of Award or Award Agreement, granted pursuant to this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to require the Grantee to provide representation or evidence that any currency used to pay the exercise
price of any Award was legally acquired and taken out of the jurisdiction in which the Grantee resides in accordance with the Applicable
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to determine whether and at what price to repurchase from the Grantee all or any portion of the Shares
obtained by the Grantee upon exercise of any Awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to take such other action, not inconsistent with the terms of this Plan and the Applicable Laws, as the
Administrator deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification</u>. In addition to such other rights of indemnification as they may have as members
of the Board or employees of the Company or a Related Entity, members of the Board and any employees of the Company or a Related Entity
to whom authority to act for the Board, the Administrator, or the Company is delegated shall be defended and indemnified by the Company
to the extent permitted by Applicable Law and in the manner approved by the Administrator, on an after-tax basis, against all reasonable
expenses, including attorneys' fees, actually and necessarily incurred in connection with the defense of any claim, investigation,
action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action
taken or failure to act under or in connection with this Plan, or any Award granted hereunder, and against all amounts paid by them in
settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction of a judgment in any such claim,
investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such claim, investigation,
action, suit or proceeding that such Person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that
within thirty (30) days after the institution of such claim, investigation, action, suit or proceeding, such Person shall offer to the
Company, in writing, the opportunity at the Company's expense to defend the same.

5.  **<u>Eligibility</u>** . Awards may be granted only to Eligible Persons. An Eligible Person who has
been granted an Award may, if otherwise eligible, be granted additional Awards.

6.  **<u>Terms and Conditions of Awards</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Types of Awards</u>. The Administrator is authorized
 under this Plan to grant any types of Awards (or any combination thereof) to an Eligible Person that is not inconsistent with the
 provisions of this Plan and in compliance with all Applicable Laws and that by its terms involves or might involve (i) the issuance
 of an Option, Restricted Share or any other similar right with a fixed or variable price of the Shares which shall always be no less
 than the par value of such Share(s) and with an exercise or conversion privilege related to the passage of time, the occurrence of
 one or more events, or the satisfaction of performance criteria or other conditions; or (ii) the issuance of Shares directly, either
 through immediate purchase of such Shares or as a bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Designation of Award</u>. Each Award shall be designated in the Award Agreement. An Award may consist
of one type of right or benefit hereunder or of two or more such rights or benefits granted in tandem or in the alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conditions of Award</u>. Subject to the terms of this Plan, the Administrator shall determine the provisions,
terms, and conditions of each Award including, but not limited to, the Award vesting schedule, forfeiture provisions, form of payment
(Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of any performance criteria. Each
Award shall be subject to the terms of an Award Agreement approved by the Administrator. The performance criteria may be applicable to
the Company, Related Entities, and/or any individual business units of the Company or any Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acquisitions and Other Transactions</u>. The Administrator may issue Awards under this Plan in settlement,
assumption, or substitution for outstanding rights or obligations and in connection with the Company or a Related Entity acquiring another
entity, an interest in another entity, or an additional interest in a Related Entity whether by merger, share purchase, asset purchase
or other form of transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Separate Programs</u>. The Administrator may establish one or more separate programs under this Plan
for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by
the Administrator from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Term of Award</u>. The term of each Award shall be the term stated in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Transfer Restrictions</u>. Unless otherwise expressly provided in the Award Agreements or pursuant
to Section 6(h) below, the Grantee shall not transfer, sell, hypothecate, encumber, or otherwise dispose of any Award or any right or
interest thereunder, unless and until the Award, or a portion thereof, is vested; (if applicable) any right to receive Shares in respect
of such vested portion is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Limited Exception to Transfer Restrictions.</u> The transfer restrictions set forth in Section 6(g)
shall not apply to: (A) transfers to the Company or a Related Entity; (B) transfers by gift to "immediate family" as that
term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; (C) designations of beneficiaries and trustees in wills and trusts
or, if the Grantee has died, transfers to or exercises by the Grantee's beneficiary, or, in the absence of a validly designated
beneficiary, transfers by will or the laws of descent and distribution; (D) transfers to the Grantee's duly authorized legal representative
if the Grantee suffers a disability; or (E) transfers approved by the Administrator. Any permitted transfer shall be subject to the condition
that the Administrator receives evidence satisfactory to it that such transfer is on a basis consistent with the Company's lawful
issue of securities; does not contravene the M&A or other documents applicable to the transfer of Shares or other equity interests
in the Company; and the transferee has agreed in writing to abide by the terms of this Plan and the relevant Award Agreement, including
the notice requirement set out in Section (i).

Notwithstanding anything else in this Section 6(h) to the contrary, but subject to compliance with all Applicable Laws, Options and Restricted Shares pursuant to the Awards will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax consequences of such Awards. Notwithstanding clause Section 6(h) (B) above but subject to compliance with all Applicable Laws, any contemplated transfer by gift to "immediate family" as referenced in clause Section 6(h) (B) above is subject to the condition precedent that the transfer be approved by the Administrator in order for it to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Disposition</u>. The Grantee shall give the Company prompt written notice of any disposition
of Shares acquired under an Award within (i) two years from the date of grant of such Option, Restricted Share or other types of awards
and (ii) (if applicable) one year following the acquisition of the Shares under the terms of the Award Agreement, whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Time of Granting Awards</u>. The date of grant of an Award shall for all purposes be the date on which
the Administrator makes the determination to grant such Award or such other date as is determined by the Administrator.

7.  **<u>Settlements and Taxes</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment for Shares</u>. Subject to Applicable Laws, the consideration to be paid for the Shares to
be issued pursuant to an Award, including the method of payment, shall be determined by the Administrator. In addition to any other types
of consideration the Administrator may determine, the Administrator is authorized to accept as consideration for Shares issued pursuant
to an Award the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) check;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the exercise or purchase occurs on or after the Registration Date, or as otherwise permitted by the
Administrator, surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator
may require which have a value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which
said Award shall be exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer
sale and remittance procedure pursuant to which the Grantee (A) shall provide written instructions to a Company-designated brokerage firm
to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise
price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased
Shares directly to such brokerage firm in order to complete the sale transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any combination of the foregoing methods of payment.

The Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in Section 4(b)(iv), or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more forms of consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Taxes</u>. No Shares shall be delivered under this Plan to any Grantee or other Person until such Grantee
or other Person has made arrangements acceptable to the Administrator for the satisfaction of any income and employment tax withholding
obligations under any Applicable Laws. The Grantee shall be responsible while the Company shall not be responsible for all taxes associated
with the receipt, vest, exercise, transfer, and disposal of the Awards and the Shares. Upon exercise of an Award, the Company and/or the
Related Entity which is an employer of the Grantee shall have the right to withhold or collect from the Grantee an amount sufficient to
satisfy such tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Clawback & Recovery</u>. If the Administrator, in its sole discretion, determines that a Grantee
has violated any covenants under the terms of employment, either during employment with the Company or after such employment terminates
for any reason, the Administrator may revoke any or all of the Awards made under the Plan, including any Awards previously transferred
to other persons. Further, the Administrator may require the Grantee to return any Shares acquired under the Awards and require the reimbursement
to the Company of any net proceeds received from the sale of any Shares acquired as a result of such exercise or exercises.

8.  **<u>Exercise of Award</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Procedure for Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Award granted hereunder shall be exercisable at such times and under such conditions as determined
by the Administrator under the terms of this Plan and specified in the Award Agreement. Any Award granted hereunder that has been vested
may be exercised only during an Exercise Window.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An Award shall be deemed to be exercised when written notice of such exercise has been given to the Company,
during an Exercise Window, in accordance with the terms of the Award by the Person entitled to exercise the Award and full payment for
the Shares with respect to which the Award is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Exercise in Violation of Applicable Laws</u>. Notwithstanding the foregoing, regardless of whether
an Award has otherwise become exercisable, the Award shall not be exercised if the Administrator (in its sole discretion) determines that
an exercise would violate any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Restrictions on Exercise</u>. Notwithstanding the foregoing, regardless of whether an Award has become
vested and exercisable, no Award may be exercised until after the Registration Date (subject to any further blackout/silence period as
required by law).

9.  **<u>Conditions Upon Issuance of Shares</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and
the issuance and delivery of such Shares pursuant thereto shall comply with all Applicable Laws, the M&A, and the relevant Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As a condition to the exercise of an Award, the applicable Award Agreement may require the Grantee to
grant a power of attorney to the Board or any Person designated by the Board to exercise the voting rights with respect to the Shares,
and the Company may require the Person exercising such Award to acknowledge and agree to be bound by the provisions of the currently effective
M&A and other documents of the Company in relation to the Shares, as if the Grantee is a holder of Shares thereunder.

10.  **<u>Adjustments Upon Changes in Capitalization</u>** .
 Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Award, the
 number of Shares which have been authorized for issuance under this Plan but as to which no Awards have yet been granted or which
 have been returned to this Plan, the exercise or purchase price of each such outstanding Award, the maximum number of Shares with
 respect to which Awards may be granted to any Grantee in any fiscal year of the Company, as well as any other terms that the
 Administrator determines require adjustment shall be proportionately adjusted for (A) any increase or decrease in the number of
 issued Shares resulting from a share subdivision, share consolidation, share dividend, combination or reclassification of the Shares, or
 similar transaction affecting the Shares, (B) any other increase or decrease in the number of issued Shares effected without receipt
 of consideration by the Company, or (C) as the Administrator may determine in its discretion, any other transaction with respect to
 Shares including a corporate merger, consolidation, acquisition of property or equity, separation (including a spin-off or other
 distribution of shares or property), reorganization, liquidation (whether partial or complete) or any similar transaction; provided,
 however that conversion of any convertible securities of the Company shall not be deemed to have been "effected without
 receipt of consideration." Such adjustment shall be made by the Administrator, and its determination shall be final, binding,
 and conclusive. Except as the Administrator determines, no issuance by the Company of shares of any class, or securities convertible
 into shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of
 Shares subject to an Award. In the event of a Spin-off Transaction, the Administrator may in its discretion make such adjustments
 and take such other action as it deems appropriate with respect to outstanding Awards under this Plan, including but not limited to:
 (A) adjustments to the number and kind of Shares, the exercise or purchase price per Share and the vesting periods of outstanding
 Awards, (B) prohibit the exercise of Awards during certain periods of time prior to the consummation of the Spin-off Transaction, or
 (C) the substitution, exchange or grant of Awards to purchase securities of the Subsidiary; provided that the Administrator shall
 not be obligated to make any such adjustments or take any such action hereunder.

11.  **<u>Corporate Transactions</u>** . In the event of a Corporate Transaction, each Award can be, as determined
by the Administrator, Assumed or Replaced (or without taking any action) immediately prior to the specified effective date of such Corporate
Transaction. All outstanding Awards under this Plan shall terminate upon the consummation of such Corporate Transaction, provided, however,
that all such Awards shall not terminate to the extent they are Assumed or Replaced in connection with the Corporate Transaction.

**12.**  **<u>Effective Date and Term of Plan</u>** . This Plan shall commence on the Effective Date or as otherwise
specified by the Board on a later date. This Plan shall continue in effect for a term of ten (10) years and end automatically on the Expiration
Date, unless sooner terminated. Subject to Applicable Laws, Awards may be granted under this Plan upon its becoming effective.

13.  **<u>Amendment, Suspension, or Termination of this Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may at any time amend (including extend the term of this Plan), suspend, or terminate this Plan;
provided, however, that no such amendment, suspension, or termination shall be made without the approval of the Company's shareholders
to the extent such approval is required by the M&A, the Applicable Laws, or as otherwise determined by the Board at the time of adoption
of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Award may be granted during any suspension of this Plan or after termination of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise determined by the Administrator in good faith, the suspension, amendment, or termination
of this Plan (including termination of this Plan under Section 1, above) shall not materially adversely affect any rights under Awards
already granted to a Grantee.

14.  **<u>Reservation of Shares</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company, during the term of this Plan, will at all times reserve and keep available such number of
Shares as shall be sufficient to satisfy the requirements of this Plan (whichever is higher).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company's counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

15.  **<u>No Effect on Retirement and Other Benefit Plans</u>** . Except as specifically provided in a retirement
or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or
contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit
plan of any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to the level
of compensation. This Plan is not a "Retirement Plan" or "Welfare Plan" under the Employee Retirement Income Security
Act of 1974, as amended.

16.  **<u>Vesting Schedule</u>** . The Awards to be issued to any Grantee at such time prior to the Registration
Date shall be subject to the vesting schedule as specified in the Award Agreement of such Grantee. The Administrator shall have the right
to adjust the vesting schedule of the Awards granted to the Grantees.

17.  **<u>Holding Company, Trustee, etc.</u>** Notwithstanding anything to the contrary in this Plan, any
Award Agreement, any notice of Award, or the terms on which any Award is granted or vested, any underlying Share of the Awards may, at
the Administrator's own discretion, be held by one or more holding companies or trustees or other nominees (collectively, the "**Trustees** ")
as designated by the Administrator for the Grantees, and this Plan may be implemented and administrated by the Administrator through the
Trustees.

18.  **<u>Unfunded Obligation</u>** . Any amounts payable to Grantees pursuant to this Plan shall be unfunded
and unsecured obligations for all purposes. Neither the Company nor any Related Entity shall be required to segregate any monies from
its general funds, create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at
all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations
hereunder. Any investments or the creation or maintenance of any trust or any Grantee account shall not create or constitute a trust or
fiduciary relationship between the Administrator, the Company, or any Related Entity and a Grantee, or otherwise create any vested or
beneficial interest in any Grantee or the Grantee's creditors in any assets of the Company or a Related Entity. The Grantees shall
have no claim against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested
by the Company with respect to this Plan.

19.  **<u>Non-exclusivity of this Plan</u>** . Subject to the Applicable Laws, neither the adoption of this
Plan by the Board nor the submission of this Plan to the shareholders of the Company for approval shall be construed as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting
of share options or other equity-based awards otherwise than under this Plan, and such arrangements may be either applicable generally
or only in specific cases.

20.  **<u>Other Agreements</u>** . Notwithstanding the above, the Administrator may require, as a condition
to the grant of and/or the receipt of Shares under an Award, that the Grantee execute lock-up, shareholder, or other agreements, as it
may determine in its sole and absolute discretion.

