# EDGAR Filing Document

**Accession Number:** 0002062397
**File Stem:** 0001493152-25-029305
**Filing Date:** 2025-12
**Character Count:** 1485488
**Document Hash:** fd1d963e31cddfd346cf168897161409
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-029305.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001493152-25-029305

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 150

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Riverstone Ltd
- **CENTRAL INDEX KEY:** 0002062397
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292453
- **FILM NUMBER:** 251607905

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 2304, 23/F, SAXON TOWER,
- **STREET 2:** NO. 7 CHEUNG SHUN STREET, LAI CHI KOK
- **CITY:** HONG KONG SAR
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 5429 4672

**MAIL ADDRESS:**
- **STREET 1:** ROOM 2304, 23/F, SAXON TOWER,
- **STREET 2:** NO. 7 CHEUNG SHUN STREET, LAI CHI KOK
- **CITY:** HONG KONG SAR
- **STATE:** K3
- **ZIP:** 00000

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

**Registration No. 333-**[●]

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**RIVERSTONE LTD**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **BVI** | **2300** | **Not Applicable** |
| (State or Other Jurisdiction<br> of Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**Room 2304, 23/F, Saxon Tower**

**No. 7 Cheung Shun Street**

**Lai Chi Kok**

**Hong Kong**

**Telephone: +(852) 2342 3101**

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

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**+1 302-738-6680**

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

***Copies to:***

Henry F. Schlueter, Esq. Celia Velletri, Esq. Schlueter & Associates, P.C. 5655 South Yosemite Street, Suite 350 Greenwood Village, CO 80111 Telephone: (303) 292-3883 Cavas S. Pavri ArentFox Schiff LLP 1717 K Street NW Washington, DC 20006 Telephone: (202) 857-6000

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

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

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

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

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

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

Emerging growth company ☒

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

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

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

**EXPLANATORY NOTE**

This registration statement contains two prospectuses, as set forth below.

●  ***Public Offering Prospectus*** . A prospectus to be used for the public offering by the registrant of its $0.0001 par value Ordinary Shares (the "Public Offering Prospectus") through the underwriters named on the cover page of the Public Offering Prospectus. The number of Ordinary Shares issued and outstanding before and after this Offering, as set forth in the Public Offering Prospectus, do not include up to 308,333 shares to be issued upon the conversion of certain notes and the offering for sale of such shares by the selling shareholders pursuant to the Reale Prospectus.

●  ***Resale Prospectus*** *.* A prospectus to be used for the resale by selling shareholders named therein of up to 308,333 Ordinary Shares of the registrant (the "Resale Prospectus"). The resale offering is not part of, and will not be conducted simultaneously with, the firm commitment public offering. It will not take place until the ordinary shares are listed on Nasdaq. The registrant will not receive any proceeds from the sale of Ordinary Shares by the selling shareholders.

The Resale Prospectus is substantively identical to the Public Offering Prospectus, except for the following principal points:

● they contain different inside and outside front covers;

● they contain different Offering sections in the Prospectus Summary;

● they contain different Use of Proceeds sections;

● the Capitalization and Dilution sections are deleted from the Resale Prospectus;

● the Underwriting section from the Public Offering Prospectus is deleted from the Resale Prospectus and a Plan of Distribution is inserted in its place;

● a Selling Shareholders section is included in the Resale Prospectus; and

● the Legal Matters section in the Resale Prospectus deletes the reference to counsel for the underwriters.

The registrant has included in this registration statement a set of alternate pages after the back cover of the Public Offering Prospectus, which we refer to as the Alternate Pages, to reflect the foregoing differences of the Resale Prospectus as compared to the Public Offering Prospectus. The Public Offering Prospectus will exclude the Alternate Pages and will be used for the public offering by the registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by the selling stockholders named therein.

ii

**The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This 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.**

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **Subject to Completion, dated December 29, 2025** |

---

**2,500,000 Ordinary Shares**

**Riverstone Ltd**

This is an initial public offering of ordinary shares, US$0.0001 par value per share ("Ordinary Shares") of Riverstone Ltd ("Riverstone", "Company", "we", "our" or "us"). The Company is offering on a firm commitment basis 2,500,000 Ordinary Shares. We anticipate that the initial public offering price of the Ordinary Shares to be in the range of US$5.00 and US$7.00 per Ordinary Share.

Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "DNJF". We have not been approved for listing on the Nasdaq Capital Market; however, we believe that we currently meet the Nasdaq Capital Market's quantitative listing requirements and believe that upon the completion of the offering, we will meet the standards for listing on the Nasdaq Capital Market. We will not consummate and close this offering without a listing approval letter from the Nasdaq Capital Market. There can be no assurance that we will be successful in listing our Ordinary Shares on the Nasdaq Capital Market.

Riverstone, a holding company incorporated in the British Virgin Islands ("BVI"), whose Ordinary Shares investors will be purchasing, has no material operations of its own. Riverstone conducts its operations through its wholly-owned subsidiaries, including in Hong Kong through Marvel G.F.S.C Group Limited, and D & J Industries (Hong Kong) Company Limited, which in turn owns two wholly-owned subsidiaries Ka Yee Development Limited (Hong Kong) and D&J Garment (Ganzhou) Co., Ltd (PRC), and through WEDRESS INC (United States), WEDRESS PTY LTD (Australia), WEDRESS PTY UK LTD (UK), Rocksolid Holdings Limited (BVI) and through its 99% ownership of WEDRESS MEXICO S. de R.L. de C.V. (Mexico) (the "Subsidiaries" and Riverstone and the Subsidiaries may be collectively referred to as the "Group"). Riverstone directly hold equity interests in its Subsidiaries and does not currently use a variable interest entity ("VIE") structure.

**Investors are cautioned that the Ordinary Shares they are buying are shares of the Riverstone, a BVI holding company that has no operations of its own and not shares of the Subsidiaries. Investors in this offering will not directly hold equity interests in the Subsidiaries.**

Since certain of our business operations are conducted in Hong Kong through our Subsidiaries, the Chinese government may exercise significant oversight and discretion over the conduct of our business and Hong Kong and may intervene in or influence our Subsidiaries' operations at any time, which could result in a material change in their operations and/or the value of our Ordinary Shares.

China and PRC shall refer to the People's Republic of China, excluding, for the purposes of this prospectus only, Hong Kong, Macau and Taiwan.

We are an "Emerging Growth Company" and a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Being an Emerging Growth Company" and "Implications of Being a Foreign Private Issuer" on page 14 and 15 of this prospectus for more information.

**Investing in our Ordinary Shares involves significant risks. The risks could result in a material change in the value of the securities we are registering for sale including the risk of losing your entire investment or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. See "Risk Factors" beginning on page 18 to read about factors you should consider before buying our Ordinary Shares.**

The Company is subject to legal and operational risks associated with having certain of our Subsidiaries' operations in Hong Kong, including risks related to the legal, political and economic policies of the PRC government, the relations between China and Hong Kong and China and the United States, or Chinese or United States regulations, which risks could result in a material change in our operations and/or cause our Ordinary Shares to significantly decline in value or become worthless and affect our ability to offer or continue to offer securities to investors. The Company's operations are primarily located in Hong Kong. As of the date of this prospectus, we do not expect to be materially affected by recent statements by the PRC authorities indicating an intent to exert more oversight over the securities offerings that are conducted overseas and/or foreign investment in China-based issuers. However, the policies, regulations, rules, and the enforcement of laws to which we are subject may change. See "Transfers of Cash to and From Our Subsidiaries" on page 10 of this prospectus. Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. The Company may be subject to these regulatory actions or statements. Although we have not engaged in any monopolistic behavior, our business does involve the collection of user data and may implicate cybersecurity reviews.

iii

On February 17, 2023, with the approval of the State Council, the China Securities Regulatory Commission (the "CSRC") promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies ("Trial Measures"), and five supporting guidelines for the application of regulatory rules-category 1 for overseas offering and listing, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing applications. Subsequent securities offerings of an issuer in the same overseas market where it has previously offered, and listed securities must be filed with the CSRC within three business days after the offering is completed. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

As of the date of this prospectus, our Company, and its subsidiaries (the "Group") (as defined in the definitions section below) have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to the listing of the Company's Ordinary Shares. Further, as of the date of this prospectus, in the opinion of our PRC legal counsel, ETR Law Firm, based on the above mentioned, listing on NASDAQ of the Company would not be deemed as an indirect overseas offering and listing by a PRC domestic company under the Trial Measures and the Trial Measures do not apply to the Company, and its listing on NASDAQ does not require fulfilling the filing procedure to the CSRC. However, the CSRC may take a view contrary to or otherwise different from the Group's or the future effective laws and regulations (with retrospective effect) may require the Group to obtain CSRC or other PRC governmental approvals for this offering. If we inadvertently conclude that such approvals are not required, we may be required to make corrections, be given a warning, be fined between RMB 1 million and RMB 10 million, warn the responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million, fine the controlling shareholder or actual controller organizes or instigates the prescribed illegal acts not less than RMB 1 million but not more than RMB 10 million, in the case of serious violation of the Trial Measures or other laws and administrative regulations, the CSRC may impose a ban on access to the securities market upon relevant responsible persons.

However, there is uncertainty as to whether our Company will be required to obtain permission from or file with the PRC authorities to list on a U.S. stock exchange in the future. If the Group is subsequently notified by any PRC authorities that permission/filing for this offering and/or listing on the Nasdaq Stock Market was required, the Group may not be able to obtain such permission or complete such filing in a timely manner, if at all. Any failure to obtain such permission or complete such filing in a timely manner may restrict our ability to complete the proposed offering or any future equity capital raising activities and may subject us or relevant persons to certain penalties, which would have a material adverse effect on our business and financial position.

There can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for our IPO. If the Company inadvertently concluded that such approvals were or are not required, the Company's ability to offer or continue to offer our Securities to investors could be significantly limited or completed hindered, which could cause the value of our Ordinary Shares to significantly decline or become worthless. The Group may also face sanctions by the CSRC, the Cyberspace Administration of China or other PRC regulatory agencies. These regulatory agencies may impose fines, penalties, limit our operations in China, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our Securities. See "Risk Factors" beginning on page 18 of this prospectus for a discussion of these legal and operational risks and other information that should be considered before making a decision to purchase our Securities.

Although Hong Kong is a Special Administrative Region and a dependency of the PRC, it has enacted its own laws pertaining to data security and anti-monopoly concerns. Hong Kong enacted the Personal Data (Privacy) Ordinance (the "PDPO") to ensure an adequate level of data protection to retain its status as an international trading center and to give effect to human rights treaty obligations. Moreover, Hong Kong has also enacted a similar piece of legislation regulating competition in the market (the "Competition Ordinance"). The Competition Ordinance prohibits: (i) anti-competitive agreements and concerted practices; and (ii) abuse of power with the object or effect of preventing, restricting or distorting competition in Hong Kong. If our Hong Kong Subsidiaries were to be found in violation of either of these laws, our Hong Kong Subsidiaries' operations may be restricted, and they may be required or elect to make changes to their operations in Hong Kong so as to be in accordance with the PDPO and/or the Competition Ordinance. Moreover, Hong Kong authorities may take other action against us, such as imposing taxes or other penalties, which could materially affect our financial results. Thus, our revenue and business operations in Hong Kong would be adversely affected.

iv

**In addition, the Holding Foreign Companies Accountable Act (the "HFCAA"), which prohibits foreign companies from listing their securities on U.S. exchanges if the Company's auditor has been unavailable for a Public Company Accounting Oversight Board (United States) ("PCAOB") inspection or investigation for three consecutive years, became law in December 2020. On December 16, 2021, the PCAOB issued a determination (the "Determination Report") that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong because of positions taken by authorities in those jurisdictions, and the PCAOB included in the Determination Report a list of the accounting firms that are headquartered in the PRC or Hong Kong. On December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 Determination Report to the contrary. The U.S. Securities and Exchange Commission (the "SEC") adopted final amendments to its rules to implement the HFCAA, which went into effect on January 20, 2022. As part of the SEC's final rules, identified issuers will need to provide additional disclosures in subsequent filings that prove the issuer is not owned or controlled by a governmental authority in the foreign jurisdiction of the audit firm identified by the PCAOB in the Determination Report.**

**In the event that it is later determined that the PCAOB is unable to inspect or investigate completely our auditor or our work papers because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause our securities to be delisted from the applicable stock exchange. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.**

**Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was enacted on December 29, 2022, and amended the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.**

**On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, consistent with the Holding Foreign Companies Accountable Act (the "HFCA Act"), and the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.**

**On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by any authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination**. **On December 23, 2022, the Accelerating HFCA Act (the "Accelerating HFCA Act") was signed into law, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to the Accelerating HFCA Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two. See "Risk Factors — Risks Related to Doing Business in China and Hong Kong — Our Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors."**

Our auditor, ARK Pro CPA & Co., the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess ARK Pro CPA & Co.'s compliance with applicable professional standards. ARK Pro CPA & Co. is headquartered in Hong Kong and has been inspected by the PCAOB on a regular basis. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the PCAOB Determinations (as defined below). See "Risk Factors — Risks Related to Doing Business in China and Hong Kong — The PCAOB Determinations provides that if the Board is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in mainland China or Hong Kong it could result in the prohibition of trading in our securities by not being allowed to list on a U.S. exchange, and as a result an exchange may determine to delist our securities, which would materially affect the interest of our investors." on page 12.

v

**As a holding company, we will rely on dividends and other distributions on equity paid by our Hong Kong Subsidiaries for our cash and financing requirements. If our Hong Kong Subsidiaries incur debt on their own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. However, none of our Subsidiaries have paid any dividends or other distributions to our holding company as of the date of this prospectus. In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our Hong Kong Subsidiaries via capital contribution or shareholder loans, as the case may be. As of the date of this prospectus, we have not paid any dividends or made any distributions to any U.S. investors.**

The Company holds all of the equity interests in its Hong Kong subsidiaries. As we have a direct equity ownership structure, we do not have any agreement or contract between our Company and any of its subsidiaries that are typically seen in a VIE structure. Within our direct equity ownership structure, cash, including funds from foreign investors, can be directly transferred to our Hong Kong subsidiaries by way of capital injection or in the form of a shareholder loan from the Company following this offering. As a holding company, the Company may rely on dividends and other distributions on equity paid by our Subsidiaries for our cash and financing requirements. We are permitted under the laws of the BVI and our memorandum and articles of association (as amended from time to time) to provide funding to our Subsidiaries through loans and/or capital contributions. Our Hong Kong Subsidiaries are permitted under the laws of Hong Kong to issue cash dividends to us without limitation on the size of such dividends. However, if any of our Subsidiaries incur debt on their own behalf, the instruments governing such debt may restrict their ability to pay dividends. On March 31, 2024, the Company declared a dividend in the amount of US$3,833,425 of which US$1,878,378 was due to its subsidiary Marvel and eliminated pursuant to our reorganization and US$1,955,047 was paid to Ms. Tang Sui Wan, our Controlling Shareholder, in the form of an offset against the related party amount due from her. Certain intellectual properties including trademarks, patents and domain names were also transferred from Marvel to Rocksolid, our wholly owned Subsidiary pursuant to our reorganization. As of the date of this prospectus, no other transfers were made from the Company to its Subsidiaries or our Controlling Shareholder, there have been no dividends or distributions have been made to investors in the Company, and the Company does not anticipate declaring any further dividends or transferring any other assets. As of the date of this prospectus, our Subsidiaries do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. See *"*Dividend Policy*"* on page 47 of this prospectus and "Holding Company Structure" on page 45 of this Prospectus.

To the extent the Company's cash or assets in the business is in Hong Kong or a Hong Kong entity, there can be no assurance that the Company's funds or assets may, in the future, not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of the Company and our Subsidiaries by the PRC government to transfer cash or assets. Any restrictions, prohibitions, interventions, or limitations on the ability of the Company or our Subsidiaries to transfer cash or assets in or out of Hong Kong may result in these funds or assets not being available to fund operations or for other uses outside of Hong Kong, which could have a material adverse effect on our ability to conduct our business. See "Risk Factor — Risks Related to Doing Business in China and Hong Kong — The Company may rely on dividends and other distributions on equity paid by the Subsidiaries to fund any cash and financing requirements it may have, and any limitations or restrictions, prohibitions or limitations on the ability of the Company or our Subsidiaries by the PRC government to transfer cash or assets in or out of Hong Kong may result in these funds or assets not being available to fund operations or for other uses outside of Hong Kong, which on the ability of the Subsidiaries to make payments to the Company could have a material and adverse effect on the business." on page 12.

Upon completion of this offering, our issued and outstanding shares will consist of 12,500,000 Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares, or 12,875,000 Ordinary Shares, assuming the over-allotment option is exercised in full. As of the date of this prospectus, Ms. Tang owns 78.97% of our Ordinary Shares. We will be a controlled company as defined under Nasdaq Marketplace Rule 5615(c) because, immediately after the completion of this offering, Ms. Tang, our Controlling Shareholder, Chairlady, CEO, and Director, will own 63.17% of our total issued and outstanding Ordinary Shares, representing 63.17% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 61.33% of our total issued and outstanding Ordinary Shares, representing 61.33% of the total voting power, assuming that the over-allotment option is exercised in full.

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

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total <sup>(4)</sup>** |
| Initial public offering price <sup>(1)</sup> | US$ | US$ |
| Underwriting discounts and commissions to be paid by us <sup>(2)</sup> | US$ | US$ |
| Proceeds to the Company before expenses <sup>(2)(3)</sup> | US$ | US$ |

---

<sup>(1)</sup> Assuming an initial public offering price of US$___.

vi

<sup>(2)</sup> We have agreed to pay the underwriters a discount equal to 7% of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters. We have also agreed to issue to the underwriter, at the closing of the offering warrants in an amount equal to 5% of the aggregate number of Ordinary Shares sold in this offering and exercisable during the five-year period commencing six months from the effective date of the offering at a price equal 100% of the public offering price. The underwriter warrants and the Ordinary Shares underlying the underwriter's warrants are being registered in this offering. For a description of the other compensation to be received by the underwriters, see "Underwriting" beginning on page 115.

<sup>(3)</sup> Excludes fees and expenses payable to the underwriters and other expenses of this offering. The total amount of underwriters' expenses related to this offering is set forth in the section entitled "Expenses Related to This Offering" on page 122.

<sup>(4)</sup> Assumes that the underwriters do not exercise any portion of their over-allotment option.

We have granted the underwriters an option, exercisable from time to time in whole or in part, to purchase up to 15% of the total number of Ordinary Shares to be offered by us pursuant to this offering (excluding Ordinary Shares subject to this option) at the initial public offering price, less underwriting discounts, and commissions, within 45 days from the date of this prospectus to cover over-allotments, if any. If the underwriters exercise the option in full, the total underwriting discounts payable will be US$1,207,500, and the total proceeds to us, before expenses, will be US$16,042,500.

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

The underwriters expect to deliver the Ordinary Shares to the purchasers against payment on or about ____, 2026.

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

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

**Joseph Gunnar & Co., LLC**

The date of this prospectus is ____, 2026.

vii

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#AS_001) | 1 |
| [MARKET AND INDUSTRY DATA](#AS_002) | 1 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#AS_003) | 1 |
| [DEFINITIONS](#AS_004) | 3 |
| [PROSPECTUS SUMMARY](#AS_005) | 5 |
| [SUMMARY FINANCIAL DATA](#AS_006) | 17 |
| [RISK FACTORS](#AS_007) | 18 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#AS_008) | 45 |
| [USE OF PROCEEDS](#ar_001) | 46 |
| [CAPITALIZATION](#ar_002) | 46 |
| [DIVIDENDS AND DIVIDEND POLICY](#ar_003) | 47 |
| [DILUTION](#ar_004) | 48 |
| [SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA](#ar_005) | 49 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ar_006) | 52 |
| [HISTORY AND CORPORATE STRUCTURE](#ar_007) | 60 |
| [INDUSTRY OVERVIEW](#ar_008) | 62 |
| [BUSINESS](#ar_009) | 69 |
| [REGULATORY ENVIRONMENT](#ar_010) | 89 |
| [MANAGEMENT](#ar_011) | 95 |
| [PRINCIPAL SHAREHOLDERS](#SS_001) | 102 |
| [RELATED PARTY TRANSACTIONS](#SS_002) | 103 |
| [DESCRIPTION OF SHARES](#SS_003) | 104 |
| [CERTAIN BVI COMPANY CONSIDERATIONS](#SS_004) | 107 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#SS_005) | 110 |
| [MATERIAL TAX CONSIDERATIONS](#SS_006) | 111 |
| [UNDERWRITING](#SS_007) | 115 |
| [EXPENSES OF THIS OFFERING](#SS_008) | 122 |
| [LEGAL MATTERS](#SS_009) | 122 |
| [EXPERTS](#SS_010) | 122 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#SS_011) | 122 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#rma_001) | F-1 |

---

Until ______, 2026 (the 25th day after the date of this prospectus), all dealers that effect transactions in these Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.

viii

**ABOUT THIS PROSPECTUS**

Neither the Company nor any of the underwriters have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither the Company nor the underwriters take responsibility for, or provide any assurance about the reliability of, any information that others may give you. This prospectus is an offer to sell only the securities offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: neither the Company nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Ordinary Shares and the distribution of this prospectus outside the United States.

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated may not be the arithmetic aggregation of the percentages that precede them.

**MARKET AND INDUSTRY DATA**

Certain market data and forecasts used throughout this prospectus were obtained from internal company surveys, market research, consultant surveys, reports of governmental and international agencies and industry publications and surveys including the industry report prepared by Frost & Sullivan, a third-party global research organization, commissioned by our Company. Industry publications and third-party research, surveys and reports generally indicate that their information has been obtained from sources believed to be reliable. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" in this prospectus.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "plan," "expect," "intend," "should," "seek," "estimate," "will," "aim" and "anticipate," or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical fact included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements that are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in "Risk Factors" and in this section of the prospectus.

Important factors that could cause our actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national, or global political, economic, business, competitive, market and regulatory conditions and the following:

● our Subsidiaries' business strategies, operating plans, and business prospects;

● our Subsidiaries' capital commitment plans and funding requirements;

● our ability to effectuate and manage our Subsidiaries planned business expansion;

● our Subsidiaries' ability to attract customers and maintain customer loyalty;

● our Subsidiaries' ability to retain senior management team members and recruit qualified and experienced new team members;

● our Subsidiaries' ability to maintain their competitiveness and operational efficiency;

● our Subsidiaries' prospective financial conditions;

● general economic market and business and financial conditions in Hong Kong, and globally;

● laws, regulations, and rules for the apparel industry in Hong Kong, and globally;

● future trends, developments, and conditions in the apparel industry in Hong Kong, and globally;

● certain statements in "Management's Discussion and Analysis of Financial Condition and Results of Operations" with respect to trends in prices, volumes, and operations;

● our ability to execute strategies for our Subsidiaries;

● changes in the need for capital and the availability of financing and capital to fund those needs;

● our ability to anticipate and respond to changes in the markets in which our Subsidiaries operate, and to client demands, trends and preferences;

● exchange rate fluctuations, including fluctuations in the exchange rates of currencies that are used in our Subsidiaries' business; man-made or natural disasters or other events that are beyond our control, including war, acts of international or domestic terrorism, civil disturbances, pandemics, and epidemics such as COVID-19, occurrences of catastrophic events and acts of God such as floods, earthquakes, typhoons and other adverse weather and natural conditions that affect our business or assets;

● changes in interest rates or rates of inflation;

● legal, regulatory, and other proceedings arising out of our Subsidiaries' operations; and

● other factors that are described in "Risk Factors."

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 undertake no obligation to update nor revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

This prospectus contains certain data and information that we obtained from various research and other publications. Statistical data in these publications also include projections based on a number of assumptions. The markets for personal care electric appliances / hair styling products may not grow at the rate projected by such market data, or at all. Failure of our industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**DEFINITIONS**

"Articles of Association" means the Memorandum and Articles of Association of our Company adopted on July 3, 2024, and as further supplemented, amended, and/or otherwise modified from time to time.

"B2B" means Business-to-Business – the sale of products from one business to another business.

"B2C" means Business-to-Consumer – the sale of products from a business directly to individual consumers.

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

"BVI" means the British Virgin Islands.

"BVI Act" are to the BVI Business Companies Act, Revised Edition 2020 (as amended).

"CAGR" means compound annual growth rate.

"Company", "we", "us", "our" and "Riverstone" are to Riverstone Ltd, a company incorporated in the BVI with limited liability on July 3, 2024, which has no operations of its own and that will issue the Ordinary Shares being offered.

"China" or "PRC" means the People's Republic of China, excluding, for the purposes of this prospectus only, Hong Kong, Macau and Taiwan.

"Companies Ordinance" means the Companies Ordinance (Chapter 622 of the laws of Hong Kong) as amended, supplemented, or otherwise modified.

"Controlling Shareholder" means for the purposes of our Company, Ms. Tang Siu Wan.

"COVID-19" means the Coronavirus Disease 2019.

"D&J" means D & J Industries (Hong Kong) Company Limited, a private company limited by shares incorporated on August 13, 2010, under the laws of Hong Kong and one of our Subsidiaries conducting business operations in Hong Kong.

"D&J Ganzhou" means D&J Garment (Ganzhou) Co., Ltd., a private company established on April 27, 2023, under the laws of the PRC and a subsidiary of D&J.

"De facto partner" means an official status in Australia which is a relationship which is similar to a marriage or civil partnership without the formality of marriage or a civil union. Mr. James Reginald Hart is the de facto partner of Tang Siu Wan, our Controlling Shareholder.

"EU" means the European Union.

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

"Frost & Sullivan" means Frost & Sullivan Limited, a business consulting firm involved in market research, analysis and growth strategy consulting and an Independent third-party.

"Group," "our Group," "we," "us," or "our" means Riverstone, our holding company, and its Subsidiaries, or where the context so requires, in respect of the period before our Company became 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.

"HFCA Act" means the Holding Foreign Companies Accountable Act.

"Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China.

"Hong Kong dollars" or "HKD" or "HK$" means Hong Kong dollars, the lawful currency of Hong Kong.

"Independent Third-Party" means a person or company who or which is independent of and is not a 5% owner of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse nor descendant (by birth or adoption) of any 5% owner of the Company.

"James International" means James International Pty. Ltd., a private company organized under the laws of Australia that is owned by our Controlling Shareholder and manages garment sales, marketing, and international customer relations.

"Ka Yee" means Ka Yee Development Limited, a private company incorporated on November 30, 2017, under the laws of Hong Kong and a subsidiary of D&J.

"Marvel" means Marvel G.F.S.C Group Limited, a private company limited by shares incorporated on October 29, 2020, under the laws of Hong Kong and one of our Subsidiaries in Hong Kong.

"Macau" means the Macau Special Administrative Region of the People's Republic of China.

"Memorandum", "Memorandum of Association" or "Memorandum and Articles of Association" means the memorandum of association of our Company adopted on July 3, 2024, and as further supplemented, amended, or otherwise modified from time to time.

"Ms. Tang" means Tang Siu Wan, our Chairlady, CEO, Director and Controlling Shareholder.

"NASDAQ Market" means an online global electronic marketplace for buying and selling securities, which operates 25 markets, 1 clearinghouse and 5 central securities depositories in the United States and Europe.

"Notes" means the Company's Unsecured Subordinated Convertible Promissory Notes

"Ordinary Shares" or "Shares" means the ordinary shares of the Company of par value $0.0001 per share.

"Riverstone", "Company," "we," "us" or "our" means our holding company, Riverstone Ltd, a BVI business company incorporated on July 3, 2024, which has no operations of its own and whose Ordinary Shares are being offered to investors.

"Principal Shareholder" means Ms. Tang, our Chairlady, CEO and Director.

"Reorganization" means the reorganization arrangements undertaken by our Group in preparation for the listing on the Nasdaq Market, which are described in more detail in "History and Corporate Structure" in this prospectus.

"Rocksolid" means Rocksolid Holdings Limited, a BVI business company incorporated on September 27, 2024, under the laws of the BVI and one of our Subsidiaries conducting business operations in the BVI.

"Securities Act" means the U.S. Securities Act of 1933, as amended.

"SEC" or "Securities and Exchange Commission" means the United States Securities and Exchange Commission.

"Subsidiaries" means, collectively, our direct subsidiaries D&J, Marvel, Rocksolid, WeDress Australia, WeDress U.S. WeDress UK and WeDress Mexico, and our indirect subsidiaries, D&J Ganzhou and Ka Yee.

"US$", "$" or "USD" means United States dollar(s), the lawful currency of the United States.

"WeDress Australia" means WEDRESS PTY LTD, a private company limited by shares incorporated on April 3, 2020, under the laws of Australia and one of our Subsidiaries conducting business operations in Australia.

"WeDress Mexico" means WEDRESS MEXICO S. de R.L. de C.V., a nonnegotiable stock corporation incorporated on November 20, 2024, under the laws of the United Mexican States and one of our Subsidiaries conducting business operations in Mexico.

"WeDress UK" means WEDRESS PTY UK LTD, a private company limited by shares incorporated on June 28, 2024, under the laws of England and Wales and one of our Subsidiaries conducting business operations in England and Wales the United Kingdom.

"WeDress U.S." means WEDRESS INC, a private company limited by shares incorporated on August 11, 2023, under the laws of the United States and one of our Subsidiaries conducting business operations in the United States.

**PROSPECTUS SUMMARY**

*This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our consolidated financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Ordinary Shares. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements." Unless otherwise stated, all references to "us," "our," "we," the "Company," and similar designations refer to Riverstone Ltd, a BVI business company.*

**Overview and Corporate History**

Riverstone is a vertically integrated, B2B (Business to Business) and B2C (Business to Consumer), fast fashion supply chain management service provider, combining advanced technologies and ethical practices. We represent over 15 years of experience offering our customers up-to-date, innovative, and sustainable fast fashion products as well as a full suite of artificial intelligence ("AI") and 3D assisted services from market trend analysis, product design and development, raw material sourcing, manufacturing, quality control, inventory management and logistics management. Serving customers primarily located in Australia, China, Mexico, the United Kingdom, and the U.S. markets, we are a one-stop destination for producers and retailers of fast fashion apparel products. We are committed to reducing our environmental impact through recycling, clean processes, traceable sourcing, and other eco-friendly practices and we strive for sustainable solutions to fulfil our customers' needs throughout garment production.

Our process begins by conducting market trend analysis to identify changes in fashion trends. We discuss with customers their requirements for the upcoming season and pitch various designs having considered both emerging trends derived from our extensive historical digital database as well as our customers' needs. We utilize technology to iterate samples which both reduces waste and allows us to speed up the overall development process. We mainly rely on our in-house team and facilities to produce prototypes and once a design is finalized, we proceed to bulk production. During production, we closely monitor the production schedule and conduct quality control on the finished product before it is finally delivered to our customer.

We currently act as an:

● Original Equipment Manufacturer (" OEM ") – providing comprehensive apparel solutions to established fashion retailers worldwide;

● Original Design Manufacturer (" ODM ") – supporting designers in launching their own labels; and

● Original Brand Manufacturer (" OBM ") – designing and producing apparel under our own brands such as " DOUBLE CRAZY " .

Riverstone, incorporated on July 3, 2024, under the laws of the BVI, is the holding company of our directly held subsidiaries, D&J, Marvel, Rocksolid, WeDress Australia, WeDress U.S., WeDress UK and WeDress Mexico and our indirectly held subsidiaries D&J Ganzhou and Ka Yee. Our operating history began in 2010 when D&J was founded in Hong Kong by Ms. Tang to provide a full range of garment supply chain services including but not limited to garment design, manufacturing, and apparel solution services. Prior to a restructuring in 2024 these subsidiaries were a consortium of companies providing a full range of garment supply chain services under and still are under the common control of our Controlling Shareholder.

**Competitive Strengths**

We believe the following competitive strengths differentiate us from our competitors:

● Diversified business model;

● Integration of technology;

● A focus on sustainability;

● Close relationships with our major customers and strategic partners;

● Emphasis on transparency and traceability;

● We provide vertically integrated one-stop apparel solution services; and

● Our management has deep industry knowledge and proven track records.

**Our Strategies**

We intend to pursue the following strategies to further expand our business:

● Strategic global expansion, including both online and retail stores;

● Strengthen our design and development capabilities;

● Integrate sustainability aspects into product sourcing and environmental marketing;

● Close to market production; and

● Broaden our customer base and work together with our customers to expand our product mix and maintain customer relationships.

**Reorganization**

Effective June 20, 2025 our Group completed a reorganization to consolidate its business operations in Hong Kong into an offshore corporate holding structure to expand our manufacturing and sales operations and in anticipation of listing on a recognized securities market. The Company was incorporated on July 3, 2024. The Reorganization resulted in the corporate structure as set forth in the chart below. The primary reason for this offering and our listing on the Nasdaq Market is to allow us to raise funds to strengthen our market position and to further expand our market share.

Prior to the Reorganization, Marvel and WeDress Australia were wholly owned by Ms. Tang, D&J was owned 51% and 49% by Ms. Tang and Marvel, respectively, and WeDress U.S. was wholly owned by Mr. Hart, the de facto partner of Ms. Tang. As part of the Reorganization, Riverstone Ltd was incorporated, and each of D&J, Marvel, WeDress Australia, WeDress U.S., WeDress UK, and WeDress Mexico became directly wholly owned subsidiaries of Riverstone Ltd.

Upon the completion of the reorganization, the Company, which is 78.97% owned by Ms. Tang, directly owns 100% equity interest of each of D&J, Marvel, Rocksolid, WeDress Australia, WeDress U.S., and WeDress UK, 99% of WeDress Mexico, and the Company indirectly, via D&J, owns 100% equity interest of D&J Ganzhou and Ka Yee. All of these entities transferred pursuant to the reorganization are under the common control of Ms. Tang and these transfers were accounted for as a restructuring of entities under common control. In accordance with ASC 805-50-45-5, the accompanying financial statements have been prepared using the historical cost basis as if the reorganization had occurred at the beginning of the first period presented, with no recognition of goodwill or fair value allocation to assets and liabilities acquired. See "Financial Statements – Page F-7." We do not utilize a variable interest entity ("VIE") structure. The following diagram illustrates our corporate structure upon completion of the reorganization.

![](formdrsa_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Wholly owned by Tse Po Hung Vincent, a business partner of Ms. Tang

(2) Owned 40.08% by James Reginald Hart, our Chief Sustainability Officer and de facto partner of Ms. Tang; 39.88% by Wong Wai Hei, our Director and Ms. Tang's son; and 20.04% by Wong Cho Yan Joan, Ms. Tang's daughter

(3) Wholly owned by Law Man Hin, a business partner of Ms. Tang

(4) Owned individually by eight unrelated third-party entities none of which individually owns, directly or indirectly, more than 2.0% of the equity interest of the Company

(5) Assuming no exercise of the underwriter's over-allotment option
 and redemption in full by the holders of the Notes, in the principal amount of US$1,650,000,

Purchasers in this offering are buying shares of Riverstone Ltd, a BVI company, whereas all of our operations are conducted through our Subsidiaries. At no time will the Company's shareholders directly own shares of the Subsidiaries. Harney Westwood & Riegels our counsel as to the laws of the BVI, has advised us that there is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of U.S. courts obtained against us or our Directors or Executive Officers that are predicated upon the civil liability provisions of the U.S. federal securities laws or the securities laws of any U.S. state, or (ii) entertain original actions brought in the BVI against us or our Directors or Executive Officers that are predicated upon the U.S. federal securities laws or the securities laws of any U.S. state. This structure involves unique risks to the investors, and in the event that our current corporate structure is no longer permissible under the applicable laws and regulations, it would likely result in a material change in the Subsidiaries' operations and/or a material change in the value of the Ordinary Shares being registered in this offering and it could cause the value of such securities to significantly decline or become worthless.

We are and will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholder, will own 63.17% of our total issued and outstanding Ordinary Shares, representing 63.17% of the total voting power, assuming that the underwriters do not exercise their over-allotment option.

**REGULATORY APPROVAL OF THE PRC**

**Permission Required from Hong Kong and Chinese Authorities**

As of the date of this prospectus, neither we nor our Subsidiaries are required to obtain any permission or approval from the Hong Kong authorities to operate our business or issue our Ordinary Shares to foreign investors. We are also not required to obtain permissions or approvals from any PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors, including the CSRC or the CAC.

However, in the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the China Securities Regulatory Commission ("CSRC") or the Cyberspace Administration of China ("CAC") and that we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder the operations of our Subsidiaries and our ability to offer or continue to offer Ordinary Shares to investors and could cause the value of our Ordinary Shares to significantly decline or become worthless.

**RECENT REGULATORY DEVELOPMENT IN CHINA**

Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure ("VIE"), adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.

On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 24, 2021, the CSRC, published the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), which are now open for public comment.

Furthermore, on July 10, 2021, the CAC issued a revised draft of the Cybersecurity Review Measures ("Revised Draft"), which required that, among others, in addition to Critical Information Infrastructure Operator ("CIIO"), any Data Processing Operator ("DPO") controlling personal information of no less than one million users that seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further listed the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, or the "Revised Review Measures", which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on a set of Q&As published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation.

On September 30, 2024, the State Council released the Network Data Regulation, which shall come into force on January 1, 2025. The Network Data Regulation is not only the first at the administrative regulation level specifically for network data security, but it also serves as a comprehensive implementing regulation for the compliance requirements set out by the Cybersecurity Law, Data Security Law, and Personal Information Protection Law. The Network Data Regulation introduces several key obligations, including requiring network data handlers to specify the purpose and method of personal information processing, as well as the types of personal information involved, before any personal information is handled. It also clarifies definitions for important data, outlines the obligations of those handling important data, establishes broader contractual requirements for data sharing between data handlers, and introduces a new exemption for regulatory obligations regarding cross-border data transfers.

Given the nature of our Subsidiaries' business, we believe this risk is not significant. Our Subsidiaries have an insignificant sales volume from customers in China and are not CIIOs nor a DPO as defined in the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our Subsidiaries' business, operations or this offering as we do not believe that our Subsidiaries are deemed to be operators of critical information infrastructure or data processors controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S. since (i) D&J, Marvel and Ka Yee are incorporated and operating in Hong Kong and the Revised Review Measures remain unclear whether they shall be applicable to a Hong Kong company; (ii) as of the date of this prospectus, our Subsidiaries have not collected any personal information of PRC individuals; and (iv) as of the date of this prospectus, our Subsidiaries have not been informed by any PRC governmental authority of any requirement that they file for a cybersecurity review. Therefore, we believe that our Subsidiaries are not covered by the permission and requirements from the CSRC or the CAC.

Nevertheless, since these statements and regulatory actions are new, it is to be observed how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated. If the Revised Review Measures are adopted into law in the future and if our Subsidiaries are deemed an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, the listing of our Ordinary Shares on U.S. exchanges could be subject to CAC's cybersecurity review. If we become subject to the CAC or any other governmental agency, we cannot assure you that we will be able to list our Ordinary Shares on U.S. exchanges, or continue to offer securities to investors, which would materially affect the interest of the investors and cause significantly depreciation of the price of our Ordinary Shares or render them worthless.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies *("Trial Measures")*, and five supporting guidelines for the application of regulatory rules-category 1 for overseas offering and listing, which came into effect on March 31, 2023. Pursuant to the *Trial Measures*, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the *Trial Measures* within three working days following their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

As of the date of this prospectus, (1) we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to the listing of our Ordinary Shares, and, in the opinion of our PRC legal counsel, ETR Law Firm, the filing requirements under the Trial Measurements do not apply to the Company.

However, there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC, CAC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC, CAC, or other PRC governmental approvals for this offering. If we inadvertently concluded that such approvals are not required, our ability to offer or continue to offer our Ordinary Shares to investors could be significantly limited or completed hindered, which could cause the value of our Ordinary Shares to significantly decline or become worthless. We may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines, penalties, limit our operations in China, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities. See "Risk Factors" beginning on page 18 for a discussion of these legal and operational risks and other information that should be considered before making a decision to purchase our Ordinary Shares.

**HOLDING FOREIGN COMPANIES ACCOUNTABLE ACT (the "HFCA Act or the "HFCAA")**

The HFCA Act was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit the company's shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

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

On June 22, 2021, the U.S. Senate passed a bill, enacted on December 29, 2022, which amended the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions ("Commission-Identified Issuers"). The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the public accounting firm's foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a "foreign issuer," as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCA Act. The SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. A Commission-Identified Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended December 31, 2022. The final amendments became effective on January 10, 2022.

Our auditor, ARK Pro CPA & Co. ("ARK"), the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess ARK's compliance with applicable professional standards. ARK is headquartered in Hong Kong and has been inspected by the PCAOB on a regular basis.

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act.

On August 26, 2022, the PCAOB signed a Statement of Protocol (the "SOP") Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreements"), establish a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. Under the SOP Agreements the PCAOB shall have independent discretion to select any firms for inspection or investigation and has the unfettered ability to retain any information as needed. If the PCAOB continues to be prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting firms in mainland China and Hong Kong, the PCAOB is likely to determine by the end of 2022 that positions taken by authorities in the PRC obstructed its ability to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely, then the companies audited by those registered public accounting firms would be subject to a trading prohibition on U.S. markets pursuant to the Holding Foreign Companies Accountable Act. See "Risk Factors — Risks Relating to Doing Business in Jurisdictions in which the Subsidiaries Operate — *Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq Capital Market, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022, amending the HFCA Act and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our securities may be prohibited from trading or delisted.*" on page 23. We cannot assure you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty could cause the market price of our Ordinary Shares to be materially and adversely affected.

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

As part of our cash management policies and procedures, our management monitors the cash position of our Subsidiaries regularly and prepares budgets on a monthly basis to ensure they have the necessary funds to fulfill their obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and subject to approval by our Board. Other than as discussed above, we did not adopt or maintain any cash management policies or procedures as of the date of this prospectus.

Cash is transferred through our organization in the following manner: (i) funds are transferred to our Subsidiaries from the Company as needed in the form of capital contributions or shareholder loans, as the case may be and (ii) dividends or other distributions may be paid by our Subsidiaries to the Company.

The Company has the power and capacity under the laws of the BVI to provide funding to our operating subsidiaries in Hong Kong subject to certain restrictions laid down in the BVI Act and memorandum and articles of association of the Company. Under the BVI Act, a BVI company may make a dividend distribution to its shareholders if the directors are satisfied, on reasonable grounds, that such BVI company will, immediately after the distribution, satisfy the solvency test, meaning that the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

For the Subsidiaries to transfer cash to the Company, according to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. Under Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves, as permitted under Hong Kong law. Dividends cannot be paid out of share capital. There are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between the Company and its Subsidiaries, across borders and to U.S. investors, nor are there any restrictions and limitations to distribute earnings from our business and Subsidiaries to the Company and U.S. investors. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.

As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Subsidiaries through intermediate holding companies. As of the date of this prospectus, our Subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other. Other than the above, we did not adopt or maintain any cash management policies and procedures dictating the amount of such funding or how funds are transferred, and our Subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other, to distribute earnings from our Subsidiaries to the Company and to settle amounts owed under any applicable agreements as of the date of this prospectus.

Since incorporation, the Company has not declared or paid any dividends or distributions or transfer of assets among the Company and its Subsidiaries or U.S. investors, except for the transfer of intellectual properties including trademarks, patents and domain names from Marvel to Rocksolid, our wholly owned Subsidiary, pursuant to our Reorganization, the payment as of March 31, 2024 of USD $1,955,047 to Ms. Tang, our Controlling Shareholder, in the form of an offset against the related party amount due from her, and the amount of USD $1,878,378 due to Marvel, our Subsidiary, which was eliminated pursuant to the consolidation.

We do not expect to pay dividends on our Ordinary Shares and settle amounts owed under our operating structure in the foreseeable future. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our Board after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

See "Dividend Policy" and "Risk Factors — We rely on dividends and other distributions on equity paid by our Subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business.", and the "Consolidated Statements of Equity" in the Report of Independent Registered Public Accounting Firm for more information.

**Enforcement of Civil Liabilities**

We are incorporated under the laws of the BVI with limited liability. Substantially all of our assets are located outside the United States. In addition, all of our directors and executive officers are nationals or residents in Hong Kong and substantially all of their assets are located outside the United States. As a result, it may be difficult for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors. See "Risk Factors — Risks Related to our Ordinary Shares and this Offering — Investors may have difficulties enforcing judgement against us, our directors and management." for more information.

We have appointed Puglisi & Associates as our agent upon whom process may be served in any action brought against us under the securities laws of the United States. Harney Westwood & Riegels, our counsel as to the laws of the BVI, has advised us that there is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in the BVI to impose liabilities against us or our directors or officers predicated upon the civil liability provisions of the federal securities laws of the United States or any state in the United States.

We have been advised by Harney Westwood & Riegels that the United States and the BVI do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be automatically enforceable in the BVI. We have also been advised by Harney Westwood & Riegels that the courts of the BVI would treat a final and conclusive monetary judgment for a definitive sum obtained against us in the U.S. federal or state courts as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary provided that (a) such U.S. federal or state courts had jurisdiction in the matter and we either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process, (b) the judgment given by such U.S. federal or state courts was not in respect of penalties, fines, taxes or similar fiscal or revenue obligations, (c) in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of such U.S. federal or state courts, (d) recognition or enforcement in the BVI would not be contrary to public policy, and (e) the proceedings pursuant to which judgment was obtained were not contrary to the principles of natural justice.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

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

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty); and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment; or (f) the judgment was not rendered between the same parties or their privies on an identical issue.

**Summary Risk Factors and Challenges**

Investing in our Ordinary Shares involves risks. The risks summarized below are qualified by reference to "Risk Factors" beginning on page 18 of this prospectus, which you should carefully consider before making a decision to purchase our Ordinary Shares. If any of these risks actually occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Ordinary Shares would likely decline, and you may lose part or all of your investment.

These risks include but are not limited to the following:

***Risks Related to Our Business and Corporate Structure***

● We will rely on dividends and other distributions on equity paid by our Subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. See "Risks Related to Our Business Corporate Structure - on page 18.

● 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 Ordinary Shares may be materially and adversely affected. See "Risk Factors – Risks Related to Our Business and Corporate Structure" on page 19.

 ****

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

● A downturn in Hong Kong, or global economy, or a change in economic and political policies of China, could materially and adversely affect our Subsidiaries' business and financial condition. See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 20.

● Although we are based in and conduct operations in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S. listed China-based companies, we may have to expend significant resources to investigate and/or defend allegations, which could harm our Subsidiaries' business operations, this offering and our reputation and could result in a loss of your investment in our Ordinary Shares if such allegations cannot be addressed and resolved favorably. See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 20.

● Changes in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may dampen growth in Hong Kong, and other potential markets in which our Subsidiaries will seek to expand. See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 23".

● Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq Capital Market, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022, amending the HFCA Act and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted  *.*** See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 23".

● We may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless  *.*** See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 20.

● The PRC legal system also embodies uncertainties, which could limit law enforcement availability and therefore, our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain  *.*** See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 21.

● The Chinese government may exercise significant oversight and discretion over the conduct of our Operating Subsidiaries' business and may intervene in or influence their operations at any time, which could result in a material change in their operations and/or the value of our Ordinary Shares. Changes in the policies, regulations, rule, and the enforcement of laws of the Chinese government may also be implemented quickly with little advance notice. See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 21.

● If the Chinese government were to impose new requirements for approval from the PRC authorities to issue the Company's Ordinary Shares to foreign investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause such securities to significantly decline in value or become worthless. See "Risk Factors - Risks Related to Doing Business in China and Hong Kong" on page 22.

***Risks Related to Our Subsidiaries' Business Operations***

● We rely on several major customers, and if we fail to retain these customers or attract new customers, our business, financial condition, results of operations, and growth prospects will be harmed. See "Risk Factors - Risks Related to Our Subsidiaries' Business Operations" on page 29.

● Our ability to deliver products to our key customers in a timely manner and to satisfy our customers' fulfillment standards are subject to several factors, some of which are beyond our control. See "Risk Factors - Risks Related to Our Subsidiaries' Business Operations" on page 29.

● To compete successfully in the global marketplace, we must develop and introduce innovative new products to meet changing consumer preferences. See "Risk Factors - Risks Related to Our Subsidiaries' Business Operations" on page 29.

● We rely on four principal suppliers for supplies of raw materials, manufacturing services and logistic services. See "Risk Factors - Risks Related to Our Subsidiaries' Business Operations" on page 29.

***Risks Related to Our Subsidiaries' Industry***

● An economic downturn may adversely affect consumer discretionary spending and demand for our products and services. See "Risks Related to Our Subsidiaries' Industry - Risks Related to Our Subsidiaries' Industry" on page 31. The enactment in the U.S. of the Uyghur Forced Labor Prevention Act (the "UFLPA") and similar pending legislation in the territories in which our Subsidiaries operate could have material adverse effect on our ability to conduct our business. See "Risk Factors - Risks Related to Our Subsidiaries' Industry" on page 33. The war in Ukraine and shipping disruptions in the Red Sea could materially and adversely affect our business and results of operations. See "Risk Factors - Risks Related to Our Subsidiaries' Industry" on page 33.

● Sales of certain of our products are seasonal and may cause our operating results and working capital requirements to fluctuate. See "Risks Related to Our Subsidiaries' Industry - Risks Related to Our Subsidiaries' Industry" on page 32.

***Risks Related to Our Securities and the Offering:***

● As of the date of this prospectus, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary Shares to foreign investors; and (ii) have not received or were denied such permissions by any PRC authorities. Given the current PRC regulatory environment, it is uncertain when and whether we will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded. See "Risk Factors - Risks Related to Our Securities and the Offering" on page 34.

● An active trading market for our Ordinary Shares may not be established or, if established, may not continue and the trading price for our Ordinary Shares may fluctuate significantly. See "Risk Factors - Risks Related to Our Securities and the Offering" on page 35.

● BVI laws may provide less protection for minority shareholders than those under U.S. law, and therefore minority shareholders who are dissatisfied with the conduct of our affairs may not have the same options as to recourse in comparison to the shareholders of a U.S. corporation. See "Risk Factors - Risks Related to Our Securities and the Offering" on page 39.

● Our Director has substantial influence over the Company. Her interests may not be aligned with the interests of our other shareholders, and it could present or cause a change of control or other transactions. See "Risk Factors - Risks Related to Our Securities and the Offering" on page 32.

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

Controlled companies are exempt from the majority of independent director requirements. Controlled companies are subject to an exemption from Nasdaq standards requiring that the board of a listed company consist of a majority of independent directors within one year of the listing date.

Public Companies that qualify as a "Controlled Company" with securities listed on the Nasdaq Stock Market, must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules a "controlled company" is a company with more than 50% of its voting power held by a single person, entity, or group. Under the Nasdaq rules, a controlled company is exempt from certain corporate governance requirements including:

● the requirement that a majority of the board of directors consist of independent directors;

● the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

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

Controlled companies must still comply with the Nasdaq Capital Market's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this offering, the outstanding shares of Riverstone will consist of 12,500,000 Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares, or 12,875,000 Ordinary Shares, assuming the over-allotment option is exercised in full. Immediately after the completion of this offering, our Controlling Shareholder will own 63.17% of our total issued and outstanding Ordinary Shares, representing 63.17% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 61.33% of our total issued and outstanding Ordinary Shares, representing 61.33% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rule 5615I because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors. Therefore, the Controlling Shareholder of Riverstone will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions. This concentration of ownership may not be in the best interests of all of our shareholders. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. We do not plan to rely on these exemptions, but we may elect to do so after we complete this offering.

**Implications of Being an Emerging Growth Company**

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

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or "MD&A";

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

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

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

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

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

● will not be required to conduct an evaluation of our internal control over financial reporting.

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

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

**Implications of Being a Foreign Private Issuer**

We are a "foreign private issuer," within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

● for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

● we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

● we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

● we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

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), provided that we nevertheless 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.

**Corporate Information**

We were incorporated in the BVI on July 3, 2024, for the purpose of being the holding company for the listing on the Nasdaq Capital Market.

Our registered office in the BVI is located at Corporate Registrations Limited of Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands. Our principal executive office is at Room 2304, 23/F, Saxon Tower, No. 7 Cheung Shun Street, Lai Chi Kok, Hong Kong. Our telephone number at this location is +852 2342 3101. Our website address is <u>http://www.dnjfashion.com</u>. 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, 850 Library Avenue, Suite 204, Newark, Delaware 19711.

Because we are incorporated under the laws of the BVI, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors – Risks Related to our Securities and the Offering" on pages 18 and 34 and "Enforceability of Civil Liabilities" on page 45 of this prospectus for more information.

**THE OFFERING**

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| | |
|:---|:---|
| **Securities being offered:** | 2,500,000 Ordinary Shares, $0.0001 par value. |
| **Initial public offering price:** | We estimate that the initial offering price will be in the range of US$5.00 to US$7.00 per share. |
| **Ordinary Shares Outstanding Prior to Completion of Offering:** | 10,000,000 Ordinary Shares |
| **Ordinary Shares outstanding immediately after this Offering:** | 12,500,000, (12,875,000 if the underwriters exercise the over-allotment option in full) |
| **Gross Proceeds** | We expect that we will receive gross proceeds of US$15,000,000 from this offering or US$17,250,000 if the underwriters exercise their over-allotment option in full, assuming an initial offering price of US$6.00 per share, which is the midpoint of the estimated initial public offering per share set forth on the cover page of this prospectus. |
| **Use of Proceeds** | We estimate that we will receive net proceeds from this offering of up to $12,644,598, based on an assumed price to the public in this offering of $6.00 per share, which is the midpoint of the estimated initial public offering per share set forth on the cover page of this prospectus, after deducting underwriting fees and commissions, a non-accountable expense allowance and estimated offering expenses. We currently intend to use the net proceeds from this offering as follows: (i) approximately 20% for technology development; (ii) approximately 20% for sustainability initiatives; (iii) approximately 15% for retail stores and online expansion; (iv) approximately 15% for market expansion; (v) approximately 10% for international marketing campaigns; (vi) approximately 10% for staff training and development; (vii) approximately 7% for general working capital and approximately 3% for consulting services. Holders of our Unsecured Subordinated Convertible Promissory Notes ("Notes") have the right to demand redemption at the closing of this offering and if all Notes are redeemed our Gross Proceeds will be reduced by US$1,850,000 and accordingly each intended use of proceeds will be proportionally reduced. See "Use of Proceeds" on page 46 of this prospectus. |
| **Risk Factors** | Investing in our Ordinary Shares involves a high degree of risk and purchasers of our Ordinary Shares may lose part or all of their investment. See "Risk Factors" for a discussion of factors you should carefully consider before deciding to invest in our Ordinary Shares beginning on Page 18. |
| **Lock-Up** | Each of our directors, executive officers and shareholders owning 5% or more of our Ordinary Shares including our Controlling Shareholder with respect to its Ordinary Shares sold in this offering, have agreed, subject to certain exceptions, for a period of six months after the date of this prospectus, not to, except in connection with this offering, offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company. See "Shares Eligible for Future Sale" and "Underwriting – Lock-Up Agreements."<br>In addition, the Company has agreed not to file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company for a period of 180 days after the date of this prospectus other than post-effective amendments to its Resale Registration Statement. |
| **Dividend Policy** | We do not intend to pay any dividends on our Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See "Dividends and Dividend Policy" for more information. |
| **Over-allotment option** | We have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to an aggregate of 375,000 Ordinary Shares at the initial public offering price, less underwriting discounts, and commissions, solely to cover over-allotments, if any. See "Underwriting" on page 115 of this prospectus. |
| **Listing** | Application has been made for the listing of the Ordinary Shares on the Nasdaq Capital Market. |
| **Proposed trading symbol** | We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "DNJF". We believe that upon completion of this offering, we will meet the standards for listing on Nasdaq, however, we cannot guarantee that we will be successful in listing our Ordinary Shares on Nasdaq. We will not consummate this offering unless our Ordinary Shares is approved for listed on Nasdaq. |
| **Transfer agent** | Vstock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598; telephone: 212-828-8436, toll-free: 855-9VSTOCK; facsimile: 646-536-3179 |
| **Payment and settlement** | The underwriters expect to deliver the Ordinary Shares against payment therefor through the facilities of the Depository Trust Company on [●][●], 2026. |

---

**SUMMARY FINANCIAL DATA**

You should read the following summary financial data together with our financial statements and the related notes appearing at the end of this prospectus, "Selected Consolidated Financial and Other Data," "Capitalization" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." We have derived the financial data for the years ended March 31, 2025, and 2024 from our consolidated financial statements included in this prospectus.

**Results of Operations Data:**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Revenues | $46293096 | $39303668 |
| Cost of revenues | (38690051) | (34887558) |
| **Gross profit** | **7603045** | **4416110** |
| **Operating expenses:** |  |  |
| General and administrative expenses | (2721088) | (788722) |
| Sales and marketing expenses | (678475) | (217805) |
| Research and development expenses | - | (69709) |
| **Total operating expenses** | **(3399563)** | **(1076236)** |
| **Operating income** | **4203482** | **3339874** |
| Other (expense)/income: |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes payable | (399000) |  |
| &nbsp;&nbsp;&nbsp;Financial expenses, net | (224565) | (131099) |
| &nbsp;&nbsp;&nbsp;Other income/(expenses), net | 82389 | (136986) |
| **Total other expenses, net** | **(541176)** | **(268085)** |
| **Income before income tax expenses** | **3662306** | **3071789** |
| Income tax expenses | (650676) | (553006) |
| **Net income** | **3011630** | **2518783** |
| Net loss attributable to non-controlling interest | (88) | **-** |
| **Net income attributable to Riverstone Ltd's shareholders** | **3011718** | **2518783** |
| **Other comprehensive income:** |  |  |
| Foreign currency translation adjustment attributable to non-controlling interest, net of nil income taxes | 5 |  |
| Foreign currency translation adjustment attributable to Riverstone Ltd.'s shareholders, net of nil income taxes | 71669 | 22974 |
| **Total other comprehensive income** | **71674** | **22974** |
| **Total comprehensive income** | $**3083304** | $**2541757** |
| Total comprehensive loss attributable to non-controlling interest | (83) | **-** |
| Total comprehensive income attributable to Riverstone Ltd's shareholders | 3083387 | 2541757 |
| **Earnings per ordinary share** |  |  |
| Basic and Diluted | 0.30 | 0.25 |
| **Weighted average number of ordinary shares outstanding\*** |  |  |
| Basic and Diluted | 10000000 | 10000000 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization.

**Supplemental pro forma data:**

Assuming that the Holders of the Notes exercise the earlier redemption right or the conversion right, the effect on earnings per ordinary share is shown as follows:

---

| | |
|:---|:---|
|  | **For the years ended March 31, 2025** |
| **As-if redeemed <sup>(1)</sup>** |  |
| **Earnings per share** |  |
| Net income | $3011630 |
| Change in fair value of convertible notes payable | 399000 |
| Additional redemption premium on convertible notes payable | (200000) |
| Interest expense on convertible notes payable | 39997 |
| **Supplemental pro forma net income** | $**3250627** |
| Weighted average common shares outstanding <sup>(2)</sup> | 12500000 |
| **Supplemental pro forma net income per ordinary share** | $0.26 |
| **As-if converted <sup>(3)</sup>** |  |
| **Earnings per share** |  |
| Net income | $3011630 |
| Change in fair value of convertible notes payable | 399000 |
| Interest expense on convertible notes payable | 39997 |
| **Supplemental pro forma net income** | $**3450627** |
| Weighted average common shares outstanding | 12808333 |
| **Supplemental pro forma net income per ordinary share** | $0.27 |

---

(1) The
 related computation represents the assumed redemption by Holders of all of the Notes for $1,850,000 , being the aggregate of
 principal amounts and redemption premium, using the cash proceeds from the IPO and assumed impact of reduction of any related
 interest expense and change in fair value assuming redemption at the beginning of the earliest period presented.

(2) The
 weighted average ordinary shares outstanding have been adjusted to reflect the assumption that the IPO was completed at the beginning
 of the earliest period presented (April 1, 2024). The Company is offering 2,500,000 ordinary shares in the IPO (as set forth on the
 cover page of the prospectus). These shares are assumed to be outstanding from April 1, 2024, for purposes of the pro forma computation.

(3) The
 related computation represents the assumed conversion by Holders of all of the Notes for $1,650,000 into the Company's Ordinary
 Shares at the beginning of the earliest period presented. In the event of the closing of a firm commitment underwritten public offering
 prior to the Maturity Date in which gross proceeds of at least $5,000,000 are raised (subject to adjustments for stock dividends,
 splits, combinations, and similar events) (a QPO), the conversion price will be the greater of 66.67% or 100% of the anticipated
 QPO offering price or $4.00, giving rise to a total conversion shares of 308,333.

**Balance Sheet Data:**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Total current assets** | **14483517** | **8574409** |
| **Total Assets** | $**25169453** | $**17029849** |
| **Total current liabilities** | **8610780** | **6519842** |
| **Total Liabilities** | $**13298440** | $**8242140** |
| **Total Shareholders' equity** | **11871013** | **8787709** |
| **Total Liabilities and Shareholders' Equity** | $**25169453** | $**17029849** |

---

**Cash Flows and Working Capital Data:**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
| Net cash provided by/(used in) operating activities | 707335 | (1042326) |
| Net cash used in investing activities | (513047) | (326887) |
| Net cash (used in)/provided by financing activities | (75902) | 552270 |
| Effect of exchange rate changes | 26966 | 37040 |
| Net increase in/(decrease) cash and cash equivalents and restricted cash | 145352 | (779903) |
| Cash and cash equivalents and restricted cash at beginning of the year | 742270 | 1522173 |
| Cash and cash equivalents and restricted cash at end of the year | 887622 | 742270 |

---

**RISK FACTORS**

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

**Risks Related to Our Business and Corporate Structure**

***We will rely on dividends and other distributions on equity paid by our Subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business.***

Our Company is a holding company, and we may rely on dividends and other distributions on equity paid by our Subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and to settle any debt we may incur. If any one of our Subsidiaries incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

According to the BVI Act, a BVI company may make a dividend distribution to its shareholders if the directors are satisfied, on reasonable grounds, that such BVI company will, immediately after the distribution, satisfy the solvency test, meaning that the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

Under the Hong Kong Companies Ordinance, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves, as permitted under the Hong Kong Companies Ordinance. Dividends cannot be paid out of share capital. There are no restriction or limitation under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between Riverstone and its Subsidiaries, across borders and to U.S investors, nor there is any restrictions and limitations to distribute earnings from our business and Subsidiaries to Riverstone and U.S. investors and amounts owed. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.

Any limitation on the ability of our subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

Neither the Company nor any of its Subsidiaries has paid dividends or made distributions to U.S. investors. No funds have been transferred by the holding company to the Subsidiaries for the fiscal years ended March 31, 2025, or 2024, and through the date of this prospectus, to fund their business operations. In the future, any cash proceeds raised from overseas financing activities may be transferred by us to our Subsidiaries via capital contribution or shareholder loans, as the case may be.

Moreover, to the extent that cash is in our Hong Kong Subsidiaries, there is a possibility that the funds may not be available to fund our operations or for other uses outside of Hong Kong due to interventions or the imposition of restrictions and limitations by the Hong Kong government on the ability to transfer cash**.** Any limitation on the ability of our Subsidiaries to pay dividends or make other distributions to us could materially and adversely affect our financial position and the value of our Ordinary Shares.