21.  **<u>Construction</u>** . Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of this Plan. Except when otherwise indicated by the context, the singular shall
include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless
the context clearly requires otherwise. Masculine pronouns and other words of masculine gender shall refer to both men and women.

22.  **<u>Severability</u>** . If any provision of this Plan or any Award or Award Agreement is or becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, such provision shall be construed or deemed amended to conform
to the Applicable Laws in the manner that most closely reflects the original intent of the Award or this Plan, or if it cannot be construed
or deemed amended without, in the determination of the Administrator, materially altering the intent of this Plan or the Award, such provision
shall be construed or deemed stricken as to such jurisdiction and the remainder of this Plan and any such Award shall remain in full force
and effect.

23.  **<u>Governing Law</u>** . This Plan is to be construed in accordance with and governed by the laws
of the state of New York, without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction
other than the laws of the state of New York to the rights and duties of the parties.

## Exhibit 10.11

**Exhibit 10.11**

**REGENIQUE GROUP LIMITED**

**DIRECTOR SERVICE AGREEMENT**

This Director Service Agreement (the "<u>Agreement</u>") is made and entered into as of [●] day of [●], 2025 *(the actual date pursuant to Clause 1.1)* by and between **Regenique Group Limited**, a company incorporated in Cayman Island (Co No: OC-415793) whose registered office is at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009 Cayman Islands (the "Company"), and [●], an individual (Passport No: [●]) residing at [●] (the "Director").

1. SERVICES

1.1 <u>Board of Directors</u>. The Director shall be appointed to serve as a director of the Company's
board of directors (the " <u>Board</u> "), effective as of the date when the U.S. Securities and Exchange Commission (the " <u>SEC"</u>)
declares effective (the " <u>Effective Date</u> ") the Company's registration statement on Form F-1 in connection with
the Company's initial public offering, until the earlier of (i) the first (1<sup>st</sup>) anniversary of the Effective Date, (ii) the
date on which the Director ceases to be a member of the Board for any reason; or (iii) the date of termination of this Agreement in accordance
with Section 5.2 hereof (such earlier date being the " <u>Expiration Date</u> "), subject to the terms of the then-current
Memorandum and Articles of Association of the Company (the " <u>Memorandum and Articles</u> "). The Board shall consist of the
Director and such other members as are nominated and elected pursuant to the Memorandum and Articles.

1.2 <u>Director Services</u>. The 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 and stock exchange rules as well as the Memorandum and Articles and the charter of the relevant committees, and such other services mutually agreed to by the Director and the Company (the " <u>Director Services</u> ").

2. COMPENSATION

2.1 <u>Expense Reimbursement.</u> The Company shall reimburse the Director for all reasonable travel and other
out-of-pocket expenses incurred in connection with the Director Services rendered by the Director.

2.2 <u>Compensation to Director.</u> The Director shall receive from the Company compensation for the amount of [ ● ] per annum.

2.3 <u>No Other Compensation.</u> Except for the compensation provided in this Section 2, the Directors shall
not be entitled to any other compensation, whether in cash or in kind, for the Director Services.

3. duties of director

3.1 <u>Fiduciary Duties</u>. In fulfilling his/her managerial responsibilities, the Director shall be charged
with a fiduciary duty to the Company. The Director shall be attentive and inform himself/herself of all material facts regarding a decision
before taking action. In addition, the Director's actions shall be motivated solely by the best interests of the Company.

3.2 <u>Confidentiality</u>. During the Term (as defined below) of this Agreement, and for a period of one
(1) year after the Expiration Date, the 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 or a valid order
by a court or other governmental body, or (iii) is independently learned by the Director outside of his/her relationship with the
Company and its affiliates (the " <u>Confidential Information</u> ").

3.3 <u>Nondisclosure and Nonuse Obligations</u>. The Director will use the Confidential Information solely
to perform the Director Services for the benefit of the Company. The Director will treat all Confidential Information of the Company with
the same degree of care as the Director treats his/her own Confidential Information, and the Director will use his/her best efforts to
protect the Confidential Information. The 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 under this Agreement. The Director will immediately give notice to
the Company of any unauthorized use or disclosure by or through him/her, or of which he/she becomes aware, of the Confidential Information.
The Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.

3.4 <u>Return of the Company Property</u>. All materials furnished to the Director by the Company, whether
delivered to the Director by the Company or made by the Director in the performance of Director Services under this Agreement (the " <u>Company Property</u> "), are the sole and exclusive property of the Company. The Director agrees to promptly deliver the original and any
copies of the Company Property to the Company at any time upon the Company's request. Upon termination of this Agreement by either
party for any reason, the Director agrees to promptly deliver to the Company or destroy, at the Company's option, the original and
any copies of the Company Property. The Director agrees to certify in writing that the Director has so returned or destroyed all such
Company Property.

4. COVENANTS OF director

4.1 <u>No Conflict of Interest</u>. During the Term of this Agreement, the Director shall not be employed
by, own, manage, control or participate in the ownership, management, operation or control of any business entity that is competitive
with the Company or otherwise undertake any obligation inconsistent with the terms hereof, provided that Director may continue the Director's
current affiliation or other current relationships with the entity or entities described on <u>Exhibit A</u> (all of which entities are
referred to collectively as " <u>Current Affiliations</u> "). This Agreement is subject to the current terms and agreements
governing the Director's relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed
to inhibit or limit any of the Director's obligations to Current Affiliations. The Director represents that nothing in this Agreement
conflicts with the Director's obligations to Current Affiliations. A business entity shall be deemed to be "competitive with
the Company" for purpose of this Article IV only if and to the extent it engages in the business substantially similar to the Company's
business. If the Director undertakes any duty, investment or other obligation that may present a conflict of interest prohibited under
this Section 4.1, the Director shall inform the Board in advance. If the Board decides such proposed new obligation would present an actual
conflict of interest prohibited hereunder and the Director still undertakes the new obligation, the Board shall have the right to remove
the Director from the Board.

4.2 <u>Non-interference with Business</u>. During the Term of this Agreement, and for a period of one (1)
year after the Expiration Date, the Director agrees not to interfere with the business of the Company in any manner. By way of example
and not of limitation, the Director agrees not to solicit or induce any employee, independent contractor, customer, supplier or business
partner of the Company to terminate or breach his/her/its employment, contractual or other relationship with the Company.

5. Term and Termination

5.1 <u>Term</u>. This Agreement shall commence on the Effective Date as set forth in Section 1.1 and shall
remain in effect for a period of one (1) year, subject to renewal at each Annual General Meeting (the "Term").

5.2 <u>Termination</u>. Either party may terminate this Agreement at any time upon thirty (30) days prior
written notice to the other party, or such shorter period as the parties may agree upon.

5.3 <u>Survival</u>. The rights and obligations contained in Articles III and IV will survive any termination
or expiration of this Agreement.

6. Miscellaneous

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.

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.

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 addresses
set forth on the signature page of this Agreement or such other address as either party may specify in writing.

6.4 <u>Governing Law</u>. This Agreement shall be governed in all respects by the laws of the Cayman Islands
without regard to conflicts of law principles thereof.

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.

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 the Director for the Company.

6.7 <u>Amendments</u>. This Agreement may only be amended, modified or changed by an agreement signed by the
Company and the Director. The terms contained herein may not be altered, supplemented or interpreted by any course of dealing or practices.

6.8 <u>Counterparts</u>. This Agreement may be executed in two counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

[*The remainder of this page is intentionally left blank.*]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| |
|:---|
| SIGNED by: |
| For and on behalf of |
| **Regenique Group Limited** |
| Name [●]) |
| Designation [●]) |
| Passport No: [●]) |
| in the presence of |
| Name [●]) |
| Passport No: [●]) |
| SIGNED by: |
| Name [●]) |
| Passport No: [●]) |
| in the presence of |
| Name [●]) |
| Passport No: [●]) |

---

[*Signature Page to Director Service Agreement*]

**EXHIBIT A**

**Director's Current Affiliations**

## Exhibit 10.12

**Exhibit 10.12**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (the "<u>Agreement</u>") is made and entered into as of [●] day of [Month], 2025 by and between **Regenique Group Limited**, a company incorporated in Cayman Island (Co No: OC-415793) whose registered office is at c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009 Cayman Islands (the "<u>Company</u>"), and [Individual's Name], an individual (Passport No: [●]) residing [Address] serving as [●] of the Company (the "<u>Individual</u>").

WHEREAS, the Individual serves as [●] and in such capacity is performing a valuable service for the Company;

WHEREAS, the Company and the Individual recognize the substantial risk of litigation and other claims being asserted against Individuals of public companies;

WHEREAS, the Company desires to provide for the indemnification, advancement, reimbursement, and insurance of certain liabilities and expenses of the Individual, to the fullest extent permitted by law; and

NOW, THEREFORE, in consideration of the Individual's agreement to serve as [●] from and after the date hereof, the parties hereto agree as follows:

**1.** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Company hereby agrees to hold harmless and indemnify
the Individual to the fullest extent permitted by law, as such may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Company shall indemnify the Individual against any and
all expenses, judgments, fines, penalties, and amounts paid in settlement (including all interest, assessments, and other charges paid
or payable in connection with or in respect of such expenses, judgments, fines, penalties, or amounts paid in settlement) incurred by
the Individual in connection with any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative,
or investigative.

**2.** **Advancement of Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Company shall advance all expenses incurred by the Individual
in connection with any proceeding covered under Section 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. The Individual shall repay any amounts advanced if it is
ultimately determined that the Individual is not entitled to be indemnified by the Company.

**3.** **Determination of Entitlement to Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Company shall not be obligated to indemnify the Individual
for any Proceeding (or part thereof) or Settlements initiated by the Individual unless upon written request by the Individual for indemnification.
A determination with respect to the Individual's entitlement thereto shall be made in the specific case by one of the following methods,
at the election of the board of directors of the Company ("Board"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) By a majority vote of the disinterested directors, even though
less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) By a committee of disinterested directors designated by a
majority vote of the disinterested directors, even though less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) If there are no disinterested directors or if the disinterested
directors so direct, by independent legal counsel in a written opinion to the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) By the shareholders of the Company.

**4.** **Presumptions and Effect of Certain Proceedings** 

The termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Individual did not act in good faith and in a manner which the Individual reasonably believed to be in or not opposed to the best interests of the Company.

**5.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Company shall maintain director and officer insurance
for the Individual in an amount not less than that available to any other director or officer.

&nbsp;&nbsp;&nbsp;&nbsp;5.2. Any such insurance shall respond prior to any indemnification
obligations of the Company.

**6.** **Duration of Agreement** 

This Agreement shall continue in effect for so long as Individual serves as a [•] of the Company or, at the request of the Company, as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, and thereafter for so long as the Individual may be subject to any possible Proceeding arising out of acts or omissions occurring during the Individual's service to the Company.

**7.** **Severability** 

If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable for any reason whatsoever, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

[*The remainder of this page is intentionally left blank.*]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written

 [●]

[*Signature Page to Indemnification Agreement*]

## Exhibit 10.13

**Exhibit 10.13**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading.

**BUSINESS TRANSFER AGREEMENT**

**This Agreement** is made on **21** day of **February 2025**

**BETWEEN:**

(1) **Biogenisk Private Limited** (Company
Registration No. 202504016K), a company incorporated under the laws of Singapore whose registered office is at 10 Sinara Drive, #10-25
Square 2, Singapore 307506 (the "**Buyer** ");

(2) **The list of entities listed in Schedule 1A of this Agreement** (the
 "**Sellers** ");
 and

(3) **Then Chee Tat** (NRIC #)
 and **Shiau Ee Leng** (NRIC
 #)
 of 11 Goldhill Rise, Goldhill Garden, Singapore 308868 (collectively, the "**Promoter** "),

each a "**Party**", collectively, the "**Parties**".

**WHEREAS:**

(A) The Sellers are the owners of their respective Business (as defined below).

(B) The Buyer proposes to acquire and the Sellers propose to sell, transfers and assign absolutely, the Business
as a going concern, with the corresponding rights, liabilities or obligations, except as expressly provided in Clause 2, from the Sellers.

(C) The Promoter, being a major ultimate beneficial owner of both the Sellers and the Buyer, shall cause the
transfer of the Business pursuant to this Agreement.

**The Parties agree** as follows:

1 Interpretation

1.1 In this Agreement (including its Schedules):

"**Affiliate**" means, as to any specified Person at any time, any other Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. As used in the definition of "Affiliate," the term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to elect a majority of the board of directors or similar body governing the affairs of such Person or the power, by contract or otherwise, to control or direct or cause the direction of the affairs or management of such Person;

"**Business**" means the business of the Sellers, which includes but is not limited to employees, leases, licenses, agreements, software, hardware, medical devices and operating equipment and any other item that is required for the day to day operations of the respective Sellers, the list of such items stated in Schedule 1B;

"**Closing**" means closing of the transactions contemplated in this Agreement;

"**Closing Date**" means such date as the Parties may mutually agree in accordance with Clause 5.1;

"**Encumbrance**" means a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, other encumbrance, any obligations arising from any hire purchase obligations or security interest of any kind, or any other type of preferential arrangement (including, without limitation, a title transfer, retention or leasing arrangement) having similar effect;

"**Excluded Assets**" is defined in Clause 2.3 of this Agreement;

"**Liability**" means any claim, right or adverse interest whatsoever, whether known or unknown, whether materialised or not, notified or otherwise expected, relating to the Sellers or the Relevant Business as of the Closing Date and relating to acts or omissions prior to the Closing Date;

"**Loss**" means any loss including any damage, claim, action, liability, cost, expense, charge, penalty, outgoing or payment and legal costs and expenses on a full indemnity basis;

"**Person**" includes any individual, partnership, company, body corporate, corporation sole or aggregate, and any unincorporated association or organization, in each case whether or not having separate legal personality;

"**Purchase Price**" shall have the meaning ascribed to it under Clause **Error! Reference source not found.**;

"**Tax**" means any tax, levy, charge, impost, duty, fee, deduction, compulsory loan or withholding which is assessed, levied, imposed or collected by Inland Revenue Authority of Singapore and includes any interest, fine, penalty, charge, fee or other amount imposed in respect of the above; and

"**Warranty**" means a representation and warranty contained in Schedule 2 and **"Warranties**" means all those representations and warranties.

1.2 The headings in this Agreement and its Schedules do not affect
its interpretation. References to Clauses, Appendices and Schedules are to Clauses of or Appendices and Schedules attached to this Agreement.
Unless the context otherwise requires words importing the singular include the plural and vice versa; words importing a gender include
any gender; other parts of speech and grammatical forms of a word or phrase defined in this Agreement have a corresponding meaning.

---

| | |
|:---|:---|
| **2** | **Sale & Purchase of Assets** |

---

2.1 Each of the Sellers hereby agrees to sell, convey, assign, transfer and deliver to the Buyer the Business
as a going concern, the list of items as stipulated in Schedule 1B (which Encumbrances will be released and terminated substantially simultaneously
with Closing).

2.2 The Promoter undertakes to cause the Sellers and the Buyer to effect and complete the transactions contemplated
in this Agreement.

2.3 Notwithstanding anything to the contrary in Clause 2.1, the following assets shall not constitute part
of the Business to be transferred pursuant to this Agreement ()"**Excluded Assets** "):

---

| | | |
|:---|:---|:---|
| **ENTITY** | **COMPANY NAME** | **PREMISES ADDRESS** |
| CSH | CLEARSK HEALTHCARE PTE. LTD. | Novena Medical Centre, 10 Sinaran Drive, #10-25<br> Square 2 Singapore 307506 |
| CSH | CLEARSK HEALTHCARE PTE. LTD. | Novena Medical Centre, 10 Sinaran Drive, #10-26<br> Square 2 Singapore 307506 |
| SGP | SGP HEALTHCARE<br> INVESTMENTS PTE. LTD. | 177 Toa Payoh Central, #01-112, Singapore<br> 310177 |
| CWE | CLEARSK MEDI-AESTHETICS<br> (WEST) PTE. LTD. | 114 Lavender Street, #09-90 CT Hub 2, Singapore<br> 338729 |
| CWE | CLEARSK MEDI-AESTHETICS<br> (WEST) PTE. LTD. | 114 Lavender Street, #09-91 CT Hub 2, Singapore<br> 338729 |

---

3 Consideration for the Business

The aggregate consideration for the Business which is based on the net asset value of the Business (the "**Purchase Price**") and everything else remains unchanged in consideration this is an internal transfer exercise.

4 Closing Conditions

The obligation of the Buyer to complete the transaction contemplated in this Agreement at Closing is subject to all requisite consents, approvals or releases and all assignments and novations necessary for the Sellers to consummate the transactions contemplated by this Agreement (unless waived by the Buyer in its sole and absolute discretion in writing).

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| | |
|:---|:---|
| 5 | Closing |

---

5.1 Closing shall take place on the date mutually agreed by the parties to this Agreement.

5.2 On Closing Date, each of the Sellers shall provide to the Buyer (a) documents of title, any certificates
or related licences for the lawful operation and use of, and all items pertaining to the Business; (b) physical possession of all relevant
items pertaining to the Business and (c) any other items or documents required by the Buyer for the purpose of the Business (save for
the Excluded Assets).

5.3 The Buyer shall, upon the performance by the Sellers of their obligations under Clause 5.2 above, to deliver
or procure the delivery to the Sellers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the minutes or written resolutions of the shareholders of the Buyer approving, confirming and
ratifying, among others, the execution and performance of this Agreement and the transactions contemplated hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the minutes or written resolutions of the board of director(s) of the Buyer approving, confirming
and ratifying, among others the execution and performance of this Agreement and the transactions contemplated hereunder.

6 Post-Closing

Following Closing and in any event within two (2) months of the Closing Date, the Sellers shall, effect the complete list of items in Schedule 2B.

7 Representations and Warranties

7.1 Each of the Sellers and the Promoter acknowledges and agrees that the Buyer has entered into this Agreement
in reliance upon the Warranties as set out in Schedule 2.

7.2 The Sellers and the Promoter jointly and severally warrants to the Buyer that each Warranty is true and correct at the date of this
Agreement and as of the Closing Date.

7.3 Each of the Parties hereby represents and warrants (with respect to itself) to the other Parties that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has full power, authority and capacity to enter into, exercise its rights and perform and comply with
its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of
any necessary consents and approvals) in order (i) to enable it lawfully to enter into, exercise its rights and perform and comply with
its obligations under this Agreement, and (ii) to ensure that those obligations are valid, legally binding and enforceable, have been
taken, fulfilled and done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement, when executed, will constitute its valid and legally binding obligations enforceable against
it in accordance with the terms thereof, and will not result in a breach of any of the terms or provisions of any agreements to which
such a Party is a signatory, or constitute a default under its constitutive documents nor violate any statute or law or any judgment,
decree, order, regulation or rule of any court to which any Party is bound or affected.

8 Indemnification for Breach of Representations, Warranties and Undertakings

The Sellers and the Promoter jointly and severally agree to jointly and severally fully indemnify the Buyer against any Loss and Liabilities suffered or incurred by the Buyer as the result of any breach of any of the clauses in this Agreement, the Warranties or the Undertakings in this Agreement.

9 Undertakings

9.1 Pending Closing, each of the Sellers and the Promoter undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to cause their business to be conducted only in the ordinary and usual course and shall not make (or agree
to make) any payment other than routine payments in the ordinary and usual course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to take all reasonable steps to preserve and protect the Business and shall not take any steps to sell,
transfer, charge, assign or create any security interest over the Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not to take any action which is inconsistent with the provisions of this Agreement or the consummation of the transactions contemplated
by this Agreement.

9.2 Nothing in this Agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the Buyer to pay or discharge any liability other than a liability which the Sellers have expressly
agreed to undertake under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require the Buyer to observe or perform any obligation in respect of any Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make the Buyer liable in respect of any claim, expense, loss or damage arising from any failure to obtain
any necessary consents arising from the execution or closing of this Agreement.

10 Non-competition

The Sellers and the Promoter jointly and severally undertakes with the Buyer that, except with the consent in writing of the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for a period of three (3) years from the Closing Date, the Sellers will not either on its own account
or in conjunction with or on behalf of any person, firm or company carry on or be engaged, concerned or interested directly or indirectly
in any business in competition with the business of the Buyer carried on prior to the Closing Date (save that nothing in this Agreement
prohibits the Sellers from introducing potential customers to the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for a period of three (3) years from the Closing Date, they will not either on their own account or in
conjunction with or on behalf of any other person, firm or company, solicit or entice away or attempt to solicit or entice away from the
Buyer any customers.

11 Announcements

11.1 No Party may, before or after Closing, make or send a public announcement or communication orally or in
writing concerning the transactions referred to in this Agreement unless it has first obtained the other Party's written consent,
which may not be unreasonably withheld or delayed. The foregoing restriction shall not prohibit communications to clients or other third
parties for the purposes of obtaining consents to the assignment or novation of agreements and to the consummation of the transactions
contemplated hereby, or communications to government agencies to the extent required by applicable law.

11.2 The Parties shall not disclose or otherwise make use of (and shall use all reasonable endeavours to prevent
the publication or disclosure of) the contents or terms of the Agreement (in whatsoever form), unless and then only to the extent that
disclosure is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made by a Party on a confidential basis to its professional advisers and financiers in connection with their provision of professional
advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) required by a Party in connection with an application for a tax clearance, grant or other concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) required by a Party in order to enforce its rights under, or otherwise afford it the full benefit of,
the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) made under the terms of an announcement permitted by this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) required to be made by law or by any securities exchange or regulatory or governmental body to which the
disclosing Party is subject provided that it shall (to the extent lawful) immediately notify the other Parties of this fact and take into
account their reasonable requirements as to the timing, content and manner of making such disclosure.

12 Assurances

All Parties have entered into this Agreement after having received separate legal advice. Each of the Sellers acknowledges that it has not been enticed or advised by the Buyer or any of its Affiliates to enter into this Agreement.

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| | |
|:---|:---|
| 13 | Costs |

---

Each Party shall pay its own costs relating to the negotiation, preparation and execution by it of this Agreement and of each document referred to in this Agreement.

---

| | |
|:---|:---|
| 14 | General |

---

14.1 An amendment of this Agreement is valid only if it is in writing and signed by or on behalf of each Party.

14.2 This Agreement and any document referred to in this Agreement constitute the entire agreement and supersede
any previous agreements between the Parties relating to the subject matter of this Agreement.

14.3 The failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law
does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right
or remedy provided by this Agreement or by law prevents further exercise of the right or remedy or the exercise of another right or remedy.

14.4 The Buyer's rights and remedies contained in this Agreement are cumulative and not exclusive of
rights or remedies provided by law.

14.5 Except to the extent that they have been performed and except where this Agreement provides otherwise,
the obligations contained in this Agreement remain in force after Closing. For the avoidance of doubt, Clause 11, the Warranties and each
of the indemnities given by the Sellers or any of the Warranties under this Agreement shall survive after Closing.

14.6 If any provision of this Agreement is held to be invalid or unenforceable, then such provision shall (so
far as it is invalid or unenforceable) be given no effect and shall be deemed not to be included in this Agreement but without invalidating
any of the remaining provisions of this Agreement.

14.7 The Sellers and the Promoter agree to perform (or procure the performance of) all further acts and things,
and execute and deliver (or procure the execution and delivery of) such further documents, as may be required by law or as the Buyer may
reasonably require, whether on or after Closing, to implement and/or give effect to this Agreement and the transactions contemplated by
it and for the purpose of vesting in the Buyer the full benefit of the assets, rights and benefits to be transferred to the Buyer under
this Agreement.

14.8 No variation of this Agreement (or of any of the documents referred to in this Agreement) shall be valid
unless it is in writing and signed by or on behalf of each of the parties to it. The expression "variation" shall include
any amendment, supplement, deletion or replacement however effected.

14.9 Nothing in this Agreement shall constitute a partnership, agency, employment or any other relationship
or a simlar nature between the Parties.

15 Assignment & Third Parties' Rights

15.1 A Party may not assign or transfer or purport to assign or transfer any of its rights or obligations under
this Agreement without the other Party's written consent.

15.2 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties)
Act 2001 to enforce any term of this Agreement.

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| | |
|:---|:---|
| 16 | Notices |

---

16.1 Any notice or other communication to be given under this Agreement shall be given in writing in English
and may be delivered in person or sent by prepaid registered post with recorded delivery or fax or e-mail to the relevant Party as set
forth at the beginning of this Agreement or at such other address, fax number or e-mail address as a Party
may notify the other Parties under this Clause.

16.2 Any notice or document shall be deemed to be given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered in person, at the time of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by prepaid registered post, at 10.00 a.m. on the second Business Day after it was put into the
post, if sent within the jurisdiction, or at 10.00 a.m. (local time at the place of destination) on the fifth Business Day after it was
put into the post, if sent by airmail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by fax or by e-mail, on the date as shown in the transmission confirmation if transmitted before
3.00 p.m. (local time at the place of destination) on any Business Day, and in any other case on the next Business Day following the date
as shown on the transmission confirmation.

16.3 In proving service of a notice or document it shall be sufficient to prove that delivery was made or that
the envelope containing the notice or communication was properly addressed and posted or that the fax or e-mail was properly addressed
and transmitted.

16.4 The Parties agree that the provisions of this Clause shall not apply to the service of any writ, summons,
order, judgment or other document relating to or in connection with any legal proceedings.

17 Governing Law & Jurisdiction

17.1 This Agreement is governed by and shall be construed in accordance with the laws of Singapore.

17.2 Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Singapore.

**Schedule 1A**

**List of Sellers**

---

| | |
|:---|:---|
| **Name of Sellers** | **Address of Sellers** |
| SGP Healthcare Investments Pte. Ltd. | 10 Sinara Drive, #10-25 Square 2, Singapore 307506 |
| ClearSK Healthcare Pte. Ltd. | 10 Sinara Drive, #10-25 Square 2, Singapore 307506 |
| ClearSK Medispa Ptes Ltd. | 10 Sinara Drive, #10-25 Square 2, Singapore 307506 |
| ClearSK Medi-Aesthetics (West) Pte. Ltd. | 10 Sinara Drive, #10-25 Square 2, Singapore 307506 |
| ClearSk Aesthetics Academy Sdn Bhd | No.6-1 Lorong Batu Nilam 21B, Bandar Bukit Tinggi 2, Klang Selangor, Malaysia |

---

**Schedule 1B**

**List of items to be transferred**

1 Lease agreements

2 Employment contracts

3 Trademarks, copyrights & IPs

4 MDH licenses & other licenses

5 Supplier contracts

6 Service & support contracts (e.g. from CAA)

7 Marketing & sales agreements (if any)

8 Distribution agreements (if any)

9 Product development agreements (if any)

10 CSK Club & customer contracts

11 Operating & Office Softwares

12 Medical devices & operating equipment

13 Intercompany agreements

14 Any other items that ensure smooth operations of ongoing businesses

*Please use an excel spreadsheet list of assets and liabilities including non balance sheet items such as IP*

 

**Schedule 2**

**Representations and Warranties**

1 CAPACITY, AUTHORITY & ACCURACY

1.1 Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated
hereby will (a) violate any applicable law to which any of the Promoter or the Sellers or any of their assets are subject or (b) conflict
with, result in a breach of, or require any notice or consent under any contract to which any of the Parties is subject or to which any
of the assets is subject (or result in the imposition of any lien upon any of the assets). None of the Promoter or the Sellers need to
give any notice to, make any report or filing with, or obtain any authorisation, consent, waiver or approval of, any governmental authority
in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement.

1.2 The information in the Schedules is accurate and complete and not misleading.

2 OPERATIONS & ASSETS

2.1 The assets used in the Business including the assets listed in Schedule 1B are the sole, absolute property
of the Sellers and there is not now outstanding any Encumbrance over the whole or any part of the undertaking, property or assets of the
Company (apart from the Excluded Assets) and none of the assets now owned or used by the Sellers is the subject of any Encumbrance or
any hire purchase, leasing, lease, purchase or credit sale agreement. The Company has possession of all documents of title relating to
each asset (where applicable) and has registered its ownership interest in each asset (where applicable) with the relevant authorities.
The Company has not entered into any agreements (including letters of intent) for the sale of any of the assets to any person.