***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 Ordinary Shares may be materially and adversely affected.***

Prior to this offering, we were a private company with limited accounting personnel. Furthermore, prior to this offering, our management had not performed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm had 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.

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 the 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 Public Company Accounting Oversight Board, or 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 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 the Nasdaq Capital Market to regulatory investigations and to civil or criminal sanctions.

***Our Chairlady and Director have substantial influence over the Company. Her interests may not be aligned with the interests of our other shareholders, and it could present or cause a change of control or other transactions.***

Prior to this offering, through her 78.97% ownership of Riverstone, Ms. Tang, our Chairlady and Director, beneficially owns 78.97% of our issued and outstanding Ordinary Shares. Upon completion of this offering, Ms. Tang's beneficial ownership will be decreased to approximately 63.17%, and our public shareholders will beneficially own approximately 20.00% of our issued and outstanding Ordinary Shares assuming the underwriters do not exercise their over-allotment option. In the event the underwriters exercise their over-allotment option in full, Ms. Tang will own approximately 61.33% of our issued and outstanding Ordinary Shares.

Accordingly, our Controlling Shareholder could control the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of directors and other significant corporate actions, including the power to prevent or cause a change in control. The interests of our Controlling Shareholder may differ from the interests of our other shareholders. Without the consent of our Controlling Shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see "Principal Shareholder".

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

 ****

***There are political risks associated with conducting business in China and Hong Kong.***

Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance, or disobedience, as well as significant natural disasters, may affect the market and adversely affect the business operations of the Company. Hong Kong is a special administrative region of the PRC, and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems." However, there is no assurance that there will not be any changes in the economic, political, and legal environment in Hong Kong in the future. Since our operation is based in Hong Kong, any change of such political arrangements may pose immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.

Under the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, Hong Kong is exclusively in charge of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent developments, including the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region issued by the Standing Committee of the PRC National People's Congress in June 2020, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from China and, at the time President Trump signed an executive order and Hong Kong Autonomy Act, or HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the U.S, China, and Hong Kong, which could potentially harm our business.

Given the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our Subsidiaries' business operations, which could in turn adversely and materially affect our business, results of operations and financial condition. It is difficult to predict the full impact of the HKAA on Hong Kong and companies with operations in Hong Kong like us. Furthermore, legislative, or administrative actions in respect of China-U.S. relations could cause investor uncertainty for affected issuers, including us, and the market price of our Ordinary Shares could be adversely affected.

 ****

***A downturn in the Hong Kong or global economy, or a change in economic and political policies of China, could materially and adversely affect our Subsidiaries' business and financial condition.***

Our Subsidiaries' business, prospects, financial condition, and results of operations may be influenced to a significant degree by political, economic, and social conditions in Hong Kong and China generally. Economic conditions in Hong Kong are sensitive to global economic conditions. Continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.

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

During the last several years, U.S. listed public companies that have substantially all of their operations in Hong Kong have been the subject of intense scrutiny by investors, financial commentators, and regulatory agencies. Much of the scrutiny has centered on financial and accounting irregularities and mistakes, lack of effective internal controls over financial reporting and, in many cases, allegations of fraud. The Chinese government also may exercise significant oversight and discretion over the conduct of our business in Hong Kong and may intervene or influence our Subsidiaries' operations at any time, which could result in a material change in their operations and/or the value of our Ordinary Shares. Moreover, as a result of this scrutiny, the publicly traded stock of several such companies has been the subject of such scrutiny and have sharply decreased in value.

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

***The PRC legal system also embodies uncertainties, which could limit law enforcement availability and therefore, our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.***

The PRC legal system is a civil law system based on written statutes. Unlike common law systems, decided legal cases have little precedence. In 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation over the past several decades has significantly enhanced the protections afforded to various forms of foreign investment in China. Our Operating Subsidiaries are subject to PRC laws and regulations. However, these laws and regulations change frequently, and the interpretation and enforcement thereof involve uncertainties. For instance, we may have to resort to administrative and court proceedings to enforce the legal protections to which we are entitled to by law or contract. However, since PRC administrative and court authorities have significant discretion in interpreting statutory and contractual terms, it may be difficult to evaluate the outcome of administrative court proceedings and the level of law enforcement that we would receive in more developed legal systems. Such uncertainties, including the inability of our Operating Subsidiaries to enforce their contracts, could affect our business and operation. In addition, confidentiality protections in China may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in the PRC legal system, particularly with regard to our business, including the promulgation of new laws. This may include changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations by national laws. These uncertainties could limit the availability of law enforcement.

***The Chinese government may exercise significant oversight and discretion over the conduct of our Operating Subsidiaries' business and may intervene in or influence their operations at any time, which could result in a material change in their operations and/or the value of our Ordinary Shares. Changes in the policies, regulations, rule, and the enforcement of laws of the Chinese government may also be implemented quickly with little advance notice.***

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

● delay or impede our Operating Subsidiaries' development;

● result in negative publicity or increase our Operating Subsidiaries' operating costs;

● require significant management time and attention; and

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

We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews and expanding the efforts in anti-monopoly enforcement. These regulatory actions and statements emphasize the need to strengthen the administration over illegal securities activities and the supervision of China-based companies seeking overseas listings. Additionally, companies are required to undergo a cybersecurity review if they hold large amounts of data related to issues of national security, economic development, or public interest before carrying out mergers, restructuring or splits that affect or may affect national security. These statements were recently issued, and their official guidance and interpretation remain unclear at this time. While we believe that our Operating Subsidiaries' operations are not currently being affected, they may be subject to additional and stricter compliance requirements in the near term. Compliance with new regulatory requirements or any future implementation rules may present a range of new challenges which may create uncertainties and increase our Operating Subsidiaries' cost of operations.

The Chinese government may intervene or influence our Operating Subsidiaries' operations at any time and may exert more control over offerings conducted overseas and foreign investment in China-based issuers, which may result in a material change in our Operating Subsidiaries' operations and/or the value of our Ordinary Shares. Any legal or regulatory changes that restrict or otherwise unfavorably impact our Operating Subsidiaries' ability to conduct their business could decrease demand for their services, reduce revenues, increase costs, require them to obtain more licenses, permits, approvals or certificates, or subject them to additional liabilities. To the extent that any new or more stringent measures are implemented, our business, financial condition and results of operations could be adversely affected, and the value of our Ordinary Shares could decrease or become worthless.

***If the Chinese government were to impose new requirements for approval from the PRC authorities to issue the Company's Ordinary Shares to foreign investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause such securities to significantly decline in value or become worthless.***

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or "the Opinions," which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the need to strengthen the supervision over overseas listings by Chinese companies.

If we have erroneously concluded that these permission requirements do not apply to us, or if applicable laws, regulations, or interpretations change, and it is determined in the future that the permission requirements become applicable to us, we may be subject to review, may face challenges in addressing these requirements and may incur substantial costs in complying with these requirements, which could result in material adverse changes in our business operations and financial position. In addition, if we are not able to fully comply with the Measures for Cybersecurity Review (2021 version) or if the Opinions come into effect and are determined to be applicable to us, our ability to offer or to continue to offer securities to investors may be significantly limited or completely hindered, and our Securities may significantly decline in value or become worthless.

Given the current PRC regulatory environment, it is uncertain whether the Company will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and if such permission is required, whether it will be denied or later rescinded. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings, including this offering. As of the date of this prospectus, we have not received formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to the listing of our Ordinary Shares. We have been advised by ETR Law Firm, our PRC counsel, that, in its opinion, the filing requirements under the Trial Measures do not apply to the Company since: (i) the revenue, total profit, total assets or net assets of D&J Ganzhou was less than 50% of that of the Company in total for the fiscal year ended March 31, 2024; and (ii) the majority of senior management are non-PRC citizens and/or reside in Hong Kong. According to our auditor ARK Pro CPA & CO , as of March 31, 2024, the operating revenue of the PRC subsidiaries was USD 219,779.29, which accounted for approximately 0.56% of the Group's total revenue; the total profit of the PRC subsidiaries was USD -1,054,046.71, which accounted for less than 50% of the Group's total profit; the total assets of the PRC subsidiaries was USD 4,240,008.37, which accounted for approximately 24.90% of the Group's total assets; and the net assets of the PRC subsidiaries was USD 2,149,364.37, which accounted for approximately 24.46% of the Group's net assets. The above financial data and percentages do not include internal eliminations within the PRC subsidiaries, nor do they include D&J Ganzhou Guangzhou Branch, as it was registered and established on November 5, 2024. According to our auditor ARK Pro CPA & CO, as of March 31, 2025, the operating revenue of the PRC subsidiaries was USD 1,173,112.60, which accounted for approximately 3% of the Group's total revenue; the total profit of the PRC subsidiaries was USD -13,903,752.58, which accounted for less than 50% of the Group's total profit; the total assets of the PRC subsidiaries was USD 6,098,079.29, which accounted for approximately 24% of the Group's total assets; and the net assets of the PRC subsidiaries was USD 159,251.83, which accounted for approximately 1% of the Group's net assets. The above financial data and percentages do not include internal eliminations within the PRC subsidiaries.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which became effective on March 31, 2023. Pursuant to the Trial Measures, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure to the CSRC; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited consolidated financial statements for the same period; (ii) its major operational activities are carried out in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for initial public offering and listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted. The Trial Measures further require Chinese domestic enterprises to complete filings with relevant governmental authorities and report related information under certain circumstances, such as: (1) an issuer making an application for initial public offering and listing in an overseas market; (2) an issuer making an overseas securities offering after having been listed on an overseas market; and (3) a domestic company seeking an overseas direct or indirect listing of its assets through single or multiple acquisition(s), share swap, transfer of shares or other means. The required filing scope is not limited to the initial public offering, but also includes subsequent overseas securities offering, single or multiple acquisition(s), share swap, transfer of shares or other means to seek an overseas direct or indirect listing and a secondary listing or dual major listing of issuers already listed overseas. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as orders to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

If it is determined in the future that the approval of the CSRC, the CAC or any other regulatory authority is required for this offering, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our Securities. The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Ordinary Shares. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery of our Ordinary Shares, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for our IPO, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our Securities.

***Changes in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may dampen growth in Hong Kong, and other potential markets in which our Subsidiaries' will seek to expand.***

Political events, international trade disputes and other business interruptions could harm or disrupt international commerce and the global economy and could have a material adverse effect on our Subsidiaries and their customers both current and potential new customers. International trade disputes could result in tariffs and other protectionist measures, which may materially and adversely affect our Subsidiaries' business.

Tariffs could increase the cost of our products which could affect customers' investment decisions. In addition, political uncertainty, such as the recent invasion by Russia in Ukraine, conflict in the Middle East and surrounding international trade disputes and their potential of escalation to trade wars and global recession, could have a negative effect on customer confidence, which could materially and adversely affect our Subsidiaries' business. Our Subsidiaries may also have access to fewer business opportunities, and their operations may be negatively impacted as a result. In addition, the current and future actions, or escalations by either the United States or China, including those sanctions imposed by the United States and other countries on Russia, that affect trade relations may cause global economic turmoil and potentially have a negative impact on our Subsidiaries' markets, their business, or their results of operations, as well as the financial condition of their customers. We cannot provide any assurances as to whether such actions will occur or the form that they may take.

While the imposition of tariffs that were recently introduced is not limited only to goods originating from the PRC, we believe the risks we face are not substantially different from those faced by other exporters to the US. Nevertheless, as envisioned by our management, our strategic move into and presence in various jurisdictions, including South-East Asia, Australia, Europe and Mexico in last two years has enabled us to mitigate the potential impact arising from these new tariffs.

Further, with our cost-plus pricing strategy, we have dealt with our key customers in the US are absorbing most of costs arising from the new tariffs, therefore preserving our profit margins.

***Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq Capital Market, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022, amending the HFCA Act and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted.***

As an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB, our auditor is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. The PCAOB is currently unable to conduct inspections without the approval of the Chinese government authorities. Currently, our U.S. auditor is inspected by the PCAOB, and, through our Subsidiary D&J Ganzhou, we operate a factory in China. However, if there is significant change to current political arrangements between mainland China and Hong Kong, companies operating in Hong Kong like us may face similar regulatory risks as those operated in PRC and we cannot assure you that our auditor's work will continue to be able to be inspected by the PCAOB.

Inspections of other auditors conducted by the PCAOB outside mainland China have at times identified deficiencies in those auditors' audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in mainland China prevents the PCAOB from regularly evaluating auditors' audits and their quality control procedures. As a result, if there is any component of our auditor's work papers become located in mainland China in the future, such work papers will not be subject to inspection by the PCAOB. As a result, investors would be deprived of such PCAOB inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.

As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning in 2025, the delisting from U.S. national securities exchanges, such as the Nasdaq Capital Market, of issuers included on the SEC's list for three consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets.

On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC establishing that the registrant is not owned or controlled by a government entity in the public accounting firm's foreign jurisdiction, and also require, among other things, disclosure in the registrant's annual report regarding the audit arrangements of, and government influence on, such registrants. Under the HFCA Act, our securities may be prohibited from trading on Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being delisted.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022, amending the HFCA Act and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Ordinary Shares may be prohibited from trading or delisted.

On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions ("Commission-Identified Issuers"). The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the public accounting firm's foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a "foreign issuer," as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCA Act. The SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. A Commission-Identified Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended December 31, 2022. The final amendments became effective on January 10, 2022.

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA Act.

On August 26, 2022, the China Securities Regulatory Commission (the "CSRC"), the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, consistent with the HFCA Act, and the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act by decreasing the number of non-inspection years from three years to two, thus reducing the time period before our common stock may be prohibited from trading or delisted. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange.

The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. Future developments in respect of increasing U.S. regulatory access to audit information are uncertain, as the legislative developments are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative procedures.

While the CSRC, the SEC and the PCAOB have entered into the SOP Agreements regarding the inspection of PCAOB-registered accounting firms in mainland China and Hong Kong, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there is significant change to current political arrangements between mainland China and Hong Kong. If the PRC adopts positions at any time in the future which would prevent the PCOAB from continuing to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong, it could result in the prohibition of trading in our securities by not being allowed on a U.S. exchange and as a result the Company may determine to delist which would materially affect the interest of our investors. Furthermore, the market price of our Ordinary Shares could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions upon, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance.

***The enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Hong Kong Subsidiaries.***

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

***Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business.***

Our Subsidiaries' business and operations in Hong Kong are subject to data privacy related laws and regulations. In particular, the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) ("PDPO") imposes a duty on any data user who, either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected, such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest.

The PDPO also confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations and institute prosecutions. The data protection principles (collectively, the "DPP"), which are contained in Schedule 1 to the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner, with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed in a secure manner and should only be kept for as long as necessary for the fulfillment of the purposes of using the data. Use of the data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider to be inaccurate. The Privacy Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention of the PDPO. The Privacy Commissioner may provide legal assistance to the aggrieved data subjects if the Privacy Commissioner deems fit to do so.

If our Subsidiaries conducting business operations in Hong Kong have violated certain provisions of the PDPO, we could face significant civil penalties and/or criminal prosecution. Based on advice of counsel, we believe we have established the necessary protocols and data collection standards to ensure compliance with the PDPO.

***We are incorporated under the laws of the BVI and are subject to its Data Protection Act, which regulated our collection and processing of personal data of our investors. A cyberattack, security breach or other unauthorized access or interruption to our information technology systems or those of any third-party service providers could harm our reputation and subject us to significant liability.***

We collect, process, and maintain personal data about investors of the Company pursuant to the Data Protection Act, 2021 Revision, of the BVI, as amended from time to time as well as any regulations, codes of practice, or orders promulgated pursuant thereto (the "DPA"). We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller." By virtue of your investment in the Company, we and certain of our third-party service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly identified. Your personal data will be processed fairly and for lawful purposes, including: (i) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request; (ii) where the processing is necessary for compliance with any legal, tax, or regulatory obligations to which we are subject; or (iii) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. We anticipate that we will share your personal data with our third-party service providers for certain purposes. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions, or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory, including to any other person where we have a public or legal duty to do so (e.g., to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

We are fully aware that cybersecurity threats, privacy breaches, insider threats or other incidents and malicious internet-based activity continue to increase, evolve in nature, and become more sophisticated. Information security risks for companies such as ours have significantly increased in recent years in part because of the proliferation of new technologies, the use of internet and telecommunications technologies to conduct financial transactions, and the increased sophistication and activities of organized crime, hackers, terrorists, and other external parties, as well as nation-state and nation-state-supported actors. Many companies that provide services similar to ours have also reported a significant increase in cyberattack activity since the beginning of the Covid-19 pandemic.

In addition, because we may utilize a third-party contractor to provide these services to us, including cloud, software, data center and other critical technology, to collect and maintain personal data on our shareholders, we rely heavily on the data security practices and policies adopted by these third-party service providers. Our ability to monitor our third-party service providers' data security is limited. A vulnerability in our or our third-party service providers' software or systems, a failure of our third-party service providers' safeguards, policies or procedures, or a breach of a software or systems could result in the compromise of the confidentiality, integrity or availability of the data housed. We cannot guarantee that any similar incidents may not occur again and adversely affect our shareholders. We and our third-party service providers and partners may be unable to anticipate or prevent techniques used in the future to obtain unauthorized access or to sabotage systems and we cannot guarantee that applicable recovery systems, security protocols, network protection mechanisms and other procedures are or will be adequate to prevent network and service interruption, system failure or data loss. In addition, we may also become liable in the event our or our third-party service providers are subject to security breaches, privacy breaches or other cybersecurity threats. This could expose us to a risk of litigation, indemnity obligations and damages, cause us to incur significant liability and financial loss and be subject to regulatory scrutiny, investigations, proceedings and fines and penalties, and require us to expend significant capital and other resources to alleviate problems caused by any such cybersecurity attack or other security breach or incident and implement additional security measures.

We currently do not maintain cybersecurity insurance, and in the event that we were to seek to obtain such insurance coverage, it may not be available on acceptable terms or may not be available in sufficient amounts to cover one or more large claims in connection with cybersecurity liabilities. Insurers could also deny coverage as to any future claim.

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***We may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer our Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.***

On June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security.

On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on certain activities in the securities market and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas and to establish and improve the system of extraterritorial application of the PRC securities laws.

On August 20, 2021, the 30th meeting of the Standing Committee of the 13th National People's Congress voted and passed the "Personal Information Protection Law of the People's Republic of China", or the "PRC Personal Information Protection Law", which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons within the territory of China that is carried out outside of China where (1) such processing is for the purpose of providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.

On December 24, 2021, the CSRC, together with other relevant government authorities in China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) ("Draft Overseas Listing Regulations"). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue and list its shares overseas ("Overseas Issuance and Listing") shall complete the filing procedures of and submit the relevant information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in the PRC seeks to issue and list its shares in the name of an overseas enterprise ("Overseas Issuer") on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing ("Indirect Overseas Issuance and Listing") under the Draft Overseas Listing Regulations.

On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on April 13, 2020. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services and online platform operators (together with the operators of critical information infrastructure, the "Operators") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, any and online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

Our Subsidiaries may in the future collect and store certain data (including certain personal information) from our investors, who may be PRC individuals, for "Know Your Customers" purposes (to combat money laundering). Given that: (i) our Subsidiaries are incorporated and located in Hong Kong; and (ii) pursuant to the Basic Law of the Hong Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong, except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong), we currently may expect the Measures for Cybersecurity Review (2021) and the PRC Personal Information Protection Law to have an impact on our Subsidiaries or this offering.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies ("Trial Measures"), and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing applications. Subsequent securities offerings of an issuer in the same overseas market where it has previously offered, and listed securities must be filed with the CSRC within three business days after the offering is completed. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

These statements and regulatory actions are new, and it is how soon to be observed the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also to be observed what the potential impact such modified or new laws and regulations will have on the daily business operations of our Subsidiaries, their respective abilities to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges. There remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Trial Measures are adopted into law in the future and becomes applicable to our Subsidiaries, if our Subsidiaries are deemed to be an "Operator" required to file for cybersecurity review before listing in the United States or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law becomes applicable to our Subsidiaries, the business operations of our Subsidiaries and the listing of our Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or CSRC Overseas Issuance and Listing review in the future. If our Subsidiaries become subject to the CAC or CSRC review, we cannot assure you that our Subsidiaries will be able to comply with the regulatory requirements in all respects, and the current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. In the event of a failure to comply, our Subsidiaries may become subject to fines and other penalties, which may have a material adverse effect on our business, operations, and financial condition, may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.

If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless. As of the date of this prospectus, and based on the advice of our PRC counsel, ETR Law Firm, we believe that we are in full compliance with the rules and regulations promulgated by the CAC and CSRC and associated policies as issued to current date.

These recent statements, laws, and regulations by the Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Trial Measures have indicated an intent to exert greater oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. It is uncertain whether the Chinese government will adopt additional requirements or extend the existing requirements to apply to our Subsidiaries located in Hong Kong. We could be subject to approval or review of Chinese regulatory authorities to pursue this offering. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

***If the Chinese government were to impose new requirements for approval from the PRC authorities to issue the Company's Ordinary Shares to foreign investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause such securities to significantly decline in value or become worthless.***

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or "the Opinions," which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the need to strengthen the supervision over overseas listings by Chinese companies.

Based on the advice of PRC counsel, ETR Law Firm, and our understanding of currently applicable PRC laws and regulations, the Company and its PRC Subsidiaries: (i) are not currently required to obtain permissions from any PRC authorities to operate or to issue securities to foreign investors; (ii) are not subject to permission requirements from the CSRC, the CAC or any other entity that is required to approve their operations; and (iii) have not been denied any permissions by any PRC authorities.

If we have erroneously concluded that these permission requirements do not apply to us, or if applicable laws, regulations, or interpretations change, and it is determined in the future that the permission requirements become applicable to us, we may be subject to review, may face challenges in addressing these requirements and may incur substantial costs in complying with these requirements, which could result in material adverse changes in our business operations and financial position. In addition, if we are not able to fully comply with the Measures for Cybersecurity Review (2021 version) or if the Opinions come into effect and are determined to be applicable to us, our ability to offer or to continue to offer securities to investors may be significantly limited or completely hindered, and our securities may significantly decline in value or become worthless.

Given the current PRC regulatory environment, it is uncertain whether the Company will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and if such permission is required, whether it will be denied or later rescinded. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings, including this offering. As of the date of this prospectus, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to this offering from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines, which became effective on March 31, 2023. Pursuant to the Trial Measures, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure to the CSRC; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited consolidated financial statements for the same period; (ii) its major operational activities are carried out in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for initial public offering and listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted. The Trial Measures further require Chinese domestic enterprises to complete filings with relevant governmental authorities and report related information under certain circumstances, such as: (1) an issuer making an application for initial public offering and listing in an overseas market; (2) an issuer making an overseas securities offering after having been listed on an overseas market; and (3) a domestic company seeking an overseas direct or indirect listing of its assets through single or multiple acquisition(s), share swap, transfer of shares or other means. The required filing scope is not limited to the initial public offering, but also includes subsequent overseas securities offering, single or multiple acquisition(s), share swap, transfer of shares or other means to seek an overseas direct or indirect listing and a secondary listing or dual major listing of issuers already listed overseas. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as orders to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

If it is determined in the future that the approval of the CSRC, the CAC or any other regulatory authority is required for this offering, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities. The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Ordinary Shares. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery of our Ordinary Shares, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities.

**Risks Related to Our Subsidiaries' Business Operations**

***We rely on several major customers, and if we fail to retain these customers or attract new customers, our business, financial condition, results of operations, and growth prospects will be harmed.***

We rely on several key customers which contributed approximately 28% and 34% of our total revenues for the years ended March 31, 2025, and 2024, respectively. We do not have a long-term agreement with our key customers and their purchases are made on an order-by-order basis. Our business with these customers has been, and we expect it will continue to be, conducted based on the actual orders received from time to time. Our major customers are not obligated in any way to continue placing orders with us at the same or increasing levels, or at all. Our customers' level of demand for our products may fluctuate significantly from period to period. Such fluctuation is attributable mainly to changes in our customers' business strategies, operational needs, product portfolio as well as consumer trends. The loss of any of our major customers, or if we are unable to attract new customers or if our existing customers decrease their spending on the products we offer, or fail to make repeat purchases of our products, will harm our business, financial condition, results of operations, and growth prospects.

***Our several key customers may take actions that adversely affect our gross profit and operating results*.**

We are dependent upon our several key customers whose bargaining strength is substantial and growing. We may be negatively affected by changes in their policies, such as price and term demands, special packaging, shorter lead times for the delivery of products, smaller and more frequent shipments, or other conditions. If we do not effectively respond to these demands, these customers could decrease their purchases from us and a reduction in the demand for our products or the costs of complying with their business demands could have a material adverse effect on our business, operating results, and financial condition.

***Our ability to deliver products to our key customers in a timely manner and to satisfy our customers' fulfillment standards are subject to several factors, some of which are beyond our control*.**

Our key customers place great emphasis on timely delivery of our products for specific selling seasons, especially during our third fiscal quarter, and on the fulfillment of consumer demand throughout the year. We cannot control all of the various factors that might affect our product delivery. Production delays, difficulties encountered in shipping from overseas, customs clearance delays, and operational issues with any of the third-party logistics providers we use are on-going risks of our business. Accordingly, we are subject to risks, including labor disputes, inclement weather, public health crises (such as pandemics and epidemics), natural disasters, possible acts of terrorism, port and canal backlogs and blockages, availability of shipping containers, and increased security restrictions associated with the carriers' ability to provide delivery services to meet our shipping needs. These risks have been exacerbated by surges in demand and shifts in shopping patterns related to COVID-19, which has resulted in carrier-imposed capacity restrictions, carrier delays, and longer lead times for our products. Failure to deliver products to our key customer in a timely and effective manner could damage our reputation and result in the loss of our key customer or reduced orders, which could have a material adverse effect on our business, operating results, and financial condition.

***We rely on six principal suppliers for supplies of raw materials, manufacturing services and logistics services.***

The apparel products sold or sourced by us during the years ended March 31, 2025, and 2024, were mainly produced by six contract manufacturers, two of which are related parties while the other four are independent third parties. During the years ended March 31, 2025, and 2024, our four independent contract manufacturers together accounted for 60%, and 67% of our total purchases, respectively. We engage contract manufacturer on an individual project basis and rely on third party service providers for services including sourcing of materials and provision of logistics services for the finished goods. The terms of services provided by them may be susceptible to fluctuations with regard to pricing, timing and quality. Business relationships with our key suppliers could deteriorate, and existing procurement arrangements could change without advance notice. Increases in raw material prices resulting in higher procurement costs being incurred by our contract manufacturer, may be passed onto us as part of the overall production service costs. Recent inflationary pressures have affected the procurement cost of certain raw materials used in our apparel products. While we have not faced any shortages or significant increases in prices that would have a material adverse effect on our operations, we have had to enact measures to mitigate fluctuations in the price of our key raw materials. These measures include, but are not limited to, placing bulk orders for a portion of our raw material requirements based on projections and sales estimates ahead of the production season and incorporating alternative materials into our products or modifying specifications of product designs. However, our ability to implement such measures are limited and we cannot guarantee that we will be able to successfully mitigate fluctuations or increases in the price of raw materials. We might have to accept substantial increment in price, or a substantial reduction of quantities supplied in some cases, especially when we are unable to locate alternative suppliers in a timely manner and/or on comparable commercial terms. In addition, we are not able to ensure our suppliers' compliance with applicable laws and regulations. Failure on the part of any of our suppliers to comply with applicable laws and regulations may damage our corporate image and adversely affect our customer relationships.

If we experience significant increased demand, or if we need to replace an existing supplier, we may be unable to locate additional manufacturing capacity on terms that are acceptable to us, or at all, or we may be unable to locate any supplier or manufacturer with sufficient capacity to meet our customer's requirements or to fill our orders in a timely manner. Even if we are able to expand existing or find new manufacturing, we may encounter delays in production and added costs as a result of the time it takes to train our suppliers and manufacturers in our methods, products, and quality control standards. Delays related to supplier changes could also arise due to an increase in shipping times if new suppliers are located farther away from our markets or from other participants in the supply chain. Any delays, interruption, or increased costs in manufacture of our products could have an adverse effect on our ability to meet customer demand for our products and result in lower net revenue and income from operations both in the short and long term.

***To compete successfully in the global marketplace, we must develop and introduce innovative new products to meet changing consumer preferences.***

Our long-term success in the competitive apparel industry depends on our ability to develop and commercialize a continuing stream of innovative new garments that meet changing consumer preferences and take advantage of opportunities sooner than our competition. We face the risk that our competitors will introduce innovative new garments that compete with ours. There are numerous uncertainties inherent in successfully developing and commercializing new garments on a continuing basis and new product launches may not deliver expected growth in sales or operating income. If we are unable to develop and introduce a continuing stream of competitive new products it may have an adverse effect on our business, operating results, and financial condition.

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***Significant changes in or our compliance with regulations, interpretations or product certification requirements could adversely impact our operations.***

We are subject to U.S. and foreign regulations, including environmental, health and safety laws, and industry-specific product certifications. Our products we sell are subject to product safety laws and regulations in various jurisdictions. These laws and regulations specify product safety testing requirements, and set product identification, labeling and claim requirements.

Significant new regulations, material changes to existing regulations, or greater oversight, enforcement, or changes in interpretation of existing regulations, could further delay or interrupt distribution of our products in the U.S. and other countries, result in fines or penalties or cause our costs of compliance to increase. Significant new certification requirements or changes to existing certification requirements could further delay or interrupt distribution of our products or make them more costly to produce.

We are not able to predict the nature of potential changes to, or enforcement of laws, regulations, product certification requirements, repeals, or interpretations. Nor are we able to predict the impact that any of these changes would have on our business in the future. Further, if we were found to be noncompliant with applicable laws and regulations in these or other areas, we could be subject to governmental or regulatory actions, including fines, import detentions, injunctions, product withdrawals or recalls or asset seizures, any of which could have a material adverse effect on our business, results of operations and financial condition.

***Our business may be adversely impacted by product defects or other quality issues.***

Product defects or other quality issues can occur throughout the product development, design, and manufacturing processes. Any product defects or any other failure of our products or substandard product quality could harm our reputation and result in adverse publicity, lost revenues, delivery delays, product recalls, relationships with our network partners and other business partners, product liability claims, administrative penalties, harm to our brand and reputation, and significant warranty and other expenses, and could have a material adverse impact on our business, financial condition, operating results and prospects.

***Our Subsidiaries' business and operations may be materially and adversely affected in the event of a re-occurrence or a prolonged global pandemic outbreak of COVID-19.***

The global pandemic outbreak of COVID-19 announced by the World Health Organization in early 2020 has disrupted our Subsidiaries' operations and the operations of their customers, suppliers and/or sub-contractors. If the development of the COVID-19 outbreak becomes more severe or new and more deadly variants occur resulting in more stringent regulatory measures being taken, such as complete lockdowns, our Subsidiaries may be forced to close down their businesses after any prolonged disruptions to their operations, and our Subsidiaries may experience a termination of certain of their contracts by their customer. In such event, our Subsidiaries' operations may be severely disrupted, which may have a material and adverse effect on our business, financial condition, and results of operations. In addition, if any of our Subsidiaries' employees are suspected of having contracted COVID-19, some or all of such employees may be quarantined, and our Subsidiaries will be required to disinfect their workplaces and facilities. In the event that our Subsidiaries' employees are placed under quarantine orders, our Subsidiaries may face a shortage of labor, and their operations may be severely disrupted. Our Subsidiaries' revenue and profitability may also be materially affected if the COVID-19 outbreak or new outbreaks continue to materially affect the overall economic and market conditions in Hong Kong or China, as the economic slowdown and/or negative business sentiment could potentially have an adverse impact on our Subsidiaries' business and operations. We are uncertain as to when any new outbreaks of COVID-19 will be contained, and we cannot predict if the impact of any such outbreaks or associated lockdown measures will be short-lived or long-lasting. If the outbreaks of COVID-19 are not effectively controlled within a short period of time, our business, financial condition, results of operations and prospects may be materially and adversely affected.

***Global climate change and related legal and regulatory developments could negatively affect our business, results of operations, liquidity, and financial condition.***

The effects of climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere, such as droughts, heat waves, flooding, wildfires, increased storm severity, sea level rise, and power outages or shortages, particularly in certain regions in which we operate, may materially adversely impact our business. While the Company has not experienced any disruptions in the operations of its manufacturing subsidiaries, any such disruptions could have a material adverse effect on its business, operations, liquidity, and financial condition.

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***An economic downturn may adversely affect consumer discretionary spending and demand for our products and services.***

Our products and services may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such discretionary items include general economic conditions and other factors, such as consumer confidence in future economic conditions, consumer sentiment, the availability and cost of consumer credit, levels of unemployment, and tax rates. Unfavorable economic conditions may lead consumers to delay or reduce purchases of our products and services and consumer demand for our products and services may not grow as we expect. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services may have an adverse effect on our operating results and financial condition.

***Our Subsidiaries rely on our management team and employees in their business.***

Our experienced directors and senior management team are one of the key factors contributing to our Subsidiaries' success. Their extensive experience and knowledge of the apparel industry help formulate and implement business strategy and foster growth of our Subsidiaries' business. Particularly, we rely on our Director, Ms. Tang, in the overall management, strategic planning and development and daily operation of our Subsidiaries. The loss of services of our Director or of senior management members without timely and suitable replacement may cause disruption or loss of our Subsidiaries' business operation and prospects. Please refer to "Management – Executive Officers and Directors," "– Independent Non-Executive Directors" and "– Senior Management/Key Personnel" in this prospectus for details about the experience and roles of our Directors, independent non-executive Directors, and senior management.

Aside from our key management, our Subsidiaries also rely on our employees for their daily operations. Our Subsidiaries' results of operations and business performance may be materially and adversely affected if we cannot retain the services of our employees and recruit suitable replacements in a timely manner.

***Our Subsidiaries derive a significant portion of their revenue from international operations and are exposed to foreign exchange risk***. ***Moreover, fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment***.

Most of our Subsidiaries' sales are settled in USD, our Subsidiaries currently do not have a foreign currency hedging policy. For the year ended March 31, 2025, our Subsidiaries recorded a net foreign exchange loss of approximately US$71,669; for the year ended March 31, 2024, our Subsidiaries recorded a net foreign exchange loss of approximately US$222,794. Significant volatility in foreign exchange rates may negatively affect our results of operations and other comprehensive income.

In addition, our Subsidiaries' revenues and expenses will also be denominated in Hong Kong dollars. Although the exchange rate between of the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars and U.S. dollars may have a material adverse effect on our Subsidiaries' revenue and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from this offering into Hong Kong dollars for our Subsidiaries' operations, fluctuations in the exchange rates of the Hong Kong dollar against the U.S. dollar would have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps, or currency borrowings to hedge our exposure to foreign currency risk.

***Our Subsidiaries are exposed to the credit risk of their customers***.

The credit risk exposure of our Subsidiaries mainly arises from trade receivables from our customers. As of March 31, 2025, and 2024, our Subsidiaries' accounts receivables amounted to approximately US$9,551,686 and US$5,634,903, respectively, which represented approximately, 37.9% and 33.1% of total assets, respectively. For the year ended March 31, 2025, and 2024, our Subsidiaries recorded US$30,799 and US$52,249 provision for credit losses for accounts receivables, respectively. The Group did not record any provision for credit losses for other receivable for the years ended March 31, 2025, and 2024, respectively. For the years ended March 31, 2025, and 2024, the Group recorded nil and US$5,419 provision for credit losses for amount due from related parties, respectively. However, our Subsidiaries are still subject to the credit risk of their customers, and their liquidity is dependent on their customers making prompt payments.

Furthermore, our Subsidiaries' suppliers generally offer them a credit period of 30 days to 120 days, while our Subsidiaries generally grant their customers a credit period ranging from 30 days to 90 days. The longer credit period granted to our Subsidiaries' customers compared to that offered by their suppliers indicates a potential risk of a possible cash flow shortage, which may affect the liquidity of their business. In the event that our Subsidiaries experience a cash flow shortage when their customers do not make settlements on a timely manner, the financial position, profitability, and cash flow of our Subsidiaries may be adversely affected.

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***Our Subsidiaries may be harmed by negative publicity.***

Our Subsidiaries operate in highly competitive industries, and there are other companies in the market that offer similar products and services. They derive most of their customers through word of mouth and rely on the positive feedback of their customers. Thus, customer satisfaction with our Subsidiaries' products is critical to the success of their business. If our Subsidiaries fail to meet our customer's expectations, there may be negative feedback which may have an adverse impact on our Subsidiaries' business and reputation. In the event that our Subsidiaries are unable to maintain a high level of customer satisfaction, or any customer dissatisfaction is inadequately addressed, our Subsidiaries' business, financial condition, results of operations and prospects may also be adversely affected.

Our Subsidiaries' reputation may also be adversely affected by negative publicity in reports and publications such as major newspapers and forums or any other negative publicity or rumors. There is no assurance that our Subsidiaries will not experience negative publicity in the future or that such negative publicity will not have a material and adverse effect on their reputation or prospects. This may result in our Subsidiaries' being unable to attract new customers or retain existing customers and may in turn adversely affect their business and results of operations.

***We may be unable to successfully implement our business strategies and future plans for our Subsidiaries.***

As part of our business strategies and future plans, we intend to expand our Subsidiaries' operations. While we have planned such expansion based on our outlook regarding our Subsidiaries' business prospects, there is no assurance that such expansion plans will be commercially successful or that the actual outcome of those expansion plans will match our expectations. The success and viability of our expansion plans are dependent upon our ability to successfully implement our development projects, hire and retain skilled employees to carry out our Subsidiaries' product development and new market strategies and future plans and implement strategic business development and marketing plans effectively and upon an increase in demand for their products by existing and new customers in the future.

Further, the implementation of our business strategies and future plans for our Subsidiaries' business operations may require substantial capital expenditure and additional financial resources and commitments. There is no assurance that these business strategies and future plans will achieve the expected results or outcome such as an increase in revenue that will be commensurate with our investment costs or the ability to generate any cost savings, increased operational efficiency and/or productivity improvements to our Subsidiaries' operations. There is also no assurance that we will be able to obtain financing on terms that are favorable, if at all. If the results or outcome of our future plans do not meet our expectations, including if our Subsidiaries fail to achieve a sufficient level of revenue or fail to manage their costs efficiently, we may not be able to recover our investment costs, and our business, financial condition, results of operations and prospects may be adversely affected.

**Risks Related to Our Subsidiaries' Industry**

***The imposition of tariffs or other trade restrictions could have a material adverse effect on our business, operations, and financial results.***

On July 14, 2020, President Trump signed an executive order and the Hong Kong Autonomy Act, or HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy.

On February 1, 2025, President Trump imposed a 10% tariff on goods from Hong Kong targeting imports originating from the PRC.

On April 2, 2025, President Trump declared that foreign trade and economic practices had created a national emergency under the International Emergency Economic Powers Act of 1977 (IEEPA) and imposed across-the-board tariffs on all countries, along with individual reciprocal higher tariffs for certain countries, subject to certain exceptions. These tariffs will remain in effect until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated.

These tariffs and other recent actions may represent an escalation in political and trade tensions involving the U.S., PRC and Hong Kong, and may prompt retaliatory action by other countries and escalate the ongoing trade war. This will require the Company to evaluate the following to determine the impact on our business which could potentially harm our business.

– Whether the new U.S. tariffs or new tariffs to be imposed by the other countries will be collected on the that are utilized in production of our products.

– How the tariffs will impact the price that we charge for our products.

– How the tariffs will impact the cost of materials utilized in producing our products.

– Whether the imposition of tariffs may impact the availability of materials in our supply chain.

– Whether the imposition of tariffs will impact the demand for our products that are subject to the tariffs.

– Whether the imposition of tariffs will cause inflationary pressures in the economy and will otherwise have negative economic impacts that could in turn impact the demand for our products.

– Whether mitigation strategies could increase costs that a company may not be able to recover.

Given the relatively small geographical size of Hong Kong, any such incidents may have a widespread effect on our business operations, which could in turn adversely and materially affect our business, results of operations and financial condition. It is difficult to predict the full impact of the HKAA or these tariffs on Hong Kong and companies with operations in Hong Kong. Furthermore, legislative or administrative actions in respect of PRC-U.S. relations could cause investor uncertainty for affected issuers, including us, and the market price of our Ordinary Shares could be adversely affected.

While the imposition of tariffs that were recently introduced is not limited only to goods originating from the PRC, the risks we face are not substantially different from those faced by other exporters to the US. Nevertheless, as envisioned by our management, we believe our strategic move into and presence in various jurisdictions, including South-East Asia, Australia, Europe and Mexico in last two years has enabled us to mitigate the potential impact arising from these new tariffs.

Further, with our cost-plus pricing strategy, we have dealt with our key customers in the US are absorbing most of costs arising from the new tariffs, therefore preserving our profit margins.

***An economic downturn may adversely affect consumer discretionary spending and demand for our products and services.***

Our apparel products may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such discretionary items include general economic conditions and other factors, such as consumer confidence in future economic conditions, consumer sentiment, the availability and cost of consumer credit, levels of unemployment, and tax rates. Unfavorable economic conditions may lead consumers to delay or reduce purchases of our products and consumer demand for our products and services may not grow as we expect. Our sensitivity to economic cycles and any related fluctuation in consumer demand for our products and services may have an adverse effect on our operating results and financial condition.

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***The enactment in the U.S. of the Uyghur Forced Labor Prevention Act (the "UFLPA") and similar pending legislation in the territories in which our subsidiaries operate could have material adverse effect on our ability to conduct our business.***

The UFLPA prohibits on the importation of goods into the United States manufactured wholly or in part with forced labor in the PRC, especially from the Xinjiang Uyghur Autonomous Region ("Xinjiang"). It establishes a rebuttable presumption that the importation of any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in Xinjiang are not entitled to entry to the U.S. and requires the importer of record to comply with specified conditions and, by clear and convincing evidence, that the goods, wares, articles, or merchandise were not produced using forced labor. Our current contract manufacturers are located in the PRC, but do not use any Chinese cotton which comes from Xinjiang.

Governments in the other territories where the Company operates (the UK, Australia, and Mexico) are advancing similar measures to address the risk of goods produced from forced labor from any country from entering the global supply chains in order to ensure that their businesses are not complicit in forced labor in Xinjiang, there is an extraordinarily high risk that the yarn, textiles, and garments made with Chinese cotton are tainted with forced and prison labor. Violations of the UFLPA can empower U.S. Customs and Border Protection to detain, exclude or seize goods and assess monetary penalties.

The failure of the Company's supply chain management system to rebut the presumption that its products are tainted with forced, or prison labor could materially and adversely affect our business operations, financial position, and results of operations.

***The war in Ukraine and shipping disruptions in the Red Sea could materially and adversely affect our business and results of operations.***

The recent outbreak of war in Ukraine has already affected global economic markets, including a dramatic increase in the price of oil and gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's recent military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, the European Union, and other countries against Russia and possibly countries that support, directly or indirectly, Russia's incursion. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the businesses of our customers, even though we do not have any direct exposure to Russia or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions may magnify the impact of other risks described herein. We cannot predict the progress or outcome of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could in turn have a material adverse effect on our business, financial condition, results of operations and prospects.

Recently there have been shipping disruptions in the Red Sea and surrounding waterways due to attacks on marine vessels by the Houthi movement which controls part of Yemen. These disruptions may impact our ability to distribute our products to our customers in a cost-effective and timely manner and to meet our customers' demands, all of which could have an adverse effect on financial condition and results of operations.

**Risks Related to Our Securities and the Offering**

***As of the date of this prospectus, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary Shares to foreign investors; and (ii) have not received or were denied such permissions by any PRC authorities. Given the current PRC regulatory environment, it is uncertain when and whether we will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded.***

As of the date of this prospectus, we: (i) are not required to obtain permissions from any PRC authorities to operate or issue our Ordinary Shares to foreign investors; and (ii) have not received or were denied such permissions by any PRC authorities. We are also currently not required to obtain any pre-approval from Chinese authorities to list on a U.S. stock exchange, including the NYSE, Nasdaq, or any of the Nasdaq Markets. Given the current PRC regulatory environment, it is uncertain when and whether we will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded. As of the date of this prospectus, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to this offering from the CSRC or other PRC governmental authorities. However, if we are required to obtain approval in the future and are denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to list on a U.S. exchange, which would materially affect the interest of our investors.

In response to recent data security concerns arising from overseas listings of Chinese internet companies operating in the PRC, on January 4, 2022, the CAC issued revised measures to expand the types of businesses and circumstances that would require cybersecurity review by the CAC. We believe that we are not directly subject to these regulatory actions or statements as our Subsidiaries' businesses do not involve the collection of user data that are the subject data of these regulatory actions or statements. Because these statements and regulatory actions are new, however, it is to be observed how soon legislative or administrative regulation making bodies in China will respond to them, or what existing or new laws or regulations will be modified or promulgated, if any, or what the potential impact any such modified or new laws and regulations will be on our Subsidiaries' daily business operations or our ability to accept foreign investments and list on a U.S. exchange. For further information, see "Risks Factors – Risks Related to Doing Business in the People's Republic of China and Hong Kong."

***Any future action by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers or expanding the categories of industries and companies whose foreign securities offerings are subject to government review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or the securities to become worthless*.**

Recent statements by the Chinese government have indicated an intent to exert greater oversight and control over offerings that are conducted overseas and/or over foreign investments in China-based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

Additionally, we could be subject to various government and regulatory interference in the regions in which we operate, which could result in a material change in our operations and the value of the securities. Pursuant to Article 6 of the Revised Draft, companies holding data of more than one million users must now apply for cybersecurity approval when seeking overseas listings because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." As confirmed by our PRC counsel, ETR Law Firm, we currently are not subject to cybersecurity review with the CAC to conduct business operations in China, given that: (i) we are not the "operator of critical information infrastructure" or "online platform operator" (ii) we do not possess a large amount of personal information in our business operations, and (iii) as of the date of this prospectus, we have not been involved in any investigations initiated by the CAC, nor have we received any inquiry, notice, warning or sanction in such respect.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies ("Trial Measures"), and five supporting guidelines for the application of regulatory rules-category 1 for overseas offering and listing, which came into effect on March 31, 2023. Pursuant to the *Trial Measures*, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the *Trial Measures* within three working days following their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

As of the date of this prospectus, we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to the listing of our Ordinary Shares, and, in the opinion of our PRC legal counsel, ETR Law Firm, the filing requirements under the Trial Measurements do not apply to the Company since: (i) the revenue, total profit, total assets or net assets of D&J Ganzhou was less than 50% of that of the Company in total for the fiscal year ended March 31, 2024; and (ii) the majority of senior management are non-PRC citizens and/or reside in Hong Kong. According to our auditor ARK Pro CPA & CO , as of March 31, 2024, the operating revenue of the PRC subsidiaries was USD 219,779.29, which accounted for approximately 0.56% of the Group's total revenue; the total profit of the PRC subsidiaries was USD -1,054,046.71, which accounted for less than 50% of the Group's total profit; the total assets of the PRC subsidiaries was USD 4,240,008.37, which accounted for approximately 24.90% of the Group's total assets; and the net assets of the PRC subsidiaries was USD 2,149,364.37, which accounted for approximately 24.46% of the Group's net assets. The above financial data and percentages do not include internal eliminations within the PRC subsidiaries, nor do they include D&J Ganzhou Guangzhou Branch, as it was registered and established on November 5, 2024. According to our auditor ARK Pro CPA & CO, as of March 31, 2025, the operating revenue of the PRC subsidiaries was USD 1,173,112.60, which accounted for approximately 3% of the Group's total revenue; the total profit of the PRC subsidiaries was USD -13,903,752.58, which accounted for less than 50% of the Group's total profit; the total assets of the PRC subsidiaries was USD 6,098,079.29, which accounted for approximately 24% of the Group's total assets; and the net assets of the PRC subsidiaries was USD 159,251.83, which accounted for approximately 1% of the Group's net assets. The above financial data and percentages do not include internal eliminations within the PRC subsidiaries.

However, there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for this offering. If we inadvertently concluded that such approvals are not required, our ability to offer or continue to offer our Ordinary Shares to investors could be significantly limited or completed hindered, which could cause the value of our Ordinary Shares to significantly decline or become worthless. We may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines, penalties, limit our operations in China, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.

The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, may restrict or otherwise unfavorably impact our ability or way to conduct business and may require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities.

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

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

***We may not maintain the listing of our Ordinary Shares on the Nasdaq Capital Market, which could limit investors' ability to make transactions in our Ordinary Shares and subject us to additional trading restrictions.***

We intend to list our Ordinary Shares on the Nasdaq Capital Market concurrently with this offering. In order to continue listing our shares on the Nasdaq Capital Market, we must maintain certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you that our shares will continue to be listed on Nasdaq in the future.

If Nasdaq delists our Ordinary Shares and we are unable to list our shares on another national securities exchange, we expect that our 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:

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

● reduced liquidity for our Ordinary Shares;

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

● a limited amount of news and analyst coverage; and

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

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

***Nasdaq may apply additional and more stringent criteria for our continued listing.***

Nasdaq Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to (i) where a company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where a company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities; (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management; and (iv) where Nasdaq is concerned that an offering size is insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; For the any aforementioned concerns, we may be subject to the additional and more stringent criteria of Nasdaq for our continued listing, which might cause delay or even denial of our listing application for our Ordinary Shares.

***Our stock price may be volatile, and the value of our Ordinary Shares may decline.***

We cannot predict the prices at which our Ordinary Shares will trade. The initial public offering price of our Ordinary Shares will be determined by negotiations between us and the underwriters and may not bear any relationship to the market price at which our Ordinary Shares will trade after this offering or to any other established criteria of the value of our business and prospects, and the market price of our Ordinary Shares following this offering may fluctuate substantially and may be lower than the initial public offering price. In addition, the trading price of our Ordinary Shares following this offering is likely to be volatile and could be subject to fluctuations in response to various factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our Ordinary Shares as you might be unable to sell your Ordinary Shares at or above the price you paid in this offering.

The stock market has recently experienced extreme price and volume fluctuations. Broad market and industry fluctuations, as well as general economic, political, regulatory and market conditions, may also negatively impact the market price of our Ordinary Shares. Price volatility may be greater if the public float and trading volume of shares of our Ordinary Shares is low. Furthermore, in the past, companies that have experienced volatility in the market price of their securities have been subject to securities class-action litigation following periods of volatility in the market price of their securities. We may be the target of this type of litigation in the future, which could result in substantial costs, divert management's attention and resources, and harm our business, financial condition, and results of operations.

***Certain recent initial public offerings of companies with smaller public floats have experienced extreme stock price and volume fluctuations seemingly unrelated to company performance. Such volatility, if occurs to us, may make it difficult for prospective investors to assess the rapidly changing value of our Ordinary Shares.***

Certain recent instances of extreme stock price and volume fluctuations have been seemingly unrelated to company performance following a number of recent initial public offerings, particularly among companies with relatively smaller public floats, and we expect that such instances may continue and/or increase in the future. We anticipate that the trading price of our Ordinary Shares following this offering is likely to be volatile, and our Ordinary Shares may be subject to rapid and substantial price volatility. Such volatility, including any stock run-ups, may be unrelated or disproportionate to our actual or expected operating performance and financial condition or prospects and may distort the market perception of our Ordinary Shares, price and our company's financial performance and public image, negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.

We also anticipate that our Ordinary Shares are likely to be more sporadically and thinly traded than that of larger, more established companies with larger public floats. As a consequence of this lack of liquidity, the trade of relatively small quantities of Ordinary Shares by our stockholders may disproportionately influence the price of those shares in either direction. The price of our Ordinary Shares could, for example, decline precipitously in the event that a large number of our Ordinary Shares are sold on the market without commensurate demand as compared to a larger, more established issuer that could better absorb those sales without adverse impact on its stock price.

***If securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, the market price and trading volume of our Ordinary Shares could decline.***

The market price and trading volume of our Ordinary Shares following the completion of this offering will be heavily influenced by the way analysts interpret our financial information and other disclosures. We do not have control over these analysts. If few securities analysts commence coverage of us, or if industry analysts cease coverage of us, our Ordinary Share price could be negatively affected. If securities or industry analysts do not publish research or reports about our business, downgrade our Ordinary Shares, or publish negative reports about our business, our Ordinary Share price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our Ordinary Shares could decrease, which might cause our Ordinary Share price to decline and could decrease the trading volume of our Ordinary Shares.

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

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Ordinary Shares as a source for any future dividend income. Our Board of Directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Hong Kong law. 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 as determined by our Board of Directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our Ordinary Shares, and you may even lose your entire investment.

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

If you purchase Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per Ordinary Share. As a result, you will experience immediate and substantial dilution of US$4.74 per share, representing the difference between our as adjusted net tangible book value per share of US$1.04 as of March 31, 2025, after giving effect to the net proceeds to us from this offering, assuming no change to the number of Ordinary Shares offered by us as set forth on the cover page of this prospectus and an assumed public offering price of US$6.00 per share, which is the mid-point of the public offering price range. See "Dilution" for a more complete description of how the value of your investment in our Ordinary Shares will be diluted upon the completion of this offering.

***As a company incorporated in the BVI, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq Capital Market corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq Capital Market corporate governance listing standards.***

As a foreign private issuer that has applied to list our Ordinary Shares on the Nasdaq Capital Market, we rely on a provision in the Nasdaq Capital Market corporate governance listing standards that allows us to follow BVI law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the Nasdaq Capital Market.

For example, we are exempt from Nasdaq Capital Market regulations that require a listed U.S. company to:

● have a majority of the board of directors consist of independent directors;

● require non-management directors to meet on a regular basis without management present;

● have an independent compensation committee;

● have an independent nominating committee; and

● seek shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such as transactions, other than a public offering, involving the sale of 20% or more of our Ordinary Shares for less than the greater of the book or market value of the shares.

As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq Capital Market. Therefore, we intend to have a fully independent audit committee upon effectiveness of the registration statement of which this prospectus is a part, in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq Capital Market corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.

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

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

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

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

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

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

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

As discussed above, we are a foreign private issuer and, therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on September 30, 2024. In the future, we would lose our foreign private issuer status if: (i) more than 50% of our outstanding voting securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we were to lose our foreign private issuer status, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to comply with U.S. federal proxy requirements, and our officers, directors and 10% shareholders would become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting, and other expenses that we do not incur as a foreign private issuer.

***We will incur significantly increased costs and devote substantial management time as a result of the listing of our Ordinary Shares on the Nasdaq Capital Market.***

We will incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and Nasdaq rules, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the number of additional costs we may incur as a result of becoming a public company or the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and our business may be adversely affected.

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

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Our corporate affairs are governed by our memorandum and articles of association, as amended, and restated from time to time, the BVI Act, and the common law of the BVI. The rights of shareholders to take legal action against our directors, action by minority shareholders and the fiduciary responsibilities of our directors and officers under BVI law are governed by the BVI Act and the common law of the BVI. The common law of the BVI is derived in part from comparatively limited judicial precedent in the BVI as well as from the English common law and the wider Commonwealth, which has persuasive, but not binding, authority on a court in the BVI. The rights of our shareholders and the fiduciary responsibilities of our directors under BVI law are largely codified in the BVI Act but are potentially not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the BVI has a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.

Therefore, you may have more difficulty protecting your interests in connection with actions taken by our directors and officers or our principal shareholders than you would as a shareholder of a corporation incorporated in the United States.

***Shareholders of BVI companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests.***

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Shareholders of BVI companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. Shareholders of a BVI company could however, under certain circumstances, bring a derivative action in the BVI courts, and there is a clear statutory right to commence such derivative claims under Section 184C of the BVI Act. The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The BVI courts are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions brought in the BVI, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the BVI of judgments obtained in the United States, although the courts of the BVI would treat a final and conclusive monetary judgment for a definitive sum obtained against us in the U.S. federal or state courts as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary provided that (a) such U.S. federal or state courts had jurisdiction in the matter and we either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process, (b) the judgment given by such U.S. federal or state courts was not in respect of penalties, fines, taxes or similar fiscal or revenue obligations, (c) in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of such U.S. federal or state courts, (d) recognition or enforcement in the BVI would not be contrary to public policy, and (e) the proceedings pursuant to which judgment was obtained were not contrary to the principles of natural justice.

***BVI laws may provide less protection for minority shareholders than those under U.S. law, and therefore minority shareholders who are dissatisfied with the conduct of our affairs may not have the same options as to recourse in comparison to the shareholders of a U.S. corporation.***

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Under the laws of the BVI, the rights of minority shareholders are protected by provisions of the BVI Act dealing with shareholder remedies and other remedies available under common law (in tort or contractual remedies). The principal protection under the BVI Act is that shareholders may bring an action to enforce the constitutional documents of the company (i.e. the memorandum and articles of association) as shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of the company. A shareholder may also bring an action under the BVI Act if he feels that the affairs of the company have been or will be carried out in a manner that is oppressive, unfairly discriminatory, or unfairly prejudicial to him. Under the BVI Act, a shareholder is also able to bring an action against the company for a breach of a duty owed by the company to a shareholder in his capacity as a shareholder. Generally, any other claims against a company by its shareholders must be based on the general laws of contract or tort applicable in the BVI or their individual rights as shareholders as established by the company's memorandum and articles of association.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

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

We are a company incorporated under the laws of the BVI, we conduct our operations in Hong Kong, and a substantial portion of our assets are located in Hong Kong. In addition, certain senior executive officers reside in Hong Kong. As a result, it may be difficult for our shareholders to effect service of process upon us or those persons inside Hong Kong. In addition, Hong Kong does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the BVI and many other countries and regions. Therefore, recognition and enforcement in Hong Kong of judgments of a court in any of these non-PRC or Hong Kong jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible.

Shareholder claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue as a matter of law or practicality in Hong Kong. According to Article 177 of the PRC Securities Law which took effect in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC or Hong Kong securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities to overseas parties.

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

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We are incorporated under the laws of the BVI, and all of our directors and officers reside outside the United States. Moreover, many of these persons do not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

There is uncertainty as to whether the BVI courts would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in the BVI to impose liabilities against us or our directors or officers predicated upon the civil provisions of the federal securities laws of the United States or any state in the United States.

There is uncertainty as to whether the courts of Hong Kong would: (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is: (i) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty); and (ii) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment; or (f) the judgment was not rendered between the same parties or their privies on an identical issue.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

***Our Ordinary Shares may be subject to rapid and substantial price volatility unrelated to our performance, which could result in substantial losses to investors.***

Our Ordinary Shares may be subject to rapid and substantial price volatility and their trading price could fluctuate widely due to factors beyond our control. Upon the consummation of this offering, we will have a relatively small public float due to the relatively small size of this offering, and the concentrated ownership of our Ordinary Shares among our executive officers and directors. As a result of our small public float, our Ordinary Shares may be less liquid and have greater stock price volatility than the shares of companies with broader public ownership. This may also happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in the PRC or Hong Kong that may have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our Ordinary Shares may be highly volatile for factors specific to our Subsidiaries' operations, including the following:

● fluctuations in our Subsidiaries' revenues, earnings, and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

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

● potential litigation or regulatory investigations.

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

In addition, the stock price of a number of companies involved in initial public offerings, particularly among companies with relatively smaller public floats, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our stock. This volatility may prevent you from being able to sell your securities at or above the price you paid for your securities. If the market price of our Ordinary Shares after this offering does not exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

Furthermore, in the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

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

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

● At least 75% of our gross income for the year is passive income; or

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

Passive income generally includes dividends, interest, rents, 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 securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

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. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Material Tax Considerations - Passive Foreign Investment Company Considerations."

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

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

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have early adopted certain new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

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

The trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business and the business of our g Subsidiaries. If one or more analysts downgrade our Ordinary Shares, the market price for our 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 Ordinary Shares to decline.

***The sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.***

Sales of substantial amounts of our Ordinary Shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our Ordinary Shares, and could materially impair our ability to raise capital through equity offerings in the future. Prior to the sale of our Ordinary Shares in this offering, we have 10,000,000 Ordinary Shares issued and outstanding. The Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and Ordinary Shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and applicable lock-up agreements. There will be 12,500,000 Ordinary Shares outstanding immediately after this offering. In connection with this offering, our directors and officers named in the section "Management" and certain shareholders have agreed not to sell any Ordinary Shares until 180 days after the date of this prospectus without the prior written consent of the representative of the underwriters, subject to certain exceptions including with respect to the Ordinary Shares being sold by the Selling Shareholder pursuant to the registration statement that this prospectus forms a part of. However, the representative of the underwriters may release these securities from these restrictions at any time. We cannot predict what effect, if any, market sales of securities held by our Controlling Shareholder or any other shareholder or the availability of these securities for future sale will have on the market price of our Ordinary Shares. See "Shares Eligible for Future Sale" and "Underwriting" on page 110 and 115, respectively, of this prospectus for a more detailed description of the restrictions on selling our Ordinary Shares after the offering.

***Short selling may drive down the market price of our Ordinary Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third- party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to the selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***You must rely on the judgment of our management as to the uses of the net proceeds from this offering, and such uses may not produce income or increase our share price.***

We currently intend to use the net proceeds from this offering as follows: (i) approximately 20% for technology development; (ii) approximately 20% for sustainability initiatives; (iii) approximately 15% for retail stores and online expansion; (iv) approximately 15% for market expansion; (v) approximately 10% for international marketing campaigns; (vi) approximately 10% for staff training and development; and (vii) approximately 10% for general working capital. Holders of our Unsecured Subordinated Convertible Promissory Notes ("Notes") have the right to demand redemption at the closing of this offering and if all Notes are redeemed our Gross Proceeds will be reduced by US$1,850,000 and accordingly each intended use of proceeds will be proportionally reduced. See "Use of Proceeds" on page 46 of this prospectus".

***The statement by the SEC regarding proposed rule changes submitted by Nasdaq and an act passed by the U.S. Senate and the U.S. House of Representatives all call for additional and more stringent criteria to be applied to emerging market companies. These developments could add uncertainties to our offering, business operations, share price and reputation.***

U.S. public companies that have substantially all of their operations in China (including in Hong Kong) have been the subject of intense scrutiny, criticism, and negative publicity by investors, financial commentators, and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud.

On December 7, 2018, the SEC and the PCAOB issued a joint statement highlighting continued challenges faced by the U.S. regulators in their oversight of financial statement audits of U.S.-listed companies with significant operations in China. On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China, reiterating past SEC and PCAOB statements on matters including the difficulty associated with inspecting accounting firms and audit work papers in China and higher risks of fraud in emerging markets and the difficulty of bringing and enforcing SEC, Department of Justice and other U.S. regulatory actions, including in instances of fraud, in emerging markets generally.

On May 20, 2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act (the "HFCA") requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act.

On May 21, 2021, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in a "Restrictive Market," (ii) prohibit Restrictive Market companies from directly listing on Nasdaq Capital Market, and only permit them to list on Nasdaq Global Select or Nasdaq Global Market in connection with a direct listing and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

As more stringent criteria may be imposed, including the HFCA, which became law in December 2020, our Ordinary Shares may be prohibited from trading if our auditor cannot be fully inspected. The PCAOB issued a Determination Report on December 16, 2021 (the "Determination Report"), which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the People's Republic of China because of a position taken by one or more authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in Hong Kong.