2.2 The assets used in the Business (excluding the Excluded Assets) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fully paid for and had not been mortgaged, charged or pledged or used as a collateral for any loans and are not subject to any hire
purchase arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the possession of the Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) used solely for the purposes of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the only assets used in the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the only assets required for the proper and efficient conduct of the Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not surplus to the requirements of the Business.

2.3 Title and condition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets transferred to the Buyer in Schedule 1B comprise all assets necessary for the continuation of the Business as part of the
Buyer's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such assets are legally owned by the Sellers free from any Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such assets are and have at all material times been in the possession or under the control of the Sellers.

2.4 The assets listed in Schedule 1B are sufficient for the conduct and operation of the Business in the ordinary
course of business following the Closing in substantially the same manner as conducted and operated as of prior to such Closing.

2.5 The liabilities to be assumed by the Buyer following the Closing are incurred in the ordinary course of
business of the Sellers.

3 LITIGATION AND COMPLIANCE WITH LAW

3.1 There are no legal proceedings or investigations (a) pending or, to the knowledge of the Guarant Promoter
or or the Sellers, threatened, related to, involving or arising from the operations of the Business or the Assets or (b) that question
the validity of this Agreement or of any action taken or to be taken pursuant to or in connection with the provisions of this Agreement.

3.2 There is at the date of this Agreement no outstanding judgement, order, decree, arbitral award or decision
of a court, tribunal, arbitrator or governmental agency in Singapore against the Promoter or the Sellers or a person for whose acts or
default the Sellers may be liable for.

3.3 The Promoter and the Sellers are not in breach of any law, regulation or decree, and have not been so
in the last three (3) years, and in this regard the conduct of the Business and the ownership and use of the assets in Schedule 1B by
the Sellers complies with all applicable laws. The Promoter and the Sellers only engage in conduct or practices in respect of the Business
which comply with all applicable laws (including, but not limited to, any consumer protection, fair trading or restrictive trade practices
legislation).

---

| | |
|:---|:---|
| 4 | SOLVENCY |

---

4.1 The Sellers and the Promoter are not insolvent, bankrupt or unable to pay their debts as they fall due.

4.2 The Sellers and the Promoter have not gone into bankruptcy, liquidation or passed a winding-up resolution
nor received a deregistration notice under or applied for deregistration under the Companies Act or any other relevant law.

4.3 No order has been made, petition presented or meeting convened for the purpose of considering a resolution
for the winding up of the Sellers or for the appointment of any provisional liquidator. No petition has been presented for an administration
order to be made in relation to the Sellers, and no judicial manager, administrator or receiver (including any administrative receiver)
has been appointed in respect of the whole or any part of any of the property, assets and/or undertakings of the Sellers.

4.4 So far as the Sellers and the Promoter are aware, no circumstances exist which are likely to give rise
to the occurrence of any events or circumstances described in the this paragraph 4.

---

| | |
|:---|:---|
| 5 | TAXES |

---

Any Tax payable in respect of aspect of the Business has been duly paid.

6 EMPLOYMENT

6.1 To the best knowledge of Sellers, no investigation of Sellers has occurred and no enforcement proceeding
has been initiated or is pending or threatened relating to immigration or employment, in each case, as applicable to the Business or the
employees hired for the purpose of the Business by the Sellers.

6.2 There are no pending or threatened employment-related disputes, or any threatened or actual complaint
against any of the Sellers including, without limitation in respect of claims or threatened claims by former employees for wrongful dismissal.

*Signature Page Follows*

 

**IN WITNESS WHEREOF**, each Party has executed this Agreement as a deed on the day and year first abovewritten.

(THE BUYER & PROMOTERS)

**BIOGENISK PRIVATE LIMITED**

---

| | |
|:---|:---|
| /s/ Then Chee Tat | /s/ Shiau Ee Leng |
| Then Chee Tat | Shiau Ee Leng |
| Director | Director |
| NRIC No: | NRIC No: |

---

(THE SELLERS & PROMOTERS)

**SGP HEALTHCARE INVESTMENTS PTE. LTD.**

**CLEARSK HEALTHCARE PTE. LTD.**

**CLEARSK MEDISPA PTES LTD.**

**CLEARSK MEDI-AESTHETICS (WEST) PTE. LTD.**

**CLEARSK AESTHETICS ACADEMY SDN BHD**

---

| | |
|:---|:---|
| /s/ Then Chee Tat | /s/ Shiau Ee Leng |
| Then Chee Tat | Shiau Ee Leng |
| Director | Director |
| NRIC No: | NRIC No: |

---

## Exhibit 10.14

**Exhibit 10.14**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading.

**ADDENDUM TO THE BUSINESS TRANSFER AGREEMENT**

This Addendum ("Addendum") is made and entered into as of 19 September 2025, by and between:

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Biogenisk
 Private Limited (Company Registration No. 202504016K), a company incorporated under the laws
 of Singapore whose registered office is at 10 Sinara Drive, #10-25 Square 2, Singapore 307506
 (the **"Buyer"**);

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** The
 list of entities listed in Schedule 1A of this Agreement (the **"Sellers"**);
 and

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Then
 Chee Tat (NRIC #)
 and Shiau Ee Leng (NRIC #)
 of 11 Goldhill Rise, Goldhill Garden, Singapore 308868 (collectively, the **"Promoter"**),

each a **"Party"**, collectively, the **"Parties"**.

**RECITALS**

WHEREAS, the Seller and the Buyer entered into a Business Transfer **Agreement** ("Agreement") dated 21 February 2025, for the transfer of certain assets, rights, and obligations of the Seller to the Buyer;

WHEREAS, Schedule 1B of the **Agreement** lists the categories of items to be transferred, but the items are not sufficiently itemised to provide a legal confirmation of the transfer's completion;

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree to the following addendum to the Agreement:

**1. AMENDMENT TO SCHEDULE 1B**

The list of items to be transferred, as outlined in Schedule 1B of the Agreement, is hereby amended and replaced with the following provision:

**The Seller and Buyer agree that the detailed itemised list of assets, rights, contracts, and other items to be transferred shall be set out in the Appendix to this Addendum.**

The items listed in the Appendix shall be considered part of this Addendum and, by reference, part of the Agreement.

**2. LEGAL CONFIRMATION**

The list of items to be transferred, as outlined in Schedule 1B of the Agreement, is hereby amended and supplemented by this Addendum to include a detailed itemised list of the assets, rights, contracts, and other items that are part of the intended transfer.

The parties agree that the detailed itemised list of items to be transferred will be set out in the Appendix A, B, C, D and E to this Addendum, and this list is provided for the purpose of clarifying the items involved in the transfer process.

**3. NO OTHER AMENDMENTS**

Except as expressly amended by this Addendum, all other terms and conditions of the Agreement remain unchanged and in full force and effect.

**4. EXECUTION**

IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first written above.

(THE BUYER & PROMOTERS)

**BIOGENISK PRIVATE LIMITED**

---

| | |
|:---|:---|
| /s/ THEN CHEE TAT | /s/ SHIAU EE LENG |
| THEN CHEE TAT | SHIAU EE LENG |
| Director | Director |
| NRIC No.: | NRIC No.: |

---

(THE SELLERS)

**SGP HEALTHCARE INVESTMENTS PTE. LTD.**

**CLEARSK HEALTHCARE PTE. LTD.**

**CLEARSK MEDISPA PTES LTD.**

**CLEARSK MEDI-AESTHETICS (WEST) PTE. LTD.**

**CLEARSK AESTHETICS ACADEMY SDN BHD**

---

| | |
|:---|:---|
| /s/ THEN CHEE TAT | /s/ SHIAU EE LENG |
| THEN CHEE TAT | SHIAU EE LENG |
| Director | Director |
| NRIC No.: | NRIC No.: |

---

**Appendix A**

**SGP HEALTHCARE INVESTMENTS PTE. LTD.**

**(number of pages: 4)**

**Lease agreement**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stamp Certificate Ref No .** | **Stamp Certificate Issued Date** | **Document Ref No.** | **Document Description** | **Date of Document** | **Property** | **Landlord/ Lessor** | **Tenant/Lessee** | **Stamp Duty Amount** | **Rental Amount for First Month** | **Rental Amount** | **Rental terms** | **Rental start date** |
|  |  |  | **Tenancy Agreement** | **1/1/2025** | **114 Lavender Street #09 91 CT Hub 2 Singapore 338729** | **ClearSK Medi-Aesthetics (West) Pte. Ltd. (UEN-LOCAL CO - 201210218W)** | **SGP HEALTHCARE INVESTMENTS PTE. LTD. (UEN-LOCAL CO - 201108988W)** |  | **SGD 5,517.60** | **SGD 5,517.60** | **24 months** | **1/1/2025** |

---

**Employment contract**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date of contract** | **Name of employee** | **NRIC/FIN/Passport** | **Address** | **Contact** | **Position** | **Remuneration** |
| **1/1/2016** | **Then Chee Tat** |  |  |  | **Chief Marketing Officer (CMO)** |  |
|  | **(Daniel)** |  |  |  |  |  |
| **1/7/2019** | **Shi Jinghua (Ivy)** |  |  |  | **Deputy Center Manager** |  |
| **24/2/2021** | **Dr Wang Xinhui** |  |  |  | **Aesthetic Physician** |  |
|  | **Priscilla** |  |  |  |  |  |
| **10/8/2023** | **Kuah Shiau Tian** |  |  |  | **Sales Manager** |  |
|  | **Carmen** |  |  |  |  |  |
| **22/1/2023** | **Sophia-Hui Lim** |  |  |  | **Corporate Admin & HR Executive** |  |
| **14/3/2025** | **Lim Lee Ming** |  |  |  | **Sales Consultant Therapist** |  |
|  | **(Vivian)** |  |  |  |  |  |
| **19/3/2025** | **Ng Xue Mei** |  |  |  | **Consultant Therapist** |  |

---

**Salary Role**

**changes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of contract** | **Name of employee** | **NRIC/FIN/Passport** | **Address** | **Contact** | **Position** | **Increment** | **New Remuneration** |
| **4/5/20 22** | **Shi Jinghua (Ivy)** |  |  |  | **Senior Deputy Clinic Spa Manager** |  |  |
| **14/4/20 23** | **Shi Jinghua (Ivy)** |  |  |  | **Area Training Manager** |  |  |
| **1/1/20 16** | **Then Chee Tat (Daniel)** |  |  |  | **Chief Marketing Officer (CMO)** |  |  |
| **10/8/20 23** | **Kuah Shiau Tian Carmen** |  |  |  | **Sales Manager** |  |  |
| **24/2/20 21** | **Dr Wang Xinhui Priscilla** |  |  |  | **Aesthetic Physician** |  |  |
| **25/10/2 024** | **Sophia-Hui Lim** |  |  |  | **Assistant Manager (Human Resource)** |  |  |
| **14/5/20 25** | **Lim Lee Ming (Vivian)** |  |  |  | **Trainee Stock In-charge (IC)** |  |  |
| **14/7/20 25** | **Ng Xue Mei** |  |  |  | **Consultant Therapist** |  |  |

---

**Trademarks, copyrights & IP**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference** | **Date** | **Firm** | **TM No** | **Date of Registration** | **Renewal** |
| **Date STS/JOP/mas/<br> 21202336** | **Date STS/JOP/mas/<br> 21202336** |  |  |  |  |
|  | **16/1/2014** | **M/S COLLIN NG & PARTNERS LLP** | **T1305673Z** | **10/4/2013** | **10/4/2023** |

---

**Appendix B**

**CLEARSK HEALTHCARE PTE. LTD.**

**(number of pages: 10)**

**Lease agreement**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stamp Certificate Ref. No.** | <br> **Stamp Certificate** <br> **Issued Date Description** | **Document Ref. No.** | **Document** | **Date of Document** | **Property** | **Landlord/Lessor** | **Tenant/Lessee** | **Stamp Duty Amount** | **Rental Amount for First Month Amount** | **Rental** | **Rental terms** | **Rental start date** |
|  |  |  | **Tenancy Agreement** |  | **10 SINARAN DRIVE, #10-25, SQUARE 2, SINGAPORE, 307506** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z)** | **CLEARSK MEDISPA PTE. LTD. (UEN-LOCAL CO - 200900181W) 10,536.12** |  | **SGD** | **SGD 10,536 .12** | **24 months** | **1/1/2025** |
|  |  |  | **Tenancy Agreement** |  | **10 SINARAN DRIVE, #10-26, SQUARE 2, SINGAPORE, 307506** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z)** | **CLEARSK MEDISPA PTE. LTD. (UEN-LOCAL CO - 200900181W) 10,878** |  | **SGD** | **SGD 10,878** | **24 months** | **1/1/2025** |
| **034042-53LA3-1- 509305024 22/11/2024** |  | **24112225759 68 ver. 1.0** | **Tenancy Agreement** | **29/10/2024** | **16 KALLANG PLACE #02-24 SINGAPORE 339156** | **On behalf of DBS Trustee Limited (the "Landlord") as trustee of Mapletree Industrial Trust** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z) 2,952.68** | **SGD 483** | **SGD** | **SGD 2,952.68** | **36 months** | **8/1/2025** |
|  |  |  | **Tenancy Agreement** | **16/6/2022** | **1 RAFFLES PLACE, #08-00 ONE RAFFLES PLACE SINGAPORE 048616** | **OUB CENTRE LIMITED (UEN-LOCAL CO - 198002010D)** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z) 12,600** |  | **SGD** | **SGD 12,600** | **36 months** | **1/12/2022** |
|  |  |  | **Tenancy Agreement** |  | **9 SCOTTS ROAD #07-03 SCOTTS MEDICAL CENTER AT PACIFIC PLAZA SINGAPORE 228210** | **ORCHARD PARKSUITES PTE LTD (UEN-LOCAL CO - 199206423E)** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z) 9,278.55** |  | **SGD** | **SGD 9,278.55** | **24 months** | **29/12/2023** |
|  |  |  | **Tenancy Agreement** |  | **9 SCOTTS ROAD #07-04 TO #07-06 SCOTTS MEDICAL CENTER AT PACIFIC PLAZA SINGAPORE 228210** | **ORCHARD PARKSUITES PTE LTD (UEN-LOCAL CO - 199206423E)** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z) 33,319** |  | **SGD** | **SGD 33,319** | **24 months** | **29/12/2023** |
| **103033-01LA4-1- 891497322 12/5/2022** |  | **20220512004 79 ver. 1.0** | **Tenancy Agreement** | **9/5/2022** | **10 SINARAN DRIVE, #10-24, SINGAPORE 307506** | **JELCO PROPERTIES PTE LTD (UEN-LOCAL CO - 200211226Z)** | **CLEARSK HEALTHCARE PTE. LTD. (UEN-LOCAL CO - 200211226Z) 7,258** | **SGD 1,045** | **SGD** | **SGD 7,258** | **36 months** | **15/12/2022** |