On December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 Determination Report to the contrary.

The HFCAA prohibits foreign companies from listing their securities on U.S. exchanges if the company's auditor has been unavailable for PCAOB inspection or investigation for three consecutive years and, as a result, an exchange may determine to delist our Ordinary Shares. In June 2021, the Senate passed the AHFCAA which, if signed into law, would reduce the time period for the delisting of foreign companies under the HFCAA to two consecutive years instead of three years. In the event that the HFCAA is amended to prohibit an issuer's securities from trading on any U.S. stock exchange and our auditor is not subject to PCAOB inspections for two consecutive years instead of three, it will reduce the time before our Ordinary Shares may be prohibited from trading or delisted from an exchange.

As a result of this scrutiny, criticism and negative publicity, the publicly traded stock of many U.S. listed Chinese companies sharply decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism and negative publicity will have on us, our offering, business, and our Ordinary Share price. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our company. This situation will be costly and time consuming and distract our management from furthering our growth. If such allegations are not proven to be groundless, we and our business operations will be severely affected, and you could sustain a significant decline in the value of our Ordinary Shares.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the BVI with limited liability. We are incorporated in the BVI because of certain benefits associated with being a BVI 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 BVI has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, BVI companies may not have standing to sue before the U.S. federal courts.

Our Subsidiaries' current operations are conducted outside of the United States, and the majority of our current assets are located outside of the United States, with the majority of our and our Subsidiaries' operations and current assets being located in Hong Kong. In addition, our auditors are located in Hong Kong, and our senior executive officers are located either in Hong Kong or are Hong Kong citizens. As a result, it may be difficult for our shareholders to effect service of process upon us or those persons. In addition, Hong Kong does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts within the BVI. Therefore, recognition and enforcement in Hong Kong of judgments of a court in non-PRC or Hong Kong jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible.

Shareholder claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue as a matter of law or practicality in Hong Kong. According to Article 177 of the PRC Securities Law, which took effect in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC or Hong Kong securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities to overseas parties.

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

**BVI**

Harney Westwood & Riegels, our counsel to the laws of the BVI has advised us that there is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the BVI to impose liabilities against us or our directors or officers predicated upon the civil provisions of the federal securities laws of the United States or any state in the United States.

We have been advised by Harney Westwood & Riegels that the United States and the BVI do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be automatically enforceable in the BVI. We have also been advised by Harney Westwood & Riegels that the courts of the BVI would treat a final and conclusive monetary judgment for a definitive sum obtained against us in the U.S. federal or state courts as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary provided that (a) such U.S. federal or state courts had jurisdiction in the matter and we either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process, (b) the judgment given by such U.S. federal or state courts was not in respect of penalties, fines, taxes or similar fiscal or revenue obligations, (c) in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of such U.S. federal or state courts, (d) recognition or enforcement in the BVI would not be contrary to public policy, and (e) the proceedings pursuant to which judgment was obtained were not contrary to the principles of natural justice.

**Hong Kong**

Cheung & Choy, our counsel as to Hong Kong law, has advised us that there is currently no arrangement providing for the reciprocal enforcement of judgements between Hong Kong and the United States, as such judgments of United States courts will not be directly enforced in Hong Kong. However, under common law, a foreign judgment (including one from federal or state court in the United States) obtained against the Company may generally be treated by the courts of Hong Kong as a cause of action in itself and sued upon as a debt between the parties. In a common law action for enforcement of a foreign judgment, the judgment creditor has to prove that (a) the judgment is in personam; (b) the judgment is in the nature of a monetary award; (c) the judgment is final and conclusive on the merits and has not been stayed or satisfied in full; and (d) the judgement is from a court of competent jurisdiction; and (e) the judgment is between the same parties or their privies on an identical issue. The defenses available to the defendant in a common law action for enforcement of a foreign judgment include breach of natural justice, fraud and contrary to public policy of Hong Kong. In order to enforce the foreign judgement at common law, fresh proceedings must be initiated in Hong Kong, which involves issuing a Writ of Summons and Statement of Claim attaching the foreign judgment as proof of the debt.

There is uncertainty as to whether the courts of Hong Kong would: (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is: (i) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty); and (ii) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment; or (f) the judgment was not rendered between the same parties or their privies on an identical issue.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

**USE OF PROCEEDS**

If the underwriter does not exercise its over-allotment option, we expect to receive approximately US$10,574,598 of net proceeds from this offering, based on an assumed price to the public in this offering of $6.00 per share, which is the midpoint of the estimated initial public offering per share set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions of US$1,050,000, a non-accountable expense allowance to the underwriter of US$150,000 and estimated offering expenses of approximately US$3,225,402 payable by us. If the underwriter exercises its over-allotment option in full, we expect to receive approximately US$12,644,598 of net proceeds from this offering after deducting underwriting discounts and commissions of US$1,207,500, a non-accountable expense allowance to the underwriter of US$172,500 and estimated offering expenses of approximately US$3,225,402.

We currently intend to use the net proceeds received from this offering primarily as follows:

● approximately 20 % of the net proceeds for technology development;

● approximately 20% of the net proceeds for sustainability initiatives;

● approximately 15% of the net proceeds for retail stores and online expansion;

● approximately 15% of the net proceeds for market expansion;

● approximately 10% for international marketing campaigns

● approximately 10% for staff training and development;

● approximately 7% for general working capital; and

● approximately 3% for consulting services. (1)

Holders of our Unsecured Subordinated Convertible Promissory Notes ("Notes") have the right to demand redemption at the closing of this offering and if all Notes are redeemed our Gross Proceeds will be reduced by US$1,850,000 and accordingly each intended use of proceeds will be proportionally reduced.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

(1) See
 "Management – Consulting Agreements" and "Expenses of the Offering"

**CAPITALIZATION**

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

● on an actual basis; and

● on a pro forma as adjusted basis to reflect (i) the above; (ii) the issuance and sale of 2,500,000 Ordinary Shares by us in this offering assuming an initial offering price of US$6.00 per Ordinary Share, which is the mid-point of the initial public offering price range set forth on the cover page of this prospectus, assuming the underwriters do not exercise the over-allotment option; and (iii) the issuance and sale of 2,875,000 Ordinary Shares by us in this offering assuming an initial offering price of US$6.00 per Ordinary Share, which is the mid-point of the initial public offering price range set forth on the cover page of this prospectus, assuming the underwriters exercise the over-allotment option in full, after deducting underwriting discounts and commissions, a non-accountable expense allowance and estimated offering expenses payable by us.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Actual** | **As adjusted <sup>(1)</sup>** | **As adjusted <sup>(2)</sup>** |
|  | US$ | US$ | US$ |
| **Indebtedness** |  |  |  |
| Short-term borrowings | 1052963 | 1052963 | 1052963 |
| Converted Notes | 2049000 |  |  |
| **Shareholders' Equity** |  |  |  |
| Ordinary Shares, par value US$0.0001 par value per share, 300,000,000 Ordinary Shares authorized, 10,000,000 Ordinary Shares outstanding on an actual basis, 12,500,000 Ordinary Shares outstanding on an as adjusted basis (assuming 2,500,000 Ordinary Shares to be issued in this offering with no exercise of over-allotment option) and 12,875,000 Ordinary Shares outstanding on an as adjusted basis (assuming over-allotment option is exercised in full) | 1000 | 1250 | 1288 |
| Subscription receivable | (1000) | (1000) | (1000) |
| Additional paid-in capital <sup>(3)</sup> | 6145875 | 18982077 | 21052040 |
| Statutory reserve |  |  |  |
| Retained earnings | 5637472 | 6036472 | 6036472 |
| Accumulated other comprehensive loss | 87749 | 87749 | 87749 |
| **Total Equity** | 11871096 | 25106548 | 27176549 |
| **Non-controlling interests** | (83) | (83) | (83) |
| **Total Capitalization** | 14972976 | 26159428 | 28229429 |

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<sup>(1)</sup> Assuming no exercise of the underwriters' over-allotment option but assumes that the holders of the Notes, in the principal amount of US$1,650,000, demand redemption in full at the closing of the offering.

<sup>(2)</sup> Assuming full exercise of the underwriters' over-allotment option but assumes that the holders of the Notes, in the principal amount of US$1,650,000, demand redemption in full at the closing of the offering.

<sup>(3)</sup> These are the amounts after netting the deferred offering cost of US$763,548 as of March 31, 2025, non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters and additional principal repayment to one of the Notes, if applicable.

**DIVIDENDS AND DIVIDEND POLICY**

We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business, and we do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects, other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

Since incorporation, the Company has not declared or paid any dividends or distributions, except for the interim dividend declared March 31, 2024, amounting $3,833,425, of which US$1,878,378 was due to its subsidiary Marvel and eliminated pursuant to our reorganization and US$1,955,047 as included in the consolidated statement of changes in shareholders' equity was paid to Ms. Tang Sui Wan, our Controlling Shareholder, in the form of an offset against the related party amount due from her. There has been no transfer of assets among the Company and its Subsidiaries, except for the transfer of intellectual properties including trademarks, patents and domain names from Marvel to Rocksolid, our wholly-owned Subsidiaries, pursuant to our Reorganization. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our subsidiaries by way of dividend payments.

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

Under the BVI Act, a BVI company may make a dividend distribution to its shareholders if the directors are satisfied, on reasonable grounds, that such BVI company will, immediately after the distribution, satisfy the solvency test, meaning that the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

We are a holding company incorporated in the BVI with no operating revenue or profit of our own. We rely on dividends paid to us by our Subsidiaries for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur, and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our Subsidiaries. According to the BVI Act (as amended), a BVI company may make dividends distribution to the extent that immediately after the distribution, the value of the company's assets exceeds its liabilities, and that such company is able to pay its debts as they fall due. According to the Companies Ordinance of Hong Kong, a Hong Kong company may only make a distribution out of profits available for distribution. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by us.

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

**DILUTION**

Investors purchasing our Ordinary Shares in this offering will experience immediate and substantial dilution in the pro forma as adjusted net tangible book value of their Ordinary Shares. Dilution in pro forma as adjusted net tangible book value represents the difference between the initial public offering price of our Ordinary Shares and the pro forma as adjusted net tangible book value per share of our Ordinary Shares immediately after the offering.

Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill, right-of-use assets, deferred offering costs, and other intangible assets, net) less total liabilities, divided by the number of outstanding Ordinary Shares. As of March 31, 2025, our historical net tangible book value was US$2,179,783 or US$0.22 per share. After giving effect to the sale of Ordinary Shares in this offering by the Company assuming an initial offering price of US$6.00 per Ordinary Share, which is the mid-point of the initial public offering price range set forth on the cover page of this prospectus, after deducting US$1,050,000 in underwriting discounts and commissions (assuming 2,500,000 Ordinary Shares to be issued in this offering with no exercise of over-allotment option), a non-accountable expense allowance to the underwriter of US$150,000 and estimated offering expenses payable by the Company of approximately US$1,813,548, the pro forma as adjusted net tangible book value as of March 31, 2025 would have been approximately US$15,779,783 or US$1.26 per Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$1.04 per Ordinary Share to our existing stockholders and an immediate dilution of US$4.74 per share to new investors purchasing Ordinary Shares in this offering. If the over-allotment is exercised in full, the pro forma as adjusted net tangible book value as of March 31, 2025 would have been approximately US$17,849,783, or US$1.39 per Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$1.17 per Ordinary Share to our existing stockholders and an immediate dilution of US$4.61 per share to new investors purchasing Ordinary Shares in this offering.

The following table illustrates this dilution on a per Ordinary Share basis to new investors.

---

| | | |
|:---|:---|:---|
|  | **No exercise of Over-allotment Option <sup>(1) (3)</sup>** | **Full Exercise of Over-allotment Option <sup>(2) (3)</sup>** |
| Initial public offering price per Ordinary Share | $6.00 | $6.00 |
| Historical net tangible book value per Ordinary Share as of March 31, 2025 | $0.22 | $0.22 |
| Increase in as adjusted net tangible book value per Ordinary Share attributable to the investors in this offering | $1.04 | $1.17 |
| Pro forma net tangible book value per Ordinary Share after giving effect to this offering | $1.26 | $1.39 |
| Dilution per share to new investors participating in this offering | $4.74 | $4.61 |

---

(1) Assumes
 gross proceeds from the offering of 2,500,000 Ordinary Shares and assumes that the underwriter's over-allotment option
 has not been exercised.

(2) Assumes
 gross proceeds from the offering of 2,500,000 Ordinary Shares and assumes that the underwriter's over-allotment option
 has been exercised in full.

(3) Assumes
 that none of the Notes are converted into Ordinary Shares.

The following table illustrates this dilution on a per Ordinary Share basis to new investors assuming that all of the Notes are converted into 308,333 Ordinary Shares under Mandatory Conversion.

---

| | | |
|:---|:---|:---|
|  | **No exercise of Over-allotment Option <sup>(1) (3)</sup>** | **Full Exercise of Over-allotment Option <sup>(2) (3)</sup>** |
| Initial public offering price per Ordinary Share | $6.00 | $6.00 |
| Historical net tangible book value per Ordinary Share as of March 31, 2025 | $0.22 | $0.22 |
| Increase in as adjusted net tangible book value per Ordinary Share attributable to the investors in this offering | $1.16 | $1.27 |
| Pro forma net tangible book value per Ordinary Share after giving effect to this offering | $1.38 | $1.49 |
| Dilution per share to new investors participating in this offering | $4.62 | $4.51 |

---

(1) Assumes
 gross proceeds from the offering of 2,500,000 Ordinary Shares and assumes that the underwriter's over-allotment option
 has not been exercised.

(2) Assumes
 gross proceeds from the offering of 2,500,000 Ordinary Shares and assumes that the underwriter's over-allotment option
 has been exercised in full.

The following table sets forth the number of Ordinary Shares owned, the total amount paid and the average price per Ordinary Share paid by (i) existing shareholders excluding Ms. Tang prior to this offering, (ii) the Notes, and (iii) investors purchasing Ordinary Shares in this offering, before deducting the estimated discounts to the underwriters and the estimated offering expenses payable by the Company.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | |
|  | **Number** | **Percent<sup>(1)(2)</sup>** | **Amount**<br> **(US$)** | **Percent** | **Average price per**<br>**share**<br> **(US$)** |
| Existing shareholders excluding Ms. Tang | 2103250 | 42.82% | $210 | 0.00% | $0.0001 |
| The Notes <sup>(1)</sup> | 308333<sup>(2)</sup> | 6.28% | $1650000 | 9.91% | $5.3514 |
| New Investors from Public Offering | 2500000<sup>(2)</sup> | 50.90% | $15000000<sup>(2)</sup> | 90.09%<sup>(2)</sup> | $6.0000 |
| **Total** | 4911583<sup>(3)</sup> | 100.00%<sup>(3)</sup> | $16650210 | 100.00% | $3.3900 |

---

<sup>(1)</sup> Represents the percent ownership after this offering. Prior to the offering, the Notes own an aggregate of 2.99% of the outstanding Ordinary Shares of the Company which assumes issuance of 308,333 Ordinary Shares upon full the conversion of the Notes.

<sup>(2)</sup> Assumes no exercise of the over-allotment option by the underwriters.

<sup>(3)</sup> The remaining 7,896,750 Ordinary Shares, or 61.65% of the outstanding Ordinary Shares following this offering, are beneficially owned by Ms. Tang, our CEO. The Company's current business and financial position are the direct result of Ms. Tang's investment of time, money and labor over approximately the last 15 years, the value of which cannot be accurately calculated.

**SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA**

*The following summarizes the combined statements of operations and comprehensive income for the years ended March 31, 2025, and 2024 and the combined balance sheets as of March 31, 2025, and 2024 have been derived from our consolidated financial statements included elsewhere in this prospectus. The selected financial data set forth below should be read in conjunction with and are qualified by reference to "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and notes thereto included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results do not necessarily indicate results expected for any future period.*

 **RIVERSTONE LTD**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Revenues | $46293096 | $39303668 |
| Cost of revenues | (38690051) | (34887558) |
| **Gross profit** | **7603045** | **4416110** |
| **Operating expenses:** |  |  |
| General and administrative expenses | (2721088) | (788722) |
| Sales and marketing expenses | (678475) | (217805) |
| Research and development expenses | - | (69709) |
| **Total operating expenses** | **(3399563)** | **(1076236)** |
| **Operating income** | **4203482** | **3339874** |
| Other (expense)/income: |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes payable | (399000) |  |
| &nbsp;&nbsp;&nbsp;Financial expenses, net | (224565) | (131099) |
| &nbsp;&nbsp;&nbsp;Other income/(expenses), net | 82389 | (136986) |
| **Total other expenses, net** | **(541176)** | **(268085)** |
| **Income before income tax expenses** | **3662306** | **3071789** |
| Income tax expenses | (650676) | (553006) |
| **Net income** | **3011630** | **2518783** |
| Net loss attributable to non-controlling interest | (88) | **-** |
| **Net income attributable to Riverstone Ltd's shareholders** | **3011718** | **2518783** |
| **Other comprehensive income:** |  |  |
| Foreign currency translation adjustment attributable to non-controlling interest, net of nil income taxes | 5 |  |
| Foreign currency translation adjustment attributable to Riverstone Ltd.'s shareholders, net of nil income taxes | 71669 | 22974 |
| **Total other comprehensive income** | **71674** | **22974** |
| **Total comprehensive income** | $**3083304** | $**2541757** |
| Total comprehensive loss attributable to non-controlling interest | (83) | **-** |
| Total comprehensive income attributable to Riverstone Ltd's shareholders | 3083387 | 2541757 |
| **Earnings per ordinary share** |  |  |
| Basic and Diluted | 0.30 | 0.25 |
| **Weighted average number of ordinary shares outstanding <sup>(1)</sup>** |  |  |
| Basic and Diluted | 10000000 | 10000000 |

---

(1) The
 shares and per share data are presented on a retroactive basis to reflect the Reorganization.

**Supplemental pro forma data**

Assuming that the Holders of the Notes exercise the earlier redemption right or the conversion right, the effect on earnings per ordinary share is shown as follows:

---

| | |
|:---|:---|
|  | **For the years ended<br> March 31, 2025** |
| **As-if redeemed <sup>(1)</sup>** |  |
| **Earnings per share** |  |
| Net income | $3011630 |
| Change in fair value of convertible notes payable | 399000 |
| Additional redemption premium on convertible notes payable | (200000) |
| Interest expense on convertible notes payable | 39997 |
| **Supplemental pro forma net income** | $**3250627** |
| Weighted average common shares outstanding <sup>(2)</sup> | 12500000 |
| **Supplemental pro forma net income per ordinary share** | $0.26 |
| **As-if converted <sup>(3)</sup>** |  |
| **Earnings per share** |  |
| Net income | $3011630 |
| Change in fair value of convertible notes payable | 399000 |
| Interest expense on convertible notes payable | 39997 |
| **Supplemental pro forma net income** | $**3450627** |
| Weighted average common shares outstanding | 12808333 |
| **Supplemental pro forma net income per ordinary share** | $0.27 |

---

(1) The
 related computation represents the assumed redemption by Holders of all of the Notes for $1,850,000, being the aggregate of principal amounts and redemption premium, using the cash proceeds from
 the IPO and assumed impact of reduction of any related interest expense and change in fair value assuming redemption at the beginning
 of the earliest period presented.

(2) The
 weighted average ordinary shares outstanding have been adjusted to reflect the assumption that the IPO was completed at the beginning
 of the earliest period presented (April 1, 2024). The Company is offering 2,500,000 ordinary shares in the IPO (as set forth on the
 cover page of the prospectus). These shares are assumed to be outstanding from April 1, 2024, for purposes of the pro forma computation.

(3) The
 related computation represents the assumed conversion by Holders of all of the Notes for $1,650,000 into the Company's Ordinary
 Shares at the beginning of the earliest period presented. In the event of the closing of a firm commitment underwritten public offering
 prior to the Maturity Date in which gross proceeds of at least $5,000,000 are raised (subject to adjustments for stock dividends,
 splits, combinations, and similar events) (a QPO), the conversion price will be the greater of 66.67% or 100% of the anticipated
 QPO offering price or $4.00, giving rise to a total conversion shares of 308,333.

**RIVERSTONE LTD**

**CONSOLIDATED BALANCE SHEETS**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $626267 | $482451 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 261355 | 259819 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 9551686 | 5634903 |
| &nbsp;&nbsp;&nbsp;Inventories | 61309 | 165077 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 1963839 | 1724658 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties | 290012 | 160076 |
| &nbsp;&nbsp;&nbsp;Income tax recoverable | 79 | 73 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1728970 | 147352 |
| **Total current assets** | **14483517** | **8574409** |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Plant and equipment, net | 906638 | 278782 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 6182618 | 6146335 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 2745064 | 1809923 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 5082 | 9515 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses for plant and equipment | 82986 | 210885 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 763548 | - |
| **Total non-current assets** | **10685936** | **8455440** |
| **Total Assets** | $**25169453** | $**17029849** |
| **LIABILITIES** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $1052963 | $1646653 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2923409 | 922022 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 503921 | 104728 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | 1937347 | 1713630 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current | 259972 | 195518 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 640544 | 538201 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1292624 | 1399090 |
| **Total current liabilities** | **8610780** | **6519842** |
| **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities, non-current | 2638660 | 1722298 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, non-current | 2049000 | - |
| **Total non-current liabilities** | **4687660** | **1722298** |
| **Total Liabilities** | $**13298440** | $**8242140** |
| Commitments and Contingencies |  |  |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Shares (US$0.0001 par value; 300,000,000 and 300,000,000 shares authorized as of March 31, 2025 and 2024, respectively, 10,000,000 and 10,000,000 issued and outstanding as of March 31, 2025 and 2024, respectively) \* | $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (1000) | (1000) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 6145875 | 6145875 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 5637472 | 2625754 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 87749 | 16080 |
| **Total Equity attributable to the shareholders of Riverstone Ltd** | **11871096** | **8787709** |
| Non-controlling interests | (83) | **-** |
| **Total Shareholders' equity** | **11871013** | **8787709** |
| **Total Liabilities and Shareholders' Equity** | $**25169453** | $**17029849** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization.

**RIVERSTONE LTD**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $3011630 | $2518783 |
| *Adjustments to reconcile net income to net cash provided by/(used in) operating activities:* |  |  |
| Depreciation and amortization | 103251 | 19283 |
| Amortization of right-of-use assets | 224524 | 164435 |
| Provision for credit loss | 126859 | 57677 |
| Deferred tax expense/(benefit) | 4482 | (9517) |
| Change in fair value of convertible note payable | 399000 |  |
| *Changes in operating assets and liabilities:* |  |  |
| Accounts receivable | (4018474) | (3949226) |
| Advances to suppliers | (247764) | (1737460) |
| Inventories | 103649 | (166302) |
| Amounts due from/to related parties | 113994 | (521891) |
| Income tax recoverable | (6) | 40584 |
| Prepaid expenses and other current assets | (1173069) | (90944) |
| Other non-current assets | 127550 | (212450) |
| Accounts payable | 2009720 | 886782 |
| Deferred revenue | 401131 | 105527 |
| Operating lease liabilities | (178048) | (55742) |
| Income tax payable | 98996 | 536773 |
| Accrued expenses and other current liabilities | (400090) | 1371362 |
| **Net cash provided by/(used in) operating activities** | **707335** | **(1042326)** |
| **Cash flows from investing activities:** |  |  |
| Purchase of plant and equipment | (513047) | (326887) |
| **Net cash used in investing activities** | **(513047)** | **(326887)** |
| **Cash flows from financing activities:** |  |  |
| Proceeds from short-term borrowings | 5683676 | 5264998 |
| Repayments of short-term borrowings | (6286089) | (4650227) |
| Repayment of loan from related party | (26829) | (62501) |
| Proceeds from convertible notes payable | 1250000 |  |
| Payment of deferred offering cost | (696660) | - |
| **Net cash (used in)/provided by financing activities** | **(75902)** | **552270** |
| **Effect of exchange rate changes on cash and cash equivalents and restricted cash** | **26966** | **37040** |
| **Net change in cash and cash equivalents and restricted cash** | **145352** | **(779903)** |
| **Cash and cash equivalents and restricted cash, at beginning of the year** | **742270** | **1522173** |
| **Cash and cash equivalents and restricted cash, at end of the year** | $**887622** | $**742270** |
| **Reconciliation of cash and restricted cash reported within the consolidated balance sheets** |  |  |
| Cash and cash equivalents | $626267 | $482451 |
| Restricted cash | 261355 | 259819 |
| **Cash and cash equivalents and restricted cash at the end of the year** | $**887622** | $**742270** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| Income tax paid | 547199 | 73 |
| Interest paid | 110931 | 107475 |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:** |  |  |
| Obtaining right-of-use assets in exchange for operating lease liabilities | 1173654 | 1961938 |
| Payable related to dividends |  | 1955372 |
| Shareholder contribution of the trademark |  | 6146896 |

---

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus, particularly in "Risk Factors" and elsewhere in this prospectus. See "Cautionary Note Regarding Forward Looking Statements." All amounts in the fiscal years ended March 31, 2025, and 2024 are derived from our audited consolidated financial statements included elsewhere in this prospectus. These financial statements have been prepared in accordance with U.S. GAAP.*

***Business Overview***

We are a vertically integrated, B2B (Business to Business) and B2C (Business to Consumer), fast fashion supply chain management service provider, combining advanced technologies and ethical practices. We represent over 15 years of experience offering our customers up-to-date, innovative, and sustainable fast fashion products as well as a full suite of artificial intelligence ("AI") and 3D assisted services from market trend analysis, product design and development, raw material sourcing, manufacturing, quality control, inventory management and logistics management. Serving customers located in Australia, Mexico, the United Kingdom, and the U.S. markets, we are a one-stop destination for producers and retailers of fast fashion apparel products. We are committed to reducing our environmental impact through recycling, clean processes, traceable sourcing, and other eco-friendly practices and we strive for sustainable solutions to fulfil our customers' needs throughout garment production.

We experienced robust growth in our net revenues, which increased from US$39,303,668 for the year ended March 31, 2024, to US$46,293,096 for the year ended March 31, 2025. Our gross profit also increased from US$4,416,110 in 2024 to US$7,603,045 in 2025, representing gross profit margin of 11.2% and 16.4% for the same years, respectively.

Key Factors Affecting Our Results of Operations

We believe the following key factors may affect our financial condition and results of operations:

● our ability to maintain our major customers;

● our ability to develop and introduce innovative new products to meet changing consumer preferences;

● our ability to enhance our operational efficiency; and

● our ability to acquire sufficient parts and materials and key components from their suppliers in suitable quantity and quality.

**Components of Results of Operations**

***Revenue***

**Sales of goods**

We integrate professional ladies' wear design, pattern making, production, processing, customization, and sales both to the international brands and retailers.

**Royalty income**

Our royalty income contracts are generally structured whereby the customers sells clothes using our trademark to the purchaser and we collect its percentage royalty based on the revenue generated.

**Cost of Revenues**

Cost of revenues consists primarily of purchase of raw materials and finished goods, inbound freight costs, outbound freight costs associated with shipping goods to customers, sub-contracting costs, direct and indirect labor and related benefits, and related overhead. Overhead includes all costs related to manufacturing or sourcing goods, including costs of packing materials, depreciation of long-lived assets, as well as related costs that are directly attributable to our principal operations.

***Operating Expenses***

Our operating expenses consist primarily of general and administrative expenses, sales and marketing expenses, and research and development expenses.

**General and Administrative Expenses**

General and administrative expenses consist primarily of (i) salary and benefits for general and administrative personnel, (ii) professional service fee, (iii) rental fee including depreciation of right-of-use assets and short term leases, and (iv) other corporate expenses.

**Sales and Marketing Expenses**

Sales and marketing expenses mainly consist of (i) salary and benefits for sales and marketing personnel, and (ii) advertising costs and market promotion expenses.

**Research and Development Expenses**

Research and development expenses consist primarily of (i) salary and welfare for research and development personnel, (ii) material consumption and (iii) other miscellaneous research and development expenses.

**Taxation**

***British Virgin Islands***

Riverstone and Rocksolid were incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, we are not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the British Virgin Islands.

***Hong Kong***

Marvel, D&J and Ka Yee were established in Hong Kong and is subject to a two-tiered profits tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first HKD2 million of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate, 16.5%. All entities with profits chargeable to Profits Tax in Hong Kong would qualify for the two-tiered profits tax rates, except those with a connected entity which is nominated to be chargeable at the two-tiered rates. The two-tiered profits tax rates would not apply to the taxpaying entity. The whole of the taxpaying entity's assessable profits will be chargeable to Profits Tax at the rate of 16.5%. However, the Commissioner may apply the two-tiered profits tax rates to one of the connected entities for a year of assessment if that entity elects the two-tiered rates. An entity's election is effective only if no other connected entity has made an election for the same year of assessment. However, a different connected entity may elect the two-tiered profits tax rates for a different year of assessment if all conditions are met. For the years ended March 31, 2025, and 2024, we applied the two-tiered profits tax rates to D&J.

***China***

Generally, D&J Ganzhou, which is considered as a PRC resident enterprise under PRC tax law, is subject to enterprise income tax on its worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%.

The State Administration of Taxation further announced that from January 1, 2021 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount of taxable income can be halved from 25% to 12.5%, and the enterprise income tax will be levied at 20%, for small-scale and low-profit enterprises, and from January 1, 2022 to December 31, 2024, small-scale and low-profit enterprises can enjoy a 20% enterprise income tax rate on 25% of the taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million. In accordance with announcement of the Ministry of Finance and the State Taxation Administration [2023] No. 6, which was effective from January 1, 2023, to December 31, 2024, preferential tax rate became 5% on taxable income below RMB1 million. According to announcement of the Ministry of Finance and the State Taxation Administration [2023] No.12, which became effective on January 1, 2023, and until to December 31, 2027, small-scale, low profit enterprises are subject to the preferential income tax rate of 5% (only 25% of such taxable income shall be subject to enterprises income tax at a tax rate of 20%).

For the year ended March 31, 2025 and 2024, D&J Ganzhou was recognized as small-scale and low-profit enterprises.

If our holding company in the British Virgin Islands or any of our consolidated entities outside of China were deemed to be a "resident enterprise" under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.

***Australia***

WeDress Australia incorporated in Australia is a base rate entity for the years ended March 31, 2025, and 2024, and the 25% company tax rate applies.

***United Kingdom***

WeDress UK was established in 2024 and incorporated in United Kingdom, and it is subject to corporation tax at different tax rates, depending upon the profits made. For the year ended March 31, 2025, the corporation tax rate is 19%.

***United Mexican States***

WeDress Mexico incorporated in Mexico, which considered as a Mexican resident enterprise and subject to corporate income tax on its worldwide taxable income. The federal corporate income tax rate is 30%.

***United States***

WeDress U.S. incorporated in the US is subject to U.S. federal corporate income tax at a statutory rate of 21%, and also to state corporate income taxes, which generally range from 1% to 10% depending on the state and taxable income levels.

***Results of Operations***

***Comparison of the Years Ended March 31, 2025, and 2024***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
| Revenues | 46293096 | 100.0 | 39303668 | 100.0 |
| Cost of revenues | (38690051) | (83.6) | (34887558) | (88.8) |
| **Gross profit** | **7603045** | **16.4** | **4416110** | **11.2** |
| **Operating expenses:** |  |  |  |  |
| General and administrative expenses | (2721088) | (5.9) | (788722) | (2.0) |
| Sales and marketing expenses | (678475) | (1.5) | (217805) | (0.5) |
| Research and development expenses | - | - | (69709) | (0.2) |
| **Total operating expenses** | **(3399563)** | **(7.4)** | **(1076236)** | **(2.7)** |
| **Income from operations** | **4203482** | **9.0** | **3339874** | **8.5** |
| Other (expenses)/income: |  |  |  |  |
| Change in fair value of convertible notes payable | (399000) | (0.9) |  |  |
| Financial expenses, net | (224565) | (0.5) | (131099) | (0.3) |
| Other income/(expenses), net | 82389 | 0.2 | (136986) | (0.4) |
| **Total other expenses, net** | **(541176)** | **(1.2)** | **(268085)** | **(0.7)** |
| **Income before income tax expenses** | **3662306** | **7.8** | **3071789** | **7.8** |
| Income tax expenses | (650676) | (1.4) | (553006) | (1.4) |
| **Net income** | **3011630** | **6.4** | **2518783** | **6.4** |

---

**Revenues**

Our revenues increased by 17.8% from US$39,303,668 in 2024 to US$46,293,096 in 2025. This increase was primarily due to the increase in revenue from our sales of goods.

The following table set forth the breakdown of our revenue by categories for the years indicated:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
| Sales of goods | 45005083 | 38114277 |
| Royalty income | 1288013 | 1189391 |
| **Total revenue** | **46293096** | **39303668** |

---

● *Sales of goods.* Our revenue from sales of goods increased by 18.1% from US$38,114,277 in 2024 to US$45,005,083 in 2025. The increase was primarily driven by higher revenues from our top-5 customers of 2025, which increased by US$8,108,192 from US$14,479,820 in 2024 to US$22,588,012 in 2025. The growth was primarily due to both a 5% increase in unit sales, from 1,921,528 units in 2024 to 2,520,552 units in 2025, and an increase in average selling price per garment, which increased from US$8.0 in 2024 to US$9.0 in 2025. Additionally, revenue from our Oceania region increased by US$7,431,319 from US$8,358,038 in 2024 to US$15,789,357 in 2025, respectively, which contributed materially to our overall revenue growth.

● *Royalty income.* Our revenue from royalty income increased by 8.3% from US$1,189,391 in 2024 to US$1,288,013 in 2025.

**Cost of Revenues**

Our cost of revenues increased by 10.9% from US$34,887,558 in 2024 to US$38,690,051 in 2025, which was generally in line with the increase in our revenue for the year.

**Gross margin**

The gross profit and gross profit margin in 2025 were US$7,603,045 and 16.4%, respectively, compared with US$4,416,110 and 11.2% in 2024. The increase was primarily attributed to (i) higher sales volume and (ii) cost savings from procurement, resulting from our own manufacturing facility that allows us to more efficiently produce products that are of the higher quality and at the lower cost available.

**Operating Expenses**

Our operating expenses increased by 215.9% from US$1,076,236 in 2024 to US$3,399,563 in 2025.

● *General and administrative*. Our general and administrative expenses increased by 245.0% from US$788,722 in 2024 to US$2,721,088 in 2025. The increase was primarily due to (i) an increase of US$870,184 in professional service fees, mainly representing the professional service fees in relation to this offering, (ii) an increase in employee compensation of US$622,011, mainly due to an increase in headcount to cope with the expansion of the business of the Group, (iii) an increase of US$109,763 in rental fee including depreciation of right-of-use assets and short term leases, mainly due to new office lease, (iv) an increase of US$113,029 in office expenses as a result of our business growth.

● *Sales and marketing*. Our sales and marketing expenses increased by 211.5% from US$217,805 in 2024 to US$678,475 in 2025. This increase was primarily due to an increase in employee compensation of US$358,287, as the size of our sales team increased to cope with the expansion of the business of the Group.

● *Research and development*. Our research and development expenses decreased from US$69,709 in 2024 to nil in 2025 as we did not conduct any research and development activities in 2025.

**Other Income/(Expenses), net**

Other income, net was US$82,389 in 2025 and consisted primarily of government grants US$72,840 and partially offset by exchange losses US$15,091. Our government grants received in cash were not contingent upon our further actions or performance. These one-time government subsidies were related to the local government's financial support for local businesses. We are not expecting to receive government subsidies of such an amount continuously.

Other expenses, net was US$136,986 in 2024 and consisted primarily of US$116,240 from exchange loss and US$11,083 from the donation for a local event.

**Change in fair value of convertible notes payable**

In 2025, we recognized a US$399,000 change in fair value of convertible notes payable, which is accounted for under the fair value option and the Unsecured Subordinated Convertible Promissory Notes ("Notes") were issued from October 2024 to March 2025 in an aggregate principal amount of US$1,650,000, of which cash proceeds of US$1,250,000 was duly received and the remaining US$400,000 was recorded as Notes receivable and classified under the "Prepaid expenses and other current assets" line item in the consolidated balance sheet as of March 31, 2025. Accordingly, the total fair value of the Notes was recorded as US$2,049,000, being the sum of US$1,650,000 principal amount and US$399,000 change in fair value, as of March 31, 2025. The fair value change was primarily caused by the increase in the intrinsic value of some of the Notes making the value of potentially converted shares higher than at the debt issuance.

**Financial Expenses, net**

Our financial expenses, net was US$224,565 in 2025, compared with US$131,099 in 2024. Our financial expenses in 2025 and 2024 were primarily interest from the short-term borrowings.

***Liquidity and Capital Resources***

The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. Our principal sources of liquidity have been cash from financing activities. We had cash and cash equivalents of US$626,267, excluding restricted cash of US$261,355 as of March 31, 2025.

Based on our current level of operations and available cash, we believe our available cash, committed funding from bank and credit facilities will provide sufficient liquidity to fund our current obligations, projected working capital requirements, debt service requirements and capital spending requirements at least for the next 12 months. We may, however, require additional cash resources due to changing business conditions or other future developments, including any investments or acquisitions we may decide to selectively pursue. If our existing cash resources are insufficient to meet our requirements, we may seek to sell equity or equity-linked securities, sell debt securities or borrow from banks. We cannot assure you that financing will be available in the amounts we need or on terms acceptable to us, if at all. The sale of additional equity securities would result in additional dilution to our shareholders. The incurrence of indebtedness and issuance of debt securities would result in debt service obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders.

***Cash Flows and Working Capital***

***Comparison of the Years Ended March 31, 2025, and 2024***

The following table sets forth a summary of our cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
| Net cash provided by/(used in) operating activities | 707335 | (1042326) |
| Net cash used in investing activities | (513047) | (326887) |
| Net cash (used in)/provided by financing activities | (75902) | 552270 |
| Effect of exchange rate changes | 26966 | 37040 |
| Net increase /(decrease) in cash and cash equivalents and restricted cash | 145352 | (779903) |
| Cash and cash equivalents and restricted cash at beginning of the year | 742270 | 1522173 |
| Cash and cash equivalents and restricted cash at end of the year | 887622 | 742270 |

---

**Operating Activities**

Net cash provided by operating activities amounted to US$707,335 in 2025, compared to net income of US$3,011,630. The principal adjustments to reconcile our net income to our net cash provided by operating activities were change in fair value of convertible notes payable of US$399,000, the amortization of right-of-use assets of US$224,524 and depreciation and amortization of US$103,251. The principal change in operating assets and liabilities accounting for the difference between our net income and our net cash provided by operating activities in 2025 were an increase in accounts payable of US$2,009,720 and partially offset by an increase of accounts receivable of US$4,018,474 and an increase of prepaid expenses and other current assets of US$1,173,069.

Net cash used in operating activities amounted to US$1,042,326 in 2024, compared to net income of US$2,518,783. The principal adjustments to reconcile our net income to our net cash used in operating activities were the amortization of right-of-use assets of US$164,435 and provision for credit losses of US$57,677. The principal change in operating assets and liabilities accounting for the difference between our net income and our net cash used in operating activities in 2024 were an increase in accounts receivable of US$3,949,226, an increase in advances to suppliers of US$1,737,460, and an increase in amounts due from/to related parties of US$521,891, and partially offset by an increase of accrued expenses and other current liabilities of US$1,371,362, an increase of accounts payable of US$886,782, and an increase of income tax payable of US$536,773.

**Investing Activities**

Net cash used in investing activities amounted to US$513,047 in 2025, due to the purchases of plant and equipment.

Net cash used in investing activities amounted to US$326,887 in 2024, due to the purchases of plant and equipment.

**Financing Activities**

Net cash used in financing activities was US$75,902 in 2025, which primarily comprised repayments of borrowings of US$6,286,089 and payment of deferred offering cost of US$696,660, partially offset by proceeds from borrowings of US$5,683,676 and proceeds from convertible notes payable of US$1,250,000.

Net cash provided by financing activities was US$552,270 in 2024, which primarily comprised proceeds from borrowings of US$5,264,998, partially offset by repayments of borrowings of US$4,650,227.

**Material Cash Requirements**

Our material cash requirements as of March 31, 2025, and any subsequent period primarily include our capital expenditures.

***Capital Expenditures***

We made capital expenditures of US$513,047 and US$326,887 in 2025 and 2024, respectively. Our capital expenditures are primarily incurred for the purpose of acquisition of plant and equipment. We intend to fund our future capital expenditures with our existing cash balance. We will continue to make capital expenditures to meet the expected growth of our business.

**Material Contractual Obligations and Commitments**

The following table sets forth our contractual obligations including interest payment, if applicable, as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Total** | **Within 1 year** | **Within 1-3 years** | **Within 4-5 years** | **Over 5 years** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
| Operating lease obligations <sup>(1)</sup> | 3476826 | 369740 | 711670 | 736808 | 1658608 |
| For loan repayment | 1085973 | 812265 | 273708 |  |  |
| For leasehold improvement | 34203 | 34203 | - | - | - |
| **Total** | **4597002** | **1216208** | **985378** | **736808** | **1658608** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We
 lease facilities and offices under non-cancelable operating lease agreements.

***Critical Accounting Policies and Estimates***

We prepare our consolidated financial statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. We continually evaluate these judgments and estimates based on our own experience, knowledge and assessment of current business and other conditions, and our expectations regarding the future based on available information and assumptions that we believe to be reasonable. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

When reading our consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. Our critical accounting policies and practices include the following: (i) Provision for credit losses; and (ii) Provision of income tax and valuation allowance for deferred tax asset. See "Note 2 — Summary of Significant Accounting Policies" to our consolidated financial statements for the disclosure of these accounting policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our financial statements.

**Provision for credit losses**

In accordance with Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses, we evaluate its accounts receivable, amount due from related parties, and other current receivable included in other current assets for expected credit losses on a regular basis. We maintain an estimated provision for credit losses to reduce its receivables to the amount that it believes will be collected. We consider factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer's payment history, creditworthiness, current market conditions, reasonable and supportable forecasts of future economic conditions, and other specific circumstances related to the accounts. We adjust the provision percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the receivables are likely to be unrecoverable, we also make specific provision in the period in which a loss is determined to be probable. Receivables balances are written off after all collection efforts have been exhausted.

For the years ended March 31, 2025, and 2024, we recorded US$30,799 and US$52,249 provision for credit losses for accounts receivable, respectively. The Group had written off US$148,581 of accounts receivable and nil for the years ended March 31, 2025 and 2024, respectively. We did not record any provision for credit losses for other receivable for the years ended March 31, 2025 and 2024, respectively. For the years ended March 31, 2025, and 2024, we recorded nil and US$5,419 provision for credit losses for amount due from related parties, respectively.

**Provision of income tax and valuation allowance for deferred tax asset**

Current income taxes are provided for in accordance with the laws of the relevant tax authorities.

Deferred income taxes are recognized when temporary differences exist between the tax basis of assets and liabilities and their reported amounts in the financial statements and are recorded as non-current in the consolidated balance sheet. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The amount of valuation allowances was US$91,560 and $76,543 as of March 31, 2025, and 2024, respectively.

The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. We did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended for the years ended March 31, 2025, and 2024.

Recent Accounting Standards

We are an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (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 companies but any such 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 not an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is to be adopted on a prospective basis with the option to apply retrospectively and is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. We are in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

In March 2024, the FASB issued ASU 2024-02, which removes references to the Board's concepts statements from the FASB Accounting Standards Codification (the "Codification" or ASC). The ASU is part of the Board's standing project to make "Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements." Our management does not believe the adoption of ASU 2024-02 will have a material impact on our consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03 (Expense Disaggregation Disclosures). The amendment confirms that all public business entities must adopt ASU 2024-03 in annual periods beginning after December 15, 2026, and in interim periods beginning after December 15, 2027, addressing ambiguity for non-calendar year-end entities. Early adoption of ASU 2024-03 remains allowed. We are currently evaluating the impact of adopting ASU 2024-03 and ASU 2025-01.

We do not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

Quantitative and Qualitative Disclosures about Market Risks

***Foreign Exchange Risk***

The RMB, HKD, AUD and MXN has fluctuated against the USD, at times significantly and unpredictably during the reporting periods. The depreciation of the RMB against the US$ was approximately 0.5% and 5.1% for the years ended March 31, 2025, and 2024, respectively. The appreciation of the HKD against the US$ was approximately 0.6% and 0.3% for the years ended March 31, 2025 and 2024, respectively. The depreciation of the AUD against the US$ was approximately 4.6% and 2.8% for the years ended March 31, 2025, and 2024, respectively. The depreciation of the MXN against the US$ was approximately 23.6% for the years ended March 31, 2025, and the appreciation of the MXN against the US$ was approximately 8.1% for the years ended March 31, 2024. It is difficult to predict how market forces or the PRC, Hong Kong, Australia, Mexico or U.S. government policy may impact the exchange rate between the RMB, HKD, AUD, MXN and the US$ in the future.

***Credit Risk***

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

***Interest Rate Risk***

Our exposure to interest rate risk primarily relates to the interest rate that our deposited cash can earn. Interest-earning instruments carry a degree of interest rate risk. We have not been exposed to material risks due to changes in interest rates. An increase in the applicable interest rate, however, may raise the cost of any debt we may incur in the future.

***Inflation Risk***

We do not believe that inflation has had a material effect on our business, financial condition, or results of operations. If our raw material costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition, and operating results.

**HISTORY AND CORPORATE STRUCTURE**

**Overview**

Riverstone Ltd, incorporated on July 3, 2024, under the laws of the BVI, is a holding company which directly owns 100% equity interest of each of our Subsidiaries D&J, Marvel, WeDress Australia, WeDress U.S., WeDress UK, WeDress Mexico (ownership is 99%) and Rocksolid, and indirectly, via D&J, owns 100% equity interest of D&J Ganzhou and Ka Yee. Our operating history began in 2010 when D&J was founded in Hong Kong by Ms. Tang to provide a full range of garment supply chain services including but not limited to garment design, manufacturing, and apparel solution services. Prior to a restructuring in 2024 these Subsidiaries were a consortium of companies providing a full range of garment supply chain services under and still are under the common control of our Controlling Shareholder.

**Reorganization**

Effective June 20, 2025 our Group completed a reorganization to consolidate its business operations in Hong Kong into an offshore corporate holding structure to expand our manufacturing and sales operations and in anticipation of listing on a recognized securities market. The Company was incorporated on July 3, 2024. The Reorganization resulted in the corporate structure as set forth in the chart below. The primary reason for this offering and our listing on the Nasdaq Market is to allow us to raise funds to strengthen our market position and to further expand our market share.

Prior to the Reorganization, Marvel, WeDress Australia and WeDress UK were wholly owned by Ms. Tang, D&J was owned as to 51% and 49% by Ms. Tang and Marvel, respectively, and WeDress U.S. was wholly owned by Mr. Hart, the de facto partner of Ms. Tang. As part of the Reorganization, Riverstone Ltd was incorporated, and each of D&J, Marvel, Rocksolid, WeDress Australia, WeDress U.S., and WeDress UK became directly wholly owned subsidiaries of Riverstone Ltd. WeDress Mexico was incorporated on November 15, 2024, and since its incorporation was owned as to 99% by the Company.

Upon the completion of the reorganization, the Company, is 78.97% owned by Ms. Tang, and directly owns 100% equity interest of each of D&J, Marvel, Rocksolid, WeDress Australia, WeDress U.S., and WeDress UK, 99% of WeDress Mexico, and the Company indirectly, via D&J, owns 100% equity interest of D&J Ganzhou and Ka Yee. We do not utilize a variable interest entity ("VIE") structure. The following diagram illustrates our corporate structure upon completion of the reorganization.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(1) Wholly
 owned by Tse Po Hung Vincent, a business partner of Ms. Tang

(2) Owned
 40.08% by James Reginald Hart, our Chief Sustainability Officer and de facto partner of Ms. Tang; 39.88% by Wong Wai Hei, our Director
 and Ms. Tang's son; and 20.04% by Wong Cho Yan Joan, Ms. Tang's daughter

(3) Wholly
 owned by Law Man Hin, a business partner of Ms. Tang

(4) Owned
 individually by eight unrelated third-party entities, none of which individually owns, directly or indirectly, more than 2.0%
 of the equity interest of the Company

(5) Assuming
 no exercise of the underwriter's over-allotment option and redemption in full by the holders of the Notes, in the principal
 amount of US$1,650,000

**Incorporation of Holding Companies**

*Riverstone Ltd*

Riverstone was incorporated in the BVI on July 3, 2024 and is authorized to issue a maximum of 300,000,000 ordinary shares with a par value of US$0.0001 per share. Riverstone is a holding company and owns all of the issued and outstanding shares of our Subsidiaries. Ms. Tang, our Chairlady and Director, owns 78.97% of Riverstone's issued and outstanding ordinary shares.

*Cornerstone Holdings Limited*

Cornerstone Holdings Limited was incorporated in the BVI on September 26, 2024 and is authorized to issue a maximum of 50,000 ordinary shares with a par value of US$1.00 per share. As of the date of this Prospectus, Cornerstone Holdings Limited owns 4.99% of the issued and outstanding shares of the Company. Cornerstone Holdings Limited is owned 40.08% by James Reginald Hart, our Chief Sustainability Officer; 39.88% by Wong Wai Hei, our Director, Ms. Tang's son and 20.04% by Wong Cho Yan Joan, Ms. Tang's daughter.

*Bedrock Holdings Limited*

Bedrock Holdings Limited was incorporated in the BVI on September 26, 2024 and is authorized to issue a maximum of 50,000 ordinary shares with a par value of US$1.00 per share. Bedrock is owned by Law Man Hin, a business partner of Ms. Tang, and, as of the date of this prospectus, owns 4.99% of the issued and outstanding shares of the Company.

*Deepmantle Holdings Limited*

Deepmantle Holdings Limited was incorporated in the BVI on October 10, 2024 and is authorized to issue a maximum of 50,000 ordinary shares with a par value of US$1.00 per share. Deepmantle is owned by Tse Po Hung Vincent, a business partner of Ms. Tang, and, as of the date of this prospectus, owns 4.99% of the issued and outstanding shares of the Company.

**Our Wholly Owned Subsidiaries**

Our business and financial results are contributed by our Subsidiaries:

*D&J* – fashion supply chain that focuses on complete manufacturing and mechanizing of customers' orders.

*Marvel* – together with Rocksolid holds the Company's registered trademarks, patents, and domains.

*Rocksolid* – together with Marvel holds the Company's registered trademarks, patents, and domains.

*WeDress Australia* – focused on the Pacific region and responsible for B2B wholesale sales and client relationship management, B2C E-commerce sales, and brand and platform management.

*WeDress U.S.* – focused on North America and responsible for B2B wholesale sales and client relationship management, B2C E-commerce sales, and brand and platform management.

*WeDress UK* – focused on the United Kingdom and Europe and responsible for B2B wholesale sales and client relationship management, B2C E-commerce sales, and brand and platform management.

*WeDress Mexico* – (owned 99% by the Company) focused on Mexico and Central and South America and responsible for B2B wholesale sales and client relationship management, B2C E-commerce sales, and brand platform management.

*D&J Ganzhou* – responsible for the manufacturing and production of individual customers and D&J's orders.

*Ka Yee* – responsible for logistics between the PRC and Hong Kong and serves as the recipient for payments received in the PRC from the Alibaba International Platform.

**OUR INDUSTRY**

This section contains information from the Market Study Report commissioned by us and prepared by Frost & Sullivan, to provide information regarding the fast fashion supply chain management services industry.

***Definition of fast fashion supply chain management services***

Fast fashion supply chain management services refer to the comprehensive suite of operations and processes that enable rapid design, production, and delivery of trendy clothing and accessories to meet the ever-changing demands of the fashion retail market. These services encompass a range of activities from initial concept and design to final product delivery, with a focus on speed, efficiency, and cost-effectiveness. In the fast-paced world of fashion retail, where consumer trends can shift rapidly, these services play a crucial role in helping retailers stay competitive. Fast fashion supply chain management providers typically offer an integrated approach, combining design expertise, sourcing capabilities, manufacturing prowess, and logistics management to dramatically reduce the time it takes for a garment to move from concept to consumer.

***Key components of fast fashion supply chain management services***

*Trend analysis and design conceptualization* - Rapidly identifying emerging fashion trends and translating them into marketable designs.

*Technical design and specification development* - Creating detailed technical packs with precise specifications for each garment to ensure accurate production.

*Material sourcing and management* - Identifying, selecting, and procuring appropriate fabrics and trims, often with a focus on cost-effectiveness and quick availability.

*Sample creation and approval processes* - Producing physical or 3D digital samples for client approval, allowing for quick iterations and adjustments.

*Rapid production and manufacturing* - Utilizing efficient manufacturing processes to produce garments in large quantities within short timeframes.

*Quality control and assurance* - Implementing stringent quality checks throughout the production process to maintain consistent standards.

*Inventory management and distribution* - Coordinating the storage, tracking, and timely delivery of finished products to retailers or distribution centers.

***Fast fashion supply chain management services value chain***

![](formdrs_003.jpg)

*Upstream*

In the upstream of the value chain, the industry relies on raw materials suppliers, equipment suppliers, and technology providers. These stakeholders furnish the essential inputs, machinery, and digital tools necessary for the fast-paced production cycle characteristic of fast fashion.

*Midstream*

The midstream segment presents two primary operational models. In the first model, integrated fast fashion supply chain management service providers offer comprehensive solutions, encompassing design and technical services, sourcing and procurement, manufacturing and production, and quality control. The second model involves independent specialized companies focusing on specific aspects of the supply chain, such as dedicated design firms, sourcing specialists, or manufacturing facilities. Further, within the midstream segment, various contract solution models exist, including original equipment manufacturing ("OEM"), original design manufacturing ("ODM"), full-service, and joint development manufacturing ("JDM"). These models represent different levels of involvement and value addition by the service providers, ranging from basic manufacturing to full-scale design and production services.

*Downstream*

In the downstream of the value chain, it culminates with fast fashion retailers and end consumers. Retailers, both online and brick-and-mortar, serve as the primary channel for distributing products to consumers, who drive demand through their purchasing decisions and fashion preferences. Overall, the value chain structure highlights the interconnected nature of the fast fashion industry and the crucial role that supply chain management service providers play in bridging the gap between raw materials and end consumers.

***Market size of fast fashion supply chain management services industry***

The fast fashion supply chain management services market has shown robust growth and is projected to continue expanding significantly in the coming years. In 2019, the market size was valued at US$36.4 billion, and it grew to US$46.7 billion by 2023, representing a CAGR of 6.4% during this period. The historical growth from 2019 to 2023 reflects the resilience of the fast fashion industry despite challenges such as the COVID-19 pandemic, demonstrating the sector's ability to adapt to changing consumer behaviors and market conditions.

The market is expected to reach US$52.0 billion in 2024 and then surge to US$79.7 billion by 2028, with an accelerated CAGR of 11.2% from 2024 to 2028. The forecasted growth from 2024 to 2028 suggests an even more promising outlook, likely driven by factors such as technological advancements in supply chain management, increasing demand for quick-turnaround fashion, and the expansion of fast fashion brands into emerging markets. This acceleration in growth rate indicates a heightened focus on efficient and responsive supply chain services to meet the evolving demands of the fast-paced fashion industry.

![](formdrs_004.jpg)

*Source:* Frost & Sullivan

***Value proposition of artificial intelligence ("AI") technology in fast fashion supply chain management services industry***

AI technology is revolutionizing the fast fashion supply chain management services industry by enhancing efficiency, personalization, and decision-making processes. The key applications of AI technology in the fast fashion supply chain management services industry are as follows:

● AI algorithms analyze social media, search trends, and consumer behavior to predict upcoming fashion trends, helping brands stay ahead of the curve;

● Machine learning models can provide personalized recommendations based on individual customer preferences and past purchases, enhancing the shopping experience;

● AI systems optimize inventory levels by predicting demand, reducing overproduction and waste, which is crucial for sustainability;

● AI tools can assist designers by generating new styles based on current trends and consumer feedback, streamlining the design process;

● Augmented reality ("AR") and AI technologies created virtual fitting rooms, allowing customers to try on clothes digitally, reducing return rates and improving satisfaction;

● AI-driven chatbots provide 24/7 customer support, answering queries and guiding customers through their shopping journey, improving engagement and service efficiency:

● AI analyzes historical sales data to forecast future sales, helping brands make informed decisions about production and marketing strategies; and

● AI enhances supply chain management by predicting delays and optimizing logistics, ensuring timely delivery of products.

The value proposition of AI technology in the fast fashion supply chain management services industry lies in its ability to enhance speed, personalization, and operational efficiency while promoting sustainability. By integrating AI, brands can better meet the evolving needs of consumers and navigate the complexities of a fast-paced market, ultimately driving growth and competitiveness.

***Market size of AI-enabled fast fashion supply chain management services industry***

The market size for AI-enabled Fast Fashion Supply Chain Management Services has seen remarkable growth, expanding from US$5.0 billion in 2019 to US$24.4 billion in 2023, with an impressive CAGR of 48.7%. This rapid growth was driven by increased adoption of AI technologies, growing demand for efficient supply chains, rising e-commerce sales, and the need for better demand forecasting in the volatile fashion market. Looking ahead, the market is projected to continue its upward trajectory, from a forecasted US$29.9 billion in 2024, and expected to reach US$61.8 billion by 2028, with a CAGR of 19.9%. The continued growth is likely to be fueled by further AI integration across supply chain operations, increasing focus on sustainability, expansion into emerging markets, ongoing digital transformation in retail, and the need for more resilient supply chains. The continuous growth indicates a robust and expanding market, underscoring the crucial role of AI-enabled services in shaping the future of the fast fashion supply chain management industry.

![](formdrs_005.jpg)

*Source:* Frost & Sullivan

***Market drivers for fast fashion supply chain management services industry***

*Globalization of supply chains and consumer demand for rapid trend adoption*

As fashion brands expand their reach across international markets, they face the challenge of managing complex, geographically dispersed supply networks. Simultaneously, consumers' appetite for the latest styles has intensified, pressuring retailers to quickly translate runway trends into affordable, store-ready products. The dual force necessitates sophisticated supply chain solutions that can coordinate global sourcing, production, and distribution while dramatically reducing time-to-market. Against this backdrop, supply chain management services have become crucial in navigating this landscape, offering tools for efficient supplier management, agile manufacturing processes, and streamlined logistics across borders. These services enable fast fashion retailers to rapidly respond to global trends, balance inventory across diverse markets, and maintain the speed and flexibility required to meet ever-changing consumer preferences.

*Growing demand for customization, personalization, and speed-to-market*

The growing demand for customization, personalization, and speed-to-market has emerged as a significant market driver for fast fashion supply chain management services. Consumers increasingly seek unique, personalized products, while expecting rapid availability of the latest trends. The shift challenges fast fashion retailers to develop more flexible, responsive supply chains capable of handling smaller batch sizes and quicker turnarounds. Supply chain management services are crucial in meeting these needs, offering solutions for agile manufacturing, on-demand production, and efficient last-mile delivery. These services enable retailers to implement mass customization strategies, manage complex inventory for personalized options, and optimize production schedules for faster market responsiveness. By facilitating shorter product development cycles and more efficient production processes, these services are essential in reducing time-to-market while maintaining the ability to offer customized products.

*Rapid growth of e-commerce*

The rapid growth of e-commerce has dramatically increased fast fashion retailers' demand for advanced supply chain management services. These services have become essential in meeting the challenges of online retail, offering solutions for speed, flexibility, and efficiency. supply chain management services provide crucial tools for shortening lead times, managing real-time inventory across multiple channels, and leveraging data analytics for trend prediction and demand planning. They enable retailers to optimize operations for the rapid product turnover and global reach required in e-commerce. As online sales continue to surge, fast fashion brands are increasingly investing in these cutting-edge supply chain solutions to stay competitive in the digital marketplace. This trend is driving significant growth in the Supply Chain Management Services sector, making it an indispensable component of modern fast fashion retail operations.

*Technological advancements in supply chain operations*

The integration of cutting-edge technologies such as AI, machine learning ("ML"), Internet of Things ("IoT"), and blockchain is transforming how supply chains are managed and optimized. These technologies enable more accurate demand forecasting, enhance supply chain visibility, improve traceability, and facilitate data-driven decision-making. AI and machina learning algorithms help in predicting trends and optimizing inventory, while IoT devices provide real-time tracking of goods. Blockchain technology enhances transparency and authenticity in the supply chain. Advanced analytics, robotics, and automation are speeding up processes and reducing costs. The continuous evolution of these technologies is driving fast fashion companies to invest in more sophisticated supply chain management services, creating new competitive advantages and fueling market growth.

***Market opportunities for fast fashion supply chain management services industry***

*Rising concerns of sustainability topics*

Sustainability presents a significant market opportunity to service providers, which encompasses several key areas: sustainable material sourcing, circular economy solutions, carbon footprint reduction, waste minimization, ethical labor practices, water conservation, and eco-friendly packaging. Service providers can develop innovative solutions to help fashion brands integrate sustainable practices throughout their supply chains, from sourcing eco-friendly materials to implementing efficient recycling programs and reducing carbon emissions. There's growing demand for traceability systems, AI-driven waste reduction strategies, and tools for measuring and reporting sustainability efforts. By offering these services, providers can help brands meet consumer demand for sustainable fashion, comply with evolving regulations, and potentially reduce costs through improved resource efficiency. This shift towards sustainability allows supply chain management services to innovate, differentiate themselves in the market, and capture a growing segment of environmentally conscious fashion brands and consumers.

*AR and virtual reality ("VR") for product development*

AR and VR for Product Development presents a significant opportunity for fast fashion supply chain management services. AR and VR technology enables faster, more efficient design processes and virtual sampling, reducing the need for physical prototypes and accelerating time-to-market. By leveraging augmented and virtual reality tools, fashion brands can visualize designs, test variations, and make quick adjustments without the time and cost associated with traditional sampling methods. AR and VR also facilitates better collaboration between designers, manufacturers, and retailers, allowing for real-time feedback and modifications, leading to more accurate production planning, reduced waste, and improved alignment with consumer preferences.

***Market challenges for fast fashion supply chain management services industry***

*Volatility in consumer demand and cost pressures*

The rapidly changing nature of fashion trends, amplified by social media and influencer marketing, creates unpredictable demand patterns that are difficult to forecast accurately. The volatility necessitates highly responsive supply chains capable of quickly adjusting production and inventory levels. Simultaneously, there's continuous inflationary pressure to keep costs low in an industry known for thin profit margins. Fast fashion retailers expect supply chain services to deliver speed and flexibility while maintaining cost-effectiveness. The need to maintain low prices for end consumers further intensifies this pressure, often leading to difficult trade-offs between speed, quality, and cost. Successfully navigating these conflicting demands requires continuous innovation in supply chain strategies and technologies.

*Balancing speed and sustainability and technology integration*

The industry's core demand for rapid production and delivery often conflicts with growing consumer and regulatory pressures for sustainable and ethical practices. Supply chain services must find innovative ways to maintain the fast-paced nature of the industry while simultaneously reducing environmental impact, ensuring fair labor practices, and promoting circular economy initiatives. Besides, while technologies such as AI, IoT, VR and AR offer potential solutions for both speed and sustainability, their implementation across complex, global supply chains is often costly and logistically challenging. Service providers must navigate the delicate balance of investing in and adopting these new technologies without compromising on speed or significantly increasing costs.

***Market outlook of business-to-everything ("B2X") in fast fashion industry***

The B2X model in fast fashion industry offers several key benefits that enhance brand performance and customer satisfaction. By targeting a diverse audience, including customers, businesses, and influencers, brands can significantly widen their market reach and explore multiple revenue streams. The model fosters enhanced customer engagement through personalized marketing strategies and rapid feedback loops, enabling brands to respond quickly to changing trends and preferences. Additionally, leveraging data analytics allows for greater customization of offerings, which lead to increased customer loyalty. The B2X approach also opens opportunities for sustainability initiatives, appealing to environmentally conscious customers. Overall, it positions fast fashion brands to thrive in a competitive and dynamic marketplace.

Sustainability has become a critical focus, with consumers increasingly demanding eco-friendly practices and transparency in sourcing and production. Technology integration, such as AI and AR, enhances the shopping experience, allowing for personalized interactions and virtual try-ons. Social commerce is on the rise, as platforms like Instagram and TikTok facilitate direct sales through influencer collaborations and user-generated content. The need for data-driven decision-making enables brands to better understand consumer behavior and optimize inventory management. The shift towards omnichannel shopping experiences ensures that customers enjoy seamless interactions across online and offline platforms, while collaborative consumption trends, such as rental and resale models, challenge traditional purchasing behaviors. Together, these trends are redefining how fast fashion brands engage with a diverse audience in the B2X landscape.

***Competitive landscape of the global fast fashion supply chain management services market***

By 2023, the global fast fashion supply chain services market has reached a state of maturity, characterized by a highly competitive and fragmented landscape. Market players offer a comprehensive suite of services, encompassing apparel design and development, trend forecasting, raw material procurement, manufacturing and sourcing management, quality assurance, inventory management, and logistics. In the global scale, particularly countries and regions in the Asian region, such as China, Hong Kong, Singapore, Vietnam, Bangladesh, and India, have emerged as a pivotal strategic partner for international fast fashion brands. This significance is largely due to the region's abundant resources, competitive labor costs, and sophisticated logistics infrastructure, which are instrumental in meeting the fast fashion industry's demands for rapid delivery and mass production.

As a burgeoning technology, AI has made significant impact on the supply chain services sector, particularly in areas such as demand forecasting, inventory management, and the optimization of intelligent production and logistics. AI-enabled participants in the market can be categorized into two broad groups based on their technological evolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Digitally
 transformed end-to-end apparel supply chain management services providers: these companies typically include large multinational
 corporations or established local enterprises with extensive global or regional footprints. They capitalize on their robust production
 capabilities, brand influence, and resources integration to offer a full spectrum of services from product design to inventory management,
 aligning with the fast fashion sector's requirements for expedited delivery and substantial output. However, they often require
 more time to adopt and integrate innovative technologies, a challenge attributed to the complexity arising from their substantial
 size and business diversity.

(ii) Innovative
 fast fashion supply chain service platforms propelled by AI technology: such companies may offer comprehensive end-to-end solutions
 or specialize in specific niches, such as apparel design, raw material procurement, or garment production, often utilizing a Software
 as a Service ("SaaS") or platform-based service Model. These provides enhance supply chain efficiency and transparency
 through advanced technological applications and data analytics, demonstrating particular expertise in rapid response and innovative
 customization services. However, for SMEs in this category, their growth potential may be hindered by a narrow business focus, limited
 funding, or insufficient brand recognition.

Overall, the AI-enabled fast fashion supply chain services market remains highly competitive and fragmented, presenting opportunities for new entrants. However, they must navigate challenges related to initial capital, brand visibility, and the complexities of managing supply chain operations, potentially seeking niche markets or strategic partnerships to bolster their competitive edge.

***Market development of environmental, social and governance ("ESG") in fast fashion industry***

ESG factors are increasingly critical in the fast fashion industry, where brands face mounting pressure to operate sustainably and ethically. Brands are increasingly adopting eco-friendly materials like organic cotton, recycled polyester, and biodegradable fabrics to lessen their environmental impact. In particular, fast fashion companies are implementing strategies to minimize waste, such as recycling programs and efforts to repurpose unsold inventory. Increasing number of brands are also focusing on reducing water consumption and energy usage in their production processers to achieve greater efficiency and lower emissions. Additionally, companies are actively measuring and working to decrease their carbon emissions across the entire supply chain, from production to transportation and retail. On the other hand, ethical labor practices are a significant concern, with brands needing to ensure fair wages, safe working conditions, and respect for workers' rights in their supply chains. Fast fashion companies are placing emphasis on community initiatives, support local economies, and engaging in social responsibility programs. As consumers become more informed about the impacts of fast fashion, brands are also responding by promoting transparency and accountability regarding their sourcing and production practices.

ESG considerations are becoming integral to the fast fashion industry's future, influencing brand reputation, consumer loyalty, and regulatory compliance. By prioritizing environmental sustainability, ethical labor practices, and strong governance, fast fashion companies can not only mitigate risks but also capitalize on new opportunities in a market that increasingly values responsibility and transparency.

***Entry barriers***

*Initial set-up capital*

Entering the fast fashion supply chain management market usually requires significant capital investment. New entrants need to invest in various areas, including development of automated systems for warehousing and production and advanced analytics tools for brands demand forecast, inventory levels management, and improvement in decision-making processes. Established companies typically have a well-developed network of capital flows and resources, allowing them to better navigate market fluctuations and risks. In contrast, new entrants may struggle to acquire and manage resources, particularly when competing against these established players.

*Branding and reputation*

In the fast fashion supply chain management industry, branding and reputation is crucial. Established brands have earned consumer trust over the years, making it difficult for new entrants to win over customers who are loyal to familiar names. A solid reputation fosters repeat purchases and customer loyalty, both of which are vital in a competitive landscape. Recognized brands enjoy brand recognition that significantly impacts buying choices. In contrast, new entrants need to invest significantly in marketing to carve out their presence in a crowded market, which can be both expensive and time intensive.

*Supply chain complexity*

Supply chain complexity acts as the entry barrier in the fast fashion industry, characterized by multi-tier supply chains that involve numerous suppliers and logistics providers. New entrants face challenges in navigating this intricate network, which demands rapid response times and diverse sourcing to adapt to changing consumer trends. They may find it difficult to deal with logistics coordination, quality control, and technology integration, as well as ensuring regulatory compliance across various regions. These complexities make it difficult for newcomers to establish themselves and effectively compete against established brands that have already developed efficient processes and strong supplier relationships.

***Key Success Factors***

*Speed to market*

Speed to market refers to the ability of a company to quickly develop and launch new products in response to emerging trends and consumer demands. In the fast fashion industry, where styles can change rapidly, this capability is crucial for maintaining relevance and competitive advantage. Faced with rapid product development, successful fast fashion supply chain solution providers have efficient design and production processes that allow brands to bring new styles to market quickly. This requires market players to reduce the time from design to retail to respond swiftly to changing trends. This responsiveness not only satisfies consumer demand but also sets the stage for sustained competitive advantage in a fast-paced industry.

*Use of technology*

Technology plays a pivotal role in enhancing efficiency, responsiveness, and adaptability in the fast fashion industry. By leveraging various technological tools and innovations, fast fashion supply chain management solutions providers can streamline operations, improve decision-making, and ultimately deliver products to market more swiftly. Advanced data analytics tools are used to analyze consumer behavior and preferences. By gathering data from social media, online sales, and market trends, companies can identify popular styles and anticipate future demands. In addition, technologies like Enterprise Resource Planning and Supply Chain Management systems integrate various functions, including procurement, inventory, and logistics. This integration enhances coordination between departments and suppliers.

*Sustainability practice*

Sustainability has emerged as a crucial success factor in the fast fashion supply chain, driven by increasing consumer awareness and demand for environmentally responsible practices. The market participants are shifting the focus to sustainable sourcing, ethical labor practices, waste reduction, and consumer engagement, which not only improve their environmental and social impact but also strengthen their market position. For example, market participants utilize organic cotton, recycled polyester, and other sustainable materials to reduce the environmental impact of production and ensure fair wages and safe working conditions for workers in the supply chain.

**BUSINESS**

**Overview**

Riverstone is a vertically integrated, B2B (Business to Business) and B2C (Business to Consumer), fast fashion supply chain management service provider, combining advanced technologies and ethical practices. We represent over 15 years of experience offering our customers up-to-date, innovative, and sustainable fast fashion products as well as a full suite of artificial intelligence ("AI") and 3D assisted services from market trend analysis, product design and development, raw material sourcing, manufacturing, quality control, inventory management and logistics management. Serving customers located in Australia, Mexico, the United Kingdom, and the U.S. markets, we are a one-stop destination for producers and retailers of fast fashion apparel products. We are committed to reducing our environmental impact through recycling, clean processes, traceable sourcing, and other eco-friendly practices and we strive for sustainable solutions to fulfil our customers' needs throughout garment production.

Our process begins by conducting market trend analysis to identify changes in fashion trends. We discuss with customers their requirements for the upcoming season and pitch various designs having considered both emerging trends derived from our extensive historical digital database as well as our customer's needs. We utilize technology to iterate samples which both reduces waste and allows us to speed up the overall development process. We engage a contract manufacturer to produce prototypes and once a design is finalized, we proceed to bulk production. During production, we closely monitor the production schedule and conduct quality control on the finished product before it is finally delivered to our customer.

**Our Competitive Strengths**

Our competitive strength and value are centered around providing one-stop and comprehensive solution to fashion retailers worldwide, including the provision of designing services, manufacturing, and supply chain solutions, with a particular focus on the use of technology and sustainable materials, that empower fashion retailers to thrive in the fast-paced fashion landscape.

We believe that the following strengths distinguish us from our competitors and have contributed to our success:

*Diversified business model*

We operate as both a B2B and B2C provider and currently act as an

● Original Equipment Manufacturer ("OEM") – providing comprehensive apparel solutions to established fashion retailers worldwide;

● Original Design Manufacturer ("ODM") – supporting designers in launching their own labels; and

● Original Brand Manufacturer ("OBM") – designing and producing apparel under our own brands such as "DOUBLE CRAZY".

*Integration of technology*

We embrace technology to transform the fashion industry and integrate the latest advances to provide us with a competitive edge.

● Artificial Intelligence ("AI") – allows us to enhance operational efficiencies, predict fashion trends, optimize inventory management, and strengthen our supply chain practices.

● 3D Modeling – allows our design and procurement teams to speed up the sample productions process and allows for the rapid creation of 3D images and videos of the final product.

● Digital database – our robust searchable database provides extensive production information relating to our clothing design expedites the time for sample productions while providing a resource for tracking and predicting current trends and customer preferences.

*A focus on sustainability*

Our founder, Chairlady and Director, Ms. Tang, has decades of experience creating sustainable apparel which we believe sets us apart and grants us unique expertise in the apparel services industry. We have a strong commitment to sustainable practices. For example, we require raw material suppliers to implement clean and ethical processes for sourcing and producing natural fibers such as merino wool and cashmere.

Given the recent emphasis on climate change and sustainability, green brands are thriving, and more retailers are incorporating sustainable practices into their production. This is a trend that we believe will continue across the North American, Australia, UK, and European markets. As a result, demand for our services has grown and we have developed various lines of products with our customers utilizing eco-friendly materials and processes.

To oversee and drive our sustainability initiatives we a dedicated Chief Sustainability Officer who is tasked with a range of critical responsibilities including, monitoring affiliate factory suppliers and supply chain partners to ensure compliance with regional expectations and country-specific requirements, adherence to sustainable practices, implementing energy-efficient practices, such as air conditioning gates, to minimize energy consumption and reduce greenhouse gas emissions in our facilities, optimizing fabric production processes to minimize waste generated during manufacturing, and adopting more efficient cutting techniques, and recycling fabric scraps whenever possible.

*Close relationships with our major customers and strategic partner*

One of our key strengths is our commitment to quality, sustainability, and ethical practices which has allowed us to build lasting partnerships both with leading fashion brands such as BOOHOO, PRETTY LITTLE THING, CIDER, SHOWPO, Fashion Nova, GIRL IN MIND and Fashion Nova as well as strong, long-term relationships with a network of carefully selected regional factories. These partnerships are the result of our commitment to quality, and sustainability, and are built on a foundation of trust, shared values, and a commitment to quality and ethical practices. By working closely with our factory partners, we ensure that our production processes align with our corporate values and meet the high standards expected by our clients.

Our suppliers undergo a rigorous vetting process that evaluates their sustainability practices, labor conditions, and production capabilities. This thorough assessment ensures that we partner with factories that not only meet our quality standards but also adhere to ethical labor practices and environmental sustainability. By nurturing these relationships, we create a resilient supply chain that supports our business objectives while promoting responsible manufacturing.

The strong partnerships we have established allow D&J to quickly adapt to changes in demand. Our close collaboration with regional factories means we can respond swiftly to market fluctuations, ensuring that we meet our clients' needs without compromising on quality or timelines. This agility minimizes risks associated with supply chain disruptions and enhances our overall operational efficiency.

*Emphasis on transparency and traceability*

Our commitment to full supply chain transparency by providing comprehensive information about the sourcing and production processes of our materials, empowers our customers to make informed choices about the products they purchase. We require each of our suppliers to enter into a Code of Conduct Commitment Letter to ensure their commitment that they or any subcontractors will adhere to all local laws, governmental orders and regulatory requirements and assurances that they will not use forced labor, employ minors, and provide a safe working environment. This not only enhances our reputation as a responsible fashion company but ensures regulatory compliance and demonstrates adherence to industry regulations and sustainability benchmarks.

*We provide one stop apparel solution services*

Our strength as a one-stop apparel solution services provider is our ability to offer our customers a simplified and comprehensive supply chain experience. Our services cover every step from initial design concepts, sourcing, manufacturing, to quality assurance, packaging, and logistics. With the design, planning, execution, control, and monitoring of supply chain activities we offer a competitive infrastructure for customers. Customers are provided with solutions along the supply chain in an efficient and cost-effective manner, so they are able to prioritize their own core competencies and business objectives.

*Our management members have deep industry knowledge and proven track records*

Our management members bring with them an average of over 10 years of experience in the apparel industry. Ms. Tang, our founder, Chairlady of our board of directors, and our Chief Executive Officer, has over 15 years of management, business and marketing and operating experience in the garment industry.

We believe that our cohesive corporate culture inspires innovation, motivates quality service, and encourages collaboration. The collective industry knowledge and skills of our management give us the capability to manage risks, respond timely to market trends, and capture lucrative market opportunities. We believe the in-depth industry experience, knowledge of supply chain management and established connections with customers of our management differentiate us from our competitors.

**Our Strategies**

Our aim is to further strengthen our market position and continue to be a competitive apparel solution services business by pursuing the following key strategies:

***Strategic Global Expansion***

We recognize the critical importance of maintaining a global presence in the interconnected fashion industry. As market dynamics evolve, we are committed to pursuing a strategic global expansion strategy that positions us to capitalize on high-growth markets, diversify our revenue streams, and mitigate risks associated with economic fluctuations and geopolitical events. Our expansion strategy focuses on identifying and entering high-growth markets where demand for fashion products is rapidly increasing. By establishing a foothold in these regions, we can tap into new customer bases and enhance our overall market share. Expanding our global footprint allows us to diversify our revenue streams, reducing reliance on any single market. This diversification not only strengthens our financial stability but also provides resilience against market volatility.

By spreading our operations across various regions, we can better navigate risks associated with economic downturns or geopolitical events. A diversified approach which addresses entering new markets independently and through strategic partnerships and alliances, as well as opening regional sales offices and online stores, will help ensure that challenges in one market do not significantly impact our overall business performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Three-year
 new entry market plan supported by localized marketing efforts tailored to each region

● Year 1: Focus on expansion into North America, Mexico and Europe through strategic partnerships and acquisitions.

● Year 2: Expand into Asia-Pacific (APAC) and Latin America, leveraging localized marketing campaigns and partnerships.

● Year 3: Enter the Middle East and Africa, building regional partnerships and enhancing market penetration through targeted marketing efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Regional
 sales and online stores:

---

| | | | |
|:---|:---|:---|:---|
| Execution plan | Year 1-2025 | Year 2-2026 | Year 3-2027 |
| Market Expansion Plan | Q3, Q4: Expansion into North America, Mexico and Europe (Italy and/or UK) | Q1, Q2: Expansion into APAC Q3, Q4: Establishing presence in Latin America | Q1, Q2: Establishing presence in the Middle East and Africa |
| Market Entry (regional flagship) | Establish regional sales offices and online stores in North America, Mexico and Europe. | Establish regional sales offices and online stores in APAC and Latin America. | Establish regional sales offices and online stores in the Middle East and Africa. |

---

*Strengthen our design and development capabilities*

We consider our ability to develop designs according to the latest fashion trends and styles crucial to our success in the industry. Our design and development team conducts market trend analysis on the latest fashion trends and works with our customers to produce custom designs. To further enhance our design and development capabilities, we intend to expand our design and development team. By strengthening our design and development capabilities, we aim to incorporate more sustainable materials into product components in our design and development stage in the future.

*Integrate sustainability into product sourcing and environmental marketing*

One of our goals is to integrate sustainability into every aspect of our business model. We have had success adopting innovative sustainability concepts, for instance, requiring manufacturers to use recycled materials in the production line, such as wastage from production processes. We will seek to identify opportunities to further reduce our environmental footprint, especially in areas that are in sync with the priorities of our customers. In addition, we integrate environmental marketing into consultations with customers, providing guidance and recommendations on how to meet sustainability goals. We have had success in offering eco-friendly materials and using recycled, regenerated, and traceable products that fall within customers' budgets and specification.

*Close-to-Market Production*

We recognize the importance of strategically positioning our production facilities in close proximity to our key markets. Currently, we operate a factory in China, however, as part of our growth strategy, we are planning to establish additional factories in Europe and America to better serve the respective markets in these regions.

By situating production facilities closer to our key markets, we can significantly reduce transportation costs associated with shipping products over long distances. This not only enhances our overall operational efficiency but also allows us to offer more competitive pricing to our customers.

Localizing production helps minimize the Company's carbon footprint by reducing the emissions associated with transportation. By producing goods closer to where they are sold, we contribute to more sustainable practices within the fashion industry, aligning with our commitment to environmental responsibility.

*Broaden our customer base and work together with our customers to expand our product mix and maintain customer relationships*

We expect demand for our apparel services to continue to grow as retailers and consumers are increasingly conscious of ethical consumerism and environmental, social and governance ("ESG"). Our goal is to position ourselves as a leading provider of sustainable apparel solution services and be the first choice for global brands seeking to "go-green". As our customers continue to grow, we will bring our expertise and creative vision to enhance and expand our existing product mix. We will also increase the frequency of our liaison with existing customers to better understand their needs and enhance our tailor-made apparel solution services. We will continue to broaden the range of apparel products handled by us and strengthen our design and development capabilities in different categories, so that we can tap into new markets and attract new customers.

**OUR BUSINESS OPERATIONS**

We are a one-stop apparel solution services provider. We offer a full suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. Through D&J, our Subsidiary established in Hong Kong, we provide our apparel solution services to our customers primarily located in Australia, China, the U.S., the UK and Mexico.

We handle a wide range of apparel products which can be categorized as finished garments. Each series of apparel products handled by us is arguably unique, as they are manufactured according to our customers' specifications.

Our current workflow:

![](formdrs_006.jpg)

*We generate revenues from three distinct services as we currently act as an*

● Original Equipment Manufacturer ("OEM") – providing comprehensive apparel solutions to established fashion retailers worldwide (are responsible for 80.38% and 70.47% of revenues from the years ended March 31, 2025, and 2024, respectively);

● Original Design Manufacturer ("ODM") – empowering our clients to establish their own online stores and actively supporting designers in launching their own labels which eliminates intermediaries, and in turn increases their profit margins (responsible for 16.85% and 26.5% of revenues from the years ended March 31, 2025 and 2024, respectively); and

● Original Brand Manufacturer ("OBM") – designing and producing apparel under our own brands such as "DOUBLE CRAZY" (responsible for 2.78% and 3.03% of revenues from the years ended of March 31, 2025, and 2024, respectively).

By integrating (OEM), (ODM), and (OBM) services, we are able to maintain sufficient order volumes allowing us to negotiate favorable production costs and achieve economies of scale, making our services more attractive to clients while maintaining high-quality standards. Leveraging our AI-driven design capabilities and small-batch production methods facilitates mutual growth for both us and our clients. And allows us to quickly adapt to market demands and develop innovative products that resonate with consumers.

**Embracing Technology**

We embrace technology to transform the fashion industry and integrate the latest advances to provide us with a competitive edge.

*Design using AI*

We are at the forefront of integrating generative AI into the fashion design process. This cutting-edge technology empowers our AI designers to significantly enhance their efficiency and productivity, enabling them to create a diverse array of original fashion styles and themes in a remarkably short timeframe. Generative AI allows our designers to experiment with various fabric types, color patterns, styles, and target demographics, producing multiple design options within minutes. This rapid generation of concepts not only reduces the time spent on initial development but also frees our designers to focus on refining and personalizing their creations, ensuring that each piece resonates with its intended audience. Our experienced AI designers are able to create tailor made designs by analyzing past designs and preferences of individual fashion retailers. This allows us to offer personalized clothing recommendations and designs tailored to specific fashion retailer's needs, increasing the retention rate and loyalty of fashion retailers.

*Design Excellence and Rapid Sample Making*

To support our design initiatives, D&J has made significant investments in rapid sample-making capabilities. By utilizing both 3D modeling and physical sampling techniques, we ensure quick turnaround times, allowing for faster design iteration and confirmation. This agility is crucial in a fast-paced industry where timing can make all the difference. We employ state-of-the-art design software to create detailed 3D models, providing a more accurate representation of the final product. This advanced technology minimizes errors during the prototyping phase and accelerates the time from concept to market. Our designers work closely with production teams to ensure that all designs are feasible for manufacturing, taking into account critical factors such as cost, material availability, and production techniques.

Collaboration is a cornerstone of our design philosophy. Our designers regularly engage with external artists, fashion consultants, and influencers to gather diverse perspectives that inspire new collections. This collaborative approach not only enriches our creative process but also helps us stay attuned to evolving consumer preferences.

To further foster creativity and innovation, we host design workshops and brainstorming sessions where our designers can share ideas and challenge each other. This culture of collaboration encourages out-of-the-box thinking and is essential for maintaining relevance in a competitive market.

*AI-Powered trend prediction and Supply Chain*

We harness the power of AI to optimize our supply chain operations and enhance overall efficiency. By adopting AI-driven demand forecasting services, we are able to use historical data, market trends, and other relevant factors to predict future demand with a high degree of accuracy. This proactive approach enables us to optimize inventory levels, reduce waste, and ensure that products are readily available when and where they are needed.

Our adoption of AI-driven demand forecasting services plays a crucial role in our supply chain management. By analyzing patterns in historical sales data and current market trends, these forecasting services provide insights that allow us to make informed decisions about inventory management. This predictive capability not only helps us maintain optimal stock levels but also minimizes the risk of overproduction or stockouts. The forecasting services considers the frequency of fashion-related keywords appearing on the internet, generating graphical representations of this data. This method allows us to analyze the popularity of different styles and designs from the past and predict upcoming fashion trends and demand.

By leveraging AI insights, we can significantly reduce lead times associated with production and distribution. This agility enhances our responsiveness to fluctuations in market demand, allowing us to adapt quickly to changing consumer preferences. The ability to predict trends and customer preferences enables us to respond proactively to shifts in the market. This responsiveness is critical in the fast-paced fashion industry, where trends can change rapidly.

*Digitalization and Collection Database*

We have undertaken a comprehensive digital transformation of business processes and developed a robust, searchable database that integrates extensive production information related to our clothing designs including a wide array of production specifications, design elements, materials, and manufacturing processes from previous collections. By inputting this wealth of information, this innovative system creates a valuable resource that allows our team to rapidly conduct searches and locate relevant information using both keywords and images of target designs and serves as a reference point for current and future projects, significantly streamlining the design and production process.

The ability to reference similar designs from past collections drastically reduces the time required for sample production. Instead of starting from scratch with new production specifications, designers can draw inspiration from previous works that align with their current vision. This not only accelerates the prototyping phase but also fosters creativity by allowing designers to iterate on successful designs.

Our searchable database is invaluable when transitioning from sample to mass production. By utilizing established specifications from similar designs, we can expedite the preparation process, ensuring that production runs are efficient and cost-effective. This capability minimizes delays and reduces the risk of errors during the manufacturing phase. As new designs are created and added to the database, it becomes an ever-evolving resource that reflects current trends and consumer preferences. This continuous input allows our team to refine our design processes further and maintain a competitive edge in the fast-paced fashion industry.

**Market Trend Analysis**

Our goal is to keep abreast of the changes in global fashion trends and the local market response to different styles. We meet with online fashion retailers, textile manufacturers and apparel sourcing agents regularly to deepen our understanding of the market, budgets, and seasonal designs.

We maintain a comprehensive digital database encompassing a wide array of production specifications, design elements, materials, and manufacturing processes from previous collections. As new designs are created and added to the database, it becomes an ever-evolving valuable resource for current and future projects that reflects current trends and consumer preferences. This continuous input allows our team to refine our design processes further and maintain a competitive edge in the fast-paced fashion industry.

We capitalize on our market intelligence gleamed from our extensive digital database to formulate our business plan for seasons ahead. Our seasonal business plan usually involves strategic procurement of raw materials and the creation of design sketches responsive to consumer preferences for the season.

**Product Design and Development**

We position our in-house design teams, that have in-depth technical apparel know-how and experience in the fashion industry, within our affiliate factories to enhance our operational efficiency and responsiveness. This structure fosters close collaboration between the design team and the sampling team, enabling them to efficiently and in a time response manner produce collections to inspire customers with ideas on design, trends, materials, and techniques that fit their brand ethos or, alternatively, use a customer's own designs to deliver products based on their budget and timeframe.

By utilizing 3D modeling technology, our design and sampling teams can significantly speed up the sample production stage. This collaborative approach allows for the rapid creation of 3D images and videos of final products, providing fashion retailers with a realistic preview of designs before they go into production. This not only enhances the decision-making process for our clients but also minimizes the time traditionally required for sample approvals.

Once a design is finalized, our integrated workflow allows it to transition directly into the production stage without delay. With all production specifications prepared in advance, we eliminate bottlenecks that often occur during the handoff from design to manufacturing. This streamlined process ensures that we can meet market demands swiftly and efficiently.

**Sustainable Raw Material Sourcing**

We are deeply committed to minimizing our environmental impact and promoting sustainability throughout our operations which is evident in our use of eco-friendly materials and adherence to ethical manufacturing practices across our supply chain. We prioritize sourcing materials that are both environmentally friendly and high-quality. This includes actively seeking out eco-friendly options such as organic cotton and recycled polyester, which help reduce environmental impact without compromising on quality or style. Additionally, we partner with suppliers who share our commitment to sustainability and adhere to ethical sourcing practices. This collaborative approach ensures that our supply chain reflects our core values.

Our commitment to sustainability extends to the types of fabrics we utilize, which cover a broad spectrum from high-end to low-end options. Currently, sustainable materials comprise approximately two thirds of natural fabrics, including organic cotton and other biodegradable options, and one third of recycled fabrics. We incorporate innovative alternatives such as silk-like materials extracted from natural substances, which offer performance comparable to real silk at half the cost. After post-production treatments, these materials exhibit even better performance. Remarkably, sustainable fabrics are only 10% to 30% more expensive than ordinary fabrics, making them a viable option for a wide range of products.

We are committed to exploring diverse applications for recycled fabrics. For instance, we are planning to establish a new production line to produce dog toys made from recycled nylons, providing durable and eco-friendly options for pet products. Our sustainable approach can also extend to protective gear, such as masks made from eco-friendly materials. Furthermore, we are researching the development of products aimed at environmental cleanup efforts, including solutions for oil spill management and innovative waste management products using recycled materials.

To ensure a steady supply of sustainable fabrics, we utilize various sourcing methods. We attend industry exhibitions to discover new sustainable fabric options and conduct research through reputable online suppliers. Additionally, we leverage insights from our current clients who prioritize sustainability in their operations. Currently, we collaborate with suppliers in China who specialize in producing sustainable fabrics.

*Chief Sustainability Officer*

Our commitment to sustainability is evidenced by our appointment of a dedicated Chief Sustainability Officer ("CSO") to oversee and drive the company's sustainability initiatives. This strategic role is essential for ensuring that our commitment to sustainability is effectively implemented across all aspects of the business.

Our CSO is tasked with a range of critical responsibilities, including monitoring affiliate factory supplies to ensure compliance with regional expectations and country-specific requirements. This oversight is vital for maintaining our high standards and ensuring that our supply chain operates within the frameworks of local regulations. Additionally, the CSO plays a key role in advancing the company's emission reduction goals.

A significant focus of the CSO's role is to reduce our waste footprint and those of our suppliers. This includes implementing energy-efficient practices, such as air conditioning gates, to minimize energy consumption and reduce greenhouse gas emissions in our facilities. The CSO also works on optimizing fabric production processes to minimize waste generated during manufacturing, adopting more efficient cutting techniques, and recycling fabric scraps whenever possible.

Furthermore, the CSO conducts thorough due diligence on our supply chain partners to ensure that they adhere to sustainable practices and contribute positively to our environmental goals. This includes ensuring that any chemicals used in production are compliant with environmental regulations and are handled responsibly to minimize their impact on both human health and the environment.

**Transparency and Traceability**

We firmly believe in the importance of full supply chain transparency and provide comprehensive information about the sourcing and production processes of our materials, thus empowering our customers to make informed choices about the products they purchase. This commitment to sustainability and transparency not only strengthens brand loyalty but also enhances our reputation as a responsible fashion company.

By implementing robust systems to track the journey of materials from their sources, we build consumer trust in our brand. Our transparent practices ensure that customers can see how their products are made and understand the ethical considerations behind them. This level of openness is crucial in today's market, where consumers increasingly seek out brands that align with their values.

In addition to fostering trust with consumers, our commitment to traceability ensures compliance with regulatory standards. By maintaining detailed records of our sourcing and production processes, we can demonstrate adherence to industry regulations and sustainability benchmarks. This proactive approach not only mitigates risks associated with non-compliance but also reinforces our dedication to ethical practices throughout our supply chain. This is particularly relevant with respect to the Uyghur Forced Labor Prevention Act (the "UFLPA") which prohibits on the importation of goods into the United States manufactured wholly or in part with forced labor in the PRC, especially from the Xinjiang Uyghur Autonomous Region ("Xinjiang"). It establishes a rebuttable presumption that the importation of any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in Xinjiang are not entitled to entry to the U.S. and requires the importer of record to comply with specified conditions and, by clear and convincing evidence, that the goods, wares, articles, or merchandise were not produced using forced labor.

While our manufacturing facilities are located in the PRC, they are not located in Xinjiang, are staffed by our own employees or third-party contract employees whom we have vetted, and no raw materials being sourced from Xinjiang. We are confident that our supply chain management system will rebut the presumption that our products are tainted with forced or prison labor and therefore we do not anticipate any material or adverse effect our business operations, financial position, and results of operations.

**Production, Management and Quality Control**

<u>Production</u>

Our apparel products (including sample products and finished goods) are produced by our Subsidiary, D&J Ganzhou, or by contract manufacturers.

*D&J Garment (Ganzhou) Co., Ltd.*

Located in Ganzhou, Jiangxi, the PRC, our leased manufacturing facility covers 13,000+ square meters encompassing integrated design, sample and finished product productions. Employing over 90 personnel, inclusive of those in its Guangzhou branch office, and is capable of producing over 600,000 garments per month.

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<u>Production Management</u>

As part of our apparel solution services, we are responsible for the overall production management, monitoring of production schedule, evaluation of manufacturing services and conducting quality control on finished goods. During the production process, we regularly communicate with manufacturers and check their production schedule to ensure that they are able to deliver the finished goods on time. We also perform on-site quality inspections regularly on raw materials, semi-finished products, and finished products for quality control purposes.

<u>Quality Control</u>

Quality control is integral to our operations, and we have stringent quality control procedures throughout the supply chain. We conduct regular on-site inspections at various stages, including assessments of raw materials, semi-finished items, and final products. Our quality control standards are uniformly applied across all client projects, guaranteeing that each product meets our high expectations. Should any defects arise during inspections, we require suppliers to address and rectify these issues promptly to maintain our commitment to quality.

Our quality control workflow is both comprehensive and methodical. It includes checks on material quality, machinery performance, and inspections at different production phases. By embracing digital technology, we utilize data analytics to pinpoint potential problems early in the production cycle. This proactive strategy enables us to tackle issues before they escalate, enhancing efficiency and minimizing disruptions.

We set ambitious goals for our quality control efforts, aiming for a product acceptance rate of 97% through the application of AQL2.5 and AQL4.0 across our products. The acceptable quality level or limit (AQL) is a crucial measure in quality control. It applies to products and is defined in ISO 2859-1 as the maximum number of defective items that can be considered acceptable during random sampling inspections of a production batch. Defined in ISO 2859-1 as the "worst tolerable" quality level, AQL helps manufacturers and buyers agree on acceptable defect levels for products. AQL is typically expressed as a percentage or ratio, reflecting the number of defects compared to the total quantity produced. Most of our products achieve or surpass this benchmark, underscoring our dedication to delivering high-quality apparel that aligns with client expectations. Continuous monitoring and evaluation of our processes ensure that we consistently uphold these standards.

Aligned with our sustainability initiatives, we actively explore innovative materials and processes that can help reduce the environmental impact of our production. Our focus includes minimizing carbon emissions, lowering water usage, and curbing waste pollution throughout the supply chain. By integrating sustainable practices into our quality control operations, we contribute positively to the fashion industry while enhancing overall production efficiency.

<u>Logistics Management</u>

Our logistics management services cover every movement of inventory in our customers' supply chain. We rely on third-party service providers or our contract manufacturer for transportation services to the port of destination or our customers warehouse and keep track of the process to monitor the whereabouts of the inventory to ensure it is delivered within the timeline specified by the customer.

Recently there have been shipping disruptions in the Red Sea and surrounding waterways due to attacks on marine vessels by the Houthi movement which controls part of Yemen. These disruptions may impact our ability to distribute our products to our customers in a cost-effective and timely manner and to meet our customers' demands, all of which could have an adverse effect on financial condition and results of operations.

**ORIGINAL BRANDED APPAREL PRODUCTS**

We also operate as an Original Brand Manufacturer (OBM) by producing our own brand, "DOUBLE CRAZY", a line of apparel consisting of tops, bottoms, hoodies, and jeans. This strategic move is designed to expand our business and enhance profit margins while allowing us to capture a more significant share of the retail market. Our retail operations in the United States are conducted through WeDress U.S., our subsidiary established in the U.S.

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The introduction of the "DOUBLE CRAZY" brand provides us with direct access to retail customers. which enables us to engage more closely with consumers, gaining valuable insights into their preferences and shopping behaviors. By understanding our customers better, we can tailor our product offerings and marketing strategies to meet their needs effectively.

Producing the "DOUBLE CRAZY" line of apparel offers several key advantages: (i) it diversifies our revenue streams, reducing dependence on third-party retailers and enhancing overall financial stability; (ii), owning our brand allows for greater control over pricing and inventory management, enabling us to respond swiftly to market trends and consumer demand; and (iii) promoting "DOUBLE CRAZY" helps build brand loyalty and fosters a community around our products, leading to long-term customer relationships.

The establishment of "DOUBLE CRAZY" represents a significant step in our growth strategy. By producing our own brand alongside our partnerships with fashion retailers, we not only increase profit margins but also gain direct access to retail customers. This initiative positions us for continued success in the competitive fashion industry

**CUSTOMERS**

Our customers mainly include brand owners, apparel sourcing agents and online fashion retailers, primarily located in North America and Europe.

Our client portfolio is diverse, with key clients contributing significantly to our business. PRETTY LITTLE THING accounts for 13% of our clientele, followed by SHOWPO at 11%, CIDER at 10%, GIRL IN MIND also at 10%, BOOHOO at 8% and Fashion Nova also at 8%. This distribution reflects our ability to cater to a wide range of businesses while building strong relationships with each partner.

Our goal is to work collaboratively with our customers on a long-term basis to create and expand our product offering and position ourselves as a vital partner in the development process. We will continue to strengthen our design and development capabilities and expand our product and service offerings to our customers for every new season. We will also aim to diversify our customer base and revenue source, by expanding both online and offline retail sales of the DOUBLE CRAZY line of apparel.

*PRETTY LITTLE THING*

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*SHOWPO*

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*CIDER*

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*Fashion Nova*

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**SUPPLIERS**

We rely on the following six suppliers to meet our production needs. Among these, two are related party while the other four are independent third parties based in Mainland China and Hong Kong. These suppliers are responsible for manufacturing our apparel products and arranging delivery to our customers. This arrangement has been in place during the years ended March 31, 2025, and 2024.

● Zhuoya Supply Chain (Guangzhou) Co., Ltd. (Top four for year ended March 31, 2025, and 2024)

○ Relationship: The sister of Ms. Tang, our CEO, holds a 90% equity interest

○ Term: October 31, 2021, to October 30, 2031

○ Services: Supply of garment products

○ Termination: Upon expiration of mutual agreement or unilateral by one party upon breach of contract

● Jiangmen Guanxiong Knitting Co., Ltd (Top four for year ended March 31, 2024)

○ Relationship: Entity in which the sister of Tang Siu Wan holds a 40% equity interest

○ Term: May 16, 2022, to May 15, 2027

○ Services: Supply of garment products

○ Termination: Upon expiration of mutual agreement or unilateral by one party upon breach of contract

● Guangzhou Weixin Garment Co., Ltd. (Top four for year ended March 31, 2025, and 2024)

○ Relationship: Independent

○ Term: September 30, 2017, to September 29, 2027

○ Services: Supply of garment products

○ Termination: Upon expiration of mutual agreement or unilateral by one party upon breach of contract

● Wonder Fashion & Technology Co Ltd (Top four for year ended March 31, 2024)

○ Relationship: Independent

○ Term: May 10, 2021, to May 9, 2026

○ Services: Supply of garment products

○ Termination: Upon expiration of mutual agreement or unilateral by one party upon breach of contract

● Enlighten Garment Co., Ltd. (Top four for year ended March 31, 2025)

○ Relationship: Independent

○ Term: November 20, 2020, to November 19, 2030

○ Services: Supply of garment products

○ Termination: Upon expiration of mutual agreement or unilateral by one party upon breach of contract

● Suzhou Xinjing Garment Technology Co., Ltd. (Top four for year ended March 31, 2025)

○ Relationship: Independent

○ Term: November 9, 2023, to November 9, 2028

○ Services: Supply of garment products

○ Termination: Upon expiration of mutual agreement or unilateral by one party upon breach of contract

We carefully selected these suppliers based on a pre-defined set of criteria that includes size, quality, reputation, pricing, and on-time delivery records. This rigorous selection process ensures that we partner with suppliers who can consistently meet our standards and support our operational goals.

For the years March 31, 2025 and 2024, our top four principal suppliers accounted for substantial portions of our total purchases, with contributions of 79% and 94%, respectively. One of our suppliers is dedicated solely to the production for one of our clients, CIDER.

This significant reliance on a limited number of suppliers is a common practice within the apparel supply chain industry. Such a model allows companies to streamline operations and foster strong relationships with key partners, ultimately enhancing efficiency and product quality. By focusing on a select few suppliers, we can ensure consistency in our supply chain while benefiting from their specialized capabilities.

We believe that establishing and maintaining long-term strategic partnerships with strong suppliers—those with proven capabilities across a range of product categories—enhances our product offerings and strengthens our competitive position in the market. Accordingly, we have entered into long-term strategic agreements with some selected suppliers, we find that this approach aligns with industry norms and provides us with the flexibility needed to adapt to changing market conditions.

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**PRICING STRATEGY**

We typically adopt a cost-plus pricing strategy for our apparel services. This approach ensures that our pricing reflects the various factors influencing production costs while maintaining competitiveness in the market.

Our pricing decisions are determined by several key factors. The nature of raw materials used plays a significant role, as different types and qualities can substantially affect overall production costs. Additionally, the complexity of design is a critical consideration; more intricate designs require additional resources and time, which are factored into the final price.

We also take into account quotations from third-party suppliers, including costs related to raw materials, contract manufacturing services, and transportation. The volume of orders is another important factor; larger orders may benefit from economies of scale, potentially leading to lower per-unit costs. Timing requirements are considered as well; urgent orders that necessitate expedited processing may incur higher costs due to increased labor and logistics demands.

Furthermore, we analyze the retail prices of similar apparel products in the market to ensure our pricing remains competitive. Our strategy also reflects typical profit margins within the industry, allowing us to achieve sustainability and profitability.

By considering these elements in our cost-plus pricing strategy, D&J aims to offer competitive pricing while ensuring that we cover our costs and achieve desired profit margins. This comprehensive approach allows us to adapt effectively to market conditions and client needs, positioning us for continued success in the apparel industry.

**PRODUCT RETURN**

*Sales of private-labelled apparel products*

We do not have a product return or warranty policy for our finished garments. Customers have the right to inspect the finished goods before delivery for defects and deviation from specifications. We do not assume the risk of damages or losses after the finished goods are delivered to the place designated by our customers. To maintain long-term business relationship with our customers, we follow up after completion of a given project to solicit feedback.

*Retail sales of own-branded apparel products*

For sales of our DOUBLE CRAZY products through our digital channels, we provide a 28-day return window to our customer for unworn apparel, and a credit note to the value of the items for up to 35 days.

For the years ended March 31, 2025, and 2024, we are not aware of any material claims against us in relation to defective products, nor any material product returns from our customers.

**MARKETING**

We implement a number of marketing and promotion measures to source new customers. Our new customers are primarily referrals from our existing customers which, in our view, is a reflection of their satisfaction with our services. We also utilize our business network for introductions to new partners and customers. Our strategy is to fully understand our customers product and services requirements and work together to achieve their needs in a cost-effective way. Our marketing activities also involve creating seasonal sales tools to demonstrate our capabilities, as well as inspire our customers with trend infographics and an in-house collection demonstrating our technical ability and designs. We use these during face-to-face meetings, to allow our customer to understand our latest design collections and significantly enhance customer experience with us.

Our marketing strategy encompasses a mix of digital and traditional channels:

*Digital Marketing*

We actively engage with environmentally conscious consumers through targeted digital marketing campaigns. Our approach utilizes data-driven strategies to identify and reach audiences who prioritize sustainability in their purchasing decisions. This alignment with consumer values is crucial in today's market, where ethical consumption is increasingly important. These campaigns leverage the power of social media, strategic influencer partnerships, and compelling content marketing initiatives.

Strategic influencer partnerships play a vital role in our digital marketing strategy. We work closely with influencers who genuinely align with our core brand values, ensuring that their endorsements resonate with their audiences. This authenticity enhances trust and credibility.

Compelling content marketing initiatives are central to our digital strategy. We focus on producing articles, videos, and infographics that educate consumers about sustainable fashion practices and the importance of eco-friendly materials. Positioning ourselves as a thought leaders, we are able to engage with consumers while also promote our brand.

*E-commerce*

We are committed to expanding our online presence and accessibility which includes optimizing our website for an enhanced user experience and forging strategic partnerships with established online retailers. We collaborate with recognized e-commerce platforms, which increases our brand exposure and credibility among consumers who prefer shopping on familiar sites. By tapping into the existing customer bases of these retailers, we can reach new audiences and expand our market presence more rapidly. Partnerships often provide valuable data insights that help us understand consumer behavior and preferences, allowing us to refine its marketing strategies.

*Retail Partnerships*

We collaborate with key retail partners to showcase its sustainable collections to a wider audience, expanding our market reach and brand visibility. Retail partnerships enable us to showcase products in high-traffic locations, significantly enhancing brand visibility among potential customers.

*Events and Trade Shows*

We actively participate in prominent industry events and trade shows. These events provide a valuable platform to highlight our latest innovations, underscore our commitment to sustainability, and connect with key stakeholders.

**SEASONALITY**

The apparel market is characterized by seasonality, with dynamic shifts in trends and consumer preferences that vary throughout the year. Typically, apparel sales peak from August to December, driven by climatic factors and numerous online sales events that occur during this period. For the years ended March 31, 2025, and 2024, the aggregate sales generated during these months accounted for approximately 46% and 42% of our total revenue, respectively.

**COMPETITION**

The industry in which we operate is large, fragmented and highly competitive. We face fierce competition among service providers in terms of the product design, price, quality control and delivery of products. Our competitors include other apparel service providers and one-stop garment manufacturers who also provides apparel solutions services to customers in Australia and North and South America.

While the market is fragmented, many of our direct competitors operate at a larger scale and have substantially greater resources than us. Access to offshore manufacturing and the growth of e-commerce have made it easier for new companies to enter the markets in which we compete, further increasing competition in the already competitive apparel industry.

Despite the intense competition, we believe our provision of integrated supply chain solutions and value-added services places us in a strong position. Our focus on sustainable practices, innovative materials and products, and collaborative partnerships with core customers allows us to successfully compete in the industry.

**INTELLECTUAL PROPERTY**

Through D&J Ganzhou and Rocksolid, our Subsidiaries, we own and maintain the following registered trademarks, patents, and some of our major domains:

*Trademarks*

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|:---|:---|:---|:---|:---|:---|
|  | **Trademark** | **Place of Registration** | **Registration No.** | **Class** | **Date of Expiry** |
| 1. | DOUBLE CRAZY | The PRC | 12811021 | 25 | 27 October 2034 |
| 2. | DOUBLE CRAZY | Australia | 1804511 | 25 | 24 October 2026 |
| 3. | Da Jade | Australia | 1860402 | 25 | 20 July 2027 |
| 4. | AmDiva | Australia | 1860403 | 25 | 20 July 2027 |
| 5. | Luxewave | Australia | 1860404 | 25 | 20 July 2027 |
| 6. | DOUBLE CRAZY | The United States of America | 6401167 | 25 | Subject to renewal in accordance with applicable law |

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*Patents*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Title** | **Type** | **Place of Registration** | **Registration No.** | **Date of Expiry** |
| 1. | An automated surface cleaning device for clothing cleaning (一种自动化服装清洗用表面清洁装置) | Utility Patent | The People's Republic of China | ZL 2020 2 0845523.7 | 20 May 2030 |
| 2. | An automated sewing machine for clothing production (一种自动化服装生产缝纫机) | Utility Patent | The People's Republic of China | ZL 2020 2 0845546.8 | 20 May 2030 |
| 3. | An intelligent clothing inventory counter with cloud computing (一种具有云计算智能服装仓储计数器) | Utility Patent | The People's Republic of China | ZL 2020 2 0845584.3 | 20 May 2030 |
| 4. | An intelligent automated fabric cutting machine (一种智能化自动控制服装裁车) | Utility Patent | The People's Republic of China | ZL 2020 2 0845585.8 | 20 May 2030 |
| 5. | A self-service ordering device based on big data clothing sample display (一种基于大数据服装样品展示自助下单设备) | Utility Patent | The People's Republic of China | ZL 2020 2 0845604.7 | 20 May 2030 |

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6. An
 intelligent automated assembly line workbench for clothing production (一种智能衣物生产自动流水工作台) Utility
 Patent The
 People's Republic of China ZL
 2020 2 0845825.4 20
 May 2030

7. An
 intelligent multifunctional workbench for clothing design (一种智能化服装设计用多功能工作台) Utility
 Patent The
 People's Republic of China ZL
 2020 2 0845843.2 20
 May 2030

8. An
 intelligent cutting device for clothing production (一种智能化服装生产用裁剪装置) Utility
 Patent The
 People's Republic of China ZL
 2020 2 0845844.7 20
 May 2030

9. A
 device for producing and transporting garments (一种衣服生产运输装置) Utility
 Patent The
 People's Republic of China ZL
 2024 2 1994105.9 16
 August 2034

10. A
 dress hanger (一种连衣裙衣服架) Utility
 Patent The
 People's Republic of China ZL
 2024 2 2153892.0 3 September 2034

11. A
 precise and fast pattern making system and method for mass production of clothing design
 (一种服装设计批量化生产用精准快速打版系统及方法) Invention Patent The
 People's Republic of China ZL
 2021 1 1449237.4 1
 December 2041

*Domain Names*

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|:---|:---|:---|
|  | **Internet Domain Name** | **Date of Expiry** |
| 1. | dnj99.com | 05-05-2026 |
| 2. | dnj99.net | 05-05-2026 |
| 3. | dnjfashion.com | 16-05-2027 |
| 4. | dnjfashion.net | 18-06-2028 |
| 5. | dnjfashion.shop | 13-06-2026 |
| 6. | dnjfashion.store | 24-05-2026 |
| 7. | dnjgarment.com | 16-05-2027 |
| 8. | dnjsourcing.com | 24-07-2026 |
| 9. | doublecrazy.cc | 10-01-2026 |
| 10. | doublecrazy.com | 21-08-2028 |
| 11. | doublecrazy.link | 15-10-2026 |
| 12. | doublecrazy.net | 15-10-2026 |
| 13. | doublecrazy.online | 10-01-2026 |
| 14. | doublecrazy.shop | 15-10-2026 |
| 15. | doublecrazy.store | 15-10-2026 |
| 16. | doublecrazy.top | 10-01-2026 |
| 17. | doublecrazy.xyz | 20-01-2026 |
| 18. | doublecrazyshop.com | 21-01-2026 |
| 19. | doublecrazystore.com | 27-08-2027 |
| 20. | fruitdye.net | 20-06-2026 |
| 21. | fruitdye.online | 20-06-2026 |
| 22. | fruitdye.store | 20-06-2026 |
| 23. | fruitdye.top | 20-06-2026 |
| 24. | fruitdye.xyz | 20-06-2026 |
| 25. | fruitdyetech.com | 20-06-2026 |
| 26. | fruitdye-tech.com | 20-06-2026 |
| 27. | fruitdyetech.fashion | 20-06-2026 |
| 28. | fruitdye-tech.fashion | 20-06-2026 |
| 29. | fruitdyetech.net | 20-06-2026 |
| 30. | fruitdye-tech.net | 20-06-2026 |
| 31. | fruitdyetech.online | 20-06-2026 |
| 32. | fruitdye-tech.online | 20-06-2026 |
| 33. | fruitdyetech.store | 20-06-2026 |
| 34. | fruitdye-tech.store | 20-06-2026 |
| 35. | fruitdyetech.top | 20-06-2026 |
| 36. | fruitdye-tech.top | 20-06-2026 |
| 37. | fruitdyetech.xyz | 20-06-2026 |
| 38. | fruitdye-tech.xyz | 20-06-2026 |
| 39. | luxewave.cc | 29-07-2028 |
| 40. | luxewave.group | 29-07-2028 |
| 41. | luxewave.net | 29-07-2026 |
| 42. | luxewave.top | 29-07-2030 |
| 43. | luxewave.vip | 29-07-2026 |
| 44. | luxewavewholesale.com | 29-07-2028 |
| 45. | riverstone.top | 15-01-2026 |
| 46. | senyaolvmu.com | 21-02-2027 |
| 47. | wedress.co | 29-12-2026 |
| 48. | wedress.group | 29-12-2026 |
| 49. | wedress.shop | 20-06-2026 |

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Our trademarks serve to protect our brand and distinguish our products in the marketplace, while our patents safeguard our innovative designs and technologies, providing us with a competitive edge. Additionally, the domain names we own are crucial for our online presence, allowing us to effectively engage with customers and enhance our digital footprint.

We have licensed six (6) trademarks and nine (9) patents to one of our suppliers. Under the licensing agreement, the supplier pays us a monthly royalty that amounts to 18% of the revenue generated from the sale of products by the licensee using the brand names of the Group's trademarks on third-party online platforms or any offline sales channels, which provides us with a steady revenue stream.

**INSURANCE**

We are confident that our insurance coverage effectively addresses the risks associated with our operations, taking into account the size and nature of our business. Our insurance portfolio includes essential protections such as short-term export trade credit insurance, pension insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance.

We believe that this coverage is in line with industry standards, providing us with the necessary safeguards to operate smoothly. To ensure that our policies remain comprehensive and adequate, we regularly review our insurance coverage. This ongoing evaluation allows us to assess the scope of our protection and make necessary adjustments to meet any emerging risks or changes in our operational environment.

**FACILITIES**

We do not own any real property but lease the following properties:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lessee** | **Location** | **Tenure** | **Approximate Gross<br> Floor Area (sq m)** | **Lessor** | **Usage by our Group** |
| D&J Garment (Ganzhou) Co., Ltd. | Tianmeng Industrial Park, Zhishan Road, Shang'ou Industrial Zone, Gongjiang Town, Yudu County, Ganzhou City, Jiangxi Province, PRC | 1 December 2023 to 30 November 2033 | 13279.25 | Yudu County Yuying Asset Management Co., Ltd. | Used for the Production and office of D&J Ganzhou |
| D&J Garment (Ganzhou) Co., Ltd. | Tianmeng Industrial Park, Zhishan Road, Shang'ou Industrial Zone, Gongjiang Town, Yudu County, Ganzhou City, Jiangxi Province, PRC | 1 December 2023 to 30 November 2033 | 2092.96 | Yudu County Yuying Asset Management Co., Ltd. | Used for the staff quarters of D&J Ganzhou |
| D&J Garment (Ganzhou) Co., Ltd. | 1st to 5th floors, self-composed, No. 6 Industrial Building, No. 895, Yanyuan Avenue, Shiji Town, Panyu District, Guangzhou, PRC | 1 November 2024 to 31 October 2034 | 3755 | Huayao (Guangzhou) Enterprise Management Co., Ltd. | Used for the office of D&J Ganzhou - Guangzhou Branch |
| WeDress Inc. | New Mart Building, 127 East 9<sup>th</sup> St., #1006 Los Angeles, California 90015, USA | March 1, 2025, to February 28, 2027 | 130 | Ben Eisenberg Properties-New Mart Bldg., Inc. | Used for the office of WeDress U.S. |
| D & J Industries (Hong Kong) Company Limited | Room 4, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kln, Hong Kong | 16 November 2023 to 15 November 2025 | 103 | ULTIMATE TREASURE LIMITED | Used for the office of D&J |
| WEDRESS MEXICO S. de R.L. de C.V. | NICOLAS BRAVO 180, LOCAL 7, ZAPOTLANEJO, JALISCO, MEXICO | 15 August 2025 to 14 August 2026 | 250 | C. RODOLFO LOMAS MUÑOZ | Used for the office and warehouse of WeDress Mexico |
| WEDRESS MEXICO S. de R.L. de C.V. | Calle Morelos 1746, apartment 105, 1/F., Guadalajara, Jalisco, Mexico | 21 October 2025 to 20 October 2026 | 30 | OCTAVIO URREA OBREGÓN | Used for the staff quarters of WeDress Mexico |
| WeDress Pty Ltd | Level 1, 5 George Street North Strathfield, NSW 2137, Australia | Rolling month to month | Co-working space | WOTSO North Strathfield | Used for the office of WeDress Pty Ltd |

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

**EMPLOYEES**

As of November 30, 2025, excluding the three Independent Non-Executive Directors, we employed a total number of 140 full-time employees, 4 of whom are based in Hong Kong and 127 of whom are based in the PRC. Our employees are employed in the areas of human resources and administration, management, AI engineering, accounting, sales, product design and development, sourcing, and logistics, as well as quality control. The remuneration package offered to our employees generally includes basic salary, bonuses and cash allowances or subsidies. We have not experienced material labor disputes or major violations of laws and regulations in regard to the social insurance premiums and housing provident funds in the past.

**Employees**

The following table sets forth a breakdown of our employees by functions and geographical locations as of November 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Hong Kong | China | Australia | Mexico | UK | U.S. | **Total** |
| Management | 5 (including 2 INED nominees) | 1 | 2 |  | (1 INED nominee) |  | 9 (including 3 INED nominees) |
| Finance |  | 6 |  |  |  |  | 6 |
| AI & IT |  | 3 | 1 |  |  |  | 4 |
| Human Resources |  | 6 |  |  |  |  | 6 |
| Design | 1 | 25 |  |  |  |  | 26 |
| Sales and Marketing |  | 20 | 2 | 2 |  | 2 | 26 |
| Production |  | 66 |  |  |  |  | 66 |
| **Total** | 6 | 127 | 5 | 2 | 1 | 2 | 143 |

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**LEGAL PROCEEDINGS**

As of the date of this prospectus, we and our Subsidiaries are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our or our Subsidiaries' business, financial condition or operations.

From time to time, we may become involved in legal proceedings arising in the ordinary course of business. Other than the civil proceeding mentioned above, we are not involved in any litigation, arbitration or claim of material importance, nor any material impact non-compliance incidents or systemic non-compliance incidents in respect of applicable laws and regulations.

**REGULATORY ENVIRONMENT**

This section sets forth a summary of the material laws and regulations that affect our Subsidiaries' business and operations in Hong Kong and the PRC. Information contained in this section should not be construed as a comprehensive summary nor a detailed analysis of laws and regulations applicable to the business and operations of our Subsidiaries. This overview is provided as general information only and is not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Hong Kong and the PRC on our business and operations.

**PRC Laws and Regulations**

A summary of the laws and regulations which are material to our Subsidiaries' operations in the fast fashion supply chain management services industry in the PRC are as follows: Laws and Regulations Relating to Foreign Investment The establishment, operation, and management of corporate entities in the PRC are governed by the Company Law of the PRC (the "PRC Company Law"). The PRC Company Law generally governs two types of companies: limited liability companies and joint stock limited companies. Both types of companies have the status of legal persons, and the liability of shareholders of a limited liability company and a joint stock limited company is limited to the amount of registered capital they have contributed. The PRC Company Law shall also apply to foreign-invested companies. Where laws on foreign investment have other stipulations, such stipulations shall apply.

**Laws and Regulations Relating to Foreign Investment**

The establishment procedures, approval procedures, registered capital requirements, foreign exchange matters, accounting practices, taxation, and labor matters of our Subsidiaries in the PRC are regulated by the Foreign-invested Enterprise Law of the PRC (the "FIE Law") and the Regulations for the Implementation of the Foreign-invested Enterprise Law of the PRC. Investment in the PRC conducted by foreign investors and foreign-owned enterprises shall comply with the Special Management Measures (Negative List) for the Access of Foreign Investment (the "Negative List"). The Negative List contains specific provisions guiding market access of foreign capital, stipulating in detail the areas of entry pertaining to the categories of encouraged foreign-invested industries, restricted foreign-invested industries and prohibited foreign investment. Any industry not listed in the Negative List is a permitted industry.

**Laws and Regulations Relating to Labor**

***Protection Labor Contract.*** Pursuant to the Labor Law of the PRC, employers should enter into labor contracts with their employees. Wages are to be paid according to the level of performance, and the policy of equal pay for equal work. Lowest wage protection and special labor protection for female workers and juvenile workers shall be implemented. Employers are also required to pay for their employees' social insurance premiums and housing provident funds. These payments are made to local administrative authorities, and an employer who fails to contribute may be fined and be ordered to make up for the outstanding contributions.

The Labor Contract Law of the PRC and the Implementation Rule of the Labor Contract Law of the PRC set out specific provisions in relation to the execution, terms and the termination of an employment contract and the rights and obligations of the employees and employers. At the time of hiring, an employer shall truthfully inform the employee as to the scope of work, working conditions, working place, occupational hazards, work safety, salary, and other matters about which the employee requests to be informed about.

**Social Insurance**

Employers in the PRC are required to contribute, on behalf of their employees, to a number of social insurance funds, including funds for basic pension insurance, for unemployment insurance, basic medical insurance, work-related injury insurance and maternity insurance. If an employer does not pay the full amount of social insurance premiums as scheduled, the social insurance premium collection institution shall order it to make the payment or make up the difference within the stipulated time period and impose a daily fine equivalent to 0.05% of the overdue payment from the date on which the payment is overdue. If the payment is not made within the stipulated period, the relevant administration department shall impose a fine ranging from one to three times of the overdue payment.

The various laws and regulations that govern employers' obligation to contribute to the social security funds include the Social Insurance Laws of the PRC, the Interim Regulation on the Collection and Payment of Social Insurance Premiums, the Decision of the State Council on Establishing a Unified System of the Basic Pension Insurance for Enterprise Employees, the Circular on Relevant Issues concerning the Improvement of the Basic Pension Insurance Policy for Urban Employees, the Regulation on Work-related Injury Insurance, the Regulation on Unemployment Insurance, the Decision of the State Council on Establishing the Basic Medical Insurance System for Urban Employees, the Circular on the Issuance of Provisions on the Administration of Basic Medical Insurance for Urban Employees, and the Trial Measures on Maternity Insurance for Enterprise Employees.

**Laws and Regulations Relating to Intellectual Property Rights**

Pursuant to the Trademark Law of the PRC (the "Trademark Law"), the right to exclusive use of a registered trademark shall be limited to trademarks which have been registered and to goods for which the use of trademark has been permitted. The period of validity of a registered trademark shall be ten years, counted from the day the registration is made. According to the Trademark Law, (i) using a trademark that is identical to a registered trademark on the same goods without the authorization of the owner of the registered trademark; (ii) using a trademark that is similar to a registered trademark on the same goods or (iii) using a trademark that is identical with or similar to a registered trademark on similar goods without the authorization of the owner of the registered trademark, which is likely to cause confusion, shall be deemed to constitute an infringement of the exclusive right to use a registered trademark. The infringer shall, in accordance with the regulations, undertake to cease the infringement, take remedial action, and pay damages.

**Laws and Regulations Relating to Foreign Exchange**

***Foreign Currency Exchange****.* The principal regulation governing foreign currency exchange in the PRC is the Regulation of the PRC for the Control of Foreign Exchange (the "Foreign Exchange Regulation"). Under the regulation, RMB are freely convertible for payments of current account items, such as trade and service-related foreign exchange transactions and dividend payments, but are not freely convertible for capital expenditure, such as direct investment, loans, or investments in securities, outside the PRC unless the approval of the State Administration of Foreign Exchange (the "SAFE") or its local counterpart is obtained in advance.

According to the Notice on Further Improving and Adjusting Management Policies on Foreign Exchange of Direct Investment, in relation to direct foreign investments in the PRC, foreign investors are no longer required to obtain approval from the SAFE to re-invest in the PRC by using income legally generated from the PRC. No approval from the SAFE is required for opening the foreign exchange accounts, payment into certain accounts, settlement of the foreign exchange and for the purchase and external payment of foreign exchange. Also, the transfer of foreign exchange in the PRC under a direct investment account is no longer subject to approval by the SAFE. In addition, the foreign-invested enterprises are permitted to remit funds to their offshore parent companies.

According to the Notice on Further Simplifying and Improving the Policies of Foreign Exchange Administration Applicable to Direct Investment, verification, and approval of foreign exchange registration under domestic direct investment is abolished. The banks shall, in accordance with relevant guidance, directly examine and handle foreign exchange registration under domestic direct investment. Relevant entities may, at their discretion, choose the banks in their respective places of registration to go through foreign exchange registration of direct investment, and may handle subsequent formalities for opening relevant accounts, fund exchange and other services (including the outflow or inflow of profits and dividends) under direct investment only after foreign exchange registration of direct investment is completed.