---

**Employment contract**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date of contract** | **Name of employee** | **NRIC/FIN/Passport** | **Address** | **Contact** | **Position** | **Remuneration** |
| **17/9/2015** | **LIMTSHI NYUEN (VICTORIA)** |  |  |  | **DEPUTY BRANCH MANAGER** |  |
| **11/4/2017** | **FOO SHI QI KERIN** |  |  |  | **PATIENT MANAGER/NUTRITION CONSULTANT** |  |
| **24/9/2018** | **QIAN AI HUA** |  |  |  | **GENERAL MANAGER (INTERNATIONAL BUSINESS)** |  |
| **1/11/2020** | **DR SHIAU EE LENG** |  |  |  | **AESTHETIC PHYSICIAN** |  |
| **1/11/2020** | **ALVIN LIM** |  |  |  | **SENIOR EXECUTIVE (FIELD AUDIT)** |  |
| **28/6/2021** | **TOH SHWU HUOY** |  |  |  | **AESTHETIC THERAPIST** |  |
| **6/1/2022** | **CHEAH ENG SEE (STEPHY)** |  |  |  | **AESTHETIC THERAPIST** |  |
| **5/2/2024** | **LOW MEI YAN** |  |  |  | **FINANCE EXECUTIVE (STOCK CONTROL)** |  |
| **1/3/2024** | **DR GOH YI JUN, AARON** |  |  |  | **AESTHETIC PHYSICIAN** |  |
| **1/3/2024** | **DR NG HWI LYN NICOLE** |  |  |  | **AESTHETIC PHYSICIAN** |  |
| **7/11/2024** | **WANG YU (JADE)** |  |  |  | **ASSISTANT GENERAL MANAGER - BUSINESS OPERATIONS & MARKETING** |  |
| **1/10/2024** | **DR CHEN YIMING** |  |  |  | **AESTHETIC PHYSICIAN TRAINER** |  |
| **4/2/2025** | **SAMANTHA SIN XUE LI** |  |  |  | **AESTHETIC PHYSICIAN** |  |
| **26/2/2025** | **TAN YU XIANG** |  |  |  | **AESTHETIC PHYSICIAN** |  |
| **26/3/2025** | **WANG YING** |  |  |  | **SENIOR CORPORATE ADMIN & HR EXECUTIVE** |  |
| **4/2/2025** | **CHARLES YONG WEI KIT** |  |  |  | **AESTHETIC PHYSICIAN** |  |
| **30/4/2025** | **WONG YI TING (KELLY)** |  |  |  | **CONSULTANT THERAPIST** |  |
| **29/5/2025** | **TENG CHEE SENG ALLAN** |  |  |  | **OPERATIONS EXECUTIVE - INVENTORY & PURCHASING** |  |
| **10/6/2025** | **CHUA SHI YUN** |  |  |  | **SALES CONSULTANT THERAPIST** |  |

---

**<u>Salary Role changes</u>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of contract** | **Name of employee** | **NRIC/PIN/Passport** | **Address** | **Contact** | **Position** | **Increment** | **New Remuneration** |
| **27/7/2021** | **LIMTSHIN YUEN** |  |  |  | **AESTHETIC CLINIC MANAGER** |  |  |
| **8/8/2023** | **(VICTORIA)** |  |  |  | **GENERAL MANAGER (INTERNATIONAL BUSINESS) AESTHETIC PHYSICIAN** |  |  |
| **29/8/2023** | **QIAN AI HUA** |  |  |  |  |  |  |
| **11/9/2023** | **DR SHIAU EE LENG LIMTSHIN YUEN** |  |  |  | **SENIOR AREA SALES MANAGER CUM TRAINER LOGISTIC MANAGER**<br>|  |  |
| **23/10/2023** | **(VICTORIA)** |  |  |  | **STOCK IN-CHARGE (IC)** |  |  |

---

**Trademarks, copyrights & IP**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference** | **Date** | **Firm** | **TM No** | **Date of Registration** | **Renewal Date** |
| **STS/mas/22101503** | **17/1/2023** | **CNPLaw LLP** | **40202120783X** | **31/8/2021** | **31/8/2031** |
| **TM027/2025** | **4/7/2025** | **CNPLaw LLP** | **40202511162V** | **8/5/2025** |  |
| **STS/mas/CASE2023-4092** | **1/3/2024** | **CNPLaw LLP** | **40202326306U** | **28/11/2023** | **28/11/2033** |
| **STS/mas/22101104** | **13/7/2023** | **CNPLaw LLP** | **40202115956W** | **5/7/2021** | **5/7/2031** |
| **STS/BWE/mas/21600375** | **13/10/2016** | **COLIN NG & PARTNERS LLP** | **40201609687X** | **17/6/2016** | **17/6/2026** |
| **STS/JOP/mas/21202336** | **16/1/2014** | **COLIN NG & PARTNERS LLP** | **T1305673Z** | **10/4/2013** | **10/4/2033** |

---

**Clinic Licence**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Licence No.** | **Name of licensee** | **Business Name** | **Address** | **Licence Start Date** | **Licence End Date** |
| **L/22M0486/MDS/004/242** | **CLEARSK HEALTHCARE PTE. LTD. (200902751Z)** | **CLEARSK® RAFFLES PLACE AESTHETIC CLINIC** | **(a) 1 RAFFLES PLACE ONE RAFFLES PLACE #02-21/22, 048616\*** | **23/11/2024** | **22/11/2026** |
| **L/16M0203/MDS/002/232** | **CLEARSK HEALTHCARE PTE. LTD. (200211226Z)** | **CLEARSK® PREMIER AESTHETIC CLINIC SCOTTS** | **(a) 9 SCOTTS ROAD SCOTTS MEDICAL CENTRE AT PACIFIC PLAZA #07- 04/05, 228210\*** | **11/7/2023** | **10/7/2025** |

---

**Service & support agreement**

---

| | | | |
|:---|:---|:---|:---|
| **Services Provided By** | **Service Fee** | **Agreement Date** | **Duration** |
| **ClearSK Aesthetics Academy Sdn Bhd 202201011763 (1457460-U)** | **RM198,000 (SGD60,000) PER MONTH** | **1/1/2025** | **5 YEARS** |

---

**Marketing & sales agreements**

---

| | | |
|:---|:---|:---|
| **Agreement Date** | **Agent** | **Services Provide By Agent** |
| **20/12/2024** | **Sureclean Pte Ltd** | **professional SEO and SEM services** |

---

**Operating & Office software**

---

| | |
|:---|:---|
| **Company** | **Services** |
| **Plato Medical Pte. Ltd. (201503503R)** | **MEDICAL SOFTWARE SERVICES - INCLUDES CASE NOTES MANAGEMENT, INVOICING AND BILLING, INVENTORY MANAGEMENT, AND BUSINESS ANALYTICS PERTINENT TO THE CLINIC** |

---

**Rental Sublet to subsi contract** 

**<u>CO-SHARING</u>**

**<u>AGREEMENT</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Address** | **Start On** | **End On** | **Duration** | **Monthly Rent Payable** |
| **CLEARSK MEDI-AESTHETICS (TP CENTRAL) PTE LTD (UEN 201210222E)** | **9 SCOTTS ROAD 07-04 TO 07-06 SCOTT MEDICAL CENTER AT PACIFIC PLAZA SINGAPORE 228210** | **1/4/2024** | **28/12/2025** | **21 MONTHS** | **SGD 1,400** |
| **CLEARSK BODY MEDI-AESTHETICS CLINIQUE PTE LTD (UEN 201202474N)** | **9 SCOTTS ROAD 07-04 TO 07-06 SCOTT MEDICAL CENTER AT PACIFIC PLAZA SINGAPORE 228210** | **1/4/2024** | **28/12/2025** | **21 MONTHS** | **SGD 1,400** |
| **CLEARSK MEDI-WELLNESS PTE LTD (UEN 201718761G)** | **#02-21/22 ONE RAFFLES PLACE SINGAPORE 048616** | **1/4/2024** | **30/11/2025** | **20 MONTHS** | **SGD 1,400** |
| **CLEARSK BIOMED PTE LTD (UEN 201610126H)** | **#02-21/22 ONE RAFFLES PLACE SINGAPORE 048616** | **1/4/2024** | **30/11/2025** | **20 MONTHS** | **SGD 1,400** |
| **CLEARSK CENTRE PTE LTD (UEN 200902751Z)** | **9 SCOTTS ROAD 07-04 TO 07-06 SCOTT MEDICAL CENTER AT PACIFIC PLAZA SINGAPORE 228210** | **1/4/2024** | **28/12/2025** | **21 MONTHS** | **SGD 1,400** |
| **SGP HEALTHCARE INVESTMENTS PTE LTD (UEN 201108988W)** | **9 SCOTTS ROAD 07-04 TO 07-06 SCOTT MEDICAL CENTER AT PACIFIC PLAZA SINGAPORE 228210** | **1/4/2024** | **28/12/2025** | **21 MONTHS** | **SGD 1,400** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proprietor Name** | **Trademark** | **Registration No.** | **Class** | **Country** | **Renewal Date** |
| ClearSK Aesthetics<br> Pte Ltd | ![](ex10-14_001.jpg) | T1305673Z | 5, 44 | Singapore | April 10, 2033 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_002.jpg) | 40202120783X | 5, 44 | Singapore | August 31, 2031 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_003.jpg) | T1110499J | 5, 44 | Singapore | August 1, 2031 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_004.jpg) | T1110500H | 5, 44 | Singapore | August 1, 2031 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_005.jpg) | 40202115956W | 5, 44 | Singapore | July 5, 2031 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_006.jpg) | 40201907028U | 3, 5, 44 | Singapore | March 29, 2029 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_007.jpg) | 40201609687X | 44 | Singapore | June 17, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_008.jpg) | 40202326306U | 5, 44 | Singapore | November 28, 2033 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_009.jpg) | 40201916908S | 3, 5, 44 | Singapore | August 2, 2029 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_010.jpg) | 40201907027S | 3, 5, 44 | Singapore | March 29, 2029 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_011.jpg) | 40201609689S | 44 | Singapore | June 17, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_012.jpg) | 40201609686T | 44 | Singapore | June 17, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_013.jpg) | 40201609685U | 44 | Singapore | June 17, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_014.jpg) | 40201609683R | 44 | Singapore | June 17, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_015.jpg) | 40201607797P | 44 | Singapore | May 9, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-14_016.jpg) | 40201607796R | 44 | Singapore | May 9, 2026 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proprietor Name** | **Trademark** | **Application No.** | **Class** | **Country** | **Application Date** |
| ClearSK<br> Healthcare Pte.<br> Ltd. | ![](ex10-14_017.jpg) | 40202511163Y | 3,5, 44 | Singapore | May 8, 2025 |

---

**Appendix C**

**CLEARSK MEDISPA PTES LTD.**

**(number of pages: 5)**

**Lease agreement**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stamp Certificate No. Ref No.** | **Stamp Certificate Issued Date** | **Document Ref** | **Document**<br> **Description** | **Date of**<br> **Document** | **Property** | **Landlord/ Lessor** | **Tenant/ Lessee** | **Stamp Duty Amount** | **Rental Amount for First Month** | **Rental Amount** | **Rental<br> terms** | **Rental start date** |
|  |  | **250214219210 4 ver.** | **Tenancy Agreement** | **9/2/2025** | **10 SINARAN DRIVE #10-01 SINGAPORE 307506** | **LEE BENG HEOK & WONG MING GHEE** | **CLEARSK MEDISPA PTE. LTD. (UEN-LOCAL CO - 200900181W)** | **SGD 1,008.00** | **SGD 10,505** | **SGD 10,505** | **24 months** | **1/3/2025** |
| **031122-94LA4-1-521878525** | **14/2/2025** | **1.1** | **Tenancy Agreement** | **15/2/2025** | **10 SINARAN DRIVE #10-01 SINGAPORE<br> 307506** | **LEE BENG HEOK & WONG MING GHEE** | **CLEARSK MEDISPA PTE. LTD. (UEN-LOCAL CO - 200900181W)** |  | **SGD 7,260** | **SGD 7,260** | **24 months** | **1/3/2023** |

---

**Interco rental agreement**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Document Description** | **Date of Document** | **Property** | **Landlord/ Lessor** | **Tenant/ Lessee** | **Rental Amount for First Month** | **Rental Amount** | **Rental terms** | **Rental start date** |
| **Tenancy Agreement** | **1/1/2025** | **10 Sinaran Drive, #10-25, Square 2, Singapore, 307506** | **ClearSK Healthcare Pte. Ltd. (UEN-LOCAL.CO-200211226Z)** | **ClearSK Medspa Pte. Ltd. (UEN-LOCAL.CO-200900181W)** | **SGD 10,536.12** | **SGD 10,536.12** | **24 months** | **1/1/2025** |
| **Tenancy Agreement** | **1/1/2025** | **10 Sinaran Drive, #10-26, Square 2, Singapore, 307506** | **ClearSK Healthcare Pte. Ltd. (UEN-LOCAL.CO-200211226Z)** | **ClearSK Medspa Pte. Ltd. (UEN-LOCAL.CO-200900181W)** | **SGD 10,878.00** | **SGD 10,878.00** | **24 months** | **1/1/2025** |
| **Tenancy Agreement** | **30/11/2024** | **Unit NV10-25** | **ClearSK Healthcare Pte. Ltd. (UEN-LOCAL.CO-200211226Z)** | **ClearSK Medspa Pte. Ltd. (UEN-LOCAL.CO-200900181W)** | **SGD 6,441.00** | **SGD 6,441.00 will be revise to SGD10,536.12** | **24 months** | **22/8/2023** |
| **Tenancy Agreement** | **30/11/2024** | **Unit NV10-26** | **ClearSK Healthcare Pte. Ltd. (UEN-LOCAL.CO-200211226Z)** | **ClearSK Medspa Pte. Ltd. (UEN-LOCAL.CO-200900181W)** | **SGD 6,650.00** | **SGD 6,650.00 will be revise to SGD10,878.00** | **24 months** | **1/1/2025** |