**Dividend Distribution**

The principal laws and regulations governing dividend distribution of foreign holding companies include the PRC Company Law, and its implementation rules. Under these laws and regulations, enterprises in the PRC may pay dividends only out of their after-tax profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, enterprises in the PRC must allocate at least 10% of their accumulated profits after tax each year, if any, to fund certain reserve funds unless these accumulated reserves have reached 50% of their registered capital. These reserves are not distributable as cash dividends.

**Laws and Regulations Relating to Taxation in the PRC**

***Enterprise Income Tax****.* Pursuant to the Enterprise Income Tax Law of the PRC (the "EIT Law"), the income tax rate for both resident enterprises and foreign-invested enterprises is 25% commencing from January 1, 2008 (with certain exceptions for qualified foreign-invested enterprises). In order to clarify certain provisions in the EIT Law, the State Council promulgated the Implementation Rules of the Enterprise Income Tax Law of the PRC (the "EIT Implementation Rules"). Pursuant to the EIT Law and the EIT Implementation Rules, non-resident enterprises which have not established agencies or offices in the PRC, or which have established agencies or offices in the PRC but whose income has no association with such agencies or offices, shall pay enterprise income tax on their income earned from inside the PRC, and such income of nonresident enterprises for which the payer thereof shall be the withholding agent, shall be taxed at the reduced rate of 10% and shall be withheld at the source.

***Withholding income tax and international tax treaties.*** Pursuant to the EIT Law and the EIT Law Implementation Rules, dividends generated after January 1, 2008, and payable by a foreign-invested enterprise in PRC to its foreign investors are subject to a 10% withholding tax, unless any such foreign investor's jurisdiction of registration and incorporation has entered into a tax agreement with PRC which provides a different withholding tax arrangement.

Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for Avoidance of Double Taxation and Prevention of Tax Evasion, the applicable withholding income tax rate for any dividends declared by a Chinese company is 5% for a shareholder being a Hong Kong resident holding at least 25% interest in its registered capital, or 10% for a shareholder being a Hong Kong resident holding less than 25% interest in its registered capital.

According to the Administrative Measures for Convention Treatment for Non-resident Taxpayers, any non-resident taxpayer meeting conditions for enjoying the convention treatment may be entitled to the convention treatment when filing a tax return or making a withholding declaration through a withholding agent, subject to the subsequent administration by the tax authorities. The term "non-resident taxpayers" refers to the taxpayers other than the PRC tax residents under the Provisions of domestic tax laws or conventions on the avoidance of double taxation signed by the government of the People's Republic of China with foreign countries (including the tax arrangements signed with Hong Kong and Macau (hereinafter collectively referred to as the "Tax Conventions") (including non-resident enterprises and non-resident individuals). The convention treatment means the deduction of or exemption from the enterprise income tax or individual income tax obligations required by the provisions of PRC tax laws, under the tax conventions or tax clauses of conventions on aviation, sea transportation, and automobile transportation, as well as the agreements or exchanges of letters on the mutual-exemption from tax on income from international transportation, signed by the People's Republic of China with foreign countries, including the Arrangement between Mainland China and the Hong Kong Special Administrative Region for Avoidance of Double Taxation and Prevention of Tax Evasion.

According to the Notice on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. Pursuant to the Announcement of the State Administration of Taxation on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, when the withholding agent enters into a business contract with a non-resident enterprise in relation to income derived from or accruing in the PRC, where the non-resident enterprise has no office or premises established in the PRC or the income derived or accrued has no de facto relationship with the office or premises established, if the contract stipulates that the withholding agent shall bear the tax payable amount, the tax-exclusive income amount derived by the non-resident enterprise shall be converted to a tax-inclusive income amount and the tax withheld shall be turned over. Where the income subject to withholding at source derived by a non-resident enterprise is equity investment income such as dividends and bonuses, the date of occurrence of withholding obligation for the relevant tax payable amount shall be the date of actual payment of equity investment income such as dividends and bonuses.

**Hong Kong Laws and Regulations**

***Hong Kong Regulations Related to Services Providers***

*Business registration requirement*

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

As of the date of this prospectus, D&J, Marvel and Ka Yee hold valid business registration certificates.

***Regulations related to employment and labor protection.***

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

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

As of the date of this prospectus, D&J, Marvel and Ka Yee have complied with the provisions under the EO.

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

The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong), or the ECO, is an ordinance enacted for the purpose of providing for the payment of compensation to employees injured in the course of employment. As stipulated by the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the ECO in respect of the liability of the employer. According to the Fourth Schedule of the ECO, the insured amount shall be not less than HKD100,000,000 per event if a company has no more than 200 employees. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine and imprisonment. An employer who has taken out an insurance policy under the ECO is required to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed.

As of the date of this prospectus, employee compensation insurance has been obtained for all employees of D&J, Marvel and Ka Yee.

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

The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), or the MPFSO, is an ordinance enacted for the purposes of providing for the establishment of non-governmental mandatory provident fund schemes, or the MPF Schemes. The MPFSO requires every employer of an employee of 18 years of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers and their employees to contribute 5% of the employee's relevant income to the MPF Scheme. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine and imprisonment.

As of the date of this prospectus, the Company believes it has made all contributions required under the MPFSO.

***Regulations related to Personal Data***

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

The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong), or the PDPO, imposes a statutory duty on data users to comply with the requirements of the six data protection principles (the "Data Protection Principles") contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The six Data Protection Principles are:

● Principle 1 — purpose and manner of collection of personal data;

● Principle 2 — accuracy and duration of retention of personal data;

● Principle 3 — use of personal data;

● Principle 4 — security of personal data;

● Principle 5 — information to be generally available; and

● Principle 6 — access to personal data.

Non-compliance with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "Privacy Commissioner"). The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/or instigate prosecution actions. A data user who contravenes an enforcement notice commits an offense which may lead to a fine and imprisonment.

The PDPO also gives data subjects certain rights, inter alia:

● if the data user holds such data, to be supplied with a copy of such data; and

● the right to request correction of any data they consider to be inaccurate.

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

As of the date of this prospectus D&J, Marvel and Ka Yee are in compliance with the provisions of the PDPO.

**BVI Data Protection Laws**

*Data Protection Act, 2021 of the BVI*

We have certain data protection duties under the BVI Data Protection Act, 2021 (the "DPA").

*<u>Privacy Notice</u>*

This privacy notice puts our shareholders on notice that through your investment you will be required to provide us with certain personal information which constitutes personal data within the meaning of the DPA.

*<u>Investor Data</u>*

We will collect, process, use, disclose, retain, and secure personal data only to the extent necessary and for lawful purposes to the extent legitimately required to conduct our activities of on an ongoing basis, in order to protect the vital interests of shareholders, as data subjects, for the administration of justice or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

<u>Who this Affects</u>

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

<u>How We May Use a Shareholder's Personal Data</u>

We may, as the data controller, collect, store and use personal data for lawful purposes, including, in particular: (i) where this is necessary for the performance of our rights and obligations under any agreements; (ii) where this is necessary for compliance with a legal and regulatory obligation to which we are or may be subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or (iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

<u>Why We May Transfer Your Personal Data</u>

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory, tax and governmental authorities. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the BVI or the European Economic Area), who will process your personal data on our behalf.

<u>The Data Protection Measures We Take</u>

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the BVI shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

You have the right to request access to, and correction of, your personal data which we hold which can be exercised by contacting the Company as set out below.

<u>Contacting the Company</u>

For further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please contact us through our website at www.dnjfashion.com or through phone number +852-2342 3101.

**MANAGEMENT**

Our Board of Directors is the primary decision-making body of our Company, setting fundamental business strategies and policies for the management and operation of our Subsidiaries' business and monitoring their implementation.

Our Board of Directors currently consists of five directors, comprising two Directors and three independent non-executive Directors. The following table sets forth the names, ages, and titles of our directors, executive officers, and senior management/key personnel:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| <u>Executive Officers and Directors:</u> |  |  |
| Tang Siu Wan (Wendy) | 58 | Chairlady, Director, and Chief Executive Officer |
| Wong Kang Bor Alex | 52 | Chief Financial Officer |
| Wong Wai Hei (David)<br> James Reginald Hart | 31<br> 60 | Executive Director<br> Chief Sustainability Officer |
| <u>Independent Non-executive Directors:</u> |  |  |
| Chu On Shing Jeffrey | 48 | Independent Non-executive Director |
| Lau Chun Pong (Wilson) | 52 | Independent Non-executive Director |
| Wong Man Hung Patrick | 69 | Independent Non-executive Director |

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No arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive officer was elected as a director or executive officer. Our directors are elected annually and serve until their successors take office or until their death, resignation, or removal. The executive officers serve at the pleasure of the Board of Directors.

**Executive Officers and Directors:**

**Tang Siu Wan (Wendy)**, has served as our Chairlady of the board of directors, a Director, and Chief Executive Officer since January 2025. Ms. Tang is primarily responsible for the strategic planning, business development, operational direction, and overall management of our Group. Since September 2024 she served as the sole director of Cornerstone Holdings Limited, from September 2024 until June 2025 she served as the sole director of Bedrock Holdings Limited, and from November 2024 until June 2025 served as the sole director of Deepmantle Holdings Limited. Ms. Tang has served as the sole director of Marvel since October 2020, Ka Yee since March 2019, and Rocksolid since October 2024. Ms. Tang founded and has served as a director of D&J, our principal subsidiary, since August 2010. Ms. Tang also founded and has served as a director of our subsidiary WeDress Australia in October 2020. Ms. Tang has also served as the sole director of our subsidiaries WeDress UK and WeDress Mexico since June 2024 and November 2024, respectively. Ms. Tang has over 15 years of experience in the fashion garment industry. It was under her leadership and direction that our group transitioned from a traditional fashion garment service provider into a fast fashion supply chain management services provider*.*** Ms. Tang received a Graduate Certificate in Education from Guangdong Maoming Normal College in 1990, a Certificate in Online Marketing from Shanren Education Internet Marketing in 2015 and a Certificate in Management from Inamori Kazuo Yamiba Management in 2019 where she studied and subsequently implemented the Amoeba Management System.

**Mr. Wong Kang Bor Alex** has served as our Chief Financial Officer since November 2024. Since December 2021 Mr. Wong has served as the CFO (Advisory) for Ucollex International Company Limited where he was responsible for Web 3 Technology. From September 2020 until December 2021, he served as the Financial Controller for BBPOS Limited and from August 2019 until August 2020 he served as the Regional Financial Controller for Vyaire Medical Group. Mr. Wong received a Bachelor of Science degree in Accounting from San Francisco State University in 1997.

**Mr. Wong Wai Hei (David)** has served as our Director since January 2025 and is principally responsible for the management and business development. Since April 2019 he has served as an Assistant Manager to D&J where he is responsible for sales and marketing. From October 2019 until February 2025 he served as a Sales Executive for James International, from May 2020 until February 2025 he served as a Director of Ying Ming Knitting Limited Garment Manufacturing where he was responsible for overall management of the company's operations and from November 2021 until January 2023 he served as the General manager of Enlighten Garment Co. Ltd. Mr. Wong completed a program in Fashion in 2016 at TAFE NSW Australia and a MBA program in 2022 at Brest Business School, PRC and received a Certificate in Supply Chain Management in May 2024 from Jinan University, Guangdong, PRC.

**Mr. James Reginald Hart** has served as our Chief Sustainability Officer since January 2025 and is principally responsible for our Group's Environmental Social Governance (ESG) efforts, including ESG Planning and Compliance (reduction of waste footprint, research, sourcing, and adoption of sustainable materials), investor relations and risk management. Since December 2019 he has served as the General Manager of James International, where he is responsible for overseeing international offices and expansion and international customer relations. Since August 2023 he has served as a Director of WeDress U.S. Mr. Hart received a Certificate in Cooking from William Angliss College in 1981, a Certificate in Real Estate from Real Estate Education Training NSW in 2017, a Diploma in Social Media Marketing from the Original Campus in 2024 and a Certificate in Environmental, Social and Governance Leadership from Edith Cowan University, Western Australia in 2025.

**Independent Non-Executive Directors**

**Chu On Shing Jeffrey** (age 48) was appointed as an Independent Director effective upon the closing of this offering. Since October 2003, he has served as the Strategic Consultant of Tian Ge Interactive Holdings Limited, since 2022 as the Strategic Consultant of Digiland Limited, and since January 2021 as the Managing Director of JJJ Global Limited. From 2020 until 2023, he served as the Senior Advisor of JD.com Inc. Universal Telecom International Holdings Limited is engaged in the business of international online trading; Tian Ge Interactive Holdings Limited is engaged in the business of online broadcasting; Digiland Limited is engaged in the wholesale of consumer goods; JJJ Global Limited is a consultancy company; and JD.com Inc. is engaged in the business of e-commerce. Mr. Chu received a Bachelor of Science Degree in Psychology in 2001 from Acadia University, Nova Scotia, Canada. In 2003, he received a Master of Arts Degree in Commerce from University of Queensland, Australia.

**Lau Chun Pong (Wilson)** (age 52) was appointed as an Independent Director effective upon the closing of this offering. Since December 2019, he has served as the Chief Financial Officer for Clifford Modern Living Holdings Limited, a property management firm. Mr. Lau received a Bachelor of Arts Degree in Economics from the University of California at Los Angeles in 1997.

**Wong Man Hung Patrick** (age 69) was appointed as an Independent Director effective upon the closing of this offering. Since 2016 he has served as the Chairman of King Wealth Group Limited, since March 2024 as the Chairman of Beyond Appraisal Limited and from December 2019 until June 2020 as an Independent Non-Executive Director of Lion Group Holdings Ltd.; each of which entities are engaged in providing financial services. In October 1982 he received a Diploma in Management from the Graduate School of Business, Columbia University, New York and in January 1991 he received an MBA from University of East Asia, Macau.

**Key Employee**

**Chen Xiuzhu** has served as the Director of Human Resources & Administration since November 6, 2024, where she is responsible for formulating and implementing the company's HR and administrative management strategies, covering organizational development, talent acquisition, compensation and performance management, corporate culture, compliance, and administrative support to ensure efficient operations and drive sustainable growth. She graduated from South China University of Technology with a Bachelor's Degree in Human Resources Management and has more than 20 years of experience in administration and human resources, including working in state-owned enterprises, foreign companies, and private enterprises.

**Family Relationships**

Ms. Tang, the Chairlady, Chief Executive Officer, and a Director of the Company, is the mother of Wong Wai Hei (David), a Director of the Company. Save as disclosed, none of our Directors, Director nominees or Executive Officers has a family relationship as defined in Item 401 of Regulation S-K. Ms. Tang is the de facto partner of James Reginald Hart.

**Board diversity**

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

Our directors have a balanced mix of knowledge and skills. We will have three independent directors with different industry backgrounds, representing a majority of the members of our board.

We recognize the importance and benefit of fostering and promoting diversity among board members and senior management and believe that boards of directors should have diverse backgrounds and possess a variety of skills, qualifications, experience, and knowledge that complement the attributes of other board members and enable them to contribute effectively to the board's oversight role. While we do not have formal policies regarding board diversity requirements or for the representation of women on the board of directors or senior management, the nominating and corporate governance committee and our senior executives will be expected to take gender and other diversity representation into consideration as part of their overall recruitment and selection process.

It is expected that the composition of our board will in the future be shaped by the selection criteria to be established by the nominating and corporate governance committee, which is expected to consider a variety of factors in addition to gender, race and ethnicity diversity considerations, including a potential director's judgment, independence, business and educational background, stature, public service, conflicts of interest, integrity, ethics, diversity considerations, as well as his or her ability and willingness to devote sufficient time to serve on the our board. It is expected that diversity considerations also are taken into account with respect to senior management positions, including seeking to broaden recruiting efforts to attract and interview qualified female candidates, and committing to retention and training to ensure that our most talented employees are promoted from within the organization.

In accordance with Nasdaq's listing requirements with respect to diversity of boards of directors, foreign private issuers listing on Nasdaq must have two diverse directors, or provide an explanation for not meeting such requirement, within two years for the date of listing or December 31, 2026, whichever is later. Foreign private issuers can meet the diversity requirement with either two female directors or one female director and one director who is an underrepresented individual based on national, racial, ethnic, indigenous, cultural, religious, or linguistic identity in its home country or LGBTQ+.

**Committees of the Board of Directors**

Our Board of Directors has established an audit committee, a compensation committee, and a nomination committee, each of which will operate pursuant to a charter adopted by our Board of Directors that will be effective upon the effectiveness of the registration statement of which this prospectus is a part. The Board of Directors may also establish other committees from time to time to assist our Company and the Board of Directors. 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 and SEC rules and regulations, if applicable. Upon our listing on Nasdaq, each committee's charter will be available on our website at <u>http://www.dnjfashion.com</u>. 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.

**Audit committee**

Lau Chun Pong (Wilson), Chu On Shing Jeffrey and Wong Man Hung Patrick, all of whom are our independent non-executive Directors, will serve on the audit committee, which will be chaired by Lau Chun Pong (Wilson). Our Board of Directors has determined that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our Board of Directors has designated Lau Chun Pong (Wilson) as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● 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;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● 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;

● 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;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing earnings releases.

**Compensation committee**

Chu On Shing Jeffrey, Lau Chun Pong (Wilson) and Wong Man Hung Patrick, all of whom are our independent non-executive Directors, will serve on the compensation committee, which will be chaired by Chu On Shing Jeffrey. Our Board of Directors has determined that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our Chief Executive Officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

● 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 of Directors 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;

● reviewing and recommending to the Board of Directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy, and policy;

● overseeing and administering our compensation and similar plans;

● 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 rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the Board of Directors the compensation of our directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

**Nomination Committee**

Wong Man Hung Patrick, Chu On Shing Jeffrey and Lau Chun Pong (Wilson), all of whom are our independent non-executive Directors, will serve on the nomination committee, which will be chaired by Wong Man Hung Patrick. Our Board of Directors has determined that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

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

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

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

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

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

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

**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 <u>http://www.dnjfashion.com</u>. 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.

While we do not have a formal policy on diversity, our board of directors considers diversity to include the skill set, background, reputation, type, and length of business experience of our board members as well as a particular nominee's contributions to that mix. Our board of directors believes that diversity promotes a variety of ideas, judgments, and considerations to the benefit of our Company and shareholders.

On August 6, 2021, the Securities and Exchange Commission approved a proposed rule from Nasdaq on diversity of boards of directors of companies listed on Nasdaq. Under the rule as approved, "foreign private issuers" can meet the diversity requirement with either two female directors or one female director and one director who is an underrepresented individual based on national, racial, ethnic, indigenous, cultural, religious, or linguistic identity in its home country or LGBTQ+. Companies with five or fewer directors can meet the requirement by having at least one director who meets the definition of "diverse" under the new rule. The requirements will become effective from August 7, 2023.

**Foreign Private Issuer Status**

The Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of Nasdaq Markets. The application of such exceptions requires that we disclose each Nasdaq Markets corporate governance standard that we do not follow and describe the BVI corporate governance practices we do follow in lieu of the relevant Nasdaq Markets corporate governance standard. However, we currently follow the Nasdaq Markets corporate governance standards listed below with the exception of the independent directors regularly scheduling meetings with only the independent directors present:

● the majority independent director requirement under Section 5605(b)(1) of the Nasdaq Marketplace Listing rules;

● the requirement under Section 5605(d) of the Nasdaq Marketplace Listing Rules that a compensation committee comprised solely of independent directors governed by a compensation committee charter oversee executive compensation;

● the requirement under Section 5605(e) of the Nasdaq Marketplace Listing Rules that director nominees be selected or recommended for selection by either a majority of the independent directors or a nominations committee comprised solely of independent directors;

● the Shareholder Approval Requirements under Section 5635 of the Nasdaq Marketplace Listing Rules; and

● the requirement under Section 5605(b)(2) of the Nasdaq Marketplace Listing Rules that the independent directors have regularly scheduled meetings with only the independent directors present.

**Compensation**

The following table summarizes all compensation received by our directors, our executive officers, and our key employees during the years ended March 31, 2023, 2024 and 2025,

**Summary Compensation Table**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** |
| <br>**Name and Principal Position** | **Year** | **Salary (HKD)** | **Bonus (HKD)** | **Other**<br> **Compensation <sup>(2)</sup>**<br> **(HKD)** |
| Tang Siu Wan (Wendy), CEO, | 2025 | 1061072 |  |  |
| Chairlady and Director | 2024 | 960000 |  |  |
|  | 2023 | 960000 |  |  |
| Wong Wai Hei (David), | 2025 | 336000 |  |  |
| Director | 2024 | 336000 |  |  |
|  | 2023 | 392000 |  |  |
| Wong Kang Bor Alex, | 2025 | 240000 |  |  |
| Chief Financial Officer | 2024 |  |  |  |
|  | 2023 |  |  |  |
| James Reginald Hart, | 2025 |  |  |  |
| Chief Sustainability Officer | 2024 |  |  |  |
|  | 2023 |  |  |  |
| Lau Chun Pong (Wilson), | 2025 |  |  |  |
| Independent Director <sup>(1)</sup> | 2024 |  |  |  |
|  | 2023 |  |  |  |
| Wong Man Hung Patrick, | 2025 |  |  |  |
| Independent Director <sup>(1)</sup> | 2024 |  |  |  |
|  | 2023 |  |  |  |
| Chu On Shing Jeffrey, | 2025 |  |  |  |
| Independent Director <sup>(1)</sup> | 2024 |  |  |  |
|  | 2023 |  |  |  |

---

<sup>(1)</sup> Chu On Shing Jeffrey, Lau Chun Pong (Wilson) and Wong Man Hung Patrick were appointed as independent non-executive directors effective with the closing on this offering.

<sup>(2)</sup> Other compensation includes sales commission, allowances, and any employer's contribution social security.

**Mandatory Provident Fund**

The Mandatory Provident Fund (the "MPF") is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment. The Mandatory Provident Fund was implemented in December 2000 following the enactment of the Mandatory Provident Fund Schemes Ordinance on July 27, 1995. The MPF Schemes Authority (MPFA) is charged with supervising the provision of MPF schemes – it registers schemes and ensures that approved trustees administer schemes prudently, ensuring compliance including inspections, audits, and investigations.

The MPF system is mandatory for all employees in Hong Kong who have an employment contract of 60 days or more and also applies to self-employed persons. Under the MPF, the choice of the scheme is the responsibility of the employer (for which the legislation defines three types): (i) master trust scheme; (ii) employer sponsored scheme; or (iii) industry scheme. The scheme operates on the principle of fully funded defined contributions into a privately managed plan fund contributed by employers and employees managed as a trust, which compartmentalizes fund assets from those of the manager. Investment decisions are delegated to a trustee in the private sector.

Our Group implemented a MPF with a major international assurance company to provide retirement benefits for our eligible employees. All permanent full-time are eligible to join the MPF. Eligible employees of the MPF and the employer's contributions to the MPF are both at 5% of the eligible employee's monthly salary and are subject to a maximum mandatory contribution of HKD1,500 (US$192) monthly.

Pursuant to the relevant PRC regulations, the Group is required to make contributions for each employee, at rates based upon the employee's standard salary base as determined by the local social security bureau, to a defined contribution retirement scheme organized by the local social security bureau in respect of the retirement benefits for our Subsidiaries' employees in the PRC.

The contributions to the MPF are recognized as employee benefit expense when they are due and are charged to the consolidated statement of operations. The total contributions to the MPF were HKD92,100 and HKD91,200 respectively for each of the financial years ended March 31, 2025, and 2024.

**Directors' Agreements**

Each of our directors has entered into a Director's Agreement with the Company effective upon the registration statement of which this prospectus forms a part becoming effective. The terms and conditions of such Directors' Agreements are similar in all material aspects. Each Director's Agreement is for an initial term of one year and will continue until the director's successor is duly elected and qualified. Any Director's Agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Ordinary Shares entitled to vote.

Under the Directors' Agreements, the initial annual salary that is payable to each of our Non-Employee Directors is US$36,000.

In addition, our directors will be entitled to participate in such share option scheme as may be adopted by the Company, as amended from time to time. The number of options granted, and the terms of those options will be determined from time to time by a vote of the Board of Directors, provided that each director shall abstain from voting on any such resolution or resolutions relating to the grant of options to that director.

Other than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our Subsidiaries that provides for benefits upon termination of employment.

**Employment Agreements**

On January 31, 2025, the Company entered into an employment agreement with Ms. Tang, pursuant to which Ms. Tang will serve as the Chief Executive Officer of the Company in accordance with the following terms and provisions: (i) payment of a monthly salary of HK$80,000 payable at the end of each month; and (ii) either party shall have the right to terminate the agreement by giving to the other party not less than three months' notice in writing.

On January 31, 2025, the Company entered into an employment agreement with Wong Wai Hei, pursuant to which Mr. Wong will serve as a Director of the Company in accordance with the following terms and provisions: (i) payment of a monthly salary of HK$28,000 payable at the end of each month; and (ii) such employment shall continue until terminated pursuant to the terms of the employment agreement which provides that either party shall have the right to terminate the agreement by giving to the other party not less than three months' notice in writing.

On January 29, 2025, the Company entered into an employment agreement with James Reginald Hart pursuant to which Mr. Hart will serve as the Company's Chief Sustainability Officer in accordance with the following terms and provisions: (i) payment of a monthly salary of HK$28,327 payable at the end of each month; and (ii) such employment shall continue until terminated pursuant to the terms of the employment agreement which provides that either party shall have the right to terminate the agreement by giving to the other party not less than three months' notice in writing.

On January 16, 2025, the Company entered into an employment agreement with Wong Kang Bor Alex, pursuant to which Mr. Wong will serve as the Company's Chief Financial Officer in accordance with the following terms and provisions: (i) payment of a monthly salary of HK$60,000 payable at the end of each month; and (ii) such employment shall continue until terminated pursuant to the terms of the employment agreement which provides that either party shall have the right to terminate the agreement by giving to the other party not less than three months' notice in writing.

**Indemnification Agreements**

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

**Consulting Agreements**

The Company has entered into two Consulting Agreements with Bright Capital Asia Limited ("Bright Capital") to provide management and consulting services, one dated May 2, 2024, for a fee of HK$940,000 and the other dated October 7, 2024, for a fee of HK$1,560,000. Bright Capital was also issued 170,000 shares of the Company's common stock for nominal consideration.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding beneficial ownership of our shares by:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

● each of our named executive officers;

● each of our directors; and

● all of our current executive officers, directors as a group.

Applicable percentage ownership is based on 10,000,000 Ordinary Shares of our Company issued and outstanding as of the date of this prospectus and, with respect to percent ownership after this offering, assumes no exercise of the underwriters' over-allotment option.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option, or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

Unless otherwise noted below, the address of each person listed on the table is Room 2304, 23/F, Saxon Tower, No. 7 Cheung Shun Street, Lai Chi Kok, Hong Kong.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned**<br> **Before this Offering <sup>(1) (3)</sup>** | **Shares Beneficially Owned**<br> **Before this Offering <sup>(1) (3)</sup>** | **Shares Beneficially Owned**<br> **after this Offering <sup>(1) (3)</sup>** | **Shares Beneficially Owned**<br> **after this Offering <sup>(1) (3)</sup>** |
| <br>**Name of Beneficial Owner** | **Number** | **Percentage** | **Number** | **Percentage** |
| <u>Named Executive Officers and Directors and Director Nominees:</u> |  |  |  |  |
| Tang Siu Wan (Wendy) <sup>(2)</sup> | 7896750 | 78.97% | 7896750 | 63.17% |
| Wong Kang Bor Alex | 0 | 0% | 0 | 0% |
| Wong Wai Hei (David) | 199000 | 1.99% | 199000 | 1.59% |
| James Reginald Hart | 200000 | 2.00% | 200000 | 1.60% |
| Chu On Shing Jeffrey | 0 | 0.00% | 0 | 0.00% |
| Lau Chun Pong (Wilson) | 0 | 0.00% | 0 | 0.00% |
| Wong Man Hung Patrick | 0 | 0.00% | 0 | 0.00% |
| All executive officers and directors as a group (7 persons) | 8295750 | 82.96% | 8295750 | 66.37% |

---

(1) Based
 on 10,000,000 Ordinary Shares issued and outstanding immediately prior to the offering and 2,500,000 Ordinary Shares to be
 issued and outstanding immediately after the offering assuming the underwriter does not exercise the over-allotment option.

(2) Excludes
 shares owned by Cornerstone Holdings Limited which is owned 40.08% by James Reginald Hart,
 our Chief Sustainability Officer and de facto partner of Ms. Tang; 39.88% by Wong Wai Hei,
 our Director and Ms. Tang's son; and 20.04% by Wong Cho Yan Joan, Ms. Tang's
 daughter.'

(3) Assumes
 that none of the Notes are converted into Ordinary Shares.

**RELATED PARTY TRANSACTIONS**

**Related Parties**

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

The following is a list of related parties which the Group has transactions with:

---

| | | |
|:---|:---|:---|
| **No.** | **Name of Related Parties** | **Relationship with the Group** |
| 1 | Tang Siu Wan | Chairlady, Chief Executive Officer, shareholder and director |
| 2 | Zhuoya Supply Chain (Guangzhou) Co., Ltd. | Entity which the sister of Tang Siu Wan holds 90% equity interests |
| 3 | Jiangmen Guanxiong Knitting Co., Ltd. | Entity which the sister of Tang Siu Wan holds 40% equity interests |
| 4 | Ying Ming Knitting Limited | Entity of which the son of Tang Siu Wan is the sole shareholder and director |
| 5 | WeDress U.S. | Entity which the de facto partner of Tang Siu Wan is a director and on October 16, 2024, the Group acquired 100% equity interest of this entity |
| 6 | James International Pty Ltd | Entity which the de facto partner of Tang Siu Wan is a general manager and which Tang Siu Wan holds 100% equity interests |

---

***Amounts due from related parties***

Amounts due from related parties consisted of the following for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of<br> November 30, 2025** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **(unaudited)** | **2025** | **2024** | **2023** |
| Gross amount due from WeDress U.S. <sup>(1)</sup> | $- | $- | $90312 | $8289 |
| Provision for credit losses | - | - | (5419) | - |
| Net amount due from WeDress U.S. |  |  | 84893 | 8289 |
| Tang Siu Wan <sup>(2)</sup> | 3137 | 169869 |  | 604378 |
| James International Pty Ltd <sup>(3)</sup> |  | 75627 | 75183 |  |
| Zhuoya Supply Chain (Guangzhou) Co., Ltd. <sup>(4)</sup> | - | 44516 | - | - |
| **Total** | $**3137** | $**290012** | $**160076** | $**612667** |

---

(1) The balance represented advanced
 payment to WeDress U.S. amounted to $87,006 and rental deposit paid on behalf of WeDress U.S. amounted to $3,306 as of March 31,
 2024, and represented payment of rental deposit on behalf of the related party and advance to the related party as of March 31, 2023,
 respectively. As of November 30, 2025, the balance remained as nil.

(2) The balance represented interest-free
 loan to Tang Siu Wan, which were due on demand. $166,732 has been collected in June 23, 2025. As of November 30, 2025, the balance
 was $3,137 and expected to fully settle by end of 2025.

(3) The balance represented the
 receivables James International Pty Ltd collected on behalf of the Group. As of November 30, 2025, the balance was nil.

(4) The balance represented the
 receivables Zhuoya Supply Chain (Guangzhou) Co., Ltd. collected on behalf of the Group. As of November 30, 2025, the balance was
 nil.

***Amounts due to related parties***

Amount due to related parties consisted of the following for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **As of**<br> **November 30, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** |
| Zhuoya Supply Chain (Guangzhou) Co., Ltd. <sup>(1)</sup> | $4966888 | $1818798 | $1403187 | $- |
| Ying Ming Knitting Limited <sup>(2)</sup> |  | 110708 | 110058 | 110058 |
| Tang Siu Wan <sup>(3)</sup> | 7841 | 7841 | 184302 | 92622 |
| Jiangmen Guanxiong Knitting Co., Ltd. <sup>(4)</sup> | - | - | 16083 | 699217 |
| **Total** | $**4974729** | $**1937347** | $**1713630** | $**791839** |

---

(1) The balance represented purchases payable to Zhuoya Supply Chain (Guangzhou) Co., Ltd. in the amount of $773,290 and advances from Zhuoya Supply Chain (Guangzhou) C0., Ltd in the amount of $1,046,508. As of November 30, 2025, the balance was US$4,966,888.

(2) The balance represented purchases payable to Ying Ming Knitting Limited. As of November 30, 2025, the balance was nil.

(3) The balance represented the loan to Tang Siu Wan amounted to $6,476 and the long-term equity investment fund payable to Tang Siu Wan amounted to $1,365 as of March 31, 2025; and represented the dividend payable to Tang Siu Wan amounted to $156,108, the loan to Tang Siu Wan amounted to $26,830 and the long-term equity investment fund payable to Tang Siu Wan amounted to $1,364 as of March 31, 2024; and represented the loan to Tang Siu Wan amounted to $91,258 and the long-term equity investment fund payable to Tang Siu Wan amounted to $1,364 as of March 31, 2023. As of November 30, 2025, the balance was US$7,841.

(4) The balance represented advances from Jiangmen Guanxiong Knitting Co., Ltd. as of March 31, 2024, and represented purchases payable to Jiangmen Guanxiong Knitting Co., Ltd. as of March 31, 2023. As of November 30, 2025, the balance remained as nil.

The following is a list of related parties which the Group had major transactions with:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **From**<br> **April 1, 2025 to**<br> **November 30, 2025** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
| <br>**Nature** | **(unaudited)** | **2025** | **2024** | **2023** |
| ***Tang Siu Wan*** |  |  |  |  |
| Sales of goods to Tang Siu Wan | $- | $1197 | $- | $12652 |
| Purchases of goods from Tang Siu Wan |  |  |  | 9981 |
| Tang Siu Wan's contribution of the trademark of "Double Crazy" <sup>(1)</sup> |  |  | 6146896 |  |
| Dividends distribution to Tang Siu Wan |  |  | 1955372 |  |
| Loan from Tang Siu Wan |  |  |  | 93286 |
| Loan repayment to Tang Siu Wan |  |  |  |  |
| ***Ying Ming Knitting Limited*** |  |  |  |  |
| Purchases of goods from Ying Ming Knitting Limited |  | 175670 | 1176759 | 537456 |
| Sales of goods to Ying Ming Knitting Limited |  |  |  | 141285 |
| ***Zhuoya Supply Chain (Guangzhou) Co., Ltd.*** |  |  |  |  |
| Purchases of goods from Zhuoya Supply Chain (Guangzhou) Co., Ltd. | 4029743 | 6207514 | 1403420 |  |
| Sales of goods to Zhuoya Supply Chain (Guangzhou) Co., Ltd. | 683822 | 162337 | 12347 |  |
| ***Jiangmen Guanxiong Knitting Co., Ltd.*** |  |  |  |  |
| Purchases of goods from Jiangmen Guanxiong Knitting Co., Ltd. |  |  | 8039509 | 6708115 |
| Sales of goods to Jiangmen Guanxiong Knitting Co., Ltd. |  |  |  | 405 |

---

(1) On April 1, 2023, Tang Siu Wan, the former legal and beneficial owner of the Trademark of "Double Crazy", assigned it absolutely to the Group in consideration of a nominal amount of HK$1. The fair value of the trademark determined by independent appraisal was approximately $6,145,875 ($6,146,896 when using average translation rate). The Group recognized $6,145,875 as an intangible asset and additional paid-in capital from the shareholder's contribution.

**DESCRIPTION OF SHARES** 

A copy of our memorandum and articles of association is filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "Memorandum" and the "Articles of Association").

We are a company incorporated with limited liability in the BVI, and, upon completion of this offering, our affairs will be governed by our Memorandum and Articles of Association, the BVI Act and the common law of the BVI.

As of the date of this prospectus, the maximum number of shares we are authorized to issue is 300,000,000 ordinary shares of par value of US$0.0001 each.

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

**Ordinary Shares**

***General***

All of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered form. Our shareholders who are non-residents of the BVI may freely hold and vote their Ordinary Shares. We may not issue shares to bearer.

***Dividends***

Subject to the BVI Act and our Articles of Association, our directors may by a resolution of directors authorize a distribution by our Company at a time, and of an amount, and to any shareholders they think fit if they are satisfied, on reasonable grounds that, immediately after the distribution, the value of our Company's assets will exceed our Company's liabilities and our Company will be able to pay its debts as they fall due. Distributions, including dividends, may be declared and paid in cash or in specie, in shares or other assets and our directors may for such purpose set such value as they deem fair upon any such assets.

No distribution shall be paid on those shares which are held by our Company as treasury shares at the date of declaration of the distribution.

Our directors may, before recommending any distribution, set aside out of the profits of our Company such sums as they think proper as a reserve or reserves which shall, at their discretion, either be employed in the business of our Company or be invested in such investments as our directors may from time to time think fit.

If several persons are registered as joint holders of any share, any of them may give effectual receipt for any distribution or other monies payable on or in respect of the share,

Notice of any distribution that may have been declared shall be given to each shareholder in the manner mentioned in our Articles of Association and all distributions unclaimed for three years after having been declared may be forfeited by our directors for the benefit of our Company.

***Voting Rights***

Each share in our Company confers on the holder the right to one vote on any resolution of shareholders. At any meeting a resolution put to the vote of the meeting shall be decided on a show of hands by the shareholders of a majority of in excess of fifty (50) percent of the votes of those shareholders (or their duly appointed proxies) entitled to vote and voting on the resolution, unless a poll is (before or on the declaration of the result of the show of hands) demanded. On a poll, every shareholder of a voting share present in person or by proxy shall have one vote for every voting share of which he is the holder which confers the right to a vote on the resolution, and a resolution of shareholders is passed if it is approved by a majority of the votes validly cast by shareholders holding shares entitled to vote on the poll In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place, or at which the poll is demanded, shall not be entitled to a second or casting vote.

***Transfer of Ordinary Shares***

Shares in our Company shall be transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee. The instrument of transfer shall also be signed by the transferee if registration as a holder of the shares imposes a liability to our Company on the transferee. The instrument of transfer of a registered share shall be sent to our Company for registration,

Subject to the BVI Act and our Memorandum and Articles of Association, our Company shall, on receipt of an instrument of transfer, enter the name of the transferee of the share in our Company's register of members unless our directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified in the resolution. Where our directors pass such a resolution, our Company shall send to the transferor and the transferee a notice of the refusal or delay. Notwithstanding the aforesaid, our directors shall not decline to register any transfer of shares, nor may they suspend registration thereof, where such transfer is to any mortgagee or chargee whose interest has been noted on our Company's register of members, or by any such mortgagee or chargee pursuant to the power of sale under its security or otherwise and in accordance with the terms of the relevant security document.

The transfer of a share is effective when the name of the transferee is entered in our Company's register of members.

***Procedures on liquidation***

Our Company may be voluntarily liquidated under the BVI Act if it has no liabilities, or it is able to pay its debts as they fall due, and the value of its assets equals or exceeds its liabilities.

A voluntary liquidator may, subject to the terms of the BVI Act, be appointed by a resolution of directors or by a resolution of shareholders provided the shareholders have approved, by resolution of shareholders, a liquidation plan approved by our directors.

If our Company shall be liquidated, the voluntary liquidator may divide amongst the shareholders in specie or in kind the whole or any part of the assets of our Company (whether they shall consist of property of the same kind or not) and may for such purpose set such value as he deems fair upon any such property to be divided as aforesaid and may determine how such division shall be carried out as between the shareholders or different classes of shareholders. The liquidator may vest the whole or any part of such assets in trustees upon such trust for the benefit of the contributors as the liquidator shall think fit, but so that no shareholder shall be compelled to accept any shares

***Calls on Ordinary Shares and Forfeiture of Ordinary Shares***

Our Company may, at any time after the due date for payment, serve on a shareholder who has not paid in full for shares registered in the name of that shareholder, a written notice of call specifying a date for payment to be made. The notice of call shall name a further date not earlier than the expiration of 14 days from the date of service of the notice of call on or before which the payment required by the notice of call is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice of call the shares, or any of them, in respect of which payment is not made will be liable to be forfeited.

Where a written notice of call has been issued and the requirements of the notice of call have not been complied with, our directors may, at any time before tender of payment, forfeit and cancel the shares to which the notice of call relates. Our Company is under no obligation to refund any moneys to the shareholder whose shares have been cancelled pursuant to the Articles of Association and that shareholder shall be discharged from any further obligation to our Company

***Redemption of Ordinary Shares***

Subject to the BVI Act, our Articles of Association, and, where applicable, the Nasdaq listing rules or any other law or so far as not prohibited by any law, our Company may, in the manner determined by our directors by resolution of directors (and subject to the written consent of all the shareholders whose shares are to be purchased, redeemed or otherwise acquired), purchase, redeem or otherwise acquire any of our Company's own shares for such consideration as our directors consider fit, and either cancel or hold such shares as treasury shares. Shares may be purchased or otherwise acquired in exchange for newly issued shares in our Company.

Our directors shall not, unless permitted pursuant to the BVI Act, purchase, redeem or otherwise acquire any of our Company's own shares unless immediately after such purchase, redemption or other acquisition, the value of our Company's assets exceeds it liabilities, and our Company is able to pay its debts as they fall due.

***Variations of Rights of Shares***

Rights attached to the shares of our Company may be varied by amending our Memorandum and Articles of Association.

***General Meetings of Shareholders***

Our directors may convene meetings of shareholders at such times and in such manner and places (within or outside the BVI) as our directors consider necessary or desirable, and they shall convene such a meeting upon the written request of shareholders entitled to exercise at least thirty (30) percent of the voting rights in respect of the matter for which the meeting is requested.

Not less than seven (7) days' notice specifying at least the place, the day and the hour of the meeting and general nature of the business to be conducted shall be given in the manner mentioned in the Articles of Association to such persons whose names on the date the notice is given appear as shareholders in our Company's register of members and are entitled to vote at the meeting. The record date for determining those shareholders that are entitled to vote at the meeting may be specified in the notice (and such record date need not be the date notice is given).

Notwithstanding the aforesaid, a meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding ninety (90) percent of the total voting rights on all the matters to be considered at the meeting, or the votes of each class or series of shares where shareholders are entitled to vote thereon as a class or series together with an absolute majority of the remaining votes, in each case have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall be deemed to constitute waiver on his part (unless such shareholder objects in writing before the meeting proceeds to business).

The inadvertent failure of our directors to give notice of a meeting to a shareholder, or the fact that a shareholder has not received a notice that has been properly given, shall not invalidate the meeting.

No business shall be transacted at any meeting of shareholders unless a quorum of shareholders is present at the time when the meeting proceeds to business. A quorum shall consist of the holder or holders present in person or by proxy entitled to exercise at least fifty (50) percent of the voting rights of the shares of each class or series of shares entitled to vote as a class or series thereon and the same proportion of the votes of the remaining shares entitled to vote thereon. A shareholder shall be deemed to be present at a meeting of shareholders if he or his proxy participates by telephone or other electronic means, and all shareholders and proxies participating in the meeting are able to hear each other.

***Inspection of Books and Records***

Our directors shall from time to time determine whether and to what extent and at what times and places and under what conditions the records, documents and registers of our Company or any of them shall be open to the inspection of shareholders not being directors, and no shareholder (not being a director) shall have any right to inspect any records, documents or registers of our Company except as conferred by the BVI Act or authorized by a resolution of directors.

***Changes in Maximum Number of Shares our Company is Authorized to Issue***

Our directors or shareholders may from time to time by resolution of directors or resolution of shareholders increase or decrease the maximum number of shares our Company is authorized to issue, by amendment to the Memorandum.

**CERTAIN BVI COMPANY CONSIDERATIONS**

**Differences in Corporate Law**

The BVI Act and the laws of the BVI affecting BVI companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the BVI applicable to us and, for illustrative purposes only, the Delaware General Corporation Law (the "DGCL"), which are applicable to us, and the companies incorporated in the state of Delaware and their shareholders.

***Mergers and similar arrangements***

Under the BVI Act, two or more BVI companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of two or more constituent companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent BVI company must approve a written plan of merger or consolidation. One or more BVI companies may also merge or consolidate with one or more companies incorporated under the laws of jurisdictions outside the BVI, if the merger or consolidation is permitted by the laws of the jurisdictions in which the companies incorporated outside the BVI are incorporated. In respect of such a merger or consolidation a BVI company is required to comply with the provisions of the BVI Act and a company incorporated outside the BVI is required to comply with the laws of its jurisdiction of incorporation.

The plan of merger or consolidation shall be authorized by a resolution of shareholders and the outstanding shares of every class of shares that are entitled to vote on the merger or consolidation as a class if the memorandum or articles of association so provide or, if the plan of merger or consolidation contains any provisions that, if contained in a proposed amendment to the memorandum or articles of association, would entitled the class to vote on the proposed amendment as a class. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or consolidation.

Under Delaware law each corporation's board of directors must approve a merger agreement. The merger agreement must state, among other terms, the terms of the merger and method of carrying out the merger. This agreement must then be approved by the majority vote of the outstanding stock entitled to vote at an annual or special meeting of each corporation, and no class vote is required unless provided in the certificate of incorporation.

Delaware permits an agreement of merger to contain a provision allowing the agreement to be terminated by the board of directors of either corporation, notwithstanding approval of the agreement by the stockholders of all or any of the corporations (1) at any time prior to the filing of the agreement with the Secretary of State or (2) after filing if the agreement contains a post-filing effective time and an appropriate filing is made with the Secretary of State to terminate the agreement before the effective time. In lieu of filing an agreement of merger, the surviving corporation may file a certificate of merger, executed in accordance with Section 103 of the DGCL. The surviving corporation is also permitted to amend and restate its certification of incorporation in its entirety. The agreement of merger may also provide that it may be amended by the board of directors of either corporation prior to the time that the agreement filed with the Secretary of State becomes effective, even after approval by stockholders, so long as any amendment made after such approval does not adversely affect the rights of the stockholders of either corporation and does not change any term in the certificate of incorporation of the surviving corporation. If the agreement is amended after filing but before becoming effective, an appropriate amendment must be filed with the Secretary of State. If the surviving corporation is not a Delaware corporation, it must consent to service of process for enforcement of any obligation of the corporation arising as a result of the merger; such obligations include any suit by a stockholder of the disappearing Delaware corporation to enforce appraisal rights under Delaware law.

If a proposed merger or consolidation for which appraisal rights are provided is to be submitted for approval at a shareholder meeting, the subject company must give notice of the availability of appraisal rights to its shareholders at least 20 days prior to the meeting.

A dissenting shareholder who desires to exercise appraisal rights must (a) not vote in favor of the merger or consolidation; and (b) continuously hold the shares of record from the date of making the demand through the effective date of the applicable merger or consolidation. Further, the dissenting shareholder must deliver a written demand for appraisal to the company before the vote is taken. The Delaware Court of Chancery will determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the court will take into account "all relevant factors." Unless the Delaware Court of Chancery in its discretion determines otherwise, interest from the effective date of the merger through the date of payment of the judgment will be compounded quarterly and accrue at 5% over the Federal Reserve discount rate.

***Shareholders' suits***

The BVI Act provides for remedies which may be available to shareholders. Where a company incorporated under the BVI Act or any of its directors engages in, or proposes to engage in, conduct that contravenes the BVI Act or the company's memorandum and articles of association, the BVI courts can issue a restraining or compliance order. Shareholders may also bring derivative, personal and representative actions under certain circumstances. The traditional English basis for members' remedies has also been incorporated into the BVI Act: where a shareholder of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the court for an order based on such conduct.

Any shareholder of a company may apply to court for the appointment of a liquidator of the company and the court may appoint a liquidator of the company if it is of the opinion that it is just and equitable to do so.

The BVI Act provides that any shareholder of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: (a) a merger, if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (b) a consolidation, if the company is a constituent company; (c) any sale, transfer, lease, exchange or other disposition of more than 50% in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the shareholders in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; (d) a redemption of 10% or fewer of the issued shares of the company required by the holders of 90% or more of the shares of the company pursuant to the terms of the BVI Act; and (e) an arrangement, if permitted by the court.

***Indemnification of directors and executive officers and limitation of liability***

BVI law does not limit the extent to which a company's articles of association may provide for indemnification of directors, officers and any other person, except to the extent any such provision may be held by the court to be contrary to public policy (e.g. for purporting to provide indemnification against the consequences of committing a crime) provided that the indemnified person acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

This standard of conduct is generally the same as permitted under the DGCL for a Delaware corporation.

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 advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' fiduciary duties***

BVI law provides that every director of a BVI company in exercising his powers or performing his duties shall act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director shall exercise the care, diligence, and skill that a reasonable director would exercise in the same circumstances taking into account the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition, BVI law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree to the company acting, in a manner that contravenes BVI law or the memorandum association or articles of association of the company.

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 controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

***Shareholder action by written consent***

Our Memorandum and Articles provide that shareholders may approve corporate matters by way of a resolution approved at a duly constituted meeting of shareholders by the affirmative vote of a simple majority of the votes of those shareholders entitled to vote and voting on the resolution; or a resolution consented to in writing by all of the shareholders entitled to vote thereon.

Under the DGCL, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation.

***Shareholder proposals***

BVI law and our Memorandum and Article provide that our directors shall call a meeting of the shareholders if requested in writing to do so by shareholders entitled to exercise at least 30% of the voting rights in respect of the matter for which the meeting is requested.

Under the DGCL, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors, or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

***Cumulative voting***

There are no prohibitions to cumulative voting under the laws of the BVI, but our Memorandum and Articles do not provide for cumulative voting.

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.

Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of directors***

Our Articles provides that a director may be removed from office by a resolution of shareholders or a resolution of directors.

Under the DGCL, 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.

***Transactions with interested shareholders***

The DGCL contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware public corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

BVI law has no comparable provision. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. Although BVI law does not regulate transactions between a company and its significant shareholders, it does provide that transactions by the Company must be entered into bona fide in the best interests of the company and not with the effect of oppressing or constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

As permitted by BVI law and our Memorandum and Articles, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due, and value of the Company's assets equals or exceeds its liabilities.

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

***Variation of rights of shares***

Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.

Our Memorandum and Articles does not provide for specific provisions on variation of rights attached to any class of shares.

***Amendment of governing documents***

As permitted by BVI law, our Memorandum and Articles may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution of directors. Any amendment is effective from the date it is registered at the Registry of Corporate Affairs in the BVI. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to the offering, we had 10,000,000 Ordinary Shares issued and outstanding, which includes does not include up to 308,333 Ordinary Shares offered by the Selling Shareholders, which shares are issuable to them upon conversion of the notes. Upon completion of this offering, we will have 12,500,000 Ordinary Shares issued and outstanding, assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares and 12,875,000 Ordinary Shares outstanding if the over-allotment option is exercised in full. This includes up to 308,333 Ordinary Shares offered by the Selling Shareholders.

All of the Ordinary Shares sold in this offering will be freely transferable by persons other than by our "affiliates" without restriction or further registration under the Securities Act. Sales of substantial amounts of our Ordinary Shares in the public market could adversely affect prevailing market prices of our Ordinary Shares. Prior to this offering, there has been no public market for our Ordinary Shares. Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our Ordinary Shares outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act, or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Ordinary Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Ordinary Shares in the public market could adversely affect the prevailing market prices of our Ordinary Shares. Prior to this offering, there has been no public market for our Ordinary Shares. We have applied for listing on the Nasdaq Capital Market under the symbol "DNJF" for the Ordinary Shares we are offering. We expect that the initial public offering price (the "Offering Price") will be in the range of US$5.00 to US$7.00 per Ordinary Share. We have not been approved for listing on the Nasdaq Capital Market. Management believes that we currently meet the Nasdaq Capital Market's quantitative listing requirements and believe that upon the completion of the offering, we will meet the standards for listing on the Nasdaq Capital Market although we cannot assure you that a regular trading market will develop in the Ordinary Shares.

**Lock-Up Agreements**

Our directors, officers, and holders of 5% or greater shareholders (other than the holders of those shares being registered in the Resale Prospectus that forms a part of this Registration Statement) have agreed with the underwriters, for a period of six months after the date of this prospectus, subject to certain exceptions, not to 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.

In addition, the Company has further agreed for a period of 180 days after the date of this prospectus, not to, except in connection with this offering, offer, sell or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, other than post-effective amendments to its Resale Registration Statement. See "Underwriting - Lock-Up Agreements."

We cannot predict what effect, if any, future sales of our Ordinary Shares, or the availability of Ordinary Shares for future sale, will have on the trading price of our Ordinary Shares from time to time. Sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary Shares.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than six months but not more than one year may sell such Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than one year may freely sell our Ordinary Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our outstanding shares), and have beneficially owned our Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1.0% of the then outstanding Ordinary Shares; or

● the average weekly trading volume of our Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**MATERIAL TAX CONSIDERATIONS**

The following summary of certain BVI and U.S. federal income tax consequences of an investment in our 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 the Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the BVI and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Ordinary Shares. To the extent that this discussion relates to matters of Hong Kong tax law, it is the opinion of Cheung & Choy, our counsel as to Hong Kong law, and as to BVI tax law, it is the opinion of Harney Westwood & Riegels, our counsel as to BVI law.

**BVI Tax Considerations**

We are not liable to pay any form of taxation in the BVI and all dividends, interests, rents, royalties, compensations, and other amounts paid by us to persons who are not persons resident in the BVI are exempt from all forms of taxation in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of ours by persons who are not persons resident in the BVI are exempt from all forms of taxation in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy, or other charge is payable by persons who are not persons resident in the BVI with respect to any shares, debt obligation or other securities of ours.

Subject to the payment of stamp duty on the acquisition of property in the BVI by us (and in respect of certain transactions in respect of the shares, debt obligations or other securities of BVI incorporated companies owning land in the BVI), all instruments relating to transfers of property to or by us and all instruments relating to transactions in respect of the shares, debt obligations or other securities of ours and all instruments relating to other transactions relating to our business are exempt from payment of stamp duty in the BVI.

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

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below) that acquire our Ordinary Shares in this offering and hold our 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 upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or 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 relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes or U.S. Holders 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 discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder 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 Ordinary Shares.

**General**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our 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 validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Ordinary Shares.

**Dividend*s***

The entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that is converted into U.S. dollars on a date subsequent to receipt.

**Sale or Other Disposition of Ordinary Shares**

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives a currency other than U.S. dollars on the disposition of our Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

**Passive Foreign Investment Company Considerations**

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Ordinary Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets, and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares); and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we intend to apply for the listing of our Ordinary Shares on Nasdaq, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Ordinary Shares; and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC, any gain recognized upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC, and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States Subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

**Hong Kong Profits Tax Considerations**

Our subsidiaries incorporated in Hong Kong were subject to Hong Kong profits tax at a rate of 8.25% for assessable profits on the first HK$2,000,000 and 16.5% on their remaining assessable profits generated from operations arising in or derived from Hong Kong for the years ended March 2025, and 2024. As from year of assessment of 2018/2019 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000. Under Hong Kong tax laws, our Hong Kong Subsidiaries are exempted from Hong Kong income profits tax on its foreign-derived income profits. In addition, payments of dividends from our Hong Kong Subsidiaries to us are not subject to any tax withholding in Hong Kong.

***Taxation of Dividends***

Under the current practices of the Hong Kong Inland Revenue Department, no tax is payable in Hong Kong in connection with dividends paid by us, either by withholding or otherwise, unless such dividends are attributable to a trade, profession or business carried on in Hong Kong.

***Profits***

No tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares. Trading gains from the sale of Ordinary Shares by persons carrying on a trade, profession, or business in Hong Kong, where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profits tax which is imposed at the rates of 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000 on corporations and at the rates of 7.5% on assessable profits up to HK$2,000,000 and 15.0% on any part of assessable profits over HK$2,000,000 on unincorporated businesses from the year of assessment commencing on or after April 1, 2018. Liability for Hong Kong profits tax would thus arise in respect of trading gains from sales of Ordinary Shares realized by persons carrying on a business of trading or dealing in securities in Hong Kong.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN OUR ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

**UNDERWRITING**

We will enter into an underwriting agreement with Joseph Gunnar & Co., LLC ("Joseph Gunnar" or the Representative), acting as the sole book-running manager of the offering and as representative of the underwriters named below with respect to the Ordinary Shares subject to this offering. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter named below has severally agreed to purchase from us, on a firm commitment basis, the number of Ordinary Shares set forth opposite its name below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name** | **Number of <br> shares** |
| Joseph Gunnar & Co., LLC |  |
| **Total** |  |

---

The underwriters are offering the Ordinary Shares subject to their acceptance of the Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the Ordinary Shares covered by the underwriters' over-allotment option described below.

Our shares of common stock are offered subject to a number of conditions, including:

● receipt and acceptance of our shares of common stock by the underwriters; and

● the underwriters' right to reject orders in whole or in part.

We have granted to the underwriters an option, exercisable for forty-five (45) days from the date of this prospectus, to purchase up to an additional 375,000 Ordinary Shares (fifteen percent (15%) of the shares of Ordinary Shares sold in this offering) at the public offering price per ordinary share, set forth on the cover page of this prospectus. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. 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 that the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage of the additional shares as the number listed next to the underwriter's name in the preceding table bears to the total number of shares listed next to the names of all underwriters in the preceding table. If any additional Ordinary Shares are purchased, the underwriters will offer these Ordinary Shares on the same terms as those on which the other Ordinary Shares are being offered.

The Representative has advised us that it proposes to offer the shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of US$[●] per share. The underwriters may allow, and certain dealers may re-allow a discount from the concession not in excess of US$[●] per share to certain brokers and dealers. After this offering, the public offering price, concession, and reallowance to dealers may be reduced by the Representative. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority. We have been advised by Joseph Gunnar that the underwriters intend to make a market in our Ordinary Shares but that they are not obligated to do so and may discontinue making a market at any time without notice.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses electronically.

**Financial Advisory Fee**

We paid Joseph Gunnar upon the execution of the engagement letter by and between Joseph Gunnar and us (the "Engagement Letter") a cash fee in the amount of Fifty Thousand (US$50,000) in connection with its role to us as a non-exclusive financial advisor.

**Discounts, Commission and Expenses**

The underwriting discounts and commissions are seven percent (7%) of the initial public offering price.

The following table shows the price per share and total public offering price, underwriting discounts and commissions and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Total** | **Total** | **Total** |
|  | **Per Share** | **Per Share** | **No Exercise** | **Full Exercise** |
| Public offering price | US$ |  |  |  |
| Underwriting discounts and commissions to be paid by us: | US$ |  |  |  |
| Proceeds, before expenses, to us | US$ |  |  |  |

---

In connection with and upon closing of the offering contemplated herein, we will also pay to the Representative a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the Ordinary Shares.

Additionally, we paid to Joseph Gunnar US$25,000 (the "Advance") upon the execution of the Engagement Letter as an advance against actual out-of-pocket expenses. Joseph Gunnar shall return any portion of the Advance not used to pay its accountable out-of-pocket expenses actually incurred in accordance with FINRA Rule 5110(f)(2)(C).

We have agreed to reimburse the Representative for (a) all fees, expenses and disbursements relating to background checks of the Company's officers, directors and entities in an amount not to exceed $15,000 in the aggregate; (b) up to a maximum of $7,000, the costs associated with bound volumes of the public Offering materials as well as commemorative mementos and lucite tombstones; (c) the fees and expenses of the Representative's legal counsel not to exceed $125,000; (d) the $19,950 cost associated with the use of Ipreo's book building, prospectus tracking and compliance software for the Offering; and (e) up to $25,000 of Joseph Gunnar's actual accountable "road show" expenses for the Offering.

**Warrants**

As additional compensation for Joseph Gunnar's services, the Company shall issue to Joseph Gunnar or its designees at the closing of the Offering warrants (the **"**Underwriter Warrants**")** to purchase that number of ordinary shares equal to 5.0% of the aggregate number of Shares sold in the Offering. The Underwriter Warrants will be exercisable at any time, in whole or in part, during the five-year period commencing six months from the effective date of the Offering, at a price per share equal to 100.0% of the public Offering price per share in the Offering. The Underwriter Warrants will provide for registration rights (including a one-time demand registration right and unlimited piggyback rights) and customary anti-dilution provisions (for stock dividends and splits and recapitalizations) consistent with FINRA Rule 5110, and further, the number of shares underlying the Underwriter Warrants shall be reduced if necessary to comply with FINRA rules or regulations.

**Right of First Refusal**

We have agreed to provide the Representative the right of first refusal for twelve months following the consummation of this Offering, to act as sole investment banker, sole book-runner, sole placement agent, or sole advisor on any public and private equity and debt offering and business combination during such twelve month period by the Company or any successor to or any subsidiary of the Company, on compensation terms customary to the Representative.

**Tail Financing**

We have granted the Representative the right, for a period of twelve (12) months after the termination or expiration of the Representative's engagement with us, to receive a fee equal to the fees in this offering from the sale of any equity, debt and/or equity derivative instruments to any investor introduced by the Representative to the Company in connection with any public or private financing or capital raise, unless the Company has a pre-existing business relationship with such investor. If our engagement with the Representative is terminated by us for cause, this termination would also terminate the Tail Financing provision in the engagement agreement.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

**Lock-Up Agreements**

We, on behalf of ourselves and any successor entity agree that, without the prior written consent of Joseph Gunnar, we will not, for a period of six months after the closing of the offering (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit or other financing arrangements with a traditional bank or other institutional type of investor, or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of our Ordinary Shares or such other securities, in cash or otherwise.

Additionally, our directors and officers and any other holder(s) of 5% or more of our outstanding Ordinary Shares as of the effective date of the Registration Statement (and all holders of securities exercisable for or convertible into Ordinary Shares), shall enter into customary "lock-up" agreements in favor of Joseph Gunnar pursuant to which such persons and entities shall agree, for a period of six months after the closing of offering, that they shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Ordinary Shares, subject to customary exceptions.

**Nasdaq Capital Market Listing**

We have applied to have our Ordinary Shares approved for listing on the Nasdaq Capital Market under the symbol "DNJF". We make no representation that such application will be approved or that our Ordinary Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Ordinary Shares will be listed on the Nasdaq Capital Market at the completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the Representative or by its affiliates. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by the Company or the Representative in its capacity as an underwriter, and should not be relied upon by investors.

Any underwriter who is a qualified market maker on the Nasdaq Capital Market may engage in passive market making transactions on the Nasdaq Capital Market in accordance with Rule 103 of Regulation M, during the Business Day prior to the pricing of the offering, before the commencement of offers or sales. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**No Public Market**

Prior to this offering, there has not been a public market for our securities in the U.S., and the public offering price for our Ordinary Shares will be determined through negotiations between the Company and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that the Company and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Ordinary Shares will trade in the public market subsequent to this offering or that an active trading market for our Ordinary Shares will develop and continue after this offering.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the overallotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Ordinary Shares or preventing or retarding a decline in the market price of our Ordinary Shares. As a result, the price of our Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither the Company nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Ordinary Shares. These transactions may occur on the Nasdaq Capital Market or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Other Relationships**

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions, and expenses. In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Selling Restrictions**

*Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities 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.*

**Canada**

Our securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of our securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering**.**

**European Economic Area**

In relation to each Member State of the European Economic Area which has implemented the Prospectus Regulation, or each, a Relevant Member State, an offer to the public of our securities may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of our securities may be made at any time under the following exemptions under the Prospectus Regulation, if they have been implemented in that Relevant Member State:

(i) to any legal entity which
 is a qualified investor as defined in the Prospectus Regulation;

(ii) to fewer than 150 natural
 or legal persons (other than qualified investors as defined in the Prospectus Regulation), subject to obtaining the prior consent
 of the representatives for any such offer; or

(iii) in any other circumstances
 falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of securities shall result in a requirement
 for the publication by us or any underwriter of a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to our securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase any securities, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

**United Kingdom**

Each underwriter has represented and agreed that:

(a) it has only communicated
 or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment
 activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 ("FSMA") received by it in
 connection with the issue or sale of our securities in circumstances in which Section 21(1) of the FSMA does not apply to us; and

(b) it has complied and will
 comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the securities in, from or otherwise
 involving the United Kingdom.