---

**MDH Licenses & other license**

---

| | | | |
|:---|:---|:---|:---|
| **License number** | **Company name** | **Period of license** | **Location** |
| **L/15C0349/MDS/004/242** | **CLEARSK MEDISPA PTE. LTD. (200900181W)** | **From 24 October 2024 to 23 October 2026** | **(a) 10 SINARAN DRIVE SQUARE 2 #10-24/25, 307506** |

---

**Supplier Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Agreement Name** | **Date of Document** | **Seller** | **Buyer** | **Minimum Purchase Value** | **Period of contract** |
| **Sales of Goods Agreement** | **1/6/2024** | **DermaRev Pte. Ltd.** | **ClearSK Medispa Pte. Ltd** | **SGD 400,000 within 1 year** | **1/6/2024 to 31/5/2025** |
| **Sales of Goods Agreement** | **1/6/2025** | **DermaRev Pte. Ltd.** | **ClearSK Medispa Pte. Ltd** | **SGD 400,000 within 1 year** | **1/6/2025 to 31/5/2026** |

---

**Rental Sublet to subsi cont**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Agreement Name** | **Date of Document** | **Property** | **Primary Occupant** | **Co-Sharer** | **Rental Amount for First Month** | **Rental Amount** | **Rental terms** | **Rental start date** |
| **Co-Sharing agreement** | **1/4/2024** | **10 Sinaran Drive, #10-24/25/26, Square 2, Singapore, 307506** | **ClearSK MeliSpa Pte. Ltd. (UEN-LOCAL.CO-200900181W)** | **ClearSK Medi-Aesthetics Clinique Pte. Ltd. (UEN-LOCAL.CO-200921897K)** | **SGD 1,400** | **SGD 1,400** | **21 months** | **1/4/2024** |
| **Co-Sharing agreement** | **1/4/2024** | **10 Sinaran Drive, #10-24/25/26, Square 2, Singapore, 307506** | **ClearSK MeliSpa Pte. Ltd. (UEN-LOCAL.CO-200900181W)** | **ClearSK Medical Spa Pte. Ltd. (UEN-LOCAL.CO-200902745K)** | **SGD 1,400** | **SGD 1,400** | **21 months** | **1/4/2024** |

---

**Appendix D**

**CLEARSK MEDI-AESTHETICS (WEST) PTE. LTD.**

**(number of pages: 3)**

**Lease agreement**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Document Description** | **Date of Document** | **Property** | **Landlord/ Lessor** | **Tenant/ Lessee** | **Rental Amount for First Month** | **Rental Amount** | **Rental terms** | **Rental start date** |
| **Tenancy Agreement** | **1/1/2025** | **114 Lavender Street #09-91 CT Hub 2 Singapore 338729** | **ClearSK Medi-Aesthetics (West) Pte. Ltd. (UEN-LOCAL/CO-201210218W)** | **SGP HEALTHCARE INVESTMENTS PTE LTD.(UEN-LOCAL/CO-201109987W)** | **SGD 5,517.60** | **SGD 5,517.60** | **24 month** | **1/1/2025** |
| **Tenancy Agreement** | **7/3/2024** | **114 Lavender Street #09-91 CT Hub 2 Singapore 338729 Westgate, 3 Gateway Drive, Singapore 608532** | **ClearSK Medi-Aesthetics (West) Pte. Ltd. (UEN-LOCAL/CO-201210218W)**<br>**JG TRUSTEE PTE LTD.(UEN-LOCAL/CO-200301757Z)** | **SAMIPAGE TRAVEL PTE. LTD.(UEN-LOCAL/CO-198905623K)**<br>**ClearSK Medi-Aesthetics (West) Pte. Ltd. (UEN-LOCAL/CO-201210218W)** | **SGD 5,600.00** | **SGD 5,600.00**<br>**SGD 18,890.82 (First year), SGD 19,571.55 (Second year)** | **24 month**<br>**36 month** | **1/5/2024**<br>**22/3/2024** |

---

**MDH Licenses & other licenses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**File number** | **Date** | **License number** | **Company name** | **Period of license** | **Location** |
| **MH 50: 10/3-597** | **31/10/2022** | **16M0179/05/225** | **CLEARSK MEDI-AESTHETICS (WEST) PTE. LTD.** | **From 28 October 2022 to 27 October 2027** | **3 GATEWAY DRIVE # 03 - 12 WESTGATE MALL** |

---

**Rental Sublet to subsi cont**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Agreement Name** | **Date of**<br> **Document**  | **Property** | **Primary Occupant** | **Co-Sharer** | **Rental Amount for First**<br> **Month** | **Rental**<br> **Amount** | **Rental**<br> **terms** | **Rental**<br> **start date** |
| **Co- Sharing agreement** | **1/4/2024** | **#03-12 Westgate -3 Gateway Drive, Singapore<br> 608532** | **ClearSK Medi-Aesthetics (West) Pte. Ltd. (UEN-LOCAL CO - 201210218W)**  | **ClearSK Orchard Pte. Ltd. (UEN-LOCAL CO - 201003373W)** | **SGD 2,800** | **SGD 2,800** | **36 months** | **1/4/2024** |
| **Co- Sharing agreement** | **1/4/2024** | **#03-12 Westgate -3 Gateway Drive, Singapore 608532** | **ClearSK Medi-Aesthetics (West) Pte. Ltd. (UEN-LOCAL CO -**<br> **201210218W)** | <br> **ClearSK Medi-Aesthetics (Westgate) Pte. Ltd. (UEN-LOCAL CO -**<br> **201210211C)** | **SGD 2,800** | **SGD 2,800** | **36 months** | **1/4/2024** |

---

**Appendix E**

**CLEARSK AESTHETICS ACADEMY SDN BHD**

**(number of pages: 1)**

**Service & support agreement**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Document Description** | **Date** | **Company 1** | **Company 2** | **Duty** |
| **Service & Support agreement 1/1/2025** |  | **ClearSK Aesthetics Academy Sdn Bhd** | **ClearSK Healthcare Pte Ltd** | **CAA agrees to provide business management, accounting, and corporate services to CSH, subject to the following terms and conditions.** |

---

## Exhibit 10.15

**Exhibit 10.15**

Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the Company treats as private or confidential, as indicated by the black shading

**Addendum**

**BUSINESS TRANSFER AGREEMENT**

**Novation & Assignment of Assets Undertaking**

**Clause 1 October 2025**

Reference is made to the Business Transfer Agreement dated 21 February 2025 (as amended and supplemented by addendums dated 19 September 2025 and 1 October 2025, the "**Transfer Agreement**") between the Buyer, on the one hand, and the Sellers and the Promotors. Capitalized terms used and not defined in this Addendum have the meanings attributed to them in the Transfer Agreement. The Transfer Agreement was entered into by the parties in relation to a series of related transactions (the "**Restructuring**") for the purpose of the proposed listing on Nasdaq (the date of such initial listing, the "**Listing Date**") by Regenique Group Limited, a Cayman company (the Company"), the sole parent company of the Buyer.

This Agreement is being entered into for the benefit of the Buyer by Then Chee Tat (NRIC #) and Shiau Ee Leng (NRIC #) of , being the Promotors under the Transfer Agreement and the Directors and Shareholders (collectively, the "**Designated Transferors**") of the Sellers, namely:

CLEARSK HEALTHCARE PTE. LTD.

CLEARSK MEDISPA PTE LTD.

CLEARSK MEDI-AESTHETICS (WEST) PTE. LTD.

SGP HEALTHCARE INVESTMENTS PTE LTD

CLEARSK AESTHETICS ACADEMY SDN BHD

In consideration of the foregoing and for any other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Designated Transferors, jointly and severally, hereby agree to the following for the benefit of the Buyer:

**1.** **Acknowledgements** 

The Designated Transferors acknowledge the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The material assets constituting the Business
 (the "**Subject Assets**") are identified in the appendixes to the Addendum
 to the Business Transfer Agreement dated 19 September 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has been the parties' intention
 that the Business shall be beneficially owned, controlled and operated exclusively by the
 Company upon the completion of the Restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the date hereof, title and other
 legal rights attached to some of the assets to be transferred to the Buyer under the Transfer
 Agreement have not been assigned to the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Designated Transferors have the obligation
 to take all necessary actions to complete the transfer of the Subject Assets as soon as possible.

**2.** **Representations and Warranties** 

The Designated Transferors hereby represent and warrant to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All of the Subject Assets may be transferred to the Buyer under applicable
 laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Buyer's ownership, control and
 operation of the Business will not violate applicable laws and regulations, result in a breach
 of any contract material to the Business or conflict with any undertakings made by the Designated
 Transferors to third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If third party consent or regulatory approval
 is necessary to the transfer of a Subject Asset, to their best knowledge after due inquiry,
 there are no legal or commercial impediments to their procurement of such consent and approval
 within the timeline contemplated.

**3.** **Novation and Assignments** 

Each Designated Transferee hereby undertakes and irrevocably guarantees to the Company that they shall procure the novation of existing contracts, including tenancy agreements, employment agreement and services agreement; the procurement of new clinic licenses; and the assignment of trademarks (in each case, to the extent that such item is a Subject Asset or in the reasonable opinion of the Buyer, an asset that ought to have been identified in the Transfer Agreement as a Subject Asset), such that the Buyer shall have all the legal rights attached to such item as soon as possible, and in any event within a period not exceeding six (6) months from the Listing Date.

For clarity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please refer to Annex 1 Novation Summary and Annex 2 Clinic Licenses
 & Trademarks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Designated Transferors shall ensure
 that each novation agreement is duly executed by all relevant counterparties, including the
 existing lessor, the Buyer (as new lessee) and the relevant Seller (as existing lessee),
 and shall be in a form reasonably acceptable to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Designated Transferors shall ensure
 the clinic licenses and trademarks will be formally assigned and recorded with the Ministry
 of Health and IPOS (Intellectual Property Office of Singapore) respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Designated Transferors shall bear all reasonable costs and expenses
 associated with the novation and assignment process, including legal and administrative fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any lease agreement, clinic license
 and/or trademarks cannot be novated or assigned within the stipulated timeframe due to counterparty
 refusal or regulatory delay, the Designated Transferors shall (1) promptly notify the Company
 in writing, detailing the reasons and proposed remedial steps; and (2) indemnify the Company
 for any loss or liability arising from such delay or failure, subject to a negotiable cap
 of not more than (a) the total amounts payable to landlords for the remainders of the leases
 in question; and (b) for clinic licenses & trademarks, an aggregate amount equivalent
 to the affected clinic's monthly net profit for each month of delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the avoidance of doubt, during the
 interim period prior to completion of such transfer (the "**Term** "), all
 revenue generated from the Business shall be assigned to and accrue to the benefit of the
 Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This undertaking shall survive the Listing
 and remain in full force until all novations and assignments are completed or otherwise resolved
 to the satisfaction of the Company.

**4.** **Interim Support and Other Covenants** 

The Designated Transferors shall, and shall cause the Sellers and their other affiliates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide, during the Term, all services
 and supply all goods that are essential to the continued and uninterrupted operation of the
 Business at the same premises and in a manner substantially consistent with current practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the request of the Company from time
 to time, execute and deliver to the Company such documents and take such other action as
 the Company may reasonably request in order to consummate more effectively the transactions
 contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Business has previously relied
 on any goods and services from the Sellers or their affiliates, to provide such goods and
 services without interruption on pricing terms based on the cost methodology currently used
 by such entities to assess to the Business the same or similar services (if higher, then
 on market terms); and if there is no such current assessment, then at the actual cost of
 the providing party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reimburse the Company for any costs and
 expenses associated with the transfers, including stamp duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indemnify the Company for all losses (including
 legal fees) arising from any actions taken by third parties in relation to the transfers,
 including any eviction by landlords and litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) compensate the Company if a transfer will
 result in an increase in fees or payments or any material change in other obligations to
 the Business operator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if for any reason that the Company cannot
 operate the Business as its full legal owner, enter into contractual arrangements such that
 the Company will have the power to control the business and receive all the economic interests
 in the Business to qualify for the "variable interest entity" accounting treatment.

THIS AGREEMENT has been executed on the date stated at the beginning.