**Hong Kong**

Our securities may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

**Japan**

No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "FIEL") has been made or will be made with respect to the solicitation of the application for the acquisition of our securities.

Accordingly, the securities have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements, and otherwise in compliance with, the FIEL and the other applicable laws and regulations of Japan.

*For Qualified Institutional Investors ("QII")*

Please note that the solicitation for newly issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the Ordinary Shares constitutes either a "QII only private placement" or a "QII only secondary distribution" (each as described in Paragraph 1, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the Ordinary Shares. The securities may only be transferred to QIIs.

*For Non-QII Investors*

Please note that the solicitation for newly issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the securities constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the securities. The securities may only be transferred en bloc without subdivision to a single investor.

**Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 by a relevant person which is a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired our securities under Section 275 except: (a) to an institutional investor under Section 274 of the SFA or to a relevant person, (b) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA; (c) where no consideration is or will be given for the transfer; (d) where such transfer is by operation of law; or (e) as specified in Section 276(7) of the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, or (5) as specified in Section 276(7) of the SFA.

**South Korea**

The Ordinary Shares may not be offered, sold, and delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in South Korea or to any resident of South Korea except pursuant to the applicable laws and regulations of South Korea, including the Financial Investment Services and Capital Markets Act and the Foreign Exchange Transaction Law and the decrees and regulations thereunder. The Ordinary Shares have not been registered with the Financial Services Commission of South Korea for public offering in South Korea. Furthermore, the Ordinary Shares may not be re-sold to South Korean residents unless the purchaser of the shares complies with all applicable regulatory requirements (including but not limited to government approval requirements under the Foreign Exchange Transaction Law and its subordinate decrees and regulations) in connection with their purchase.

**United Kingdom**

An offer of the Ordinary Shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

All applicable provisions of the FSMA with respect to anything done by the Underwriter in relation to the shares must be complied with in, from or otherwise involving the United Kingdom.

**EXPENSES OF THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts that we expect to incur in connection with this offering. With the exception of the SEC registration fee, Nasdaq Capital Market listing fee and the FINRA filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $3077 |
| Nasdaq capital market listing fee | 50000 |
| FINRA filing fee | 7500 |
| Legal fees and expenses | 1027984 |
| Accounting Fees and Expenses | 1210777 |
| Underwriter's expenses (1) | 391950 |
| Printing and engraving expenses | 20000 |
| Consulting Fees | $414114 |
| Miscellaneous expenses | 250000 |
| Total | $3375402 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes
 estimated accountable expenses of $241,950 and a Non-Accountable Expense Allowance equal
 to 1% of the actual amount of the Offering excluding the over-allotment option.

**LEGAL MATTERS**

Certain legal matters in connection with this offering with respect to United States federal securities law will be passed upon us by Schlueter & Associates, P.C. The underwriters are being represented by ArentFox Schiff LLP with respect to certain legal matters as to United States federal securities laws. The validity of the Ordinary Shares offered in this offering and other certain legal matters as to BVI law will be passed upon for us by Harney Westwood & Riegels, our counsel as to BVI law. Certain legal matters as to PRC law will be passed upon for us by ETR Law Firm. Certain legal matters as to Hong Kong law will be passed upon for us by Cheung & Choy. Certain legal matters as to Australian law will be passed upon for us by Jasper Lawyers. Certain legal matters as to United Kingdom law will be passed upon for us by Gately/Legal. Schlueter & Associates, P.C. may rely upon Harney Westwood & Riegels, with respect to matters governed by BVI law, Cheung & Choy with respect to matters governed by Hong Kong law, Jasper Lawyers with respect to matters governed by Australian law and Gately/Legal with respect to matters governed by United Kingdom law. ArentFox Schiff LLP may rely upon Cheung & Choy with respect to matters governed by Hong Kong law, Harney Westwood & Riegels with respect to matters governed by BVI law, Jasper Lawyers with respect to matters governed by Australian law and Gately/Legal with respect to matters governed by United Kingdom law

**EXPERTS**

The financial statements as of March 31, 2025, and 2024 included in this prospectus have been audited by ARK Pro CPA & Co, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the underlying Ordinary Shares to be sold in this offering. For the purposes of this section, the term "registration statement" means the original registration statement and any and all amendments thereto including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statement and the exhibits and schedules thereto for further information with respect to us and our Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, 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, including the registration statement, can be obtained over the Internet at the SEC's website at www.sec.gov or 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 documents, upon payment of a duplicating fee, by writing to the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. As we are a foreign private issuer, we will be required to file our annual report on Form 20-F within 120 days of the end of each year. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders' meetings and other reports and communications that are made generally available to our shareholders.

**FINANCIAL STATEMENTS**

**RIVERSTONE LTD**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **CONTENTS** | **PAGE(S)** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#J_001) | F-2 |
| [CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND 2024](#J_002) | F-3 |
| [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED MARCH 31, 2025 AND 2024](#J_003) | F-4 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED MARCH 31, 2025 AND 2024](#J_004) | F-5 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2025 AND 2024](#J_005) | F-6 |
| [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#J_006) | F-7 - F-29 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: the Board of Directors and Shareholders of

Riverstone Ltd

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Riverstone Ltd and Subsidiaries ("the Company") as of March 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income, change in shareholders' equity and cash flows for each of the years in the two-year period ended March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and 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 standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

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

---

| |
|:---|
| /s/ ARK Pro CPA & Co |
| ARK Pro CPA & Co |
| PCAOB ID: 3299 |

---

We have served as the Company's auditor since 2024.

Hong Kong, China

September 15, 2025, except for notes 9 and 16 as to which the date is December 29, 2025.

![](audit_002.jpg)

**RIVERSTONE LTD**

**CONSOLIDATED BALANCE SHEETS**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $626267 | $482451 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 261355 | 259819 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 9551686 | 5634903 |
| &nbsp;&nbsp;&nbsp;Inventories | 61309 | 165077 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 1963839 | 1724658 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties | 290012 | 160076 |
| &nbsp;&nbsp;&nbsp;Income tax recoverable | 79 | 73 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1728970 | 147352 |
| **Total current assets** | **14483517** | **8574409** |
| **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Plant and equipment, net | 906638 | 278782 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 6182618 | 6146335 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 2745064 | 1809923 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 5082 | 9515 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses for plant and equipment | 82986 | 210885 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 763548 | - |
| **Total non-current assets** | **10685936** | **8455440** |
| **Total Assets** | $**25169453** | $**17029849** |
| **LIABILITIES** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $1052963 | $1646653 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2923409 | 922022 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 503921 | 104728 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | 1937347 | 1713630 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current | 259972 | 195518 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 640544 | 538201 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1292624 | 1399090 |
| **Total current liabilities** | **8610780** | **6519842** |
| **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities, non-current | 2638660 | 1722298 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, non-current | 2049000 | - |
| **Total non-current liabilities** | **4687660** | **1722298** |
| **Total Liabilities** | $**13298440** | $**8242140** |
| Commitments and Contingencies (Note 18) |  |  |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Shares (US$0.0001 par value; 300,000,000 and 300,000,000 shares authorized as of March 31, 2025 and 2024, respectively, 10,000,000 and 10,000,000 issued and outstanding as of March 31, 2025 and 2024, respectively) \* | $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (1000) | (1000) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 6145875 | 6145875 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 5637472 | 2625754 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 87749 | 16080 |
| **Total Equity attributable to the shareholders of Riverstone Ltd** | **11871096** | **8787709** |
| Non-controlling interests | (83) | **-** |
| **Total Shareholders' equity** | **11871013** | **8787709** |
| **Total Liabilities and Shareholders' Equity** | $**25169453** | $**17029849** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Note 1).

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

**RIVERSTONE LTD**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Revenues | $46293096 | $39303668 |
| Cost of revenues | (38690051) | (34887558) |
| **Gross profit** | **7603045** | **4416110** |
| **Operating expenses:** |  |  |
| General and administrative expenses | (2721088) | (788722) |
| Sales and marketing expenses | (678475) | (217805) |
| Research and development expenses | - | (69709) |
| **Total operating expenses** | **(3399563)** | **(1076236)** |
| **Operating income** | **4203482** | **3339874** |
| Other (expense)/income: |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes payable | (399000) |  |
| &nbsp;&nbsp;&nbsp;Financial expenses, net | (224565) | (131099) |
| &nbsp;&nbsp;&nbsp;Other income/(expenses), net | 82389 | (136986) |
| **Total other expenses, net** | **(541176)** | **(268085)** |
| **Income before income tax expenses** | **3662306** | **3071789** |
| Income tax expenses | (650676) | (553006) |
| **Net income** | **3011630** | **2518783** |
| Net loss attributable to non-controlling interest | (88) | **-** |
| **Net income attributable to Riverstone Ltd's shareholders** | **3011718** | **2518783** |
| **Other comprehensive income:** |  |  |
| Foreign currency translation adjustment attributable to non-controlling interest, net of nil income taxes | 5 |  |
| Foreign currency translation adjustment attributable to Riverstone Ltd.'s shareholders, net of nil income taxes | 71669 | 22974 |
| **Total other comprehensive income** | **71674** | **22974** |
| **Total comprehensive income** | $**3083304** | $**2541757** |
| Total comprehensive loss attributable to non-controlling interest | (83) | **-** |
| Total comprehensive income attributable to Riverstone Ltd's shareholders | 3083387 | 2541757 |
| **Earnings per ordinary share** |  |  |
| Basic and Diluted | 0.30 | 0.25 |
| **Weighted average number of ordinary shares outstanding\*** |  |  |
| Basic and Diluted | 10000000 | 10000000 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Note 1).

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

**RIVERSTONE LTD**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | | | | | | |
|  | **Shares \*** | **Amount** | **Subscription**<br>**receivable** | **Additional paid-in**<br>**capital** | **Retained**<br>**earnings** | **Accumulated other comprehensive**<br>**(loss)/income** | **Total Riverstone Ltd's shareholders'**<br>**equity** | **Non-controlling**<br>**interests** | **Total shareholders'**<br>**equity** |
| **Balance as of March 31, 2023** | **10000000** | $**1000** | $**(1000)** | $**-** | $**2062018** | $**(6894)** | $**2055124** | $**-** | $**2055124** |
| Net income |  |  |  |  | 2518783 |  | 2518783 |  | 2518783 |
| Shareholder contribution of the trademark (Note 16) |  |  |  | 6145875 |  |  | 6145875 |  | 6145875 |
| Dividends distribution |  |  |  |  | (1955047) |  | (1955047) |  | (1955047) |
| Foreign currency translation adjustment, net of nil income taxes | - | - | - | - | - | 22974 | 22974 | - | 22974 |
| **Balance as of March 31, 2024** | **10000000** | $**1000** | $**(1000)** | $**6145875** | $**2625754** | $**16080** | $**8787709** | $**-** | $**8787709** |
| Net income/(loss) |  |  |  |  | 3011718 |  | 3011718 | (88) | 3011630 |
| Foreign currency translation adjustment, net of nil income taxes | - | - | - | - | - | 71669 | 71669 | 5 | 71674 |
| **Balance as of March 31, 2025** | **10000000** | $**1000** | $**(1000)** | $**6145875** | $**5637472** | $**87749** | $**11871096** | $**(83)** | $**11871013** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Note 1).

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

**RIVERSTONE LTD**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In U.S. dollars, except for share and per share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $3011630 | $2518783 |
| *Adjustments to reconcile net income to net cash provided by/(used in) operating activities:* |  |  |
| Depreciation and amortization | 103251 | 19283 |
| Amortization of right-of-use assets | 224524 | 164435 |
| Provision for credit loss | 126859 | 57677 |
| Deferred tax expense/(benefit) | 4482 | (9517) |
| Change in fair value of convertible note payable | 399000 |  |
| *Changes in operating assets and liabilities:* |  |  |
| Accounts receivable | (4018474) | (3949226) |
| Advances to suppliers | (247764) | (1737460) |
| Inventories | 103649 | (166302) |
| Amounts due from/to related parties | 113994 | (521891) |
| Income tax recoverable | (6) | 40584 |
| Prepaid expenses and other current assets | (1173069) | (90944) |
| Other non-current assets | 127550 | (212450) |
| Accounts payable | 2009720 | 886782 |
| Deferred revenue | 401131 | 105527 |
| Operating lease liabilities | (178048) | (55742) |
| Income tax payable | 98996 | 536773 |
| Accrued expenses and other current liabilities | (400090) | 1371362 |
| **Net cash provided by/(used in) operating activities** | **707335** | **(1042326)** |
| **Cash flows from investing activities:** |  |  |
| Purchase of plant and equipment | (513047) | (326887) |
| **Net cash used in investing activities** | **(513047)** | **(326887)** |
| **Cash flows from financing activities:** |  |  |
| Proceeds from short-term borrowings | 5683676 | 5264998 |
| Repayments of short-term borrowings | (6286089) | (4650227) |
| Repayment of loan from related party | (26829) | (62501) |
| Proceeds from convertible notes payable | 1250000 |  |
| Payment of deferred offering cost | (696660) | - |
| **Net cash (used in)/provided by financing activities** | **(75902)** | **552270** |
| **Effect of exchange rate changes on cash and cash equivalents and restricted cash** | **26966** | **37040** |
| **Net change in cash and cash equivalents and restricted cash** | **145352** | **(779903)** |
| **Cash and cash equivalents and restricted cash, at beginning of the year** | **742270** | **1522173** |
| **Cash and cash equivalents and restricted cash, at end of the year** | $**887622** | $**742270** |
| **Reconciliation of cash and restricted cash reported within the consolidated balance sheets** |  |  |
| Cash and cash equivalents | $626267 | $482451 |
| Restricted cash | 261355 | 259819 |
| **Cash and cash equivalents and restricted cash at the end of the year** | $**887622** | $**742270** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| Income tax paid | 547199 | 73 |
| Interest paid | 110931 | 107475 |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:** |  |  |
| Obtaining right-of-use assets in exchange for operating lease liabilities | 1173654 | 1961938 |
| Payable related to dividends |  | 1955372 |
| Shareholder contribution of the trademark |  | 6146896 |

---

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

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

**1.** **PRINCIPAL ACTIVITIES AND HISTORY OF THE GROUP** 

**Principal activities**

Riverstone Ltd ("Riverstone", the Company) is a limited liability company established under the laws of the British Virgin Islands on July 3, 2024. The Company through its wholly owned subsidiaries (collectively, the "Group") is a vertically integrated, B2B (Business to Business) and B2C (Business to Consumer), fast fashion supply chain management service provider, combining advanced technologies and ethical practices.

**Reorganization**

Prior to the reorganization, Marvel G.F.S.C Group Limited ("Marvel") was 100% owned by Tang Siu Wan, the Chairlady, Chief Executive Officer, shareholder and Executive Director of the Group. Marvel became a wholly owned subsidiary of Riverstone on August 20, 2024. Prior to the reorganization, D & J Industries (Hong Kong) Company Limited ("D&J") was 51% owned by Tang Siu Wan and 49% owned by Marvel. D&J became a wholly owned subsidiary of Riverstone on February 18, 2025. Prior to the reorganization, WeDress Pty Ltd ("WeDress Australia") was 100% owned by Tang Siu Wan. On October 10, 2024, it became a wholly owned subsidiary of Riverstone.

WeDress Pty UK Ltd ("WeDress UK") was incorporated on June 28, 2024, under the laws of United Kingdom and conducting business operations in United Kingdom. Prior to the reorganization, WeDress UK was 100% owned by Tang Siu Wan. WeDress UK became a wholly owned subsidiary of Riverstone on October 25, 2024.

As these entities being transferred are all under the common control of Tang Siu Wan during the years presented in these consolidated financial statements, these transfers were accounted for as a restructuring of entities under common control. In accordance with Accounting Standards Codification ("ASC") 805-50-25, the entities under common control are presented on a consolidated basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for the entirety of the years ended March 31, 2025 and 2024, the results of these subsidiaries are included in the consolidated financial statements for both periods. The accompanying financial statements have been prepared using the historical cost basis as if the Reorganization had occurred at the beginning of the first period presented. The results of operations for the periods presented reflect the consolidated performance of the previously separate entities from the beginning to the end of each period, with the effects of intra-entity transactions eliminated.

WeDress Mexico S. de R.L. de C.V. ("WeDress Mexico"), was incorporated on November 20, 2024, under the laws of the United Mexican States and conducting business operations in Mexico. At the time of incorporation, Riverstone began to own 99% equity interest of it.

Rocksolid Holdings Limited ("Rocksolid") was incorporated on September 27, 2024, under the laws of the British Virgin Islands and conducting business operations in the British Virgin Islands. At the time of incorporation, it became a wholly owned subsidiary of Riverstone.

On October 16, 2024, the Group acquired 100% equity interest in WeDress Inc. ("WeDress U.S.") for a cash consideration of $1. Prior to the acquisition, WeDress U.S. was wholly owned by James Reginald Hart, the de facto partner of Tang Siu Wan.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

Upon the completion of the above transactions, the Company, directly owns 100% equity interest of each of D&J, Marvel, Rocksolid, WeDress Australia, WeDress U.S., WeDress UK, owns 99% equity interest of WeDress Mexico, and the Company indirectly, via D&J, owns 100% equity interest of D&J Ganzhou and Ka Yee. For the Ordinary Shares arrangement, please refer to Note 13 for more information.

As of March 31, 2025, the Company and the Company's major subsidiaries are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Place and date of<br> Incorporation**  | **Percentage of<br> effective ownership** | **Principal Activities** |
| **Parent company:** |  |  |  |
| Riverstone Ltd | British Virgin Islands, July 3, 2024 |  | Investment holding |
| **Subsidiaries:** |  |  |  |
| WeDress Pty Ltd ("WeDress Australia") | Australia, April 3, 2020 | 100% owned by Riverstone | Garment supply chain services |
| Marvel G.F.S.C Group Limited ("Marvel") | Hong Kong, October 29, 2020 | 100% owned by Riverstone | Investment holding |
| D&J Industries (Hong Kong) Company Limited ("D&J") | Hong Kong, August 13, 2010 | 100% owned by Riverstone | Garment supply chain services |
| Ka Yee Development Limited ("Ka Yee") | Hong Kong, November 30, 2017 | 100% owned by D&J | Garment supply chain services |
| D&J Garment (Ganzhou) Co., Ltd ("D&J Ganzhou") | Ganzhou, April 27, 2023 | 100% owned by D&J | Garment supply chain services |
| WeDress Inc ("WeDress U.S.") | United States, August 11, 2023 | 100% owned by Riverstone | Garment supply chain services |
| WeDress Pty UK Ltd ("WeDress UK") | United Kingdom, June 28, 2024 | 100% owned by Riverstone | Garment supply chain services |
| WeDress Mexico S de R.L. de C.V. ("WeDress Mexico") | United Mexican States, November 20, 2024 | 99% owned by Riverstone | Garment supply chain services |
| Rocksolid Holdings Limited ("Rocksolid") | British Virgin Islands, September 27, 2024 | 100% owned by Riverstone | The licensing of trademarks "Double Crazy" to certain other third parties |

---

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

These accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes:

***(a)***  ***Basis of presentation*** 

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("US GAAP"). The consolidated financial statements include the financial statements of the Group. All significant inter-company balances and transactions within the Group have been eliminated upon combination.

***(b)***  ***Principles of consolidation*** 

The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company balances and transactions are eliminated upon consolidation. The results of subsidiaries acquired are recorded in the consolidated income statements from the effective date of acquisition, as appropriate.

For consolidated subsidiaries where the Group's ownership in the subsidiary is less than 100%, the equity interest not held by the Group is shown as noncontrolling interests.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***(c)***  ***Use of estimates and assumptions*** 

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the years presented.

Significant accounting estimates reflected in the Group's consolidated financial statements include, but are not limited to, revenue recognition, provision for credit losses of accounts receivable, valuation of trademarks, valuation of convertible notes, impairment of intangible assets and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

***(d)***  ***Business Combination*** 

In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group applies a "screen test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

Transactions in which the acquired is considered a business are accounted for as a business combination as described below. Conversely, transactions not considered as business acquisition are accounted for as acquisition of assets and liabilities. In such transactions, the cost of acquisition is allocated proportionately to the acquired identifiable assets and liabilities, based on their proportionate fair value on the acquisition date. In an asset acquisition, no goodwill is recognized on the acquisition date.

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations". The consideration transferred in a business combination is measured as the aggregate of the acquisition-date fair value of the assets transferred, liabilities incurred by the Group to the selling shareholders of the acquiree, and the equity interests issued by the Group. The assets acquired, the liabilities assumed, and any non-controlling interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill. A gain on bargain purchase is recorded when the fair market value of the net assets acquired exceeds the purchase price paid by the Group. Acquisition-related expenses and restructuring costs are expensed as incurred.

***(e)***  ***Cash and cash equivalents*** 

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.

***(f)***  ***Restricted cash*** 

Restricted cash is the cash deposits pledged as security for the debt borrowings which are expected to be released in accordance with the debt agreement. The restriction will lapse when the related debt agreement is paid off.

The cash deposits pledged as security were $261,355 and $259,819 as of March 31, 2025 and 2024. The restricted cash balances represent cash deposits pledged as security for debt borrowing.

***(g)***  ***Accounts receivable, net*** 

Accounts receivable, net are stated at the gross billing amount less a provision for credit losses. Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***(h)***  ***Provision for credit losses*** 

In accordance with Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses, the Group evaluates its accounts receivable, amount due from related parties, and other current receivable included in other current assets for expected credit losses on a regular basis. The Group maintains an estimated provision for credit losses to reduce its receivables to the amount that it believes will be collected. The Group considers factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer's payment history, creditworthiness, current market conditions, reasonable and supportable forecasts of future economic conditions, and other specific circumstances related to the accounts. The Group adjusts the provision percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the receivables are likely to be unrecoverable, the Group also makes specific provision in the period in which a loss is determined to be probable. Receivables balances are written off after all collection efforts have been exhausted. For the years ended March 31, 2025 and 2024, the Group recorded $126,859 and $52,258 provision for credit losses for accounts receivable, respectively. The Group had written off $148,581 of accounts receivable and nil for the years ended March 31, 2025 and 2024, respectively. The Group did not record any provision for credit losses for other receivable for the years ended March 31, 2025 and 2024, respectively. For the years ended March 31, 2025 and 2024, the Group recorded nil and $5,419 provision for credit losses for amounts due from related parties, respectively.

***(i)***  ***Inventories*** 

Inventories are stated at the lower of cost and net realizable value. Cost of inventory is determined using the first-in-first-out method. Cost comprises direct materials and, where applicable, direct labor costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

***(j)***  ***Related parties*** 

The Group follows the ASC Topic 850-10, Related Party ("ASC 850") for the identification of related parties and disclosure of related party transactions

Pursuant to ASC 850, the related parties include: a) affiliates of the Group; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of ASC Topic 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Group; e) management of the Group; f) other parties with which the Group may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***(k)***  ***Plant and equipment, net*** 

Plant and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis after taking into account their respective estimated residual values over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful life** |
| Machinery and equipment | 1-10 years |
| Computer and electronic equipment | 3-10 years |
| Vehicles | 4 years |

---

Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment which are expected to extend the useful life of assets, are capitalized. When assets have retired, or sold, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the results of operations.

***(l)***  ***Intangible assets*** 

Estimated useful lives by intangible asset classes are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful life** |
| Trademark of "Double Crazy" | Indefinite |
| Trademark of "Luxe Wave" | 10 years |

---

The estimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated useful lives may have changed.

Intangible assets that have indefinite useful lives as of March 31, 2025, included the trademark of "Double Crazy". Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. The acquired intangible assets are recognized and measured at fair value. The Group expects that the trademark of "Double Crazy" is unlikely to be terminated based on industry experience and will continue to contribute revenue in the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite.

Finite-lived intangible assets are carried at cost less accumulated amortization and impairment if any. The finite-lived intangible assets are amortized over their estimated useful lives, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Group. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. No impairment of finite-lived intangible assets was recognized for the years ended March 31, 2025 and 2024.

The Group evaluates indefinite-lived intangible assets as at each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized but tested for impairment annually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. In consideration of the stable macroeconomic conditions in China and the Group's future plans, the Group determined that it is not likely that trademarks were impaired as of March 31, 2025. As such, no impairment of indefinite-lived intangible assets was recognized for the years ended March 31, 2025 and 2024.

***(m)***  ***Impairment of long-lived assets*** 

The Group reviews for the impairment of long-lived assets, including plant and equipment, intangible assets and right-of-use assets with finite lives, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized for the amount by which the carrying value of the asset exceeds its fair value. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment, and actual results may differ from assumed and estimated amounts. No impairment losses were recognized for the years ended March 31, 2025 and 2024.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***(n)***  ***Fair value measurement*** 

Accounting guidance 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 Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

● Level 1 — Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

● Level 2 — Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 — Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, other current assets, accounts payable, short-term borrowings, amount due to related parties, convertible notes payable, and accrued expenses and other current liabilities. As of March 31, 2025 and 2024, the carrying amounts of the financial instruments approximated to their fair values due to the short-term maturity of these instruments.

The Group's non-financial assets, such as plant and equipment, intangible assets and right-of-use assets, would be measured at fair value only if they were determined to be impaired.

***(o)***  ***Deferred offering costs*** 

Deferred offering costs consist principally of all direct offering costs incurred by the Group, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the initial public offering ("IPO"). Such costs are deferred until the closing of the IPO offering, at which time the deferred costs are offset against the offering proceeds. In the event the IPO offering is unsuccessful or aborted, the costs will be expensed.

***(p)***  ***Convertible Notes*** 

The Group accounts for its convertible notes under ASC 815, "Derivatives and Hedging" ("ASC 815"). Under ASC 815-15-25, the election can be at the inception of a financial instrument to account for the instrument under the fair value option under ASC 825. The Group has made such election for its convertible notes. Using the fair value option, the convertible notes are required to be recorded at their initial fair value on the date of issuance, each drawdown date, and each balance sheet date thereafter. The Company has elected to present fair value and the accrued interest component separately in the consolidated statements of operations. Therefore, interest will be recognized and accrued separately in interest expense, with changes in fair value of the convertible notes presented in the "Change in fair value of convertible notes" line item in the consolidated statements of operations.

***(q)***  ***Revenue recognition*** 

The Group recognizes revenue under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract(s) with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price - The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

Step 5: Recognize revenue when (or as) the company satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

These criteria as they relate to each of the following major revenue generating activities are described below. An analysis of the Group' s revenue is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Sales of goods | $45005083 | $38114277 |
| Royalty income | 1288013 | 1189391 |
| **Total revenue** | $**46293096** | $**39303668** |

---

**<u>Sales of goods</u>**

The Group integrates professional ladies' wear design, pattern making, production, processing, customization, and sales both to the international brands and retailers. The Group will typically receive purchase orders from its customers which will set forth products design, quantity to be delivered, the transaction price, terms of delivery and terms of payment. The terms serve as the basis of the performance obligations that the Group must fulfill to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at their location at which point title to that asset passes to the customer. Revenue is recognized at a point in time when control of the goods has transferred, being when the goods have been delivered to the customer according to respective orders' delivery terms.

**<u>Royalty income</u>**

The Group's royalty income contracts are generally structured whereby the licensee sells clothes using the Group's trademark to its customers and the Group collects its percentage royalty based on the revenue generated. In this scenario, the Group recognizes revenue based on 18% of the revenue generated by the licensee from the business transactions entered into between the licensee and its customers. The royalty revenue is recognized over time as the licensee simultaneously receives and consumes the benefits provided by the Group.

**<u>Contract balances</u>**

The Group applies the practical expedient in Topic 606 that permits the recognition of incremental costs of obtaining contracts as an expense when incurred if the amortization period of such costs is one year or less. These costs are included in cost of revenues.

Payment terms are established on the Group's pre-established credit requirements based upon an evaluation of customers' credit. Contract assets are recognized for in related accounts receivable when the Group's right to consideration is unconditional.

Deferred revenue, which represents a contract liability, represents mostly unrecognized revenue amount received from customers. The balance of deferred revenue is recognized as revenue upon the completion of performance obligations. The Group's deferred revenue amounted to $503,921 and $104,728 as of March 31, 2025 and 2024, respectively.

Other than accounts receivable and deferred revenue, the Group had no other material contract assets, contract liabilities or deferred contract costs recorded on its consolidated balance sheets as of March 31, 2025 and 2024.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***(r)***  ***Cost of revenues*** 

Cost of revenues consists primarily of purchase of raw materials, finished goods, inbound freight costs, outbound freight costs associated with shipping goods to customers, direct and indirect labor and related benefits, and related overhead. Overhead includes all costs related to manufacturing or sourcing goods, including costs of packing materials, depreciation of long-lived assets, as well as related costs that are directly attributable to the Group's principal operations.

***(s)***  ***Sales and marketing expenses*** 

Sales and marketing expenses mainly consist of (i) advertising costs and market promotion expenses and (ii) transportation fees.

***(t)***  ***General and administrative expenses*** 

General and administrative expenses mainly consist of (i) salary and welfare for general and administrative personnel, (ii) professional service fee, (iii) rental fee, (iv) depreciation related to general and administrative departments and (v) other corporate expenses.

***(u)***  ***Research and development expenses*** 

Research and development expenses mainly consist of (i) salary and welfare for research and development personnel, (ii) material consumption and (iii) other miscellaneous research and development expenses.

***(v)***  ***Employee defined contribution plan*** 

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the "Scheme") under the Mandatory Provident Fund Schemes Ordinance for those employees of the Group in Hong Kong who are eligible to participate in the Scheme. Contributions are made based on a percentage of the employees' basic salaries and are charged to the statements of operations and comprehensive income as they become payable in accordance with the rules of the Scheme. The assets of the Scheme are held separately from those of the Group in an independently administered fund. The Group's employer contributions vest fully with the employees when contributed into the Scheme.

According to the regulations of the People's Republic of China ("PRC"), full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees' salaries. The Group has no further commitments beyond its required contribution.

***(w)***  ***Income taxes*** 

The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce 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 ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated 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. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of operations and comprehensive income for the years ended March 31, 2025 and 2024, respectively.

The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

***(x)***  ***Foreign currency transactions and translations*** 

The functional currency of D&J Ganzhou is RMB, which is the local currency to determine financial position and operation result.

The functional currency of Marvel, D&J, Ka Yee, WeDress UK and Rocksolid is HKD.

The functional currency of WeDress Australia is AUD, which is the local currency to determine financial position and operation result.

The functional currency of WeDress Mexico is MXN, which is the local currency to determine financial position and operation result.

The functional currency of Riverstone, WeDress U.S. is USD, which is the local currency to determine financial position and operation result.

The Group's financial statements are reported using U.S. Dollars ("$"). The results of operations and the consolidated statements of cash flows denominated in functional currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in functional currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in consolidated statements of changes in equity. Gains or losses from foreign currency transactions are included in the results of operations.

The value of RMB, HKD, AUD and MXN against $ and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions of the PRC, Hong Kong, Australia and Mexico. Any significant revaluation of RMB, HKD, AUD and MXN may materially affect the Group's financial condition in terms of $ reporting. Unless otherwise noted, all translations from RMB, HKD, AUD and MXN against $ and from $ to RMB, HKD, AUD and MXN are made as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Balance sheet items, except for equity accounts |  |  |
| RMB against $| 7.2567 | 7.2203 |
| HKD against $| 7.7799 | 7.8259 |
| AUD against $| 1.6036 | 1.5328 |
| MXN against $| 20.4582 | N/A |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Items in the statements of operations and comprehensive income, and statements of cash flows |  |  |
| RMB against $| 7.2163 | 7.1671 |
| HKD against $| 7.7930 | 7.8246 |
| AUD against $| 1.5328 | 1.5200 |
| MXN against $| 19.1473 | N/A |

---

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

No representation is made that the RMB amounts, HKD amounts, AUD amounts and MXN amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

*Currency convertibility risk*

The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group's cash denominated in RMB that are subject to such government controls. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China (the "PBOC"). Remittances in currencies other than RMB by the Group in the Chinese mainland must be processed through the PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

*Foreign currency exchange rate risk*

The RMB, HKD, AUD and MXN has fluctuated against the $, at times significantly and unpredictably during the reporting periods. The depreciation of the RMB against the US$ was approximately 0.5% and 5.1% for the years ended March 31, 2025 and 2024, respectively. The appreciation of the HKD against the US$ was approximately 0.6% and 0.3% for the years ended March 31, 2025 and 2024. The depreciation of the AUD against the US$ was approximately 4.6% and 2.8% for the years ended March 31, 2025 and 2024, respectively. The depreciation of the MXN against the US$ was approximately 23.6% for the years ended March 31, 2025, and the appreciation of the MXN against the US$ was approximately 8.1% for the years ended March 31, 2024. It is difficult to predict how market forces or the PRC, Hong Kong, Australia, Mexico or U.S. government policy may impact the exchange rate between the RMB, HKD, AUD, MXN and the US$ in the future.

***(y)***  ***Earnings per share*** 

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings per share as of the date that all necessary conditions have been satisfied. Net income is not allocated to other participating securities if based on their contractual terms they are not obligated to share the income.

Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of share options using the treasury stock method and convertible instruments by using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such share would be anti-dilutive.

***(z)***  ***Operating lease*** 

On April 1, 2021, the Group adopted Accounting Standards Update ("ASU") 2016-02, Lease (FASB ASC Topic 842), using the non-comparative transition option pursuant to ASU 2018-11. Therefore, the Group has not restated comparative period financial information for the effects of ASC 842 and will not make the new required lease disclosures for comparative periods beginning before April 1, 2021. The adoption of Topic 842 resulted in the presentation of operating lease right-of-use ("ROU") assets and operating lease liabilities on the consolidated balance sheet. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease; (2) lease classification for any expired or existing leases as of the adoption date; and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

Right-of-use assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the interest rate implicit in the Group's leases is not readily determinable, the Group utilizes its incremental borrowing rate, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. The Group's ROU assets are amortized over the life of the lease using the effective interest method. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group's lease agreements did not contain any material residual value guarantees or material restrictive covenants.

***(aa)***  ***Commitments and contingencies*** 

The Group follows the ASC Topic 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Group, but which will only be resolved when one or more future events occur or fail to occur. The Group assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Group or un-asserted claims that may result in such proceedings, the Group evaluates the perceived merits of any legal proceedings or un-asserted 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, then the estimated liability would be accrued in the Group's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Group's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Group's business, financial position, and results of operations or cash flows

***(ab)***  ***Segments*** 

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group identified its chief operating decision maker ("CODM") as the Group's Chief Executive Officer, relies upon the consolidated results of operations as a whole when making decisions about allocating resources and assessing the performance of the Group. As a result of the assessment made by CODM, the Group has only one operating and reportable segment. This is supported by the operational structure of the Group which is designed and managed to share resources across the entire suite of products offered by the business. Such resources include research and development, product design, marketing, operations, and administrative functions.

The following table sets forth the segment information for revenue, segment profit, and significant expenses:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Total operating revenue | $46293096 | $39303668 |
| Less: |  |  |
| Significant segment expenses |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues | 38690051 | 34887558 |
| &nbsp;&nbsp;&nbsp;Salary and welfare | 1183447 | 321210 |
| &nbsp;&nbsp;&nbsp;Rental fee including right of use assets depreciation and short-term leases | 355126 | 245363 |
| &nbsp;&nbsp;&nbsp;Advertising costs and market promotion expenses | 92247 | 66623 |
| &nbsp;&nbsp;&nbsp;Other segment items <sup>(1)</sup> | 2960595 | 1264131 |
| **Segment net income** | $**3011630** | $**2518783** |

---

Note:

(1) Other
 segment items included in consolidated net income mainly are general and administrative expenses excluding salary and welfare and
 rental fee including right of use assets depreciation and short-term leases, research and development expenses, sales and marketing
 expenses excluding advertising costs and market promotion expenses, change in fair value of convertible notes payable, financial
 expenses, net and other income/(expenses), net which are reflected in the consolidated statements of operations and comprehensive
 income.

The following table presents operating revenue and long-lived assets by geographic location:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Operating revenue <sup>(1)</sup>** | **Operating revenue <sup>(1)</sup>** | **Long-live assets <sup>(2)</sup>** | **Long-live assets <sup>(2)</sup>** |
|  | **For the years ended March 31,** | **For the years ended March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | $19129298 | $14729369 | $- | $- |
| Australia | 15789357 | 8290176 | 88 |  |
| United Kingdom | 7535219 | 12566852 |  |  |
| PRC Mainland | 2951601 | 1864786 | 3628905 | 2029680 |
| Hong Kong | 130423 |  | 22709 | 59025 |
| Others | 757198 | 1852485 | - | - |
| **Total** | $**46293096** | $**39303668** | $**3651702** | $**2088705** |

---

Note:

(1) Operating
 revenue is presented by geographic location according to the customers' location.

(2) Long-lived
 assets are comprised of property and equipment, net and right-of-use assets, net.

***(ac)***  ***Recent accounting pronouncements*** 

The Group is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (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 companies but any such election to opt out is irrevocable. The Group has 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, the Group, 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 the Group's financial statements with another public company which is not an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is to be adopted on a prospective basis with the option to apply retrospectively and is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Group is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

In March 2024, the FASB issued ASU 2024-02, which removes references to the Board's concepts statements from the FASB Accounting Standards Codification (the "Codification" or ASC). The ASU is part of the Board's standing project to make "Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements." The Group's management does not believe the adoption of ASU 2024-02 will have a material impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03 (Expense Disaggregation Disclosures). The amendment confirms that all public business entities must adopt ASU 2024-03 in annual periods beginning after December 15, 2026, and in interim periods beginning after December 15, 2027, addressing ambiguity for non-calendar year-end entities. Early adoption of ASU 2024-03 remains allowed. The Group is currently evaluating the impact of adopting ASU 2024-03 and ASU 2025-01.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

**3.** **ACCOUNTS RECEIVABLE, NET** 

Accounts receivable, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Accounts receivable | $9582485 | $5687152 |
| Provision for credit losses | (30799) | (52249) |
| **Accounts receivable, net** | $**9551686** | $**5634903** |

---

The Group recorded provision for credit losses of $126,859 and recorded provision for credit losses of $52,258 for the years ended March 31, 2025 and 2024, respectively. The Group had written-off accounts receivable of $148,581 and nil for the years ended March 31, 2025 and 2024, respectively.

An analysis of the provision for the credit losses is as follows:

---

| | |
|:---|:---|
| **Balance as of March 31, 2023** | $- |
| &nbsp;&nbsp;&nbsp;Current period provision, net | 52258 |
| &nbsp;&nbsp;&nbsp;Foreign exchange adjustment | (9) |
| **Balance as of March 31, 2024** | **52249** |
| &nbsp;&nbsp;&nbsp;Current period provision, net | 126859 |
| &nbsp;&nbsp;&nbsp;Write-offs | (148581) |
| &nbsp;&nbsp;&nbsp;Foreign exchange adjustment | 272 |
| **Balance as of March 31, 2025** | $**30799** |

---

**4.** **INVENTORIES** 

As of March 31, 2025 and 2024, inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Finished goods | $61309 | $165077 |
| **Inventories** | $**61309** | $**165077** |

---

For the years ended March 31, 2025 and 2024, no obsolete inventories or lower of cost or market adjustment was recognized.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

**5.** **PREPAID EXPENSES AND OTHER CURRENT ASSETS** 

As of March 31, 2025 and 2024, prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Receivables from third-party collections on behalf of the Group | $1116708 | $**-** |
| Convertible note receivable from an investor <sup>(1)</sup> | 399491 | **-** |
| Input value-added tax | 81627 | 42443 |
| Deposits | 70203 | 15668 |
| Prepaid expenses | 44201 | 30970 |
| Others | 16740 |  |
| Tax recoverable | - | 58271 |
| **Total prepaid expenses and other current assets** | $**1728970** | $**147352** |

---

(1) The
 balance represented the amount the Company expects to receive under the Convertible Notes
 issued to the investor, for which principal has not yet been received, after recognizing exchange differences.

**6.** **PLANT AND EQUIPMENT, NET** 

Plant and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Computer and electronic equipment | $424042 | $113279 |
| Machinery and equipment | 403219 | 115981 |
| Leasehold improvement | 132274 |  |
| Vehicles | 68960 | 68869 |
| **Subtotal** | **1028495** | **298129** |
| Less: accumulated depreciation | (121857) | (19347) |
| **Plant and equipment, net** | $**906638** | $**278782** |

---

Depreciation expenses of plant and equipment were $103,193 and $19,225 for the years ended March 31, 2025 and 2024, respectively.

**7.** **INTANGIBLE ASSETS, NET** 

Intangible assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Indefinite useful lives:** | $— | $— |
| Trademark of "Double Crazy" | 6182213 | 6145875 |
| **Subtotal** | **6182213** | **6145875** |
| **Definite useful lives** |  |  |
| Trademark of "Luxe Wave" | 579 | 575 |
| **Subtotal** | **579** | **575** |
| Less: accumulated amortization | (174) | (115) |
| **Definite useful lives, net** | **405** | **460** |
| **Intangible Assets, net** | $**6182618** | $**6146335** |

---

Amortization expenses were $58 and $58 for the years ended March 31, 2025 and 2024, respectively.

The following is a schedule, by fiscal years, of amortization amount of intangible assets as of March 31, 2025:

---

| | |
|:---|:---|
| **INTANGIBLE ASSETS, NET** | |
| 2026 | $58 |
| 2027 | 58 |
| 2028 | 58 |
| 2029 | 58 |
| 2030 | 58 |
| Thereafter | 115 |
| **Total** | $**405** |

---

**8.** **SHORT-TERM BORROWINGS** 

Interest expenses related to the short-term borrowings were $110,931 and $107,455 for the years ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and 2024, the weighted average interest rate of the short-term borrowings was 6.33% and 6.80% per annum, respectively.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

Short-term borrowing as of March 31, 2025 and 2024 represented the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lender** | **Interest rate** | **Issuance Date** | **Maturity Date** | **As of March 31,** | **As of March 31,** |
|  |  |  |  | **2025** | **2024** |
| Hang Seng Bank <sup>(1)</sup> | 5.33% | Nov 16, 2022 | Nov 15, 2027 | $306160 | $407811 |
| DBS Bank (Hong Kong) Limited <sup>(3)</sup> | 7.00%-7.23% | Jan 30, 2022 | Jan 30, 2027 | 141898 | 210467 |
| Citibank <sup>(2)</sup> | 5.50% | Mar 24, 2025 | Apr 24, 2025 | 128536 |  |
| Citibank <sup>(2)</sup> | 7.32% | Feb 18, 2025 | Apr 16, 2025 | 125294 |  |
| Citibank <sup>(2)</sup> | 7.31% | Mar 20, 2025 | May 15, 2025 | 107479 |  |
| Citibank <sup>(2)</sup> | 7.30% | Mar 5, 2025 | May 1, 2025 | 106286 |  |
| Citibank <sup>(2)</sup> | 7.30% | Mar 28, 2025 | May 26, 2025 | 98396 |  |
| Standard Chartered Bank <sup>(4)</sup> | 3.00%-3.62% | Dec 21, 2020 | Dec 21, 2025 | 33793 | 77100 |
| Standard Chartered Bank <sup>(5)</sup> | 7.55% | May 8, 2020 | May 8, 2025 | 5121 | 34438 |
| Citibank <sup>(2)</sup> | 7.50% | Mar 21, 2024 | May 16, 2024 |  | 377153 |
| Citibank <sup>(2)</sup> | 8.32% | Mar 7, 2024 | May 2, 2024 |  | 290765 |
| Citibank <sup>(2)</sup> | 6.13% | Mar 28, 2024 | Apr 29, 2024 |  | 127781 |
| Citibank <sup>(2)</sup> | 7.67% | Feb 6, 2024 | Apr 4, 2024 |  | 121138 |
| **Total** |  |  |  | $**1052963** | $**1646653** |

---

(1) The
 principal of the loan borrowed from Hang Seng Bank was HKD4,200,000 (approximately $539,853) and repayable by monthly installments
 up to November 2027. The loan granted to the Group under The HKMCI SME Financing Guarantee Scheme operated by HKMC Insurance Limited
 ("HKMCI"). The loan is secured by unlimited personal guarantee issued by
 Tang Siu Wan, the chairman and chief executive officer of the Group and a guarantee given by HKMCI.

(2) On
 March 17, 2023, the Group entered into a credit facility agreement with Citi Bank, under which the Group is able to borrow up to
 HKD13,000,000 (approximately $1,670,973). The credit facility agreement is guaranteed by Tang Siu Wan, the chairlady and chief
 executive officer of the Group. As of March 31, 2025, the Group had unutilized lines of credit aggregating HKD8,596,641 (approximately
 $1,104,982) for short-term financing. As of March 31, 2024, the Group had not fully complied with certain financial
 covenants pursuant to the facility letter issued by Citibank. As of March 31, 2025, the Group has fully complied with the financial
 covenants pursuant to the facility letter issued by Citibank.

(3) The
 principal of the loan borrowed from DBS Bank (Hong Kong) Limited was HKD2,700,000 (approximately $347,048) and repayable by monthly
 installments up to January 2027. The loan granted to the Group under The HKMCI SME Financing Guarantee Scheme operated by HKMC Insurance
 Limited ("HKMCI"). The loan is secured by unlimited personal guarantee issued by Tang Siu Wan, the chairman and chief
 executive officer of the Group and a guarantee given by HKMCI.

(4) The
 principal of the loan borrowed from Standard Chartered Bank was HKD1,330,800 (approximately $171,056) and repayable by monthly installments
 up to December 2025. The loan granted to the Group under The HKMCI SME Financing Guarantee Scheme operated by HKMC Insurance Limited
 ("HKMCI"). The loan is secured by unlimited personal guarantee issued by Tang Siu Wan, the chairman and chief executive
 officer of the Group and a guarantee given by HKMCI.

(5) The
 principal of the loan borrowed from Standard Chartered Bank was HKD1,001,036 (approximately $128,670) and repayable by monthly installments
 up to May 2025. The loan granted to the Group under The HKMCI SME Financing Guarantee Scheme operated by HKMC Insurance Limited ("HKMCI").
 The loan is secured by unlimited personal guarantee issued by Tang Siu Wan, the chairman and chief executive officer of the Group
 and a guarantee given by HKMCI.

Notwithstanding any repayment terms stated above, the above loans are repayable on demand by the bank. The banks have the overriding right at any time to require immediate payment and may at any time immediately modify, terminate, cancel or suspend the facilities or vary the terms applicable to the facilities.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

**9.** **CONVERTIBLE NOTES PAYABLE** 

From October 1, 2024 to March 7, 2025, the Company issued a series of unsecured subordinated convertible promissory notes (collectively, the "Convertible Notes") with five institutional investors and five individual investors (collectively, the "Holders") providing for the sale and issuance of an aggregate original principal amount of $1,650,000. The Convertible Notes are due from December 9, 2026 to September 10, 2027 or at the sole and absolute discretion of the Company to extend from December 9, 2027 to October 1, 2028, unless earlier converted or redeemed (the "Maturity Date"). The payment of principal on the Convertible Notes is subordinated in right of payment to the prior payment in full of amounts then due on all Senior Debt, which will be defined to include any and all debt of the Company with banks, savings and loans or other financial institutions, whether or not secured by any collateral, existing on or prior to the date of issuance of the Convertible Notes and as disclosed to the investors.

*Conversion Features*

● Mandatory
 Conversion: In the event of the closing of a firm commitment underwritten public offering
 prior to the Maturity Date in which gross proceeds of at least $5,000,000 are raised (subject
 to adjustments for stock dividends, splits, combinations, and similar events) (a "QPO"),
 at a minimum gross offering price of $4.00 per share, then the principal of the remaining
 Convertible Notes that are not demanded for earlier redemption, will automatically convert
 into the Company's Ordinary Shares fifteen days after the closing of the QPO ("Mandatory
 Conversion Date"). The conversion price will be 66.67% or 100% of the gross offering
 price in the QPO. Any accrued and unpaid interest on the remaining Convertible Notes will
 be waived for payment.

● Optional
 Conversion: The Convertible Notes allow the Holders to convert all or any portion of the
 principal amount of the Convertible Notes, together with any accrued and unpaid interest
 in increments of not less than $10,000, into the Company's Ordinary Shares at a price per
 share equal to the greater of 66.67% or 100% of the anticipated QPO offering price or $4.00
 (subject to adjustment in the case of stock splits, stock combinations and similar transactions).

*Redemption Features*

● The
 Holders have an earlier redemption right that, in the event of the Company's Form F-1
 Registration Statement for public offering becoming effective, allows the Holders to demand
 the Company to repay each Convertible Note at a price of US$50,000 on the date of closing
 the public offering prior to the Maturity Date.

*Interest*

The Convertible Notes accrue interest at an annual rate ranging from 7% to 8%, accrued from October 1, 2024.

The Company issued the Convertible Notes in the aggregate principal amount of $1,650,000. The cash proceeds from the Convertible Notes issuances aggregated $1,250,000 for the year ended March 31, 2025. As of March 31, 2025, the corresponding receivable amounted to $400,000 and was classified under the "Prepaid expenses and other current assets" line item in the consolidated balance sheet and subsequently settled on June 13, 2025. The Convertible Notes are recorded at fair value pursuant to the fair value option election under ASC 815 (please refer to Note 2 (p)).

The estimated fair value of the Convertible Notes as of March 31, 2025 was computed using a binomial option pricing model which incorporates significant inputs that are not observable in the market and thus represents a Level 3 measurement.

The Company determined the fair value by using the following key assumptions in the binomial option pricing model:

---

| | |
|:---|:---|
|  | **As of March 31, 2025** |
| Share price | $3.69 |
| Strike price | $2.67-4.00 |
| Risk-free rate | 3.81%-3.85 |
| Volatility (annual) | 33.22%-35.12 |
| Dividend yield (annual) | 0.00% |

---

**10.** **ACCRUED EXPENSES AND OTHER LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Accrued payroll | $606573 | $45832 |
| Accrued expenses | 581314 | 1276528 |
| Tax payable | 64673 | 62880 |
| Accrued interest <sup>(1)</sup> | 40064 |  |
| Loan from a third party <sup>(2)</sup> | - | 13850 |
| **Total accrued expenses and other current liabilities** | $**1292624** | $**1399090** |

---

(1) The
 balances represented accrued interest on convertible notes payable with an annual interest rate ranging from 7% to 8%.

(2) The balances represented an unsecured and interest-free loan from a related
 party for daily operations, which were due on demand. As of March 31, 2025, the Group had repaid the loan in full.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

**11.** **TAXATION** 

***British Virgin Islands***

Riverstone and Rocksolid were incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, the Group is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the British Virgin Islands.

***Hong Kong***

Marvel, D&J and Ka Yee were established in Hong Kong and is subject to a two-tiered profits tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first HKD2 million of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate, 16.5%. All entities with profits chargeable to Profits Tax in Hong Kong would qualify for the two-tiered profits tax rates, except those with a connected entity which is nominated to be chargeable at the two-tiered rates. The two-tiered profits tax rates would not apply to the taxpaying entity. The whole of the taxpaying entity's assessable profits will be chargeable to Profits Tax at the rate of 16.5%. However, the Commissioner may apply the two-tiered profits tax rates to one of the connected entities for a year of assessment if that entity elects the two-tiered rates. An entity's election is effective only if no other connected entity has made an election for the same year of assessment. However, a different connected entity may elect the two-tiered profits tax rates for a different year of assessment if all conditions are met. For the years ended March 31, 2025 and 2024, the Group applied the two-tiered profits tax rates to D&J.

***PRC***

Generally, D&J Ganzhou, which is considered as a PRC resident enterprise under PRC tax law, is subject to enterprise income tax on its worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%.

The State Administration of Taxation further announced that from January 1, 2021 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount of taxable income can be halved from 25% to 12.5%, and the enterprise income tax will be levied at 20%, for small-scale and low-profit enterprises, and from January 1, 2022 to December 31, 2024, small-scale and low-profit enterprises can enjoy a 20% enterprise income tax rate on 25% of the taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million. In accordance with announcement of the Ministry of Finance and the State Taxation Administration [2023] No. 6, which was effective from January 1, 2023, to December 31, 2024, preferential tax rate became 5% on taxable income below RMB1 million. According to announcement of the Ministry of Finance and the State Taxation Administration [2023] No.12, which became effective on January 1, 2023, and until to December 31, 2027, small-scale, low profit enterprises are subject to the preferential income tax rate of 5% (only 25% of such taxable income shall be subject to enterprises income tax at a tax rate of 20%).

For the year ended March 31, 2025 and 2024, D&J Ganzhou was recognized as small-scale and low-profit enterprises.

***Australia***

WeDress Australia incorporated in Australia is a base rate entity for the years ended March 31, 2025 and 2024 and the 25% company tax rate applies.

***United Kingdom***

WeDress UK was established in 2024 and incorporated in United Kingdom, and it is subject to corporation tax at different tax rates, depending upon the profits made. For the year ended March 31, 2025, the corporation tax rate is 19%.

***United Mexican States***

WeDress Mexico incorporated in Mexico, which considered as a Mexican resident enterprise and subject to corporate income tax on its worldwide taxable income. The federal corporate income tax rate is 30%.

***United States***

WeDress U.S. incorporated in the US is subject to U.S. federal corporate income tax at a statutory rate of 21%, and also to state corporate income taxes, which generally range from 1% to 10% depending on the state and taxable income levels.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Current income tax expenses | $646194 | $562521 |
| Deferred income tax expenses/(benefits) | 4482 | (9515) |
| **Total income tax expenses** | $650676 | $**553006** |

---

A reconciliation between the Group's actual provision for income taxes and the provision at the HK statutory rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Income before income tax expenses | $3662306 | $3071789 |
| Income tax expenses at the HK statutory rate | 604280 | 506845 |
| Tax holiday | (21173) | (24573) |
| Impact of different tax rates in other jurisdictions | 48616 | 19223 |
| Tax effect of non-deductible items | 140 | 25 |
| Change in valuation allowance | 18813 | 51486 |
| **Income tax expenses** | $**650676** | $**553006** |

---

As of March 31, 2025 and 2024, the significant components of the deferred tax assets and deferred tax liability are summarized below:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Deferred tax assets:** |  |  |
| Net operating loss carried forward | $83882 | $71148 |
| Provision for credit losses | 5082 | 9515 |
| Lease liabilities | 147482 | 102588 |
| **Deferred tax assets, gross** | **236446** | **183251** |
| Valuation allowance | (91560) | (76543) |
| **Deferred tax assets, net of valuation allowance** | $**144886** | $**106708** |
| **Deferred tax liabilities:** |  |  |
| Right-of-use assets | $(139804) | $(97193) |
| **Total deferred tax liabilities** | **(139804)** | **(97193)** |
| **Deferred tax assets, net** | $**5082** | $**9515** |

---

As of March 31, 2025, the Group had net operating loss carryforwards of approximately $8,839 that will expire in 2035, which arose from WeDress Mexico established in the United Mexican States, and net operating loss carryforwards of approximately $887,650 that can be carried forward indefinitely, which arose from Wedress UK established in United Kingdom, Ka Yee established in Hong Kong, WeDress Australia established in Australia and Riverstone established in British Virgin Islands.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

Movement of valuation allowance is as follow:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Valuation allowance** |  |  |
| Balance at beginning of the year | $76543 | 26106 |
| Additions | 32285 | 51486 |
| Utilization | (13472) |  |
| Exchange rate effect | (3796) | (1049) |
| **Balance at end of the year** | $**91560** | **76543** |

---

The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. Under the applicable accounting standards, management has considered the Group's history of losses and concluded that it is more likely than not that some subsidiaries of the Group will not generate future taxable income prior to the expiration of the majority of net operating losses for $8,839. Accordingly, as of March 31, 2025 and 2024, a $91,560 and $76,543 valuation allowance has been established respectively.

<u>Uncertain tax positions</u>

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, the Group did not have any significant unrecognized uncertain tax positions. The Group does not believe that its uncertain tax benefits position will materially change over the next twelve months.

For the years ended March 31, 2025 and 2024, the Group did not incur any interest and penalties related to potential underpaid income tax expenses. As of March 31, 2025, the tax years ended December 31, 2024, for the D&J Ganzhou in the PRC are generally subject to examination by the PRC tax authorities.

**12.** **LEASES** 

The Group leases offices space under non-cancellable operating leases. The Group considers those termination options that are reasonably certain not to be exercised by the lessee in the determination of the lease term and initial measurement of right of use assets and lease liabilities.

The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease.

As of March 31, 2025 and 2024, the Group had no long-term leases that were classified as a financing lease, and the Group's lease contracts only contain fixed lease payments and do not contain any residual value guarantee.

The Group's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

A summary of lease cost recognized in the Group's consolidated statements of operations and comprehensive income is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Operating leases cost excluding short-term rental expense | $319659 | $225913 |
| **Total** | $**319659** | $**225913** |

---

The Group's lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Group would have to pay to borrow on a collateralized basis over a similar term and an amount equal to the lease payments in a similar economic environment.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

Cash paid for amounts included in the measurement of lease liabilities was $273,183 and $117,220 for the years ended March 31, 2025 and 2024, respectively.

As of March 31, 2025 and 2024, the weighted average remaining lease term was 9.2 years and 9.5 years, and the weighted average discount rate was 4.0% and 4.2% for the Group's operating leases, respectively.

The following table summarizes the maturity of lease liabilities under operating leases as of March 31, 2025:

---

| | |
|:---|:---|
| **For the years ending March 31,** | **Operating <br> Leases** |
| 2026 | $369740 |
| 2027 | 352844 |
| 2028 | 358826 |
| 2029 | 365107 |
| 2030 | 371701 |
| Thereafter | 1658608 |
| **Total lease payments** | **3476826** |
| Less: imputed interest | (578194) |
| **Total** | $**2898632** |
| Current portion | 259972 |
| Non-current portion | 2638660 |

---

**13.** **ORDINARY SHARES** 

<u>Ordinary Shares</u>

The Company was established under the laws of British Virgin Islands on July 3, 2024. The authorized number of Ordinary Shares was 50,000 with par value of $1 per share. The Company issued 1,000 Ordinary Shares to the sole shareholder at $1 par value.

On February 7, 2025, the directors of the Company unanimously passed resolutions to resolve the subdivision of the Company's authorized and issued share capital and the adoption of the amended and restated memorandum and articles of association of the Company, and pursuant to which, the Company effectuated a 1:6000 share subdivision, whereupon the Company's authorized share capital was amended from $50,000 divided into 50,000 Ordinary Shares of $1.00 par value to $30,000 divided into 300,000,000 Ordinary Shares of $0.0001 par value.

On April 9, 2025, the Company approved, confirmed and ratified the holding by Tang Siu Wan, being the sole shareholder of the Company and the registered holder of the 1,000 Ordinary Shares of $1.00 par value to redesignate such shares to 1,000 Ordinary Shares of $0.0001 par value with effect from February 13, 2025.

On April 11, 2025, the Company allotted 9,999,000 additional Ordinary Shares to its shareholders, bringing the total number of issued and outstanding Ordinary Shares to 10,000,000. The shares and per share data are presented on a retroactive basis.

As of March 31, 2025 and 2024, 300,000,000 Ordinary Shares were authorized, of which 10,000,000 Ordinary Shares were issued and outstanding.

<u>Subscription receivable</u>

The subscription receivable presents the receivable for the issuance of Ordinary Shares of the Company and is reported as a deduction of equity. Subscription receivable has no payment terms nor any interest receivable accrual.

**14.** **EARNINGS PER SHARE ("EPS")** 

The Company's diluted earnings per share are the same as basic earnings per share, as the effects of shares issuable upon conversion of convertible notes are antidilutive and therefore excluded from the calculation of diluted earnings per share. See Note 9 for further information on the Convertible Note.

The following is a reconciliation of the net income and common share amounts used in the calculation of basic and diluted EPS for the years ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| **Earnings per share – basic and diluted** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $3011630 | $2518783 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 10000000 | 10000000 |
| **Basic and diluted earnings per ordinary share** | $**0.30** | $**0.25** |

---

**15.** **RESTRICTED NET ASSETS** 

A significant portion of the Group's operations are conducted through D&J Ganzhou in PRC, the Group's ability to pay dividends is primarily dependent on receiving distributions of funds from the subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations, and after it has met the PRC requirements for appropriation to statutory reserves. The Group is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC ("PRC GAAP"). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity's registered capital. Appropriations to the surplus reserve are made at the discretion of the shareholders. Paid-in capital of D&J Ganzhou included in the Group's consolidated net assets are also non-distributable for dividend purposes.

As a result of these PRC laws and regulations, D&J Ganzhou is restricted in its ability to transfer a portion of its net assets to the Group. As of March 31, 2025 and 2024, net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of D&J Ganzhou, that are included in the consolidated net assets were $159,252 and $2,149,364, respectively.

**16.** **RELATED PARTY TRANSACTIONS** 

The following is a list of related parties which the Group has transactions with:

---

| | | |
|:---|:---|:---|
| **No.** | **Name of Related Parties** | **Relationship with the Group** |
| 1 | Tang Siu Wan | Chairlady, Chief Executive Officer, shareholder and director |
| 2 | Zhuoya Supply Chain (Guangzhou) Co., Ltd. | Entity in which the sister of Tang Siu Wan holds 90% equity interests |
| 3 | Jiangmen Guanxiong Knitting Co., Ltd. | Entity in which the sister of Tang Siu Wan holds 40% equity interests |
| 4 | Ying Ming Knitting Limited | Entity of which the son of Tang Siu Wan is the sole shareholder and director |
| 5 | WeDress U.S. | Entity of which the de facto partner of Tang Siu Wan is a director and on October 16, 2024, the Group acquired 100% equity interest of the entity |
| 6 | James International Pty Ltd | Entity of which Tang Siu Wan holds 100% equity interests |

---

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***Amounts due from related parties***

Amounts due from related parties consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Gross amount due from WeDress U.S. <sup>(1)</sup> | $- | $90312 |
| Provision for credit losses | - | (5419) |
| Net amount due from WeDress U.S. |  | 84893 |
| Tang Siu Wan <sup>(2)</sup> | 169869 |  |
| James International Pty Ltd <sup>(3)</sup> | 75627 | 75183 |
| Zhuoya Supply Chain (Guangzhou) Co., Ltd.<sup>(4)</sup> | 44516 | - |
| **Total** | $**290012** | $**160076** |

---

(1) The
 balance represented advanced payment to WeDress U.S. amounted to $87,006 and rental deposit
 paid on behalf of WeDress U.S. amounted to $3,306 as of March 31, 2024.