---

| | |
|:---|:---|
| ![](ex10-15_001.jpg) | ![](ex10-15_002.jpg) |
| Then Chee Tat | Shiau Ee Leng |
| Director | Director |
| NRIC No: | NRIC No: |

---

---

| | |
|:---|:---|
| Signed for and on behalf of | Signed for and on behalf of |
| **Regenique Group Limited** | **Regenique Group Limited** |
| ![](ex10-15_021.jpg) | ![](ex10-15_021.jpg) |
| Title: | Group CEO |
| Name: | Wong Ming Kwong |

---

**ANNEX 1**

**NOVATION SUMMARY**

---

| | | | |
|:---|:---|:---|:---|
| **PREMISE** | **LANDLORD** | **OUTGOING TENANT** | **INCOMING TENANT** |
| &nbsp;&nbsp;&nbsp;NOVENA MEDICAL CENTRE - 10 Sinaran Drive<br> #10-10 Square 2, Singapore 307506 | &nbsp;&nbsp;&nbsp;Lee Beng Heok<br> [NRIC: ]<br> Wong Ming Ghee<br> [NRIC: | &nbsp;&nbsp;&nbsp;ClearSK Medispa Pte Ltd <br> [UEN: 200900181W] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;NOVENA MEDICAL CENTRE - 10 Sinaran Drive<br> #10-25 and #10-26 Square 2, Singapore 307506 | &nbsp;&nbsp;&nbsp;ClearSK Healthcare Pte Ltd<br> [UEN: 200211226Z] | &nbsp;&nbsp;&nbsp;ClearSK Medispa Pte Ltd <br> [UEN: 200900181W] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd<br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;NOVENA MEDICAL CENTRE - 10 Sinaran Drive<br> #10-24 Square 2, Singapore 307506 | &nbsp;&nbsp;&nbsp;Jelco Properties Pte Ltd<br> [UEN: 198904337N] | &nbsp;&nbsp;&nbsp;ClearSK Healthcare Pte Ltd <br> [UEN: 200211226Z] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;16 Kallang Place #02-24, Singapore 339156 | &nbsp;&nbsp;&nbsp;DBS Trustee Limited<br> [UEN: 197502043G] | &nbsp;&nbsp;&nbsp;ClearSK Healthcare Pte Ltd<br> [UEN: 200211226Z] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;1 Raffles Place, #02-21 to 22<br> One Raffles Place, Singaore 048616 | &nbsp;&nbsp;&nbsp;OUB Centre Ltd<br> [UEN: 198002010D] | &nbsp;&nbsp;&nbsp; ClearSK Healthcare Pte Ltd <br> [UEN: 200211226Z] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;SCOTTS MEDICAL CENTRE - 9 Scotts Road<br> #07-03 Pacific Plaza, Singapore 228210 | &nbsp;&nbsp;&nbsp;Orchard Parksuites Pte Ltd<br> [UEN: 199206423E] | &nbsp;&nbsp;&nbsp;ClearSK Healthcare Pte Ltd <br> [UEN: 200211226Z] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;SCOTTS MEDICAL CENTRE - 9 Scotts Road<br> #07-04 to 06 Pacific Plaza, Singapore 228210 | &nbsp;&nbsp;&nbsp;Orchard Parksuites Pte Ltd <br> [UEN: 199206423E] | &nbsp;&nbsp;&nbsp;ClearSK Healthcare Pte Ltd <br> [UEN: 200211226Z] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |
| &nbsp;&nbsp;&nbsp;WESTGATE MALL - 3 Gateway Drive #03-12, Singapore 608532 | &nbsp;&nbsp;&nbsp;JG Trustee Pte Ltd <br> [UEN: 201017357Z] | &nbsp;&nbsp;&nbsp;ClearSK Medi-Aesthetics (West) Pte Ltd<br> [UEN: 201210218W] | &nbsp;&nbsp;&nbsp;Biogenisk Pte Ltd <br> [UEN: 202504016K] |

---

**ANNEX 2 - CLINIC LICENSES & TRADEMARKS**

---

| | |
|:---|:---|
| **NO.** | **CLINIC LICENSE** |
| 1 | &nbsp;&nbsp;CSH - Licence No. L/16M0203/MDS/002/232 issued to CSH pursuant to section 11(1)(a) of the Healthcare Services Act 2020 of Singapore in respect of outpatient medical services at ClearSK @ **Premier Aesthetic Clinic Scotts**, from 11 July 2023 to 10 July 2025 |
| 2 | &nbsp;&nbsp;CSM - Licence No. L/15C0349/MDS/004/242 issued to CSM pursuant to section 11(1)(a) of the Healthcare Services Act 2020 of Singapore in respect of outpatient medical services at **ClearSK @ Novena Aesthetic Clinic**, from 24 October 2024 to 23 October 2026 |
| 3 | &nbsp;&nbsp;CWE – Licence No. 16M0179/05/225 issued to CWE pursuant to section 6(2) of the Private Hospitals and Medical Clinics Act in respect of the operation of a medical clinic and the provision of aesthetic services at **ClearSK @ Westgate Mall**, from 28 October 2022 to 27 October 2027 |

---

**TRADEMARKS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proprietor Name** | **Trademark** | **Registration No.** | **Class** | **Country** | **Renewal Date** |
| ClearSK<br> Aesthetics Pte Ltd |  | T1305673Z | 5, 44 | Singapore | April 10, 2033 |
| ClearSK<br> Healthcare Pte. Ltd. |  | 40202120783X | 5, 44 | Singapore | August 31, 2031 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_005.jpg) | T1110499J | 5, 44 | Singapore | August 1, 2031 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_006.jpg) | T1110500H | 5, 44 | Singapore | August 1, 2031 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_007.jpg) | 40202115956W | 5, 44 | Singapore | July 5, 2031 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_008.jpg) | 40201907028U | 3, 5, 44 | Singapore | March 29, 2029 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_009.jpg) | 40201609687X | 44 | Singapore | June 17, 2026 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_010.jpg) | 40202326306U | 5, 44 | Singapore | November 28, 2033 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_011.jpg) | 40201916908S | 3, 5, 44 | Singapore | August 2, 2029 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_012.jpg) | 40201907027S | 3, 5, 44 | Singapore | March 29, 2029 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_013.jpg) | 40201609689S | 44 | Singapore | June 17, 2026 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_014.jpg) | 40201609686T | 44 | Singapore | June 17, 2026 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_015.jpg) | 40201609685U | 44 | Singapore | June 17, 2026 |
| ClearSK<br> Healthcare Pte. Ltd. | ![](ex10-15_016.jpg) | 40201609683R | 44 | Singapore | June 17, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-15_017.jpg) | 40201607797P | 44 | Singapore | May 9, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-15_018.jpg) | 40201607796R | 44 | Singapore | May 9, 2026 |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-15_019.jpg) | 40202508234W | 35, 44 | Singapore | April 4, 2035 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proprietor Name** | **Trademark** | **Application No.** | **Class** | **Country** | **Application Date** |
| ClearSK Healthcare Pte. Ltd. | ![](ex10-15_020.jpg) | 40202511163Y | 3,5, 44 | Singapore | May 8, 2025 |

---

## Exhibit 21.1

**Exhibit 21.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Name</u>** | &nbsp;&nbsp;**<u>Place of Incorporation</u>** |
| &nbsp;&nbsp;BioEsthetics Group Limited | &nbsp;&nbsp;British Virgin Islands |
| &nbsp;&nbsp;BioGenisk Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;Shari Wellness Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Biomed Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Centre Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Medi-Wellness Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Medi-Aesthetics (TP Central) Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Body Medi-Aesthetics Clinique Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Medi-Aesthetic Clinique Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Medical Spa Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Orchard Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;ClearSK Medi-Aesthetics (Westgate) Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;CSKC Pte Ltd | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;CSKC Medispa Pte Ltd | &nbsp;&nbsp;Singapore |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC**

**ACCOUNTING FIRM**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated May 23, 2025, with respect to the combined financial statements of Regenique Group Limited and its subsidiaries, as of and for the years ended September 30, 2024 and 2023 in this Registration Statement on Form F-1 and the related Prospectus of Regenique Group Limited and its subsidiaries filed with the Securities and Exchange Commission.

![](ex23-1_002.jpg)

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Enrome LLP** | 143 Cecil Street, #19-03/04 | admin@enrome-group.com |
|  | GB Building Singapore 069542 | www.enrome-group.com |

---

## Exhibit 23.3

**Exhibit 23.3**

---

| | |
|:---|:---|
| ![](ex23-3_001.jpg) | ![](ex23-3_002.jpg) |

---

Our Ref: SHAWB.0001

Your Ref:

23 October 2025

**REGENIQUE GROUP LIMITED**

89 Nexus Way<br>

Camana Bay, Grand Cayman<br>

KYI-9009 Cayman Islands

Dear Sirs,

**LETTER OF CONSENT**

We hereby consent to the use of our legal opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder.

---

| |
|:---|
| Yours faithfully |
| /s/Marcus Chow |
| Marcus Chow |
| Partner |
| BIRD & BIRD ATMD LLP |

---

+65 6248 9425

marcus.chow@twobirds.com

We do not accept service of court documents by facsimile.

Bird & Bird ATMD LLP is a Singapore law practice registered as a limited liability partnership in Singapore with registration number T08LL0001K and is associated with Bird & Bird LLP.

## Exhibit 99.1

**Exhibit 99.1**

**Regenique Group Limited**

**Code of Ethics and Business Conduct**

1. <u>Introduction</u>.

1.1 The Board of Directors of Regenique Group Limited (together with its subsidiaries, the "**Company** ")
has adopted this Code of Ethics and Business Conduct (the "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company
files with, or submits to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made
by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. promote the protection of Company assets, including corporate opportunities and confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. ensure accountability for adherence to the Code.

1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions
and report any suspected violations as described below in Section 10, Reporting and Enforcement.

2. <u>Honest and Ethical Conduct</u>.

2.1 The Company's policy is to promote high standards of integrity by conducting its affairs honestly and
ethically.

2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards
of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees
and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

3.1 A conflict of interest occurs when an individual's private interest (or the interest of a member of his
or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise
when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to
perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director
(or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members
are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the
facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer are
expressly prohibited.

3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should
be avoided unless specifically authorized as described in Section 3.4.

3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest
or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization
or approval from, their supervisor or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters
or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Financial Officer with
a written description of the activity and seeking the Chief Financial Officer's written approval. If the supervisor is himself or
herself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Financial Officer.

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee.

4. <u>Compliance</u>.

4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws,
rules and regulations in the cities, states and countries in which the Company operates.

4.2 Although not all employees, officers and directors are expected to know the details of all applicable
laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about
compliance should be addressed to the Legal Department.

4.3 No director, officer or employee may purchase or sell any Company securities while in possession of material
nonpublic information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while
in possession of material nonpublic information regarding that company. It is against Company policies and illegal for any director, officer
or employee to use material nonpublic information regarding the Company or any other company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. obtain profit for himself or herself; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. directly or indirectly "tip" others who might make an investment decision on the basis of
that information.

5. <u>Disclosure</u>.

5.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements
and other financial information, must comply with applicable federal securities laws and SEC rules.

5.2 Each director, officer and employee who contributes in any way to the preparation or verification of the
Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately
maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as
well as the Company's independent public accountants and counsel.

5.3 Each director, officer and employee who is involved in the Company's disclosure process must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. be familiar with and comply with the Company's disclosure controls and procedures and its internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. take all necessary steps to ensure that all filings with the SEC and all other public communications about
the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets</u>.

6.1 All directors, officers and employees should protect the Company's assets and ensure their efficient use.
Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

6.2 All Company assets should be used only for legitimate business purposes, though incidental personal use
is permitted. Any suspected incident of fraud or theft should be reported for investigation immediately.

6.3 The obligation to protect Company assets includes the Company's proprietary information. Proprietary information
includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering
and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of
this information is prohibited and could also be illegal and result in civil or criminal penalties.

7. <u>Corporate Opportunities</u>. All directors, officers and employees owe a duty to the Company to advance its interests when the opportunity
arises. Directors, officers and employees are prohibited from taking for themselves personally (or for the benefit of friends or family
members) opportunities that are discovered through the use of Company assets, property, information or position. Directors, officers and
employees may not use Company assets, property, information or position for personal gain (including gain of friends or family members).
In addition, no director, officer or employee may compete with the Company.

8. <u>Confidentiality</u>.
Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers,
suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes
all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its
customers, suppliers or partners if disclosed.

9. <u>Fair Dealing</u>. Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers,
competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer
or employee may take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation
of facts or any other unfair dealing practice.

10. <u>Reporting and Enforcement</u>.

10.1 Reporting and Investigation of Violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Actions prohibited by this Code involving directors or executive officers must be reported to the Audit
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Actions prohibited by this Code involving anyone other than a director or executive officer must be reported
to the reporting person's supervisor or the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor
or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

10.2 <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If, after investigating a report of an alleged prohibited action by a director or executive officer, the
Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the Board
of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor
or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial Officer will
report such determination to the General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Upon receipt of a determination that there has been a violation of this Code, the Board of Directors or
the General Counsel will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment,
demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental
authorities.

10.3 <u>Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each of the Board of Directors (in the case of a violation by a director or executive officer) and the
General Counsel (in the case of a violation by any other person) may, in its discretion, waive any violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any waiver for a director or an executive officer shall be disclosed as required by SEC and Nasdaq rules.

10.4 <u>Prohibition on Retaliation</u>.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 99.2

**Exhibit 99.2**

**Regenique group limited**

**CHARTER OF THE AUDIT COMMITTEE**

**<u>Membership</u>**

The Audit Committee (the "**Committee**") of the board of directors (the "**Board**") of Regenique Group Limited (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the requirements of Rule 10A-3 of the Securities Exchange Act of 1934.

Each member of the Committee must be financially literate, as determined by the Board. At least one member of the Committee must have accounting or related financial management expertise, as determined by the Board. At least one member of the Committee must be an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K. A person who satisfies this definition of audit committee financial expert will also be presumed to have accounting or related financial management expertise.

The members of the Committee shall be appointed by the Board based on recommendations from the nominating and corporate governance committee of the Board. The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to oversee the Company's accounting and financial reporting processes and the audit of the Company's financial statements.

The primary role of the Committee is to oversee the financial reporting and disclosure process. To fulfill this obligation, the Committee relies on: management for the preparation and accuracy of the Company's financial statements; for establishing effective internal controls and procedures to ensure the Company's compliance with accounting standards, financial reporting procedures and applicable laws and regulations; and the Company's independent auditors for an unbiased, diligent audit or review, as applicable, of the Company's financial statements and the effectiveness of the Company's internal controls. The members of the Committee are not employees of the Company and are not responsible for conducting the audit or performing other accounting procedures.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To (1) select and retain an independent registered public accounting firm to act as the Company's independent auditors for the purpose of auditing the Company's annual financial statements, books, records, accounts and internal controls over financial reporting, (2) set the compensation of the Company's independent auditors, (3) oversee the work done by the Company's independent auditors and (4) terminate the Company's independent auditors, if necessary.

To select, retain, compensate, oversee and terminate, if necessary, any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company.

To approve all audit engagement fees and terms; and to pre-approve all audit and permitted non-audit and tax services that may be provided by the Company's independent auditors or other registered public accounting firms, and establish policies and procedures for the Committee's pre-approval of permitted services by the Company's independent auditors or other registered public accounting firms on an on-going basis.

At least annually, to obtain and review a report by the Company's independent auditors that describes (1) the accounting firm's internal quality control procedures, (2) any material issues raised by the most recent internal quality control review, peer review or Public Company Accounting Oversight Board review or inspection of the firm or by any other inquiry or investigation by governmental or professional authorities in the past five years regarding one or more audits carried out by the firm and any steps taken to deal with any such issues, and (3) all relationships between the firm and the Company or any of its subsidiaries; and to discuss with the independent auditors this report and any relationships or services that may impact the objectivity and independence of the auditors.

At least annually, to evaluate the qualifications, performance and independence of the Company's independent auditors, including an evaluation of the lead audit partner; and to assure the regular rotation of the lead audit partner at the Company's independent auditors and consider regular rotation of the accounting firm serving as the Company's independent auditors.

To review and discuss with the Company's independent auditors (1) the auditors' responsibilities under generally accepted auditing standards and the responsibilities of management in the audit process, (2) the overall audit strategy, (3) the scope and timing of the annual audit, (4) any significant risks identified during the auditors' risk assessment procedures and (5) when completed, the results, including significant findings, of the annual audit.

To review and discuss with the Company's independent auditors (1) all critical accounting policies and practices to be used in the audit; (2) all alternative treatments of financial information within generally accepted accounting principles ("**GAAP**") that have been discussed with management, the ramifications of the use of such alternative treatments and the treatment preferred by the auditors; and (3) other material written communications between the auditors and management.

To review and discuss with the Company's independent auditors and management (1) any audit problems or difficulties, including difficulties encountered by the Company's independent auditors during their audit work (such as restrictions on the scope of their activities or their access to information), (2) any significant disagreements with management and (3) management's response to these problems, difficulties or disagreements; and to resolve any disagreements between the Company's auditors and management.

To review with management and the Company's independent auditors: any major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles; any significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including the effects of alternative GAAP methods; and the effect of regulatory and accounting initiatives and off-balance sheet structures on the Company's financial statements.

To keep the Company's independent auditors informed of the Committee's understanding of the Company's relationships and transactions with related parties that are significant to the company; and to review and discuss with the Company's independent auditors the auditors' evaluation of the Company's identification of, accounting for, and disclosure of its relationships and transactions with related parties, including any significant matters arising from the audit regarding the Company's relationships and transactions with related parties.

To review with management and the Company's independent auditors the adequacy and effectiveness of the Company's financial reporting processes, internal control over financial reporting and disclosure controls and procedures, including any significant deficiencies or material weaknesses in the design or operation of, and any material changes in, the Company's processes, controls and procedures and any special audit steps adopted in light of any material control deficiencies, and any fraud involving management or other employees with a significant role in such processes, controls and procedures, and review and discuss with management and the Company's independent auditors disclosure relating to the Company's financial reporting processes, internal control over financial reporting and disclosure controls and procedures.

To review and discuss with the Company's independent auditors any other matters required to be discussed by applicable requirements of the PCAOB and the SEC.

To review and discuss with the Company's independent auditors and management the Company's annual audited financial statements (including the related notes), the form of audit opinion to be issued by the auditors on the financial statements and the disclosure under "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in the Company's Form 20-F and whether the Form 20-F should be filed before the Form 20-F is filed with the SEC.

To recommend to the Board whether the audited financial statements should be included in the Company's Form 20-F and whether the Form 20-F should be filed with the SEC; and to produce the audit committee report required to be included in the Company's proxy statement.

To review and discuss with management and the Company's independent auditors: the Company's earnings press releases, including the type of information to be included and its presentation and the use of any pro forma, adjusted or other non-GAAP financial information; and any financial information and earnings guidance provided to analysts and ratings agencies, including the type of information to be disclosed and type of presentation to be made.

To set Company hiring policies for employees or former employees of the Company's independent auditors.

To establish and oversee procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters.

To review and discuss with management the risks faced by the Company and the policies, guidelines and process by which management assesses and manages the Company's risks, including the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures.

To review the Company's compliance with applicable laws and regulations and to review and oversee the Company's policies, procedures and programs designed to promote and monitor legal, ethical and regulatory compliance.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of independent outside counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of any outside counsel and other advisors.

The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to the Company's independent auditors, any other accounting firm engaged to perform services for the Company, any outside counsel and any other advisors to the Committee.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board on its discussions and actions, including any significant issues or concerns that arise at its meetings, and shall make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall meet separately, and periodically, with management and representatives of the Company's independent auditors, and shall invite such individuals to its meetings as it deems appropriate, to assist in carrying out its duties and responsibilities. However, the Committee shall meet regularly without such individuals present.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this Charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.3

**Exhibit 99.3**

**regenique gROUP LIMITED**

**CHARTER OF THE Remuneration COMMITTEE**

**<u>Membership</u>**

The Remuneration Committee (the "**Committee**") of the board of directors (the "**Board**") of Regenique Group Limited (the "**Company**") shall consist of three or more directors.

At least two members of the Committee must qualify as "non-employee directors" for the purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the review and determination of executive compensation.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("**CEO**"), if such an officer is appointed, evaluate at least annually the CEO's performance in light of those goals and objectives, and determine and approve the CEO's compensation level based on this evaluation.

To review and make recommendations to the Board regarding the compensation of all other executive officers.

To review and, when appropriate, recommend to the Board for approval, incentive compensation plans and equity-based plans, and where appropriate or required, recommend for approval by the stockholders of the Company, which includes the ability to adopt, amend and terminate such plans.

To review and discuss with management the Company's Compensation Discussion and Analysis ("**CD&A**"), recommend that the CD&A be included in the Company's annual report on Form 20-F and proxy statement, and produce the remuneration committee report on executive officer compensation required to be included in the Company's proxy statement or annual report on Form 20-F.

To review, and make recommendations to the Board regarding, any employee benefit plans for the Company, which includes the ability to adopt, amend and terminate such plans and the ability to delegate oversight of such plans.

To review the Company's incentive compensation arrangements to determine whether they encourage excessive risk-taking, to review and discuss at least annually the relationship between risk management policies and practices and compensation, and to evaluate compensation policies and practices that could mitigate any such risk.

To review all director compensation and benefits for service on the Board and Board committees at least once a year and to recommend any changes to the Board as necessary.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a compensation consultant as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation, and oversee the work, of the compensation consultant. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside legal counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of its outside legal counsel and other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its compensation consultants, outside legal counsel and any other advisors. However, the Committee shall not be required to implement or act consistently with the advice or recommendations of its compensation consultant, legal counsel or other advisor to the remuneration committee, and the authority granted in this Charter shall not affect the ability or obligation of the Committee to exercise its own judgment in fulfillment of its duties under this Charter.

In retaining or seeking advice from compensation consultants, outside counsel and other advisors (other than the Company's in-house counsel), the Committee must take into consideration the factors specified in rules of the Nasdaq Capital Market. The Committee may retain, or receive advice from, any compensation advisor they prefer, including ones that are not independent, after considering the specified factors. The Committee is not required to assess the independence of any compensation consultant or other advisor that acts in a role limited to consulting on any broad-based plan that does not discriminate in scope, terms or operation in favor of executive officers or directors and that is generally available to all salaried employees or providing information that is not customized for a particular company or that is customized based on parameters that are not developed by the consultant or advisor, and about which the consultant or advisor does not provide advice.

The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee may invite such members of management to its meetings as it deems appropriate. However, the Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.4

**Exhibit 99.4**

**regenique group limited**

**CHARTER OF THE NOMINATING & CORPORATE GOVERNANCE COMMITTEE**

**<u>Membership</u>**

The Nominating and Corporate Governance Committee (the "**Committee**") of the board of directors (the "**Board**") of Regenique Group Limited (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the Nasdaq Stock Market.

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the Company's director nominations process and procedures, developing and maintaining the Company's corporate governance policies and any related matters required by the federal securities laws.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To determine the qualifications, qualities, skills, and other expertise required to be a director and to develop, and recommend to the Board for its approval, criteria to be considered in selecting nominees for director (the "**Director Criteria**").

To identify and screen individuals qualified to become members of the Board, consistent with the Director Criteria. The Committee shall consider any director candidates recommended by the Company's stockholders pursuant to the procedures described in the Company's proxy statement.

To make recommendations to the Board regarding the selection and approval of the nominees for director to be submitted to a stockholder vote at the annual meeting of stockholders.

To develop and recommend to the Board a set of corporate governance guidelines applicable to the Company, to review these principles at least once a year and to recommend any changes to the Board.

To oversee the Company's corporate governance practices and procedures, including identifying best practices and reviewing and recommending to the Board for approval any changes to the documents, policies and procedures in the Company's corporate governance framework.

To develop, subject to approval by the Board, a process for an annual evaluation of the Board and its committees and to oversee the conduct of this annual evaluation.

To review the Board's committee structure and composition and to make recommendations to the Board regarding the appointment of directors to serve as members of each committee and committee chairmen annually.

If a vacancy on the Board and/or any Board committee occurs, to identify and make recommendations to the Board regarding the selection and approval of candidates to fill such vacancy either by election by stockholders or appointment by the Board.

To develop and recommend to the Board for approval of the Code of Business Conduct and Ethics (the "**Code**"), to monitor compliance with the Company's Code, to investigate any alleged breach or violation of the Code, to enforce the provisions of the Code and to review the Code periodically and recommend any changes to the Board.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a director search firm as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation and oversee the work of the director search firm. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside counsel, an executive search firm and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation and oversee the work of its outside counsel, the executive search firm and any other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its search consultants, outside counsel and any other advisors.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.5

**Exhibit 99.5**

**Consent to be Named as a Director Nominee**

In connection with the filing by Regenique Group Limited of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of Regenique Group Limited in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

Dated: October 15, 2025

---

| | |
|:---|:---|
| By: | /s/ Fok Chee Khuen |
| Name: | Fok Chee Khuen |

---

## Exhibit 99.6

**Exhibit 99.6**

**<u>Consent to be Named as a Director Nominee</u>**

In connection with the filing by Regenique Group Limited of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of Regenique Group Limited in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

Dated: October 15, 2025

---

| | |
|:---|:---|
| By: | /s/ Yong Siak Hoong |
| Name: | Yong Siak Hoong |

---

## Exhibit 99.7

**Exhibit 99.7**

**<u>Consent to be Named as a Director Nominee</u>**

In connection with the filing by Regenique Group Limited of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of Regenique Group Limited in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

Dated: October 15, 2025

---

| | |
|:---|:---|
| By: | /s/ Lim Yit Keong |
| Name: | Lim Yit Keong |

---

## Exhibit 99.8

**Exhibit 99.8**

**Regenique Group Limited<br> 10 Sinara Drive**

**#10-25 Square 2**

**Singapore 307506**

**<u>VIA EDGAR</u>**

October 31, 2025

U.S. Securities & Exchange Commission<br> Division of Corporation Finance<br> Office of Manufacturing<br> Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Regenique Group Limited<br> Registration Statement on Form F-1<br> Request for Waiver and Representation under Item 8.A.4 of Form 20-F** |

---

Dear Sir or Madam:

The undersigned, Regenique Group Limited, a foreign private issuer organized under the laws of the Cayman Islands (the "**Company**"), is submitting this letter via EDGAR to the Securities and Exchange Commission (the "**Commission**") in connection with the Company's filing on the date hereof of its registration statement on Form F-1, as amended (the "**Registration Statement**") relating to a proposed initial public offering and listing in the United States of the Company's Class A ordinary shares.

The Company has included in the Registration Statement its audited consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, as of and for the years ended September 30, 2024 and 2023, and unaudited interim consolidated financial statements as of and for the nine months ended June 30, 2025 and 2024.

The Company respectfully requests that the Commission waive the requirement of Item of Form 20-F, which states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements of a date not older than 12 months from the date of the offering (the "**12-Month Requirement**"). See also Division of Corporation Finance, Financial Reporting Manual, Section 6220.3.

The Company is submitting this waiver request pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that the Commission will waive the 12-Month Requirement "in cases where the company is able to represent adequately to us that it is not required to comply with this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship." See also the 2004 release entitled International Reporting and Disclosure Issues in the Division of Corporation Finance (available on the Commission's website at http://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm) by the staff of the Division of Corporation Finance of the Commission (the "**Staff**") at Section III.B.c, in which the Staff notes that:

"the instruction indicates that the staff will waive the 12-month requirement where it is not applicable in the registrant's other filing jurisdictions and is impracticable or involves undue hardship. As a result, we expect that the vast majority of IPOs will be subject only to the 15-month rule. The only times that we anticipate audited financial statements will be filed under the 12-month rule are when the registrant must comply with the rule in another jurisdiction, or when those audited financial statements are otherwise readily available."

In connection with this waiver request, the Company represents to the Commission that:

1. The Company is not currently a public reporting company in any jurisdiction.

2. The Company is not required by any jurisdiction outside the United States to prepare consolidated financial
statements audited under any generally accepted auditing standards for any interim period.

3. Full compliance with Item 8.A.4 of Form 20-F at present is impracticable and involves undue hardship for
the Company.

4. The Company does not anticipate that its audited financial statements for the fiscal year ended September
30, 2025 will be available until December, 2025.

5. In no event will the Company seek effectiveness of the Registration Statement if its audited financial
statements are older than 15 months at the time of the Company's initial public offering.

The Company is filing this letter as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4 of Form 20-F.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| /s/ Wong Ming Kwong | /s/ Wong Ming Kwong |
| Name: | Wong Ming Kwong |
| Title: | Chief Executive Officer |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Regenique Group Limited**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value $0.0001 per share | (1) | 457(o) |  | $| $11500000.00 | 0.0001381 | $1588.15 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $11500000.00 |  | 1588.15 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1588.15 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), there is also being registered hereby such indeterminate number of additional Class A Ordinary Shares, par value $0.0001 per share, of the registrant (the "Class A Ordinary Shares"), as may be issued or issuable because of share splits, share dividends and similar transactions. Estimated solely for the purpose of calculating the amount of the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended, or the Securities Act. Includes the Class A Ordinary Shares that the underwriters have the option to purchase to cover over-allotments, if any.