(2) The balance represented
 interest-free loan to Tang Siu Wan, which were due on demand. $166,732 has been collected
 on June 23, 2025.

(3) The balance represented
 the receivables James International Pty Ltd collected on behalf of the Group.

(4) The balance represented
 the receivables Zhuoya Supply Chain (Guangzhou) Co., Ltd. collected on behalf of the Group.

***Amounts due to related parties***

Amount due to related parties consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Zhuoya Supply Chain (Guangzhou) Co., Ltd. <sup>(1)</sup> | $1818798 | $1403187 |
| Ying Ming Knitting Limited <sup>(2)</sup> | 110708 | 110058 |
| Tang Siu Wan <sup>(3)</sup> | 7841 | 184302 |
| Jiangmen Guanxiong Knitting Co., Ltd. <sup>(4)</sup> | - | 16083 |
| **Total** | $**1937347** | $**1713630** |

---

(1) The balance represented purchases payable to Zhuoya Supply Chain (Guangzhou) Co., Ltd. amounted to $773,290 and advances from Zhuoya Supply Chain (Guangzhou) Co., Ltd amounted to $1,045,508.

(2) The balance represented purchases payable to Ying Ming Knitting Limited.

(3) The balance represented the loan to Tang Siu Wan amounted to $6,476 and the long-term equity investment fund payable to Tang Siu Wan amounted to $1,365 as of March 31, 2025; and represented the dividend payable to Tang Siu Wan amounted to $156,108, the loan to Tang Siu Wan amounted to $26,830 and the long-term equity investment fund payable to Tang Siu Wan amounted to $1,364 as of March 31, 2024.

(4) The balance represented advances from Jiangmen Guanxiong Knitting Co., Ltd. as of March 31, 2024.

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

The following is a list of related parties which the Group had major transactions with:

---

| | | |
|:---|:---|:---|
| | **For the years ended March 31,** | **For the years ended March 31,** |
| <br>**Nature** | **2025** | **2024** |
| ***Tang Siu Wan*** |  |  |
| Tang Siu Wan's contribution of the trademark of "Double Crazy" <sup>(1)</sup> | $- | $6146896 |
| Dividends distribution to Tang Siu Wan <sup>(2)</sup> |  | 1955372 |
| Sales of goods to Tang Siu Wan | 1197 |  |
| ***Ying Ming Knitting Limited*** |  |  |
| Purchases of goods from Ying Ming Knitting Limited | 175670 | 1176759 |
| ***Zhuoya Supply Chain (Guangzhou) Co., Ltd.*** |  |  |
| Purchases of goods from Zhuoya Supply Chain (Guangzhou) Co., Ltd. | 6207514 | 1403420 |
| Sales of goods to Zhuoya Supply Chain (Guangzhou) Co., Ltd. | 162337 | 12347 |
| ***Jiangmen Guanxiong Knitting Co., Ltd.*** |  |  |
| Purchases of goods from Jiangmen Guanxiong Knitting Co., Ltd. |  | 8039509 |

---

(1) On April 1, 2023, Tang Siu Wan, the former legal and beneficial owner of the Trademark of "Double Crazy", assigned it absolutely to the Group in consideration of a nominal amount of HK$1. The fair value of the trademark determined by independent appraisal was approximately $6,145,875 ($6,146,896 when using average translation rate). The Group recognized $6,145,875 as an intangible asset and additional paid-in capital from the shareholder's contribution.

(2) The dividend payment was in the form of an offset against the related party amount due from Tang Siu Wan.

**17.** **CONCENTRATION OF CREDIT RISK** 

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable. The Group conducts credit evaluations of its customers and generally does not require collateral or other security from them. The Group evaluates its accounts receivable for expected credit losses on a regular basis and maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Group conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Group's total revenue:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's revenue |  |  |
| Customer A | 17% | \* |
| Customer B | 11% | 10% |
| Customer C | \* | 13% |
| Customer D | \* | 11% |

---

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

The following table sets forth a summary of single customers who represent 10% or more of the Group's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's accounts receivable |  |  |
| Customer A | 22% | \* |
| Customer E | 13% | \* |
| Customer F | 13% | \* |
| Customer G | \* | 34% |
| Customer H | \* | 24% |
| Customer C | \* | 16% |

---

The Group is also subject to concentration risk from its suppliers. The top supplier whose purchases individually represented greater than 10% of the total purchases of the Group for the years ended March 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's purchases |  |  |
| Supplier A | 46% | 58% |
| Supplier B | 19% | \* |
| Supplier C | \* | 23% |

---

Accounts payable due to suppliers who represent 10% or more of the Group's total accounts payable were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's accounts payable |  |  |
| Supplier A | 38% | 97% |
| Supplier D | 20% | \* |
| Supplier E | 18% | \* |

---

\*Represent percentage less than 10%

**18.** **COMMITMENTS AND CONTINGENCIES** 

***Commitments***

As of March 31, 2025 and 2024, the Group had the following contracted commitments:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Operating lease obligations | $3476826 | $2326716 |
| For loan repayment | 1085973 | 1741450 |
| For purchases of equipment |  | 115190 |
| For leasehold improvement | 34203 | 62075 |
| **Total** | $**4597002** | $**4245431** |

---

**RIVERSTONE LTD**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. dollars, except share and per share data)**

***Severance Payment and Long Service Payment***

Employment Ordinance of the Laws of Hong Kong requires employers to assure the liability of severance payment if an employee who has been working for the employer for not less than 24 months under a continuous contract is, due to redundancy, dismissed, laid off, or upon expiry of a fixed-term employment contract. The ordinance also requires employers to assure the liability of long service payment if an employee who has been working for the employer for not less than 5 years under a continuous contract is dismissed, dies, resigns on ground of ill health or on or after 65 years old, or upon expiry of a fixed-term employment contract.

As of March 31, 2025 and 2024, the Group did not estimate and record its long service payment.

No severance payment is provided since the Group has no plan to dismiss any staff due to redundancy and therefore considers the possibility of meeting the criteria of making severance payment is remote.

As of March 31, 2025 and 2024, the Group did not have any significant commitments and contingencies involved.

***Legal contingency***

From time to time, the Group may be involved in various legal proceedings and claims in the ordinary course of business. The Group currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

**19.** **SUBSEQUENT EVENTS** 

On April 11, 2025, The Company allotted 9,999,000 additional Ordinary Shares to its shareholders, bringing the total number of issued and outstanding common shares to 10,000,000. The shares and per share data are presented on a retroactive basis. As of March 31, 2025 and 2024, 300,000,000 Ordinary Shares were authorized, of which 10,000,000 Ordinary Shares were issued and outstanding.

In accordance with ASC Topic 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the consolidated financial statements are issued, the Group has evaluated all events or transactions that occurred after March 31, 2025, up to the date that the audited consolidated financial statements were available to be issued.

RESALE PROSPECTUS ALTERNATE PAGE

**The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This 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.**

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **Subject to Completion, dated December** [●]**, 2025** |

---

**308,333** **Ordinary Shares to be sold by the Selling Shareholders**

**Riverstone Ltd**

This prospectus relates to 308,333 of our ordinary shares $0.0001 par value (the "Ordinary Shares"), of Riverstone Ltd that may be sold from time to time by the selling shareholders named in this prospectus (the "Selling Shareholders"). This will only permit the Selling Shareholders to sell the number of Ordinary Shares identified in the column "Shares to be Offered" below. Since there is currently no public market established for our securities, the Selling Shareholders will sell their respect Ordinary Shares at the price at which we sell shares in our public offering pursuant to the registration statement of which this prospectus is a part, which is anticipated to be in the range of US$5.00 and US$7.00 per Ordinary Share until the Ordinary Shares are quoted on the Nasdaq Capital Market, after which the Ordinary Shares may be offered and sold at prevailing market prices or at negotiated prices. We will not receive any of the proceeds from the sale of our Ordinary Shares by the Selling Shareholders. The Ordinary Shares owned by the Selling Shareholders are "restricted" securities under applicable United States federal and state securities laws and are being registered pursuant to this prospectus to enable the Selling Shareholders to sell those Ordinary Shares. The Company will not receive any proceeds from the sale of the Ordinary Shares by the Selling Shareholders.

Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "DNJF". We have not been approved for listing on the Nasdaq Capital Market; however, we believe that we currently meet the Nasdaq Capital Market's quantitative listing requirements and believe that upon the completion of the offering, we will meet the standards for listing on the Nasdaq Capital Market. The Selling Shareholders will not be able to sell their shares unless the Company's Ordinary Shares are approved for listing on the Nasdaq Capital Market. There can be no assurance that the Company will be successful in listing its Ordinary Shares on the Nasdaq Capital Market.

Riverstone is a holding company incorporated in the British Virgin Islands ("BVI") whose Ordinary Shares investors will be purchasing, has no material operations of its own. Riverstone conducts its operations through its wholly-owned subsidiaries, including in Hong Kong through Marvel G.F.S.C Group Limited, and D & J Industries (Hong Kong) Company Limited, which in turn owns two wholly-owned subsidiaries Ka Yee Development Limited (HK) and D&J Garment (Ganzhou) Co., Ltd. (PRC), and through WeDress Inc. (United States), WeDress Pty Ltd (Australia), WeDress Pty UK Ltd (UK), Rocksolid Holdings Limited (BVI) and through its 99% ownership of WEDRESS MEXICO S. de R.L. de C.V. (Mexico) (the "Subsidiaries" and Riverstone and the Subsidiaries may be collectively referred to as the "Group"). We directly hold equity interests in our Subsidiaries, and we do not currently use a variable interest entity ("VIE") structure.

**Investors are cautioned that the Ordinary Shares they are buying are shares of Riverstone, a BVI holding company that has no operations of its own and not shares of the Subsidiaries. Investors in this offering will not directly hold equity interests in the Subsidiaries.**

Since our business operations are conducted in China and Hong Kong through our Subsidiaries, the Chinese government may exercise significant oversight and discretion over the conduct of our business in China and Hong Kong and may intervene in or influence our Subsidiaries' operations at any time, which could result in a material change in their operations and/or the value of our Ordinary Shares.

China and PRC shall refer to the People's Republic of China, excluding, for the purposes of this prospectus only, Hong Kong, Macau, and Taiwan.

We are an "Emerging Growth Company" and a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Being an Emerging Growth Company" and "Implications of Being a Foreign Private Issuer" on page 14 of this prospectus for more information.

**Investing in our Ordinary Shares involves significant risks. The risks could result in a material change in the value of the securities we are registering for sale including the risk of losing your entire investment or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. See "Risk Factors" beginning on page** 17 **to read about factors you should consider before buying our Ordinary Shares.**

The Company is subject to legal and operational risks associated with having certain of our Subsidiaries' operations in Hong Kong, including risks related to the legal, political and economic policies of the PRC government, the relations between China and Hong Kong and China and the United States, or Chinese or United States regulations, which risks could result in a material change in our operations and/or cause our Ordinary Shares to significantly decline in value or become worthless and affect our ability to offer or continue to offer securities to investors. The Company's operations are primarily located in Hong Kong. As of the date of this prospectus, we do not expect to be materially affected by recent statements by the PRC authorities indicating an intent to exert more oversight over the securities offerings that are conducted overseas and/or foreign investment in China-based issuers. However, the policies, regulations, rules, and the enforcement of laws to which we are subject may change. See "Transfers of Cash to and From Our Subsidiaries" on page 10 of this prospectus. Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. The Company may be subject to these regulatory actions or statements. Although we have not engaged in any monopolistic behavior, our business does involve the collection of user data and may implicate cybersecurity reviews.

On February 17, 2023, with the approval of the State Council, the China Securities Regulatory Commission (the "CSRC") promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies ("Trial Measures"), and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

As of the date of this prospectus, our Company, and its subsidiaries (the "Group") (as defined in the definitions section below) have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to the listing of the Company's Ordinary Shares. Further, as of the date of this prospectus, in the opinion of our PRC legal counsel, ETR Law Firm, based on the above mentioned, listing on NASDAQ of the Company would not be deemed as an indirect overseas offering and listing by a PRC domestic company under the Trial Measures and the Trial Measures do not apply to the Company, and its listing on NASDAQ does not require fulfilling the filing procedure to the CSRC. However, the CSRC may take a view contrary to or otherwise different from the Group's or the future effective laws and regulations (with retrospective effect) may require the Group to obtain CSRC or other PRC governmental approvals for this offering. If we inadvertently conclude that such approvals are not required, we may be required to make corrections, be given a warning, be fined between RMB 1 million and RMB 10 million, warn the responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million, fine the controlling shareholder or actual controller organizes or instigates the prescribed illegal acts not less than RMB 1 million but not more than RMB 10 million, in the case of serious violation of the Trial Measures or other laws and administrative regulations, the CSRC may impose a ban on access to the securities market upon relevant responsible persons.

However, there is uncertainty as to whether our Company will be required to obtain permission from or file with the PRC authorities to list on a U.S. stock exchange in the future. If the Group is subsequently notified by any PRC authorities that permission/filing for this offering and/or listing on the Nasdaq Stock Market was required, the Group may not be able to obtain such permission or complete such filing in a timely manner, if at all. Any failure to obtain such permission or complete such filing in a timely manner may restrict our ability to complete the proposed offering or any future equity capital raising activities and may subject us or relevant persons to certain penalties, which would have a material adverse effect on our business and financial position.

There can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for our IPO. If the Company inadvertently concluded that such approvals were or are not required, the Company's ability to offer or continue to offer our Securities to investors could be significantly limited or completed hindered, which could cause the value of our Ordinary Shares to significantly decline or become worthless. The Group may also face sanctions by the CSRC, the Cyberspace Administration of China or other PRC regulatory agencies. These regulatory agencies may impose fines, penalties, limit our operations in China, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our Securities. See "Risk Factors" beginning on page 18 of this prospectus for a discussion of these legal and operational risks and other information that should be considered before making a decision to purchase our Securities.

**Although Hong Kong is a Special Administrative Region and a dependency of the PRC, it has enacted its own laws pertaining to data security and anti-monopoly concerns. Hong Kong enacted the Personal Data (Privacy) Ordinance (the "PDPO") to ensure an adequate level of data protection to retain its status as an international trading center and to give effect to human rights treaty obligations. Moreover, Hong Kong has also enacted a similar piece of legislation regulating competition in the market (the "Competition Ordinance"). The Competition Ordinance prohibits: (i) anti-competitive agreements and concerted practices; and (ii) abuse of power with the object or effect of preventing, restricting or distorting competition in Hong Kong. If we were to be found in violation of either of these laws, our Hong Kong Subsidiaries' operations may be restricted, and it may be required or elect to make changes to its operations in Hong Kong so as to be in accordance with the PDPO and/or the Competition Ordinance. Moreover, Hong Kong authorities may take other action against us, such as imposing taxes or other penalties, which could materially affect our financial results. Thus, our revenue and business operations in Hong Kong would be adversely affected**.

**In addition, the Holding Foreign Companies Accountable Act (the "HFCAA"), which prohibits foreign companies from listing their securities on U.S. exchanges if the Company's auditor has been unavailable for PCAOB inspection or investigation for three consecutive years, became law in December 2020. On December 16, 2021, the PCAOB issued a determination (the "Determination Report") that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong because of positions taken by authorities in those jurisdictions, and the PCAOB included in the Determination Report a list of the accounting firms that are headquartered in the PRC or Hong Kong. On December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 Determination Report to the contrary. The SEC adopted final amendments to its rules to implement the HFCAA, which went into effect on January 20, 2022. As part of the SEC's final rules, identified issuers will need to provide additional disclosures in subsequent filings that prove the issuer is not owned or controlled by a governmental authority in the foreign jurisdiction of the audit firm identified by the PCAOB in the Determination Report.**

**In the event that it is later determined that the PCAOB is unable to inspect or investigate completely our auditor or our work papers because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause our securities to be delisted from the applicable stock exchange. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.**

**Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was enacted on December 29, 2022, and amended the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.**

**On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, consistent with the Holding Foreign Companies Accountable Act (the "HFCA Act"), and the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.**

**On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, the AHFCAA was enacted, which amended the HFCA Act by decreasing the number of non-inspection years from three years to two, thus reducing the time period before our common stock may be prohibited from trading or delisted. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. See "Risk Factors — Risks Related to Doing Business in China and Hong Kong — Our Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors."**

**As a holding company, we will rely on dividends and other distributions on equity paid by our Hong Kong or PRC Subsidiaries for our cash and financing requirements. If our Hong Kong and PRC Subsidiaries incur debt on their own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. Moreover, to the extent cash is in our PRC Subsidiaries, there is a possibility that the funds may not be available to fund our operations or for other uses outside the PRC due to interventions or the imposition of restrictions and limitations by the PRC government on the ability to transfer cash. However, none of our Subsidiaries have paid any dividends or other distributions to our holding company as of the date of this prospectus. In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our PRC or Hong Kong Subsidiaries via capital contribution or shareholder loans, as the case may be. As of the date of this prospectus, we have not paid any dividends or made any distributions to any U.S. investors.**

The Company holds all of the equity interests in its Hong Kong subsidiaries. As we have a direct equity ownership structure, we do not have any agreement or contract between our Company and any of its subsidiaries that are typically seen in a VIE structure. Within our direct equity ownership structure, cash, including funds from foreign investors, can be directly transferred to our Hong Kong subsidiaries by way of capital injection or in the form of a shareholder loan from the Company following this offering. As a holding company, the Company may rely on dividends and other distributions on equity paid by our Subsidiaries for our cash and financing requirements. We are permitted under the laws of the BVI and our memorandum and articles of association (as amended from time to time) to provide funding to our Subsidiaries through loans and/or capital contributions. Our Hong Kong Subsidiaries are permitted under the laws of Hong Kong to issue cash dividends to us without limitation on the size of such dividends. However, if any of our Subsidiaries incur debt on their own behalf, the instruments governing such debt may restrict their ability to pay dividends. On March 31, 2024, the Company declared a dividend in the amount of US$3,833,425 of which US$1,878,378 was due to its subsidiary Marvel and eliminated pursuant to our reorganization and US$1,955,047 was paid to Ms. Tang Sui Wan, our Controlling Shareholder, in the form of an offset against the related party amount due from her. Certain intellectual properties including trademarks, patents and domain names were also transferred from Marvel to Rocksolid, our wholly owned Subsidiary pursuant to out reorganization., As of the date of this prospectus, no other transfers were made from the Company to its Subsidiaries or our Controlling Shareholder, there have been no dividends or distributions have been made to investors in the Company and the Company does not anticipate declaring any further dividends or transferring any other assets. As of the date of this prospectus, our Subsidiaries do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. See *"*Dividend Policy*"* on page 45 of this prospectus and "Holding Company Structure" on page 45 of this Prospectus.

To the extent the Company's cash or assets in the business is in Hong Kong or a Hong Kong entity, there can be no assurance that the Company's funds or assets may, in the future, not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of the Company and our Subsidiaries by the PRC government to transfer cash or assets. Any restrictions, prohibitions, interventions, or limitations on the ability of the Company or our Subsidiaries to transfer cash or assets in or out of Hong Kong may result in these funds or assets not being available to fund operations or for other uses outside of Hong Kong, which could have a material adverse effect on our ability to conduct our business.

As of the date of this prospectus, Tang Siu Wan owns 78.97% of our Ordinary Shares. We will be a controlled company as defined under Nasdaq Marketplace Rule 5615(c) because, immediately after the completion of this offering, Tang Siu Wan, our Controlling Shareholder, and Director, will own more than 50% of the total voting power for the election of directors.

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

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| ABOUT THIS PROSPECTUS |  |
| PRESENTATION OF FINANCIAL INFORMATION |  |
| MARKET AND INDUSTRY DATA |  |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS |  |
| DEFINITIONS |  |
| PROSPECTUS SUMMARY |  |
| SUMMARY FINANCIAL DATA |  |
| RISK FACTORS |  |
| ENFORCEABILITY OF CIVIL LIABILITIES |  |
| [USE OF PROCEEDS](#SS_020) | Alt – 2 |
| CAPITALIZATION |  |
| DIVIDENDS AND DIVIDEND POLICY |  |
| DILUTION |  |
| SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA |  |
| MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |  |
| HISTORY AND CORPORATE STRUCTURE |  |
| INDUSTRY OVERVIEW |  |
| BUSINESS |  |
| REGULATORY ENVIRONMENT |  |
| MANAGEMENT |  |
| PRINCIPAL SHAREHOLDERS |  |
| RELATED PARTY TRANSACTIONS |  |
| DESCRIPTION OF SHARES |  |
| CERTAIN BVI COMPANY CONSIDERATIONS |  |
| SHARES ELIGIBLE FOR FUTURE SALE |  |
| EXPENSES RELATED TO THIS OFFERING |  |
| MATERIAL TAX CONSIDERATIONS |  |
| UNDERWRITING |  |
| [LEGAL MATTERS](#SS_023) | Alt – 5 |
| EXPERTS |  |
| WHERE YOU CAN FIND ADDITIONAL INFORMATION |  |
| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS |  |

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You should rely only on the information contained in this prospectus or in any related free-writing prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus or in any related free-writing prospectus. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the ordinary shares.

We have not taken any action that would permit a public offering of the Ordinary Shares outside the United States or permit the possession or distribution of this prospectus or any related free-writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus, or any related free-writing prospectus must inform themselves about and observe any restrictions relating to the offering of the Ordinary Shares and the distribution of the prospectus outside the United States.

We obtained the statistical data, market data and other industry data and forecasts described in this prospectus from market research, publicly available information, and industry publications. Industry publications generally state that they obtain their information from sources that they believe to be reliable, but they do not guarantee the accuracy and completeness of the information. Similarly, while we believe that the statistical data, industry data and forecasts and market research are reliable, we have not independently verified the data. We have not sought the consent of the sources to refer to their reports appearing or incorporated by reference in this prospectus.

We were incorporated under the laws of the BVI as a company limited by shares and a majority of our outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934.

Alt-i

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**The Offering**

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| | |
|:---|:---|
| Ordinary Shares Offered by the Selling Shareholders: | 308,333 Ordinary Shares. |
| Ordinary Shares Outstanding after capitalization but before this Offering: | 10,000,000 Ordinary Shares |
| Ordinary Shares to be outstanding after our initial public offering pursuant to the Public Offering Prospectus: | 12,500,000 (12875000) if the underwriters exercise the over-allotment option in full) |
| Term of this Offering | The Selling Shareholders will determine when and how they will sell the Ordinary Shares offered |
| Use of proceeds: | We will not receive any of the proceeds from the sale of the Ordinary Shares by the Selling Shareholders named in this prospectus. |
| Listing: | We intend to apply to have our Ordinary Shares listed on the Nasdaq Capital Market. At this time, Nasdaq has not yet approved our application to list our Ordinary Shares. The closing of this Offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Ordinary Shares will be approved for listing on Nasdaq. |
| Proposed Nasdaq symbol:<br>Risk Factors: | "DNJF".<br>**Investing in our Ordinary Shares is highly speculative and involves a high degree of risk.** As an investor you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 18 of the Public Offering Prospectus |

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RESALE PROSPECTUS ALTERNATE PAGE

**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of our Ordinary Shares by the Selling Shareholders. In addition, the Underwriter will not receive any compensation from the sale of the Ordinary Shares by the Selling Shareholders. The Selling Shareholders will receive all of the net proceeds from the sales of Ordinary Shares offered by it under this prospectus. We have agreed to bear the expenses relating to the registration of the Ordinary Shares for the Selling Shareholders.

RESALE PROSPECTUS ALTERNATE PAGE

**SELLING SHAREHOLDERS**

The Ordinary Shares being offered for resale by the Selling Shareholders consists of a total of 308,333 Ordinary Shares, which were issued to Selling Shareholders on [●] upon conversion of their Unsecured Subordinated Convertible Promissory Notes.

The following table sets forth information with respect to the number of Ordinary Shares beneficially owned by the Selling Shareholders named below and as adjusted to give effect to the sale of the Ordinary Shares offered hereby. The table lists the number of Ordinary Share beneficially owned by the Selling Shareholders as of the date of this prospectus, the Ordinary Shares covered by this prospectus that may be disposed of by the Selling Shareholders, and the number of Ordinary Shares that will be beneficially owned by the Selling Shareholders assuming all of the Ordinary Shares covered by this prospectus are sold.

The Ordinary Shares beneficially owned have been determined in accordance with rules promulgated by the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. The information in the table below is current as of the date of this prospectus. The Selling Shareholders may from time to time offer and sell pursuant to this prospectus any or all of the Ordinary Shares being registered. The Selling Shareholders are under no obligation to sell all or any portion of such Ordinary Shares nor are the Selling Shareholders obligated to sell any Ordinary Shares immediately upon effectiveness of this prospectus. All information with respect to share ownership has been furnished by the Selling Shareholders.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Shares**<br> **Beneficially**<br> **Owned Prior to**<br> **Offering** | **Percent**<br> **Beneficially**<br> **Owned Prior to**<br> **Offering<sup>1</sup>** | **Shares to be**<br> **Offered** | **Amount**<br> **Beneficially**<br> **Owned After**<br> **Offering** | **Percent**<br> **Beneficially**<br> **Owned After**<br> **Offering<sup>1</sup>** |
| Huang, Yu-Shan | 50000 | 0.49% | 50000 | [●] | [●]% |
| Su, Huei-Haw | 16667 | 0.16% | 16667 | [●] | [●]% |
| Easy Link International Co. Ltd.(2) | 50000 | 0.49% | 50000 | [●] | [●]% |
| Win Chief Development Limited (3) | 8333 | 0.08% | 8333 | [●] | [●]% |
| Zhang Hong | 16667 | 0.16% | 16667 | [●] | [●]% |
| Zhao LiJing | 8333 | 0.08% | 8333 | [●] | [●]% |
| Tseng, Chien-Yu | 33333 | 0.32% | 33333 | [●] | [●]% |
| CSF Management Company Limited (4) | 8333 | 0.08% | 8333 | [●] | [●]% |
| Asia-Pacific Holding Co. Pte. Ltd. (5) | 16667 | 0.16% | 16667 | [●] | [●]% |
| Kai Prestige Limited (6) | 100000 | 0.97% | 100000 | [●] | [●]% |

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| | |
|:---|:---|
| (1) | Based on 10,000,000 Ordinary Shares issued and outstanding as of November 30, 2025. |
| (2) | Easy Link International Co. Ltd., a company incorporated in Belize and owned by Lee Te-Chih. The address of Easy Link International Co. Ltd. is 60 Market Square, Belize City, Belize. |
| (3) | Win Chief Development Limited, a company incorporated in Hong Kong and owned by Li Yan Ping. The address of Win Chief Development Limited is Room 36, 2/F, Shing Yip Industrial Building, 19-23 Shing Yip Street, Kwun Tong, Hong. |
| (4) | CSF Management Company Limited, a company incorporated in Hong Kong and owned by Lee Kam Hung. The address of CSF Management Company Limited is Unit 11, 22/F Global Gateway Tower, Nos. 61-63 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong. |
| (5) | Asia-Pacific Holding Co. Pte. Ltd., a company incorporated in Singapore and owned by Agius Daniel Francis. The address of Asia-Pacific Holding Co. Pte. Ltd. is 31 Boon Tat Street, #02-01, Eagles Center, Singapore 069625. |
| (6) | Kai Prestige Limited, a company incorporated in Hong Kong and owned by YANG Chuncheng. The address of Kai Prestige Limited is Unit 11, 22/F, Global Gateway Tower, Nos. 61-63 Wing Hong Street, Lai Chi Kok, Hong Kong. |
|  | The Selling Shareholders named above acquired their respective Ordinary Shares in a private sale. No material relationship exists or existed between the Selling Shareholders and the Company or any of its predecessors or affiliates within the past three years. |

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RESALE PROSPECTUS ALTERNATE PAGE

**SELLING SHAREHOLDERS PLAN OF DISTRIBUTION**

There is currently no public market for our Ordinary Shares. Since there is currently no public market established for our securities, the Selling Shareholders will sell their respect Ordinary Shares at the price at which we sell shares in our public offering pursuant to the registration statement of which this prospectus is a part, which is anticipated to be in the range of US$5.00 and US$7.00 per Ordinary Share until the Ordinary Shares are quoted on the Nasdaq Capital Market, after which the Ordinary Shares may be offered and sold at prevailing market prices or at negotiated prices. We will not receive any of the proceeds from the sale of our Ordinary Shares by the Selling Shareholders. The Selling Shareholders and any of its pledgees, donees, assignees, and successors-in-interest may, from time to time, after the effective date of registration statement of which this prospectus forms a part, sell any or all of their Ordinary Shares being offered under this prospectus on any stock exchange, market, or trading facility on which our Ordinary Shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Shareholders may use any one or more of the following methods when disposing of Ordinary Shares:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the Ordinary Shares as agent but may position; and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resales by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● to cover short sales made after the date that the registration statement of which this prospectus is a part is declared effective by the SEC;

● broker-dealers may agree with the selling shareholders to sell a specified number of such shares at a stipulated price per share;

● a combination of any of these methods of sale; and

● any other method permitted pursuant to applicable law.

The shares may also be sold under Rule 144 under the Securities Act of 1933, as amended, if available for the Selling Shareholders, rather than under this prospectus. The Selling Shareholders have the sole and absolute discretion not to accept any purchase offer or make any sale of shares if they deem the purchase price to be unsatisfactory at any particular time.

The Selling Shareholders may pledge their shares to their brokers under the margin provisions of customer agreements. If the Selling Shareholders default on a margin loan, the broker may, from time to time, offer and sell the pledged shares.

Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, which commissions as to a particular broker or dealer may be in excess of customary commissions to the extent permitted by applicable law.

If sales of shares offered under this prospectus are made to broker-dealers as principals, we would be required to file a post-effective amendment to the registration statement of which this prospectus is a part. In the post-effective amendment, we would be required to disclose the names of any participating broker-dealers and the compensation arrangements relating to such sales.

The Selling Shareholders and any broker-dealers or agents that are involved in selling the shares offered under this prospectus may be deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales. Commissions received by these broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell shares offered under this prospectus unless and until we set forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to this prospectus or, if required, in a replacement prospectus included in a post-effective amendment to the registration statement of which this prospectus is a part.

The Selling Shareholders and any other persons participating in the sale or distribution of the shares offered under this prospectus will be subject to applicable provisions of the Exchange Act, and the rules and regulations under that act, including Regulation M. These provisions may restrict activities of and limit the timing of purchases and sales of any of the shares by, the Selling Shareholders or any other person. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. All of these limitations may affect the marketability of the shares.

If any of the Ordinary Shares offered for sale pursuant to this prospectus are transferred other than pursuant to a sale under this prospectus, then subsequent holders could not use this prospectus until a post-effective amendment or prospectus supplement is filed, naming such holders. We offer no assurance as to whether the Selling Shareholders will sell all or any portion of the shares offered under this prospectus.

We have agreed to pay all fees and expenses we incur incident to the registration of the shares being offered under this prospectus. However, the Selling Shareholders and purchaser is responsible for paying any discounts, and similar selling expenses they incur.

**LEGAL MATTERS**

Certain legal matters in connection with this offering with respect to United States federal securities law will be passed upon us by Schlueter & Associates, P.C. The validity of the Ordinary Shares offered in this offering and other certain legal matters as to BVI law will be passed upon for us by Harney Westwood & Riegels, our counsel as to BVI law. Certain legal matters as to Hong Kong law will be passed upon for us by Cheung & Choy. Schlueter & Associates, P.C. may rely upon Harney Westwood & Riegels, with respect to matters governed by BVI law and Cheung & Choy with respect to matters governed by Hong Kong law.

RESALE PROSPECTUS ALTERNATE PAGE

**308,333** **Ordinary Shares**

**RIVERSTONE LTD**

**Prospectus**

**_______________, 2026**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS**

BVI laws do not prohibit or restrict a company from indemnifying its directors and officers against personal liability for any loss they may incur arising out of the Company's business, except to the extent such provision may be held by the BVI courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The indemnity extends only to liability for their own negligence and breach of duty other than breaches of fiduciary duty and not where there is evidence of dishonesty, willful default, or fraud.

Our Memorandum and Articles of Association permits, to the fullest extent permissible under BVI law, indemnification of our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by them, other than by reason of their willful default or actual fraud, in connection with the execution or discharge of their duties, powers, authorities or discretion as directors or officers of our Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by them in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the BVI or elsewhere.

We intend to enter into indemnification agreements with each of our directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under BVI law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that he or she is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the BVI courts have declined to grant relief.

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 pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES**

During the past three years, we have issued and sold the following securities without registering such 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 securities.

**Reorganization Transaction**

Pursuant to a Group reorganization in 2025 that involved several steps, the Registrant issued an aggregate of 10,000,000 Ordinary Shares, par value US$0.0001.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities/Purchaser** | **Date of Sale<br> or Issuance** | **Number of<br> Securities** | **Consideration** | **Consideration** |
| Tang Siu Wan | April 11, 2025 | 7986750 | US$ | 789.58 |
| Deepmantle Holdings Limited | April 11, 2025 | 499000 | US$ | 49.90 |
| Cornerstone Holdings Limited | April 11, 2025 | 499000 | US$ | 49.90 |
| Bedrock Holdings Limited | April 11, 2025 | 499000 | US$ | 49.90 |
| Bright Capital Asia Limited | April 11, 2025 | 170000 | US$ | 17.00 |
| CSF Management Company Limited | April 11, 2025 | 80000 | US$ | 8.00 |
| X&Y Capital Co. Limited | April 11, 2025 | 131250 | US$ | 13.13 |
| MTN Limited | April 11, 2025 | 146250 | US$ | 14.63 |
| i-Future Limited | April 11, 2025 | 18750 | US$ | 1.88 |
| Asia-Pacific Holdings Co. Pte. Ltd. | April 11, 2025 | 3750 | US$ | 0.38 |
| Win Chief Development Limited | April 11, 2025 | 6250 | US$ | 0.63 |
| Ng Chi Kit | April 11, 2025 | 50000 | US$ | 5.00 |

---

**Private Placement**

From October 1, 2024 to March 7, 2025, the Company issued a series of Unsecured Subordinated Convertible Promissory Notes ("Notes") aggregating US$1,650,000, each Note having a face value of US$50,000.The Notes carry and interest rate varies from 7% to 8% per annum, have a Maturity date between December 9, 2026 to September 10, 2027 or at the sole and absolute discretion of the Company to extend from December 9, 2027 to October 1, 2028, unless earlier converted or redeemed, provide for the holder to demand repayment upon the closing of the Company's initial public offering and, if such demand is not made, then the Notes will automatically convert convertible into the Company's Ordinary Shares.

The Notes were offered and sold by the Company in reliance upon an exemption from registration pursuant to Section 4(a)(7) and under Section 4(a)(1) of the Securities Act of 1933, as amended.

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

See "Exhibit Index" beginning on page II-4 of this registration statement.

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

All supplement schedules are omitted because of the absence of conditions under which they are required or because the data is shown in the financial statements or notes thereto.

**ITEM 9. UNDERTAKINGS**

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

The undersigned registrant hereby undertakes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus
 required by section 10(a)(3) of the Securities Act of 1933;

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

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

2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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

4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F (17 CFR § 249.220f) at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act (15 U.S.C. 77j(a)(3)) need not be furnished, *provided* that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

---

| |
|:---|
| (i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
| (ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
| (iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |

---

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

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Amended and Restated Memorandum and Articles of Association of the Registrant dated February 13, 2025](ex3-1.htm) |
| 5.1\*\* | Form of Opinion of Harney Westwood & Riegels regarding the validity of securities being registered |
| 8.1\*\* | Form of Opinion of Harney Westwood & Riegels regarding certain BVI tax matters (included in Exhibit 5.1) |
| 8.2\*\* | Form of Opinion of Cheung & Choy regarding certain Hong Kong tax matters (included in Exhibit 99.1) |
| 10.1\* | [Form of Directors' Agreement](ex10-1.htm) |
| 10.2\* | [Form of Indemnification Agreement](ex10-2.htm) |
| 10.3\* | [Audit Committee Charter](ex10-3.htm) |
| 10.4\* | [Nomination and Corporate Governance Committee Charter](ex10-4.htm) |
| 10.5\* | [Compensation Committee Charter](ex10-5.htm) |
| 10.6\*+ | [Employment Agreement with Tang Siu Wan (Wendy)](ex10-6.htm) |
| 10.7\*+ | [Employment Agreement with Wong Wai Hei (David)](ex10-7.htm) |
| 10.8\*+ | [Employment Agreement with James Reginald Hart](ex10-8.htm) |
| 10.9\*+ | [Employment Agreement with Wong Kang Bor (Alex)](ex10-9.htm) |
| 10.10\*\* | Lease Agreement for D&J Ganzhou Production Office |
| 10.11\*\* | Lease Agreement for D&J Ganzhou Staff Quarters |
| 10.12\*\* | Lease Agreement for D&J Ganzhou Branch Office |
| 10.13\* | [Lease Agreement for WeDress U.S. Office](ex10-13.htm) |
| 10.14\* | [Lease Agreement for D&J Office](ex10-14.htm) |
| 10.15\* | [Lease Agreement for WeDress Mexico Warehouse](ex10-15.htm) |
| 10.15.1\* | [Lease Agreement for WeDress Mexico Apartment](ex10-15_1.htm) |
| 10.16\* | [Lease Agreement for WeDress Australia Office](ex10-16.htm) |
| 10.17\* | [Bank facility Letter with Citibank Trade Facilities](ex10-17.htm) |
| 10.18\* | [Bank facility with SC Bank](ex10-18.htm) |
| 10.19\* | [Bank facility with Hang Seng Bank](ex10-19.htm) |
| 10.20\* | [Bank facility with DBS Bank](ex10-20.htm) |
| 10.21\* | [Strategic Cooperation Agreement with Zhuoya Supply Chain (Guangzhou) Co., Ltd.](ex10-21.htm) |
| 10.22\* | [Strategic Cooperation Agreement with Enlighten Garment Co., Ltd](ex10-22.htm) |
| 10.23\* | [Strategic Cooperation Agreement with Guangzhou Weixin Garment Co., Ltd.](ex10-23.htm) |
| 10.24\*<br>| [Strategic Cooperation Agreement with Suzhou Xinjing Garment Technology Co., Ltd](ex10-24.htm)<br>|
| 10.25\* | [Consulting Agreement with Bright Asia Capital Limited dated May 2, 2024](ex10-25.htm) |
| 10.26\* | [Consulting Agreement with Bright Asia Capital Limited dated October 7, 2024](ex10-26.htm) |
| 14\* | [Form of Code of Business Conduct and Ethics of the Registrant](ex14.htm) |
| 21.1\* | [List of Subsidiaries of Riverstone Ltd](ex21-1.htm) |
| 23.1\* | [Form of Consent of ARK Pro CPA & Co.](ex23-1.htm) |
| 23.2\*\* | Form of Consent of Harney Westwood & Riegels (included in Exhibits 5.1 and 8.1) |
| 23.3\*\* | Form of Consent of Cheung & Choy (included in Exhibits 8.2 and 99.2) |
| 23.4\*\* | Consent of ETR Law Firm (included in Exhibit 99.3) |
| 23.5\* | [Consent of Lau Chun Pong](ex23-5.htm) |
| 23.6\* | [Consent of Wong Man Hung Patrick](ex23-6.htm) |
| 23.7\* | [Consent of Chu On Shing Jeffrey](ex23-7.htm) |
| 23.8\* | [Consent of Frost & Sullivan](ex23-8.htm) |
| 23.9\*\* | Consent of Cheung & Choy |
| 24.1\*\* | Form of Power of Attorney (included on signature pages) |
| 99.1\* | [Form of Supplier Code of Conduct Commitment Letter](ex99-1.htm) |
| 99.2\*\* | Form of Opinion of Cheung & Choy regarding Hong Kong legal matters |
| 99.3\*\* | Form of Opinion of ETR Law Firm regarding PRC legal matters |
| 99.4\*\* | Form of Opinion of Gately /Legal regarding UK legal matters |
| 99.5\*\* | Form of Opinion of Jaspers Lawyers regarding Australian legal matters |
| 107\* | [Filing Fees](ex107.htm) |

---

+ Denotes management compensatory agreement

\* Filed herewith.

\*\* To be Filed.

\*\*\* Previously Filed.

**SIGNATURES**

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

---

| | |
|:---|:---|
| RIVERSTONE LTD | RIVERSTONE LTD |
| By: | */s/ Tang Siu Wan (Wendy)* |
| Name: | Tang Siu Wan (Wendy) |
| Title: | Chief Executive Officer (Principal Executive Officer) and Director |
| By: | */s/ Wong Wai Hei (David)* |
| Name: | Wong Wai Hei (David) |
| Title: | Director |

---

**POWER OF ATTORNEY**

We, the undersigned directors and executive officers of Riverstone Ltd and its Subsidiaries hereby severally constitute and appoint Wong Wai Hei (David) singly (with full power to act alone), our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution in him for him and in his name, place and stead, and in any and all capacities, to sign this Registration Statement on Form F-1 and any and all amendments (including post-effective amendments) to this Registration Statement (or any other Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

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

---

| | | |
|:---|:---|:---|
| Date: | December 29, 2025 | */s/ Tang Siu Wan (Wendy)* |
|  |  | Tang Siu Wan (Wendy), Chief Executive Officer (Principal Executive Officer), and Director |
| Date: | December 29, 2025 | */s/ Wong Kang Bor Alex* |
|  |  | Wong Kang Bor Alex, Chief Financial Officer (Principal Financial and Accounting Officer) |
| Date: | December 29, 2025 | */s/ Wong Wai Hei (David)* |
|  |  | Wong Wai Hei (David), Director |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in Newark, Delaware, United States of America on December 29, 2025.

---

| | |
|:---|:---|
| AUTHORIZED U.S. REPRESENTATIVE | AUTHORIZED U.S. REPRESENTATIVE |
| Puglisi & Associates. | Puglisi & Associates. |
| By: | */s/ Donald J. Puglisi* |
| Name: | Donald J. Puglisi |
| Title: | Senior Vice-President |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

**Territory of the British Virgin Islands**

**The BVI Business Companies Act**

**(No. 16 of 2004)**

Memorandum and Articles of Association

of

**Riverstone Ltd**

Incorporated this 3rd day of July, 2024

Amended and restated this 13th day of February, 2025

**CORPORATE REGISTRATIONS LIMITED**

Sea Meadow House,

(P.O. Box 116), Road Town, Tortola

British Virgin Islands

[This page has intentionally been left BLANK]

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT, 2004**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Riverstone Ltd**

---

| | |
|:---|:---|
| **1** | **COMPANY NAME** |

---

The name of the Company is **Riverstone Ltd.**

---

| | |
|:---|:---|
| 1.1 | The directors or members may from time to time change the Company's name by Resolution of Directors or Resolution of Members. The directors shall give notice of such resolution to the registered agent of the Company, for the registered agent to file an application for change of name with the Registrar, and any such change will take effect from the date of the certificate of change of name issued by the Registrar. |
| 1.2 | A change of name of the Company shall constitute an amendment of this Memorandum and the Articles and, in the event of a resolution being passed to change the name of the Company, the provisions below in respect of amendments to this Memorandum and the Articles must be complied with. |
| **2** | **COMPANY LIMITED BY SHARES, LIABILITY OF MEMBERS** |
| 2.1 | The Company is a company limited by shares. |
| 2.2 | The liability of each member is limited to: |
| 2.2.1 | the amount from time to time unpaid on that member's shares; |
| 2.2.2 | any liability expressly provided for in this Memorandum or the Articles; and |
| 2.2.3 | any liability to repay a distribution pursuant to section 58(1) of the Act. |
| **3** | **REGISTERED OFFICE** |
| 3.1 | The first registered office of the Company will be situated at Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. |
| 3.2 | The directors or members may from time to time change the Company's registered office by Resolution of Directors or Resolution of Members, provided that the Company's registered office shall at all times be the office of the registered agent. The directors shall give notice of such resolution to the registered agent of the Company, for the registered agent to file with the Registrar a notice of change of registered office, and any such change of registered office will take effect from the date of the registration by the Registrar of such notice. |

---

---

| | |
|:---|:---|
| **4** | **REGISTERED AGENT** |
| 4.1 | The first registered agent of the Company will be Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. |
| 4.2 | The directors or members may from time to time change the Company's registered agent by Resolution of Directors or Resolution of Members. The directors shall give notice of such resolution to the registered agent of the Company (meaning the existing registered agent), for the registered agent to file with the Registrar a notice of change of registered agent, and any such change of registered agent will take effect from the date of the registration by the Registrar of such notice. |
| 4.3 | If at any time the Company does not have a registered agent, a registered agent may be appointed by a Resolution of Directors or Resolution of Members. |
| **5** | **GENERAL OBJECTS AND POWERS** |
| 5.1 | Subject to the following provisions of this Memorandum, the objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the Act or any other law of the British Virgin Islands. |
| 5.2 | Without limiting the foregoing, the powers of the Company include the power to do the following: |
| 5.2.1 | grant options over unissued shares in the Company and treasury shares; |
| 5.2.2 | issue securities that are convertible into shares; |
| 5.2.3 | give financial assistance to any person in connection with the acquisition of the Company's own shares; |
| 5.2.4 | issue debt obligations of every kind and grant options, warrants and rights to acquire debt obligations; |
| 5.2.5 | guarantee a liability or obligation of any person and secure any obligations by mortgage, pledge or other charge, of any of its assets for that purpose; and |
| 5.2.6 | protect the assets of the Company for the benefit of the Company, its creditors and its members and, at the discretion of the directors, for any person having a direct or indirect interest in the Company. |
| **6** | **MAXIMUM NUMBER OF AUTHORISED SHARES** |
| 6.1 | The Company is authorised to issue a maximum of 300,000,000 shares of one class of US$0.0001 par value. |
| 6.2 | The shares issued of one class or series may be converted to another class or series. |
| 6.3 | The shares may be divided into such number of classes and series of shares as may be determined from time to time by Resolution of Directors or Resolution of Members and until so divided shall comprise one class and series. |
| 6.4 | The directors or members may from time to time by Resolution of Directors or Resolution of Members increase or decrease the maximum number of shares the Company is authorised to issue, by amendment to this Memorandum in accordance with the provisions below. |

---

---

| | |
|:---|:---|
| **7** | **RIGHTS CONFERRED BY SHARES** |
| 7.1 | Each share in the Company confers on the holder: |
| 7.1.1 | the right to one vote on any Resolution of Members; |
| 7.1.2 | the right to an equal share in any dividend paid by the Company in accordance with the Act; and |
| 7.1.3 | the right to an equal share in the distribution of the surplus assets of the Company. |
| **8** | **REGISTERED SHARES ONLY** |

---

Shares in the Company may only be issued as registered shares.

9 AMENDMENTS TO THIS MEMORANDUM AND THE ARTICLES

9.1 Subject to the provisions of the Act, the directors or members
may from time to time amend this Memorandum or the Articles by Resolution of Directors or Resolution of Members. The directors shall
give notice of such resolution to the registered agent of the Company, for the registered agent to file with the Registrar a notice of
the amendment to this Memorandum or the Articles, or a restated memorandum and articles of association incorporating the amendment(s)
made, and any such amendment(s) to this Memorandum or the Articles will take effect from the date of the registration by the Registrar
of the notice of amendment or restated memorandum and articles of association incorporating the amendment(s) made.

9.2 Notwithstanding any provision to the contrary in this Memorandum
or the Articles, the directors shall not have the power to amend this Memorandum or the Articles:

9.2.1 to restrict the rights or powers of the members to amend this
Memorandum or the Articles;

9.2.2 to change the percentage of members required to pass a resolution
to amend this Memorandum or the Articles; or

9.2.3 in circumstances where this Memorandum or the Articles cannot
be amended by the members.

9.3 A change of registered office or registered agent shall not
constitute an amendment of this Memorandum or the Articles.

10 DEFINITIONS AND INTERPRETATION

10.1 In this memorandum of association and the articles of association
of the Company:

---

| | |
|:---|:---|
| "**Act**" | means the BVI Business Companies Act, 2004; |
| "**Articles**" | means the Company's article or association, and "Article" shall be construed accordingly; |
| "**Memorandum**" | means the Company's memorandum of association; |
| "**Registrar**" | means the Registrar of Corporate Affairs appointed under the Act; |

---

---

| | | |
|:---|:---|:---|
| "**Resolution of Directors**" | means either: | means either: |
|  | (a) | a resolution approved at a duly constituted meeting of directors of the Company by a majority of the votes cast by directors who are present in person or by alternate at the meeting in accordance with the Articles; or |
|  | (b) | a resolution consented to in writing by or on behalf of a majority of the directors of the Company in accordance with the Articles; |
| "**Resolution of Members**" | means either: | means either: |
|  | (a) | a resolution passed at a meeting of members either on a show of hands or by a poll in accordance with the Articles; or |
|  | (b) | a resolution duly consented to in writing members representing a majority of the votes of shares entitled to vote on the resolution in accordance with this Memorandum and the Articles. |

---

10.2 In this Memorandum and the Articles:

10.2.1 words and expressions defined in the Act shall have the same
meaning and, unless otherwise required by the context, the singular shall include the plural and vice versa, the masculine shall include
the feminine and the neuter and references to persons shall include corporations and all entities capable of having a legal existence;

10.2.2 reference to a provision of law is a reference to that provision
as extended, applied, amended or re-enacted and includes any subordinate legislation;

10.2.3 the headings are for convenience only and shall not affect
the construction of this Memorandum or the Articles;

10.2.4 reference to a thing being "written" or "in
writing" includes all forms of writing, including all electronic records which, in the determination of the directors, satisfy
the requirements of the Electronic Transactions Act, 2001;

10.2.5 reference to a thing being "signed" or to a person's
"signature" shall include reference to an electronic signature which, in the determination of the directors, satisfies the
requirements of the Electronic Transactions Act, 2001, and reference to the Company's "seal" shall include reference
to an electronic seal which, in the determination of the directors, satisfies the requirements of the Electronic Transactions Act, 2001.

We, Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands, in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 3rd day of July, 2024.

Incorporator

Sgd: Alicia Davis and Marsha Fahie

Authorised Signatories

Corporate Registrations Limited

Sea Meadow House

P. O. Box 116

Road Town, Tortola

British Virgin Islands

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT, 2004**

**ARTICLES OF ASSOCIATION**

**OF**

**Riverstone Ltd**

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| | |
|:---|:---|
| **1** | **SHARE CERTIFICATES** |

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1.1 Every person whose name is entered as a member in the Company's
register of members, being the holder of shares, shall without payment (except where otherwise noted) be entitled to a share certificate
in the following circumstances:

1.1.1 on the issuance of such shares to such member;

1.1.2 on the transfer of such shares to such member;

1.1.3 on a re-designation, conversion or other restructuring of such
shares with the effect that the certificate in issue no longer properly describes such shares; and

1.1.4 at the discretion of the directors (who may levy a reasonable
charge), on notice to the Company of a change of name of the member.

1.2 Such certificate shall be signed by a director or under the
common seal of the Company (which the registered agent of the Company is authorised to affix to such certificate) with or without the
signature of any director or officer of the Company specifying the share or shares held and the par value thereof (if any), provided
that in respect of shares held jointly by several persons, the Company shall not be bound to issue more than one certificate and delivery
of a certificate for a share to one of several joint holders shall be sufficient delivery to all.

1.3 If a certificate is worn out or lost it may, subject to the
prior written consent of any mortgagee or chargee whose interest in the relevant certificated shares has been noted on the Company's
register of members, be renewed on production of the worn out certificate, or on satisfactory proof of its loss together with such indemnity
as the directors may reasonably require. Any member receiving a share certificate shall indemnify and hold the Company and its officers
harmless from any loss or liability which it or they may incur by reason of wrongful or fraudulent use or representation made by any
person by virtue of the possession of such a certificate.

2 ISSUE OF SHARES

2.1 Subject to the provisions of these Articles, the unissued shares
of the Company shall be at the disposal of the directors who may offer, allot, grant options over or otherwise dispose of them to such
persons at such times and for such consideration, being not less than the par value (if any) of the shares being disposed of, and upon
such terms and conditions as the directors may determine. Such consideration may take any form acceptable to the directors, including
money, a promissory note, or other written obligation to contribute money or property, real property, personal property (including goodwill
and know-how), services rendered or a contract for future services. Before issuing shares for a consideration other than money, the directors
shall pass a Resolution of Directors stating:

2.1.1 the amount to be credited for the issue of the shares;

2.1.2 their determination of the reasonable present cash value of
the non-money consideration for the issue; and

2.1.3 that, in their opinion, the present cash value of the non-money
consideration for the issue is not less than the amount to be credited for the issue of the shares.

2.2 Subject to the provisions of the Act in this regard, shares
may be issued on the terms that they are redeemable or, at the option of the Company, liable to be redeemed, on such terms and in such
manner as the directors before or at the time of the issue of such shares may determine.

2.3 The Company may issue bonus shares, partly paid shares and
nil paid shares.

2.4 The directors may redeem any share issued by the Company at
a premium.

2.5 Except as required by the Act, and notwithstanding that a share
certificate may, in the Company's discretion, refer to a member holding shares "as trustee" or similar expression,
no person shall be recognised by the Company as holding any share upon any trust, and the Company shall not be bound by or be compelled
in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any interest
in any fractional part of a share or (except as provided by these Articles or by the Act) any other rights in respect of any share except
any absolute right to the entirety thereof by the registered holder.

2.6 Section 46 of the Act in respect of pre-emptive rights shall
not apply to the issue, allotment, transfer, purchase, redemption, or acquisition of shares in the Company.

3 FORFEITURE OF SHARES

3.1 The Company may, at any time after the due date for payment,
serve on a member who has not paid in full for shares registered in the name of that member, a written notice of call ("Notice
of Call") specifying a date for payment to be made. The Notice of Call shall name a further date not earlier than the expiration
of 14 days from the date of service of the Notice of Call on or before which the payment required by the Notice of Call is to be made
and shall contain a statement that in the event of non-payment at or before the time named in the Notice of Call the shares, or any of
them, in respect of which payment is not made will be liable to be forfeited.

3.2 Where a written Notice of Call has been issued under the foregoing
Article and the requirements of the Notice of Call have not been complied with, the directors may, at any time before tender of payment,
forfeit and cancel the shares to which the Notice of Call relates. The Company is under no obligation to refund any moneys to the member
whose shares have been cancelled pursuant to this Article and that member shall be discharged from any further obligation to the Company.

4 TRANSFER OF SHARES

4.1 Shares in the Company shall be transferred by a written instrument
of transfer signed by the transferor and containing the name and address of the transferee. The instrument of transfer shall also be
signed by the transferee if registration as a holder of the shares imposes a liability to the Company on the transferee. The instrument
of transfer of a registered share shall be sent to the Company for registration.

4.2 Subject to the Memorandum, these Articles and to section 54(5)
of the Act, the Company shall, on receipt of an instrument of transfer, enter the name of the transferee of the share in the Company's
register of members unless the directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified
in the resolution. Where the directors pass such a resolution, the Company shall send to the transferor and the transferee a notice of
the refusal or delay. Notwithstanding anything contained in the Memorandum or these Articles, the directors shall not decline to register
any transfer of shares, nor may they suspend registration thereof, where such transfer is:

4.2.1 to any mortgagee or chargee whose interest has been noted on
the Company's register of members; or

4.2.2 by any such mortgagee or chargee pursuant to the power of sale
under its security or otherwise and in accordance with the terms of the relevant security document.

4.3 The transfer of a share is effective when the name of the transferee
is entered in the Company's register of members.

5 MORTGAGES OF SHARES AND CHARGES OVER SHARES

5.1 Members may mortgage or create a charge or other form of security
over their shares.

5.2 The directors shall, at the written request of a member who
has mortgaged or created a charge over his shares, enter in the Company's register of members:

5.2.1 a statement that such shares are mortgaged or charged;

5.2.2 the name of the mortgagee or chargee (where such information
has been stated by the member); and

5.2.3 the date on which the statement and name are entered in the
Company's register of members.

6 TRANSMISSION OF SHARES

6.1 Subject to sections 52(2) and 53 of the Act, the executor or
administrator of a deceased member, the guardian of an incompetent member or the trustee of a bankrupt member shall be the only person
recognised by the Company as having any title to such member's share(s), save that and only in the event of death, incompetence
or bankruptcy of any member or members as a consequence of which the Company no longer has any directors or members, then upon the production
of any documentation which is reasonable evidence of the applicant being entitled to:

6.1.1 a grant of probate of the deceased's will, or grant of
letters of administration of the deceased's estate, or confirmation of the appointment as executor or administrator (as the case
may be, or analogous position in the relevant jurisdiction), of a deceased member's estate;

6.1.2 the appointment of a guardian (or analogous position in the
relevant jurisdiction) of an incompetent member;

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| | |
|:---|:---|
| 6.1.3 | the appointment as trustee (or analogous position in the relevant jurisdiction) of a bankrupt member; or |
| 6.1.4 | upon production of any other reasonable evidence of the applicant's beneficial ownership of, or entitlement to the shares,<br>to the Company's registered agent in the British Virgin Islands together with (if so requested by the registered agent) a notarised copy of the share certificate(s) of the deceased, incompetent or bankrupt member, an indemnity in favour of the registered agent and/or appropriate legal advice in respect of any document issued by a foreign court, then the administrator, executor, guardian or trustee in bankruptcy (as the case may be) notwithstanding that their name has not been entered in the Company's register of members, may by written resolution of the applicant, endorsed with written approval by the registered agent, be appointed a director and/or entered in the Company's register of members as the legal and/or beneficial owner of the shares. |
| 6.2 | Without limiting the foregoing, the production to the Company of any document which is reasonable evidence of: |
| 6.2.1 | a grant of probate of the will, or grant of letters of administration of the estate, or confirmation of the appointment as executor (or analogous position in the relevant jurisdiction), of a deceased member; |
| 6.2.2 | the appointment of a guardian (or analogous position in the relevant jurisdiction) of an incompetent member; |
| 6.2.3 | the trustee (or analogous position in the relevant jurisdiction) of a bankrupt member; or |
| 6.2.4 | the applicant's legal and/or beneficial ownership of the shares, |
|  | shall be accepted by the Company even if the deceased, incompetent member or bankrupt member is resident and/or domiciled outside the British Virgin Islands if the document is issued by a foreign court which had competent jurisdiction in the matter. For the purposes of establishing whether or not a foreign court had competent jurisdiction in such a matter the directors may obtain appropriate legal advice. The directors may also require an indemnity to be given by the executor, administrator, guardian, trustee in bankruptcy or the applicant. |
| 6.3 | Any person becoming entitled by operation of law or otherwise to a share or shares in consequence of the death, incompetence or bankruptcy of any member may be registered as a member upon such evidence being produced as may reasonably be required by the directors. An application by any such person to be registered as a member shall for all purposes be deemed to be a transfer of shares of the deceased, incompetent or bankrupt member and the directors shall treat it as such (but without requiring an instrument of transfer). |
| 6.4 | Any person who has become entitled to a share or shares in consequence of the death, incompetence or bankruptcy of any member may, instead of being registered himself, request in writing that some person to be named by him be registered as the transferee of such share or shares and such request shall likewise be treated as if it were a transfer. |

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6.5 What amounts to incompetence on the part of a person is a matter
to be determined by the court having regard to all the relevant evidence and the circumstances of the case.

7 ACQUISITION OF OWN SHARES

7.1 The Company may, in the manner determined by the directors
by Resolution of Directors (and subject to the written consent of all the members whose shares are to be purchased, redeemed or otherwise
acquired), purchase, redeem or otherwise acquire any of the Company's own shares for such consideration as the directors consider
fit, and either cancel or hold such shares as treasury shares. Shares may be purchased or otherwise acquired in exchange for newly issued
shares in the Company.

7.2 The directors shall not, unless permitted pursuant to the Act,
purchase, redeem or otherwise acquire any of the Company's own shares unless immediately after such purchase, redemption or other
acquisition:

7.2.1 the value of the Company's assets exceeds it liabilities;
and

7.2.2 the Company is able to pay its debts as they fall due.

7.3 Sections 60 and 61 of the Act shall not apply to the Company.

8 TREASURY SHARES

8.1 Shares may only be held as treasury shares by the Company to
the extent that the number of treasury shares does not exceed 50% of the shares of that class previously issued by the Company, excluding
shares that have been cancelled.

8.2 The directors may dispose of any treasury shares on such terms
and conditions as they may from time to time determine.

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| | |
|:---|:---|
| 9 | LIEN |

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9.1 The Company shall have a first and paramount lien on every
share which has been registered in the name of a member, whether singly or jointly with any other person, for all the debts incurred
before or after the notice to the Company of any interest of any person other than such member, and whether the time for the payment
or discharge of the same shall have arrived or not, and notwithstanding that the same are joint debts or liabilities of such member or
his estate and any other person, whether a member of the Company or not.

9.2 The Company's lien on a share shall extend to all dividends
payable on the share.

9.3 The directors may at any time either generally, or in any particular
case, waive any lien that has arisen or may declare any share to be wholly or in part exempt from the provisions of this regulation 9.

9.4 The Company may sell, in such manner as may be determined by
Resolution of Directors, any share on which the Company has a lien, but no sale shall be made unless the sum in respect of which the
lien exists is payable nor until the expiry of twenty one days after a notice in writing, demanding payment of the sum payable and giving
notice of the intention to sell in default of such payment, has been served on the member holding the share and shown as the member in
the register of members of the Company.

9.4.1 The net proceeds of the sale by the Company of any share on
which it has a lien shall be applied in or towards payment of the debt in respect of which the lien exists so far as the same is payable
and any residue shall (subject to any like lien for debts or liabilities payable which existed upon the share prior to the sale) be paid
to the member holding the share and shown as the member in the register of members of the Company immediately before the sale.

9.4.2 For giving effect to any such sale the directors may authorise
any person to transfer the share sold to the purchaser thereof.

9.4.3 The purchaser shall be registered as the holder of the share
and he shall not be bound to see the application of the purchase money, nor shall his title to the share be affected by any irregularity
or invalidity in the proceedings in reference to the sale.

10 NOTICE OF MEETINGS OF MEMBERS

10.1 The directors may convene meetings of members at such times
and in such manner and places (within or outside the British Virgin Islands) as the directors consider necessary or desirable, and they
shall convene such a meeting upon the written request of members entitled to exercise at least thirty (30) percent of the voting rights
in respect of the matter for which the meeting is requested.

10.2 Not less than seven (7) days' notice specifying at least
the place, the day and the hour of the meeting and general nature of the business to be conducted shall be given in the manner hereinafter
mentioned to such persons whose names on the date the notice is given appear as members in the Company's register of members and
are entitled to vote at the meeting. The record date for determining those members that are entitled to vote at the meeting may be specified
in the notice (and such record date need not be the date notice is given).

10.3 Notwithstanding the foregoing Article, a meeting of members
held in contravention of the requirement to give notice is valid if members holding ninety (90) percent of:

10.3.1 the total voting rights on all the matters to be considered
at the meeting; or

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| | |
|:---|:---|
| 10.3.2 | the votes of each class or series of shares where members are entitled to vote thereon as a class or series together with an absolute majority of the remaining votes, |
|  | have waived notice of the meeting and, for this purpose, the presence of a member at the meeting shall be deemed to constitute waiver on his part (unless such member objects in writing before the meeting proceeds to business). |

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10.4 The inadvertent failure of the directors to give notice of
a meeting to a member, or the fact that a member has not received a notice that has been properly given, shall not invalidate the meeting.

11 PROCEEDINGS AT MEETINGS OF MEMBERS

11.1 No business shall be transacted at any meeting of members unless
a quorum of members is present at the time when the meeting proceeds to business. A quorum shall consist of the holder or holders present
in person or by proxy entitled to exercise at least fifty (50) percent of the voting rights of the shares of each class or series of
shares entitled to vote as a class or series thereon and the same proportion of the votes of the remaining shares entitled to vote thereon.

11.2 A member shall be deemed to be present at a meeting of members
if:

11.2.1 he or his proxy participates by telephone or other electronic
means; and

11.2.2 all members and proxies participating in the meeting are able
to hear each other.

11.3 If, within half an hour from the time appointed for the meeting,
a quorum is not present, the meeting shall be dissolved or, at the discretion of the Chairman, shall stand adjourned to the same day
in the next week at the same time and/or place or to such other day, time and/or place as the Chairman may determine, and if at the adjourned
meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the members present shall be
a quorum.

11.4 A member may attend a meeting of members personally or be represented
by a proxy who may speak and vote on behalf of the member.

11.5 The instrument appointing a proxy shall be produced at the
place appointed for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote.
An instrument appointing a proxy shall be in such form as the Chairman of the meeting shall accept as properly evidencing the wishes
of the member appointing the proxy, but must be in writing under the hand of the appointer unless the appointer is a corporation or other
form of legal entity (other than one or more individuals holding as joint owner) in which case the instrument appointing a proxy shall
be in writing under the hand of an individual duly authorised by such corporation or legal entity to execute the same.

11.6 The directors may, at any time prior to the time appointed
for the meeting of members to commence, appoint any person to act as chairman of the meeting of the members (the "Chairman")
or, if the directors do not make any such appointment, the Chairman of the Board shall preside as the Chairman. If there is no such chairman,
or if he shall not be present within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the
directors present shall elect one of their number to be the Chairman.

11.7 If no director is willing to act as Chairman or if no director
is present within fifteen minutes after the time appointed for the meeting to commence, the members present shall choose one of their
number to be Chairman.

11.8 The Chairman may adjourn any meeting from time to time, and
from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting
from which the adjournment took place.

11.9 At any meeting a resolution put to the vote of the meeting
shall be decided on a show of hands by the holders of a majority of in excess of fifty (50) percent of the votes of those members (or
their duly appointed proxies) entitled to vote and voting on the resolution, unless a poll is (before or on the declaration of the result
of the show of hands) demanded:

11.9.1 by the Chairman; or

11.9.2 by any member present in person or by proxy and holding not
less than one tenth of the total voting shares issued and having the right to vote on such resolution.

11.10 Unless a poll be so demanded, a declaration by the Chairman
that a resolution has, on a show of hands been carried, and an entry to that effect in the book containing the minutes of the proceedings
of the Company, shall be sufficient evidence of the fact, without proof of the number or proportion of the votes recorded in favour of
or against such resolution.

11.11 If a poll is duly demanded it shall be taken in such manner
as the Chairman directs, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
The demand for a poll may be withdrawn, at the discretion of the Chairman.

11.12 On a poll, every holder of a voting share present in person
or by proxy shall have one vote for every voting share of which he is the holder which confers the right to a vote on the resolution.
On a poll, a Resolution of Members is passed if it is approved by a majority of the votes validly cast by members holding shares entitled
to vote on the poll.

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

11.14 Subject to the Memorandum or these Articles, an action that
may be taken by members at a meeting of members may also be taken by a resolution consented to in writing, without the need for any notice.
The consent may consist of several documents, including written communications in like form each signed or assented to by one or more
members. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect
on the earliest date from which members holding a sufficient number of votes of shares to pass the resolution have given their written
consent.

11.15 If a committee is appointed for any member who is of unsound
mind, that member may vote by such committee

12 JOINTLY HELD SHARES

12.1 Where shares are registered in the names of joint owners:

12.1.1 each registered owner may be present in person or by proxy
at a meeting of members and may speak as a member;

12.1.2 if only one of them is present in person or by proxy, he may
vote on behalf of all of them; and

12.1.3 if two or more are present in person or by proxy, they must
vote as one. If more than one joint owner votes in person or by proxy at any meeting of members or consents in writing pursuant to Article
11.14, the vote or consent of the joint owner whose name appears first among such joint holders in the Company's register of members
shall alone be counted.

13 CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS

Any corporation or other form of corporate legal entity which is a member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the members or any class of members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were an individual member.

14 APPOINTMENT AND REMOVAL OF DIRECTORS

14.1 The first director or directors shall be appointed by the registered
agent of the Company.

Thereafter, the directors shall be appointed and removed by Resolution of Directors or Resolution of Members. A director shall be appointed for such term as may be specified on his appointment or, failing any term specified, shall be deemed to be appointed indefinitely. Sections 114(2) and 114(3) of the Act shall not apply to the Company.

14.2 Where there are no members of the Company and the sole director
or all the directors appointed under paragraph 14.1, resign or die or in the case of a director that is not an individual, ceases to
exist, the first registered agent may appoint one or more persons as directors of the Company.

14.3 The directors may, by Resolution of Directors, appoint a director
to fill a vacancy on the board of directors of the Company. The term of the appointment of such director shall not exceed the term that
remained when the person who has ceased to be a director ceased to hold office. A vacancy on the board of directors of the Company occurs
if a director dies, or in the case of a director that is not an individual, ceases to exist, or otherwise ceases to hold office as a
director prior to the expiration of his term of office.

14.4 A person shall not be appointed as a director unless he has
consented in writing to be a director.

14.5 Each director holds office until:

14.5.1 his disqualification to act as a director under section 111
of the Act (on which his office as director shall be automatically terminated if he has not resigned in accordance with section 115(2)
of the Act);

14.5.2 his death or, in the case of a director that is not an individual,
its ceasing to exist;

14.5.3 his resignation;

14.5.4 the expiry of the term of office (if any) specified on his
appointment or as the directors or members may have determined; or

14.5.5 the effective date of his removal by Resolution of Directors
or Resolution of Members.

14.6 The following are disqualified for appointment as a director:

14.6.1 an individual who is under 18 years of age;

14.6.2 a person who is a disqualified person within the meaning of
section 260(4) of the Insolvency Act, 2003;

14.6.3 a person who is a restricted person within the meaning of section
409 of the Insolvency Act, 2003; and

14.6.4 an undischarged bankrupt.

14.7 A director shall not require a share qualification, but nevertheless
shall be entitled to attend and speak at any meeting of directors and meeting of members and at any separate meeting of the holders of
any class of shares in the Company.

14.8 The remuneration of directors (whether by way of salary, commission,
participation in profits or otherwise) in respect of services rendered or to be rendered in any capacity to the Company (including to
any company in which the Company may be interested) shall be fixed by Resolution of Directors or Resolution of Members. The directors
may also be paid such travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the
directors, or any committee of the directors or meetings of the members, or in connection with the business of the Company as shall be
approved by Resolution of Directors or Resolution of Members.

15 ALTERNATE DIRECTORS AND RESERVE DIRECTORS

15.1 A director, by written instrument deposited at the registered
office, may from time to time appoint another director or another person who is not disqualified for appointment as a director under
section 111 of the Act to be his alternate to:

15.1.1 exercise the appointing director's powers; and

15.1.2 carry out the appointing director's responsibilities, in relation to the taking of decisions by the directors in the absence of the appointing director.

15.2 No person shall be appointed as an alternate director unless
he has consented in writing to be an alternate director. The appointment of an alternate director does not take effect until written
notice of the appointment has been deposited at the registered office.

15.3 The appointing director may, at any time, terminate or vary
the alternate's appointment. The termination or variation of the appointment of an alternate director does not take effect until
written notice of the termination or variation has been deposited at the registered office, save that if a director shall die or cease
to hold the office of director, the appointment of his alternate shall thereupon cease and terminate immediately without the need for
notice.

15.4 An alternate director has no power to appoint an alternate,
whether of the appointing director or of the alternate director.

15.5 An alternate director has the same rights as the appointing
director in relation to any meeting of directors and any Resolution of Directors passed by way of a consent in writing. Unless stated
otherwise in the notice of the appointment of the alternate, or a notice of variation of the appointment, if undue delay or difficulty
would be occasioned by giving notice to a director of a resolution of which his approval is sought in accordance with these Articles
his alternate (if any) shall be entitled to waive notice on behalf of the appointing director and vote on or consent to the resolution
on behalf of that director. Any exercise by the alternate director of the appointing director's powers in relation to the taking
of decisions by the directors is as effective as if the powers were exercised by the appointing director. An alternate director does
not act as an agent of or for the appointing director and is liable for his own acts and omissions as an alternate director.

15.6 The remuneration of an alternate (if any) shall be payable
out of the remuneration payable to the director appointing him (if any), as agreed between such alternate and the director appointing
him.

15.7 Where the Company has only one member with voting rights who
is an individual and that member is also the sole director (the "sole member/director"), that sole member/director may, by
instrument in writing, nominate a person who is not disqualified from being a director under section 111(1) of the Act as a reserve director
of the Company to act as director in the place of the director in the event of his death. A person shall not be nominated as a reserve
director unless he has consented in writing to be nominated as a reserve director. The nomination of a person as a reserve director of
the Company ceases to have effect if:

15.7.1 before the death of the sole member/director who nominated
him:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.1.1 he resigns as reserve director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.1.2 the sole member/director revokes the nomination in writing;
or

15.7.2 the sole member/director who nominated him ceases to be the
sole member/director for any reason other than his death.

16 DUTIES OF DIRECTORS AND CONFLICTS OF INTERESTS

16.1 A director, in exercising his powers or performing his duties,
shall act honestly and in good faith and in what the director believes to be the best interests of the Company.

16.2 Notwithstanding the foregoing Article:

16.2.1 if the Company is a wholly-owned subsidiary, a director may,
when exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the Company's
parent even though it may not be in the best interests of the Company;

16.2.2 if the Company is a subsidiary, but not a wholly-owned subsidiary,
a director may, when exercising powers or performing duties as a director, with the prior agreement of all the members, other than its
parent, act in a manner which he believes is in the best interests of the Company's parent even though it may not be in the best
interests of the Company; and

16.2.3 if the Company is carrying out a joint venture between the
members, a director may, when exercising powers or performing duties as a director in connection with the carrying out of the joint venture,
act in a manner which he believes is in the best interests of a member or members, even though it may not be in the best interests of
the Company.

16.3 A director shall exercise his powers as a director for a proper
purpose and shall not act, or agree to the Company acting, in a manner that contravenes the Act or the Memorandum or these Articles.

16.4 A director, when exercising powers or performing duties as
a director, shall exercise the care, diligence, and skill that a reasonable director would exercise in the same circumstances taking
into account, but without limitation:

16.4.1 the nature of the Company;

16.4.2 the nature of the decision; and

16.4.3 the position of the director and the nature of the responsibilities
undertaken by him.

16.5 A director, when exercising his powers or performing his duties
as a director, is entitled to rely upon the register of members and upon books, records, financial statements and other information prepared
or supplied, and on professional or expert advice given, by:

16.5.1 an employee of the Company whom the director believes on reasonable
grounds to be reliable and competent in relation to the matters concerned;

16.5.2 a professional adviser or expert in relation to matters which
the director believes on reasonable grounds to be within the person's professional or expert competence; and

16.5.3 any other director, or committee of directors upon which the
director did not serve, in relation to matters within the director's or committee's designated authority, provided that the
director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.3.1 acts in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.3.2 makes proper inquiry where the need for the inquiry is indicated
by the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.3.3 has no knowledge that his reliance on the register of members
or the books, records, financial statements and other information or expert advice is not warranted.

16.6 A director may hold any other office or position of profit
under the Company (except that of auditor or liquidator) in conjunction with his office of director, and may act in a professional capacity
to the Company on such terms as to remuneration and otherwise as the directors shall approve.

16.7 A director may be or become a director or officer of, or otherwise
be interested in any company promoted by the Company, or in which the Company may be interested, as a member or otherwise and no such
director shall be accountable for any remuneration or other benefits received by him as director or officer or from his interest in such
other company. The directors may also exercise the voting powers conferred by the shares in any other company held or owned by the Company
in such manner in all respects as they think fit, including the exercise thereof in favour of any resolutions appointing them, or of
their number, directors or officers of such other company, or voting or providing for the payment of remuneration to the directors or
officers of such other company. A director may vote in favour of the exercise of such voting rights in the manner aforesaid notwithstanding
that he may be, or be about to become, a director or officer of such other company, and as such in any other manner is, or may be, interested
in the exercise of such voting rights in the manner aforesaid.

16.8 No director shall be disqualified by his office from contracting
with the Company either as a buyer, seller or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the
Company in which any director shall be in any way interested be voided, nor shall any director so contracting or being so interested
be liable to account to the Company for any profit realised by any such contract or arrangement, by reason of such director holding that
office or by reason of the fiduciary relationship thereby established, provided such director shall, immediately after becoming aware
of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose such interest to the board.
For the purposes of this Article:

16.8.1 a director is not required to make such a disclosure if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8.1.1 the transaction or proposed transaction is between the director
and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8.1.2 the transaction or proposed transaction is or is to be entered
into in the ordinary course of the Company's business and on usual terms and conditions;

16.8.2 a disclosure to the board to the effect that a director is
a member, director, officer or trustee of another named company or other person and is to be regarded as interested in any transaction
which may, after the date of the entry or disclosure, be entered into with that company or person, is a sufficient disclosure of interest
in relation to that transaction. Such a disclosure is not made to the board unless it is made or brought to the attention of every director
on the board; and

16.8.3 subject to section 125(1) of the Act, the failure by a director
to comply with this Article does not affect the validity of a transaction entered into by the director or the Company.

16.9 A director who is interested in a transaction entered into
or to be entered into by the Company may:

16.9.1 vote on a matter relating to the transaction;

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

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

17 POWERS OF DIRECTORS

17.1 The business of the Company shall be managed by the directors
who may pay all expenses incurred preliminary to and in connection with the formation and registration of the Company, and may exercise
all such powers of the Company necessary for managing and for directing and supervising, the business and affairs of the Company as are
not by the Act or by the Memorandum or these Articles required to be exercised by the members, subject to any delegation of such powers
as may be authorised by these Articles and permitted by the Act and to such requirements as may be prescribed by Resolution of the Members,
but no requirement made by Resolution of the Members shall prevail if it be inconsistent with these Articles nor shall such requirement
invalidate any prior act of the directors which would have been valid if such requirement had not been made.

17.2 Section 175 of the Act shall not apply to the Company.

17.3 If the number of directors shall have been fixed at two or
more persons and by reason of vacancies having occurred in the board there shall be only one continuing director, he shall be authorised
to act alone only for the purpose of appointing another director.

18 DELEGATION BY THE BOARD TO DIRECTORS, COMMITTEES, OFFICERS, ATTORNEYS AND AGENTS

18.1 The board may entrust to and confer upon any director or officer
any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally
with, or to the exclusion of, its own powers, and may from time to time revoke, withdraw, alter or vary all or any of such powers. Subject
to the provisions of section 110 of the Act, the directors may delegate any of their powers to committees consisting of such member or
members of their body as they think fit. Any committees so formed shall in the exercise of powers so delegated conform to any regulations
that may be imposed on it by the directors or the provisions of the Act.

18.2 The directors have no power to delegate the following powers
to a committee of directors:

18.2.1 to amend the Memorandum or these Articles;

18.2.2 to designate committees of directors;

18.2.3 to delegate powers to a committee of directors (provided that
this and the preceding sub- Article do not prevent a committee of directors, where authorised by the directors, from appointing a sub-committee
and delegating powers exercisable by the committee to the sub- committee);

18.2.4 to appoint or remove directors;

18.2.5 to appoint or remove an agent;

18.2.6 to approve a plan or merger, consolidation or arrangement;

18.2.7 to make a declaration of solvency for the purposes of section
198(1)(a) of the Act or approve a liquidation plan; or

18.2.8 to make a determination under section 57(1) of the Act that
the Company will, immediately after a proposed distribution, satisfy the solvency test.

18.3 Where the directors delegate their powers to a committee of
directors, they remain responsible for the exercise of that power by the committee, unless they believed on reasonable grounds that,
at all times before the exercise of the power, the committee would exercise the power in conformity with the duties imposed on directors
by the Act.

18.4 The directors may, by Resolution of Directors, appoint officers
of the Company at such times as shall be considered necessary or expedient. The officers shall perform such duties as shall be prescribed
at the time of their appointment subject to any modifications in such duties as may be prescribed by the directors thereafter.

18.5 Any person may hold more than one office and no officer need
be a director or member. The officers shall remain in office until removed from office by the directors, whether or not a successor is
appointed.

18.6 Any officer who is a body corporate may appoint any person
as its duly authorised representative for the purpose of representing it and of transacting any of the business of the officers.

18.7 The directors may from time to time by power of attorney appoint
any company, firm or person or body of persons to be the attorney or attorneys of the Company for such purposes and with such powers,
authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles) and for such period
and subject to such conditions as the directors think fit.

18.8 The directors may appoint any person, including a person who
is a director, to be an agent of the Company. An agent of the Company has such powers and authority of the directors, including the power
and authority to affix the common seal of the Company, as are set forth in the Resolution of Directors appointing the agent, except that
no agent has any power or authority with respect to the following:

18.8.1 to amend the Memorandum or these Articles;

18.8.2 to change the registered office or registered agent;

18.8.3 to designate committees of directors;

18.8.4 to delegate powers to a committee of directors;

18.8.5 to appoint or remove directors;

18.8.6 to appoint or remove an agent;

18.8.7 to fix emoluments of directors;

18.8.8 to approve a plan of merger, consolidation or arrangement;

18.8.9 to make a declaration of solvency for the purposes of section
198(1)(a) of the Act or to approve a liquidation plan;

18.8.10 to make a determination under section 57(1) of the Act that
the Company will, immediately after a proposed distribution, satisfy the solvency test as stipulated in section 56 of the Act; or

18.8.11 to authorise the Company to continue as a company incorporated
under the laws of a jurisdiction outside the British Virgin Islands.

18.9 Where the directors appoint any person to be an agent of the
Company, they may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred
on the agent by the Company.

18.10 The directors may at any time remove an agent and may revoke
or vary a power conferred on him.

19 PROCEEDINGS OF DIRECTORS

19.1 The directors may meet together for the dispatch of business,
adjourn and otherwise regulate their meetings as they think fit. The meetings of the board and any committee thereof shall be held at
such place or places (within or outside the British Virgin Islands) as the directors shall decide.

19.2 A director may at any time summon a meeting of the directors.
A director shall be given not less than three (3) business days' (as defined in the Act) notice of a meeting of the directors,
save that a meeting of directors held on less notice is valid if a majority of the directors entitled to vote at the meeting have waived
the notice of the meeting; and, for this purpose, the presence of a director at the meeting shall be deemed to constitute waiver on his
part (unless he objects in writing before the meeting proceeds to business).

19.3 The inadvertent failure to give notice of a meeting to a director,
or the fact that a director has not received the notice, shall not invalidate the meeting.

19.4 Any director who is a body corporate may appoint any person
its duly authorised representative for the purpose of representing it at meetings of the directors and of transacting any of the business
of the directors.

19.5 A meeting of the directors is duly constituted for all purposes
if at the commencement of the meeting there are present in person or by alternate not less than one-third of the total number of directors
with a minimum of two (2).

19.6 If within half an hour from the time appointed for the meeting
a quorum is not present, the meeting shall be dissolved.

19.7 A director shall be deemed to be present at a meeting of the
board if:

19.7.1 he or his alternate participates by telephone or other electronic
means; and

19.7.2 all directors and alternates participating in the meeting are
able to hear each other.

19.8 The directors may elect a chairman (the "Chairman of
the Board") of their meeting and determine the period for which he is to hold office. If no such Chairman of the Board is elected,
or if at any meeting the Chairman of the Board is not present at the time appointed for holding the meeting, the directors present may
choose one of their number to be Chairman of the Board for the meeting. If the directors are unable to choose a Chairman of the Board,
for any reason, then the longest serving director present at the meeting shall preside as the Chairman of the Board.

19.9 Questions arising at any meeting of directors shall be decided
by a majority of the votes cast by directors who are present in person or by alternate at the meeting and entitled to vote on the resolution.
In the event of an equality in votes the Chairman of the Board shall have a second or casting vote.

19.10 A resolution approved by a majority of the directors or their
alternates for the time being entitled to receive notice of a meeting of the directors taking the form of a consent in writing shall
be as valid and effectual as if it had been passed at a meeting of the directors duly convened and held, without the need for any notice.
The consent in writing may consist of several documents, including written communications, in like form each signed or assented to by
one or more directors. If the consent is in one or more counter parts, and the counterparts bear different dates, then the resolution
shall take effect on the earliest date from which directors having a sufficient number of votes to pass the resolution have given their
written consent.

19.11 If the Company shall have only one director, the foregoing
provisions for meetings of the directors shall not apply but such sole director shall have full power to represent and act for the Company
in all matters and in lieu of minutes of a meeting shall record in writing and sign a note of memorandum of all matters requiring a Resolution
of Directors. Such note or memorandum shall constitute sufficient evidence of such resolution for all purposes.

20 INDEMNIFICATION AND INSURANCE

20.1 Subject to the provisions of the Act, every director and officer
of the Company (which for the avoidance of doubt, shall not include auditors of the Company), together with every former director and
former officer of the Company (each an "Indemnified Person") shall be indemnified out of the assets of the Company against
any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any
of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they
may incur by reason of their own actual fraud or wilful default. No Indemnified Person shall be liable to the Company for any loss or
damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions unless that liability
arises through the actual fraud or wilful default of such Indemnified Person. No person shall be found to have committed actual fraud
or wilful default under this Article unless or until a court of competent jurisdiction shall have made a finding to that effect.

20.2 The Company shall advance to each Indemnified Person reasonable
attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder,
the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment
or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be
determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect
to such judgment, costs or expenses, then such Indemnified Person shall not be indemnified with respect to such judgment, costs or expenses
and any advancement shall be returned to the Company (without interest) by the Indemnified Person.

20.3 The directors, on behalf of the Company, may purchase and maintain
insurance for the benefit of any director or other officer of the Company against any liability which, by virtue of any rule of law,
would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may
be guilty in relation to the Company.

21 COMPANY SEAL AND ENTRY INTO CONTRACTS AND DEEDS

21.1 The directors shall provide for the safe custody of the common
seal of the Company. The common seal when affixed to any instrument (save for a share certificate in accordance with these Articles)
shall be witnessed by a director or officer of the Company or any other person so authorised from time to time by the directors.

21.2 A contract may be entered into by the Company as follows:

21.2.1 a contract that, if entered into by an individual, would be
required by law to be in writing and under seal, may be entered into by or on behalf of the Company in writing under the common seal
of the Company, or executed by or on behalf of the Company by a director or an authorised agent of the Company, and may be varied or
discharged in the same manner;

21.2.2 a contract that, if entered into by an individual, would be
required by law to be in writing and signed, may be entered into by or on behalf of the Company in writing and signed by a person acting
under the express or implied authority of the company, and may be varied or discharged in the same manner; and

21.2.3 a contract that, if entered into by an individual, would be
valid although entered into orally, and not reduced to writing, may be entered into orally by or on behalf of the Company by a person
acting under the express or implied authority of the Company, and may be varied or discharged in the same manner.

21.3 Notwithstanding the foregoing Article, an instrument is validly
executed by the Company as a deed, or an instrument under seal, if it is either:

21.3.1 sealed with the common seal of the Company and witnessed by
a director and/or such other person who is authorised by the Memorandum or these Articles to witness the application of the common seal
of the Company; or

21.3.2 expressed to be, or is expressed to be executed as, or otherwise
makes clear on its face that it is intended to be, a deed and it is signed by a director and/or by a person acting under the express
or implied authority of the Company.

22 DISTRIBUTIONS

22.1 Subject to the provisions of the Act, the directors may, by
Resolution of Directors, authorise a distribution by the Company at a time, and of an amount, and to any members they think fit if they
are satisfied, on reasonable grounds that, immediately after the distribution, the value of the Company's assets will exceed the
Company's liabilities and the Company will be able to pay its debts as they fall due. Distributions, including dividends, may be
declared and paid in cash or in specie, in shares or other assets and the directors may for such purpose set such value as they deem
fair upon any such assets.

22.2 No distribution shall be paid on those shares which are held
by the Company as treasury shares at the date of declaration of the distribution.

22.3 The directors may, before recommending any distribution, set
aside out of the profits of the Company such sums as they think proper as a reserve or reserves which shall, at their discretion, either
be employed in the business of the Company or be invested in such investments as the directors may from time to time think fit.

22.4 If several persons are registered as joint holders of any share,
any of them may give effectual receipt for any distribution or other monies payable on or in respect of the share.

22.5 Notice of any distribution that may have been declared shall
be given to each member in the manner hereinafter mentioned and all distributions unclaimed for three years after having been declared
may be forfeited by the directors for the benefit of the Company.

22.6 No distribution shall bear interest against the Company.

23 COMPANY RECORDS

23.1 The Company shall keep records that:

23.1.1 are sufficient to show and explain the Company's transactions;
and

23.1.2 will, at any time, enable the financial position of the Company
to be determined with reasonable accuracy.

23.2 The Company shall keep the following records at the office
of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the directors may determine:

23.2.1 minutes of all meetings and all resolutions of members and
of classes of members;

23.2.2 minutes of all meetings and all resolutions of directors and
committees of directors; and

23.2.3 the records and underlying documentation of the Company (including,
without limitation, its accounts (if any)).

23.3 Where any such records are kept at a place other than at the
office of the Company's registered agent, the Company shall provide the registered agent with a written record of the physical
address of the place or places at which the records are kept. Where the place at which any such records are kept is changed, the Company
shall provide the registered agent with the physical address of the new location of the records within fourteen (14) days of the change
of location.

23.4 The Company shall retain its records and underlying documentation
for a period of at least five years from the date:

23.4.1 of completion of the transaction to which the records and underlying
documentation relate; or

23.4.2 the Company terminates the business relationship to which the
records and underlying documentation relate, and for these purposes "business relationship" means a continuing arrangement
between the Company and one or more persons with whom the Company engages in business, whether on a one-off, regular or habitual basis.

23.5 The Company shall keep a register to be known as a register
of directors containing the names and addresses of the persons who are directors, the date on which each person whose name is entered
in the register was appointed as a director, the date on which each person named as a director ceased to be a director, and such other
information as may be prescribed from time to time by law.

23.6 The Company shall maintain an accurate and complete register
of members showing the full names and addresses of all persons holding registered shares in the Company, the number of each class and
series of registered shares held by such person, the date on which the name of each member was entered in the register of members and
where applicable, the date such person ceased to hold any registered shares in the Company.

23.7 The Company shall maintain an accurate and complete register
of charges in accordance with section 162(1) showing;

of its creation or, if the charge is a charge existing on property acquired by the company, the date on which the property was acquired;

23.7.2 a short description of the liability secured by the charge;

23.7.3 a short description of the property charged;

23.7.4 the name and address of the trustee for the security or, if
there is no such trustee, the name and address of the chargee;

23.7.5 unless the charge is a security to bearer, the name and address
of the holder of the charge; and

23.7.6 details of any prohibition or restriction, if any, contained
in the instrument creating the charge on the power of the Company to create any future charge ranking in priority to or equally with
the charge.

23.8 The Company shall keep the following at the office of its registered
agent:

23.8.1 the Memorandum and these Articles;

23.8.2 the register of members maintained in accordance with these
Articles or a copy of the register of members;

23.8.3 the register of directors maintained in accordance with these
Articles or a copy of the register of directors;

23.8.4 copies of all notices and other documents filed by the Company
in the previous ten years;

23.8.5 a copy of the register of charges kept by the Company pursuant
to section 162(1) of the Act; and

23.8.6 an imprint of the common seal.

23.9 Where the Company keeps a copy (but not the original) of the
register of members or the register of directors at the office of its registered agent, it shall:

23.9.1 within fifteen (15) days of any change in the register, notify
the registered agent, in writing, of the change; and

23.9.2 provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of directors is kept, and where the place at which the original register of members or the original register of directors is kept is changed, the Company shall provide the registered agent with the physical address of the new location of the records within fourteen (14) days of the change of location.

23.10 The records, documents and registers required by these Articles
shall be open to the inspection of the directors at all times.

23.11 The directors shall from time to time determine whether and
to what extent and at what times and places and under what conditions the records, documents and registers of the Company or any of them
shall be open to the inspection of members not being directors, and no member (not being a director) shall have any right to inspect
any records, documents or registers of the Company except as conferred by the Act or authorised by a Resolution of Directors.

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| | |
|:---|:---|
| 24 | AUDIT |

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24.1 The directors may by a Resolution of Directors call for the
accounts of the Company to be examined by an auditor or auditors to be appointed by them at such remuneration as may from time to time
be agreed.

24.2 The auditor may be a member but no director or officer of the
Company shall be eligible to be an auditor of the Company during his continuance in office.

24.3 Every auditor of the Company shall have a right of access at
all times to the books of account of the Company, and shall be entitled to require from the officers of the Company such information
and explanations as he thinks necessary for the performance of his duties.

24.4 The report of the auditor shall be annexed to the accounts
upon which he reports, and the auditor shall be entitled to receive notice of, and to attend, any meeting at which the Company's
audited profit and loss account and/or balance sheet is to be presented.

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| | |
|:---|:---|
| 25 | NOTICES |

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25.1 Any notice, information or written statement required to be
given to members shall be served by mail, fax (or equivalent means of transmittance) or email addressed to each member at the address
shown in the Company's register of members (or where the notice is given by email or fax (or equivalent means of transmittance)
by sending it to the email address or fax number (or equivalent) provided by such member). Any mailed notice, if posted from one country
to another, is to be sent by airmail.

25.2 Where a notice is sent by courier, service of the notice shall
be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have been received on the third day (not
including Saturdays or Sundays or public holidays in the British Virgin Islands) following the day on which the notice was delivered
to the courier. Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre-paying
and posting a letter containing the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays
or public holidays in the British Virgin Islands) following the day on which the notice was posted. Where a notice is sent by fax (or
equivalent means of transmittance), service of the notice shall be deemed to be effected by properly addressing and sending such notice
and shall be deemed to have been received on the same day that it was transmitted. Where a notice is given by email, service shall be
deemed to be effected by transmitting the email to the email address provided by the intended recipient and shall be deemed to have been
received on the same day that it was sent, and it shall not be necessary for receipt of the email to be acknowledged by the recipient.

25.3 A notice may be given by the Company to the person or persons
which the Company has been advised are entitled to a share or shares in consequence of the death or bankruptcy of a member in the same
manner as other notices which are required to be given under these Articles and shall be 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 supplied for that purpose by the
persons claiming to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been
given if the death or bankruptcy had not occurred.

25.4 All notices directed to be given to the members shall, with
respect to any registered shares to which persons are jointly entitled, be given to whichever of such persons is named first in the Company's
register of members, and notice so given shall be sufficient notice to all the holders of such shares.

26 CONTINUATION

The Company may, by a Resolution of Directors or by a Resolution of Members, continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

27 LIQUIDATION

27.1 The Company may be voluntarily liquidated under Part XII of
the Act if;

27.1.1 it has no liabilities; or

27.1.2 it is able to pay its debts as they fall due and the value
of its assets equals or exceeds its liabilities.

27.2 A voluntary liquidator may, subject to the terms of the Act,
be appointed by a Resolution of Directors or by a Resolution of Members provided the members have approved, by Resolution of Members,
a liquidation plan approved by the directors.

27.3 If the Company shall be liquidated, the voluntary liquidator
may divide amongst the members in specie or in kind the whole or any part of the assets of the Company (whether they shall consist of
property of the same kind or not) and may for such purpose set such value as he deems fair upon any such property to be divided as aforesaid
and may determine how such division shall be carried out as between the members or different classes of members. The liquidator may vest
the whole or any part of such assets in trustees upon such trust for the benefit of the contributors as the liquidator shall think fit,
but so that no member shall be compelled to accept any shares or other securities whereon there is any liability.

We, Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands, in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 3rd day of July, 2024.

Incorporator

Sgd: Alicia Davis and Marsha Fahie

Authorised Signatories

Corporate Registrations Limited

Sea Meadow House

P. O. Box 116

Road Town, Tortola

British Virgin Islands

**RIVERSTONE LTD**

**RELATED PARTY TRANSACTION POLICY** 

1. Definitions
 - A "Related Party Transaction" is any transaction directly or indirectly involving any Related Party that would need
 to be disclosed under Item 404(a) of Regulation S-K. Under Item 404(a), the Company is required to disclose any transaction occurring
 since the beginning of the Company's last fiscal year, or any currently proposed transaction, involving the Company where the
 amount involved exceeds USD$[●], and in which any related person had or will have a direct or indirect material interest. "Related
 Party Transaction" also includes any material amendment or modification to an existing Related Party Transaction.

2. "Related
 Party" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a director (which term when used herein includes any director nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person known by the Company to be the beneficial owner of more than 5% of the Company's common stock (a "5% stockholder"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a person known by the Company to be an immediate family member of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ "Immediate
 family member" means a child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
 brother-in-law, or sister-in-law of such director, executive officer, nominee for director or beneficial owner, and any person (other
 than a tenant or employee) sharing the household of such director, executive officer, nominee for director or beneficial owner.

3. Identification
 of Potential Related Party Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Related
 Party Transactions will be brought to management's and the Board's attention in a number of ways. Each of the Company's
 directors and executive officers shall inform the Chairman of the Committee of any potential Related Party Transactions. In addition,
 each such director and executive officer shall complete a questionnaire on an annual basis designed to elicit information about any
 potential Related Party Transactions.

(b) Any
 potential Related Party Transactions that are brought to the Committee's attention shall be analyzed by the Committee, in consultation
 with outside counsel or members of management, as appropriate, to determine whether the transaction or relationship does, in fact,
 constitute a Related Party Transaction requiring compliance with this Policy.

4. Review
and Approval of Related Party Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 each of its meetings, the Committee shall be provided with the details of each new, existing, or proposed Related Party Transaction,
 including the terms of the transaction, any contractual restrictions that the Company has already committed to, the business purpose
 of the transaction, and the benefits to the Company and to the relevant Related Party. In determining whether to approve a Related
 Party Transaction, the Committee shall consider, among other factors, the following factors to the extent relevant to the Related
 Party Transaction:

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

● whether there are business reasons for the Company to enter into the Related Party Transaction;

● whether the Related Party Transaction would impair the independence of an outside director;

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

● any pre-existing contractual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 member of the Committee who has an interest in the transaction under discussion shall abstain from voting on the approval of the
 Related Party Transaction, but may, if so requested by the Chairman of the Committee, participate in some or all of the Committee's
 discussions of the Related Party Transaction. Upon completion of its review of the transaction, the Committee may determine to permit
 or to prohibit the Related Party Transaction.

(c) A
 Related Party Transaction entered into without pre-approval of the Committee shall not be deemed to violate this Policy, or be invalid
 or unenforceable, so long as the transaction is brought to the Committee as promptly as reasonably practical after it is entered
 into or after it becomes reasonably apparent that the transaction is covered by this Policy.

(d) A
 Related Party Transaction entered into prior to the effective date of this Charter shall not be required to be reapproved by the
 Committee.

**RIVERSTONE LTD**

**CYBERSECURITY POLICY**

The Board of Directors (the "Board") of Riverstone Ltd (the "Company") believes that it is in the best interests of the Company and its shareholders to adopt this Cybersecurity Policy (the "Policy") to ensure that cybersecurity risk management remains a meaningful priority in our business strategy and operations. This Policy is designed to comply with and shall be interpreted to ensure compliance with Regulation S-K Item 16(b)(1) and Item 16(K) of Form 20F to allow our shareholders and investors to ascertain our cybersecurity practices with sufficient detail to understand our cybersecurity risk profile.

***1.***  ***Administration*** 

Except as specifically set forth herein, this Policy shall be administered by the Board or, if so designated by the Board, a committee thereof (the Board or such committee charged with administration of this Policy, the "Administrator"). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board, or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

In the event that the Audit Committee of the Company shall be vested with the authority and responsibility to become knowledgeable of potential cybersecurity risks the Company may face and to govern and conduct oversight of the processes underlying the Policy, the Audit Committee Charter shall be amended to provide for such authority and power to the members of the Audit Committee in accordance with the provisions below.

***2.***  ***Cybersecurity Oversight Responsibility*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With
 the assistance of the Company's Chief Financial Officer, establish and maintain a management
 strategy for cybersecurity which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Identification*:
 Proactively identify the manners in which our business could be materially impacted by cybersecurity
 risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Cybersecurity
 Incidents – an unauthorized occurrence on or conducted through its information system
 that jeopardizes the confidentiality, integrity, or availability of its information systems
 or any information residing therein

2. Cybersecurity
 Threats – any potential occurrence that may result in an unauthorized effort to adversely
 affect the confidentiality, integrity, or availability of its information systems or any
 information residing therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Assessment*:
 Periodically assess our risks relating to cybersecurity threats, including risks relating
 to our reliance on third parties, considering the likelihood and impact that could result
 from the manifesting of such risks, together with the sufficiency of existing policies, procedures,
 systems, and safeguards in place to manage such risks, including evaluating and if available
 obtaining cyber liability insurance, and aligning such cyber-risk management policies with
 the Company's business needs by integrating cyber-risk analysis into significant business
 decisions.

3. *Management*:
 Determine and implement reasonable safeguards to address any identified gaps in our existing
 processes and procedures, including annual cybersecurity awareness training emphasizing the
 use of strong passwords on all systems and aligning cyber-risk management policies with the
 Company's needs by integrating cyber-risk analysis into significant business decisions
 and ensuring that the Company's organization structure supports such cybersecurity
 goals.

4. *Evaluation*:
 If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident
 or Threat is "material" (.i.e. is there a substantial likelihood that a reasonable
 shareholder would consider it important in making an investment decisions or if it would
 have significantly altered the "total mix" of information made available?), assessing
 among other factors potential or actual financial impacts, reputational damage, and operational
 disruptions.

5. *Report*:
 Establish and monitor an incident response approach requiring our Chief Financial officer
 to report to us, the full Board of Directors and legal counsel any cybersecurity concerns
 or events.

6. *Disclosure*:
 To ensure compliance with SEC requirements and maintain overall stakeholder confidence in
 the Company, all material and known facts regarding the cybersecurity breach will be recorded,
 including their nature, scope, and financial implications, and a Form 6-K will be prepared
 and filed within four (4) business days after the determination that a "material"
 cybersecurity incident has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Engage
 third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity
 practices.

***3.***  ***Effective Date; Retroactive Application*** 

This Policy shall be effective as of January 1, 2025 (the "Effective Date").

***4.***  ***Amendment; Termination*** 

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company's securities are listed.

***5.***  ***Exhibit Filing Requirement*** 

A copy of this Policy and any amendments thereto shall be posted on the Company's website and filed as an exhibit to the Company's annual report on Form 20-F

## Exhibit 10.1

**Exhibit 10.1**

**Riverstone Ltd.**

**Rm 2304 23/F Saxon Tower**

**No. 7 Cheung Shun Street**

**Lai Chi Kok**

**Hong Kong**

**Telephone: +(852) 2342 3101**

[●] [●], 2025

______________________

______________________

______________________

______________________

Re: <u>Director's Agreement</u>

Dear _______,

Riverstone Ltd. (the "<u>Company</u>") is pleased to offer you a position as a director on its Board of Directors and as the Chair of the [●], and a member of the Audit Committee and the Compensation Committee that we intend to form (collectively the "<u>Board</u>"). This letter shall constitute an agreement (the "<u>Agreement</u>") between you and the Company and contains all the terms and conditions relating to the services you are to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** The effective date of this Agreement and your service as a Director shall commence on the date that the Company's Registration Statement on Form F-1 that is being filed for its Initial Public Offering is declared effective by the United States Securities and Exchange Commission (the "Effective Date") and continue for the ensuing year. Your term as director shall continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual stockholders' meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render services as a member of the Board. You shall be required to attend all meetings of the Board called from time to time either in-person or by telephone or video conference. You shall be required to attend all meetings of the Audit Committee, the Nomination and Corporate Governance Committee, and the Compensation Committee either in person or by telephone or video conference. As an independent director, you may also be required to attend at least one (1) meeting with the other independent directors without the presence of the Company's officers and non-independent directors and to perform such other duties required of the independent directors, including but not limited to submitting relevant documents required of directors by the SEC or Nasdaq. The services described in this Section 2 shall hereinafter be referred to as your "<u>Duties</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Cash Compensation</u>**. You will be paid a director's fee of USD$________ per year on an annual basis ("Director's Fee") for performing your Duties. The Director's Fee will be fully earned at the beginning of each year in which you serve as a director, and the Company's obligation to pay the full amount of the Director's Fee shall be absolute and unconditional at the beginning of each year, notwithstanding the fact that payment is being made on an installment basis. The Director's Fee shall be payable in monthly installments of USD$______. The first installment will be transferred to your account on the first day of your service as a Director, and subsequent installments on last business day of each calendar month thereafter. It is anticipated that the Directors fee will continue for so long as you are a Director and will continue to be paid in monthly increments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. <u>Cash Reimbursement</u>.** You shall be reimbursed for reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in-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;**4.3. <u>Service on Board Committee(s)</u>.** You will not receive additional compensation (other than the Director's Fee) for your services on any of the Committees on which you serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy with coverage determined annually by the Company and the Board. The Company agrees to maintain such insurance during the term that you serve as a Director and for two years after you cease to be a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. <u>Definitions</u>.** For purposes of this Agreement, the term "<u>Confidential Information</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** Any information that the Company possesses that has been created, discovered, or developed by or for the Company, and that has or could have commercial value or utility in the business in which the Company is engaged; 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;**b.** Any information that is related to the business of the Company and is generally not known by non-Company personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** By way of illustration, but not limitation, Confidential Information includes trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics, and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** Any information that becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; 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;**c.** Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. <u>Documents</u>.** You agree that, without the express prior written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. In the event you receive any such documents or items by personal delivery from any duly designated or authorized personnel of the Company, you shall be deemed to have received the express written consent of the Company. In the event that you receive any such documents or items, other than through personal delivery as described in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation, as defined in Section 8 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. <u>No Disclosure</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this Section 7.4 shall survive termination of this Agreement for twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Termination and Resignation</u>.** Your membership on the Company's Board may be terminated for any or no reason at a meeting called expressly for that purpose by a vote of the stockholders holding more than fifty percent (50%) of the shares of the Company's issued and outstanding shares entitled to vote. You may also terminate your membership on the Board for any or no reason by delivering your written notice of resignation to the Company ("<u>Resignation</u>"), and such Resignation shall be effective upon its acceptance by the Board, provided, however, that if the Board has not acted on such written notice within ten days from its date of delivery, then your Resignation shall upon the tenth day be deemed accepted by the Board. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any cash compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation; provided that the Company's obligation to pay you the Director's Fee in accordance with Section 4.1 above for the first year in which you have agreed to serve as a director shall not be changed or adjusted and the Company shall remain obligated to pay the full amount of the Director's Fee without regard to the period that you serve as a Director.

**9**. **<u>Indemnification</u>**. Concurrent with the execution of this Agreement we shall enter into the Director's Indemnification Agreement attached hereto as Exhibit A and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the British Virgin Islands without regard to any conflicts of law principles that would result in the application of the laws of another jurisdiction.

**11**. **<u>Arbitration.</u>** Any dispute, controversy, difference or claim arising out of or relating to **this agreement, including** the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the UNCITRAL Arbitration Rules in force when the Notice of Arbitration is submitted, as modified by the HKIAC Procedures for the Administration of Arbitration under the UNCITRAL Arbitration Rules.

The Parties agree as follows:

● The law of this arbitration clause shall be Hong Kong.

● The place of arbitration shall be Hong Kong.

● The number of arbitrators shall be one.

● The arbitration proceedings shall be conducted in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

This Agreement has been executed and delivered by the undersigned and is made effective as of the date first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **RIVERSTONE LTD.** | **RIVERSTONE LTD.** |
| By: |  |
|  | Siu Wan TANG |
|  | Chairperson and Chief Executive Officer |

---

AGREED AND ACCEPTED BY:

DATE:

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEMNIFICATION AGREEMENT</u>**

This INDEMNIFICATION AGREEMENT (this "Agreement") is made and entered into this ___ day of _______________________ 2025 (the "Effective Date") by and between [●], a British Virgin Islands Business Company the "Company"), and_________________ (the "Indemnitee").

WHEREAS, the Company believes it is essential to retain and attract qualified directors and officers;

WHEREAS, the Indemnitee is a director and/or officer of the Company;

WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors and officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability through indemnification and insurance;

WHEREAS, the Company's Memorandum and Articles of Association, as amended from time to time (the "Memorandum and Articles of Association"), provide for the Company to indemnify its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him in connection with the execution or discharge of his duties, powers, authorities or discretions as a Director or officer of the Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the British Virgin Islands or elsewhere.

WHEREAS, in recognition of the Indemnitee's need for (i) substantial protection against personal liability and (ii) an inducement to continue to provide effective services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company's directors' and officers' liability insurance policies.

NOW, THEREFORE, in consideration of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its request, with another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Certain Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "<u>Change in Control</u>" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "<u>Exchange Act</u>"), other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (c) any current beneficial shareholder or group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof, of beneficial ownership, within the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than 50% of the total combined voting power of the Company's outstanding securities; hereafter becomes the "beneficial owner," as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company representing 20% or more of the total combined voting power represented by the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Expense</u>" shall mean attorneys' fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any Proceeding relating to any Indemnifiable Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Indemnifiable Event</u>" shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement, related to the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done or not done by the Indemnitee in any such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Proceeding</u>" shall mean any threatened, pending or completed action, suit, investigation or proceeding, and any appeal thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted by the Company or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Reviewing Party</u>" shall mean any appropriate person or body consisting of a member or members of the Company's Board or any other person or body appointed by the Board (including the special independent counsel referred to in Section 6) who is not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Voting Securities</u>" shall mean any securities of the Company which vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Indemnification.** Subject to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any Proceeding by reason of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is the Indemnitee's alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer, the Company shall indemnify the Indemnitee to the fullest extent permitted by the laws of the British Virgin Islands and the Memorandum and Articles of Association against any and all Expenses, liability, and loss (including judgments, fines, penalties and amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and any taxes imposed on any director or officer as a result of the actual or deemed receipt of any payments under this Agreement) (collectively, "<u>Liabilities</u>") actually incurred or suffered by such person in connection with such Proceeding. The Company shall provide indemnification pursuant to this Section 2 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement to the contrary and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Advancement of Expenses.** Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business days of such request (an "<u>Expense Advance</u>"); provided, however, that if required by applicable laws such Expenses shall be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting in his/her capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such terms and conditions as the Board, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Review Procedure for Indemnification.** Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2 and 3 above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be permitted to be indemnified under applicable law or the Memorandum and Articles of Association, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 3 above shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would not be permitted to be so indemnified under applicable law or the Memorandum and Articles of Association, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). The Indemnitee's obligation to reimburse the Company for Expense Advances pursuant to this Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board, and if there has been such a Change in Control, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, the Reviewing Party shall be the special independent counsel referred to in Section 6 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Enforcement of Indemnification Rights.** If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections 2 and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence litigation in any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of the demand (an "<u>Enforcement Proceeding</u>") and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any and all Expenses in connection with such Enforcement Proceeding. The Company hereby consents to service of process for such Enforcement Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Change in Control**. The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Memorandum and Articles of Association now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld. Such special independent counsel shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such independent counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's rights under this Agreement. Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of special independent counsel pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Partial Indemnity**. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defence of any or all Proceedings relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Non-exclusivity**. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision of the Memorandum and Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a British Virgin Islands company to indemnify a member of its board of directors, such changes shall be, *ipso facto*, within the purview of the Indemnitee's rights and the Company's obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a British Virgin Islands company to indemnify a member of its board of directors, such changes, to the extent not otherwise required by such law, statute, or rule to be applied to this Agreement shall have no effect on this Agreement or the parties' rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Liability Insurance**. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any director or officer of the Company. If at the time a claim for indemnification arises hereunder in connection with a Proceeding the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in settlement of any action or claim effected without the Company's written consent, which consent shall not be unreasonably withheld; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **No Presumption**. For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Consent and Waiver by Third Parties**. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or consents from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein and to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with any such third party. The Indemnitee represents that he or she is not bound by any agreement or any other existing or previous business relationship which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full performance of his or her duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Amendment of this Agreement**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Subrogation**. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, vote, agreement or otherwise) of the amounts otherwise indemnifiable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company or of any other enterprise at the Company's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph, or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the British Virgin Islands applicable to contracts made and to be performed in such jurisdiction without giving effect to the principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Notices**. All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free confirmation, or (c) if by international courier service, on the fourth (4th) business day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by the courier service. All such notices, demands and other communications shall be addressed as follows:

*If to the Company*:

Riverstone Ltd

C/O

D&J Industries (Hong Kong) Company Limited

Room 2304, 23/F, Saxon Tower

7 Cheung Shun Street, Lai Chi Kok

Kowloon, Hong Kong

Telephone: +852 2343 3101

*If to the Indemnitee*:

Notice of change of address shall be effective only when done in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Specific Performance**. The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as a matter of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request specific performance shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day first set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:**  | **<u>COMPANY</u>:**  |
| RIVERSTONE LTD | RIVERSTONE LTD |
| By: |  |
| Name: | Siu Wan TANG |
| Title: | Chairperson, Executive Director and Chief Executive Officer |

---

---

| |
|:---|
| **<u>INDEMNITEE</u>:**<br>|
| Signature |

---

## Exhibit 10.3

**Exhibit 10.3**

**AUDIT COMMITTEE CHARTER** 

**OF** 

**RIVERSTONE LTD**

**PURPOSE** 

The purpose of the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of Riverstone Ltd (the "Company") is to assist the Board in monitoring: (1) the integrity of the annual, semi-annual, quarterly (if the Company should elect to release quarterly information), and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions pursuant to the Company's Related Party Transaction Policy, a copy of which is attached hereto as Exhibit 1.

The Audit Committee shall prepare any reports required by the rules of the Securities and Exchange Commission ("Commission").

**II. COMMITTEE MEMBERSHIPS** 

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet the "Audit Committee Requirements" of Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations of the Commission, and if applicable the requirements of the Nasdaq Stock Market or the applicable stock market upon which its securities are traded.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairperson of the Audit Committee which shall also be appointed by the Board. The Chairperson of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. The Chairperson shall advise and counsel with the executives of the Company and shall perform such other duties as may from time to time be assigned to the Chairperson by the Audit Committee or the Board of Directors.

**III. MEETINGS** 

The Audit Committee shall meet as often as it determines, but not less frequently than the time periods that the Company releases financial information to the public or files such information with the United States Securities and Exchange Commission. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**IV. COMMITTEE AUTHORITY AND RESPONSIBILITIES** 

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and (ii) any advisors employed by the Audit Committee.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. Meet
 with the independent auditor prior to the audit to review the scope, planning, and staffing
 of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;2. Review
 and discuss with management and the independent auditor the annual audit report, the financial
 statements and related notes and the "Management's Discussion and Analysis of
 Financial Condition and Results of Operations" proposed to be included in the Company's
 Annual Report on Form 20-F, and recommend to the Board whether the audited financial statements
 and related notes and the "Management's Discussion and Analysis of Financial
 Condition and Results of Operations" should be included in the Company's Annual
 Report on Form 20-F (or the annual report to shareholders if distributed prior to the filing
 of the Form 20-F).

&nbsp;&nbsp;&nbsp;&nbsp;3. Review
 and discuss with management and the independent auditor the Company's interim financial
 statements prior to the release of any such financial statements or information to the public
 or the filing of such financial information with the United States Securities and Exchange
 Commission under cover of Form 6-K, including the results of the independent auditor's
 review of such interim financial statements (if such a review has been obtained).

&nbsp;&nbsp;&nbsp;&nbsp;4. Discuss
 with management and the independent auditor, as appropriate, significant financial reporting
 issues and judgments made in connection with the preparation of the Company's financial
 statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any significant changes in the Company's selection or application of accounting 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;(b) the Company's critical accounting policies and practices;

&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) all alternative treatments of financial information within GAAP that have been discussed with management and the ramifications of the use of such alternative accounting 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;(d) any major issues as to the adequacy of the Company's internal controls and any special steps adopted in light of material control deficiencies; 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;(e) any material written communications between the independent auditor and management, such as any management letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;5. Discuss
 with management and independent auditor and, prior to issuance, review and approve the Company's
 earnings releases, including the use of "pro forma" or "adjusted"
 non-GAAP information, and any financial information and earnings guidance to be included
 in such releases and provided to analysts and rating agencies. Such discussion may be general
 and include the types of information to be disclosed and the types of presentations to be
 made.

&nbsp;&nbsp;&nbsp;&nbsp;6. Discuss
 with management and the independent auditor the effect on the Company's financial statements
 of (i) regulatory and accounting initiatives and (ii) off-balance sheet structures.

&nbsp;&nbsp;&nbsp;&nbsp;7. Review
 and discuss with management and the independent auditor the Company's major financial
 risk exposures and the steps management has taken to monitor and control such exposures,
 including the Company's risk assessment and risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;8. Discuss
 with the independent auditor the matters required to be discussed by Statement on Auditing
 Standards No. 61 relating to the conduct of the audit, including any difficulties encountered
 in the course of the audit work, any restrictions on the scope of activities or access to
 requested information, and any significant disagreements with management.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review
 disclosures made to the Audit Committee by the Company's Chief Executive Officer and
 Chief Financial Officer (or individuals performing similar functions) during their certification
 process for the Form 20-F about any significant deficiencies and material weaknesses in the
 design or operation of internal control over financial reporting and any fraud involving
 management or other employees who have a significant role in the Company's internal
 control over financial reporting.

<u>Oversight of the Company's Relationship with the Independent Auditor</u> 

&nbsp;&nbsp;&nbsp;&nbsp;10. At
 least annually, obtain and review a report from the independent auditor, consistent with
 the rules of the Public Company Accounting Oversight Board, regarding (a) the independent
 auditor's internal quality-control procedures, (b) any material issues raised by the
 most recent internal quality-control review, or peer review, of the firm, or by any inquiry
 or investigation by governmental or professional authorities within the preceding five years
 respecting one or more independent audits carried out by the firm, (c) any steps taken to
 deal with any such issues and (d) all relationships between the independent auditor and the
 Company. Evaluate the qualifications, performance, and independence of the independent auditor,
 including whether the auditor's quality controls are adequate and the provision of
 permitted non-audit services is compatible with maintaining the auditor's independence,
 and taking into account the opinions of management and the internal auditor. The Audit Committee
 shall present its conclusions with respect to the independent auditor to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;11. Verify
 the rotation of the lead (or coordinating) audit partner having primary responsibility for
 the audit and the audit partner responsible for reviewing the audit as required by law. Consider
 whether, in order to assure continuing auditor independence, it is appropriate to adopt a
 policy of rotating the independent auditing firm on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;12. Oversee
 the Company's hiring of employees or former employees of the independent auditor who
 participated in any capacity in the audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;13. Be
 available to the independent auditor during the year for consultation purposes.

<u>Compliance Oversight Responsibilities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;14. Obtain
 assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been
 implicated.

&nbsp;&nbsp;&nbsp;&nbsp;15. Review
 and approve all related-party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;16. Inquire
 and discuss with management the Company's compliance with applicable laws and regulations
 and with the Company's Code of Ethics in effect at such time, if any, and, where applicable,
 recommend policies and procedures for future compliance.

&nbsp;&nbsp;&nbsp;&nbsp;17. Establish
 procedures (which may be incorporated in the Company's Code of Ethics, in effect at
 such time, if any) for the receipt, retention and treatment of complaints received by the
 Company regarding accounting, internal accounting controls or reports which raise material
 issues regarding the Company's financial statements or accounting policies. Review
 requests for waivers under the Code of Ethics sought with respect to any executive officer
 or director. Review annually with the Chairperson of the Board or outside counsel, as appropriate,
 the scope, implementation and effectiveness of the ethics and compliance program, and any
 significant deviations by officers and employees from the Code of Ethics or other compliance
 policies, and other matters pertaining to the integrity of management.

&nbsp;&nbsp;&nbsp;&nbsp;18. Discuss
 with management and the independent auditor any correspondence with regulators or governmental
 agencies and any published reports that raise material issues regarding the Company's
 financial statements or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;19. Discuss
 with the Company's SEC counsel legal matters that may have a material impact on the
 financial statements or the Company's compliance policies.

&nbsp;&nbsp;&nbsp;&nbsp;20. Review
 and approve all payments made to the Company's officers and directors or its or their
 affiliates. Any payments made to members of the Audit Committee will be reviewed and approved
 by the Board, with the interested director or directors abstaining from such review and approval.

<u>Cybersecurity Oversight Responsibility</u>

&nbsp;&nbsp;&nbsp;&nbsp;21. Review
 cybersecurity risk as part of our overall risk-management program to ensure that cybersecurity
 risk management remains a meaningful priority in our business strategy and operations.

&nbsp;&nbsp;&nbsp;&nbsp;22. If
 directed by the Board to assume oversight responsibility for cybersecurity then, with the
 assistance of the Company's Chief Financial Officer, it shall establish and maintain
 a management strategy for cybersecurity, consistent with the Company's Cybersecurity
 Policy, a copy of which is attached hereto as Exhibit 1, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Identification*:
 Proactively identify the manners in which our business could be materially impacted by cybersecurity
 risks including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cybersecurity
 Incidents – an unauthorized occurrence on or conducted through its information system
 that jeopardizes the confidentiality, integrity, or availability of its information systems
 or any information residing 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cybersecurity
 Threats – any potential occurrence that may result in an unauthorized effort to adversely
 affect the confidentiality, integrity, or availability of its information systems or any
 information residing therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Assessment*:
 Periodically assess our risks relating to cybersecurity threats, including risks relating
 to our reliance on third parties, considering the likelihood and impact that could result
 from the manifesting of such risks, together with the sufficiency of existing policies, procedures,
 systems, and safeguards in place to manage such risks, including evaluating and if available
 obtaining cyber liability insurance, and aligning such cyber-risk management policies with
 the Company's business needs by integrating cyber-risk analysis into significant business
 decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Management*:
 Determine and implement reasonable safeguards to address any identified gaps in our existing
 processes and procedures, including annual cybersecurity awareness training emphasizing the
 use of strong passwords on all systems and aligning cyber-risk management policies with the
 Company's needs by integrating cyber-risk analysis into significant business decisions
 and ensuring that the Company's organization structure supports such cybersecurity
 goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Evaluation*:
 If a cybersecurity breach occurs, the Audit Committee will determine whether the Incident
 or Threat is "material" (.i.e. is there a substantial likelihood that a reasonable
 shareholder would consider it important in making an investment decisions or if it would
 have significantly altered the "total mix" of information made available?), assessing
 among other factors potential or actual financial impacts, reputational damage, and operational
 disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Report*:
 Establish and monitor an incident response approach requiring our Chief Financial officer
 to report to us, the full Board of Directors and legal counsel any cybersecurity concerns
 or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Disclosure*:
 To ensure compliance with SEC requirements and maintain overall stakeholder confidence in
 the Company, all material and known facts regarding the cybersecurity breach will be recorded,
 including their nature, scope, and financial implications; and a Form 6-K will be prepared
 and filed within four (4) business days after the determination that a "material"
 cybersecurity incident has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;23. Engage
 third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity
 practices.

**V. LIMITATION OF AUDIT COMMITTEE'S ROLE** 

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

## Exhibit 10.4

**Exhibit 10.4**

**NOMINATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**OF**

**RIVERSTONE LTD**

**I.** **PURPOSE:** 

The purpose of the Nomination and Corporate Governance Committee (the "Nomination and Corporate Governance Committee") of the Board of Directors (the "Board") of Riverstone Ltd (the "Company") shall be to review and make recommendations to the Board regarding matters concerning corporate governance; review the composition of and evaluate the performance of the Board; recommend persons for election to the Board and evaluate director compensation; review the composition of committees of the Board and recommend persons to be members of such committees; review and maintain compliance of committee membership with applicable regulatory requirements; and review conflicts of interest of members of the Board and corporate officers.

In addition, the Nomination and Corporate Governance Committee will undertake those specific duties and responsibilities listed below and such other duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIP:** 

The Nomination and Corporate Governance Committee shall consist of no fewer than two members of the Board. All members of the Nomination and Corporate Governance Committee shall be appointed by a majority of the Board and shall be independent of the Company and its affiliates, shall have no relationship to the Company or its affiliates that may interfere with the exercise of their independence, and shall otherwise be deemed to be "independent directors" as defined in Rule 5605 (e)(2) of the NASDAQ Listing Rules. The Board may designate one member of the Nomination and Corporate Governance Committee as its Chair. The Nomination and Corporate Governance Committee may form and delegate authority to subcommittees, consisting of no fewer than two members of the Nomination and Corporate Governance Committee, when appropriate. No member of the Nomination and Corporate Governance Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Nomination and Corporate Governance Committee shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Composition of the Board of Directors, Evaluation, and Nomination Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing
 the composition and size of the Board and determining the criteria for membership of the Board, including issues of character, judgment,
 independence, diversity, age, expertise, corporate experience, length of service, and other commitments outside the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Conducting
 an annual evaluation of the Board.

3. Identifying,
 considering, and recommending candidates to fill new positions or vacancies on the Board, and reviewing any candidates recommended
 by stockholders in accordance with the bylaws. In performing these duties, the Committee shall have the authority to retain any search
 firm to be used to identify candidates for the Board and shall have sole authority to approve the search firm's fees and other
 retention terms.

4. Evaluating
 the performance of individual members of the Board eligible for re-election and recommending the director nominees by class for election
 to the Board by the stockholders at the annual meeting of stockholders.

5. Evaluating
 director compensation, consulting with outside consultants when appropriate, and making recommendations to the Board regarding director
 compensation.

6. Reviewing
 and making recommendations to the Board with respect to a Director Option Plan and any proposed amendments thereto, subject to obtaining
 stockholder approval of any amendments as required by law or NASDAQ Listing Rules or otherwise.

7. Selection
 of New Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Recommend
 to the Board criteria for Board and committee membership, which shall include a description of any specific, minimum qualifications
 that the Nomination and Corporate Governance Committee believes must be met by a Nomination and Corporate Governance Committee recommended
 nominee, and a description of any specific qualities or skills that the Nomination and Corporate Governance Committee believes are
 necessary for one or more of the Company's directors to possess, and annually reassess the adequacy of such criteria and submit
 any proposed changes to the Board for approval.

b. Establish
 a policy regarding the consideration of director candidates recommended by stockholders.

c. Establish
 procedures to be followed by security holders in submitting recommendations for director candidates to the Nomination and Corporate
 Governance Committee. The current procedures to be followed by security holders are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All
 security holder recommendations for director candidates must be submitted to the Secretary of the Company, who will forward all recommendations
 to the Nomination and Corporate Governance Committee.

ii. All
 security holder recommendations for director candidates must be submitted to the Secretary of the Company not less than 120 calendar
 days prior to the date on which the Company's proxy statement was released to stockholders in connection with the previous
 year's annual meeting.

iii. All
 security holder recommendations for director candidates must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name and address of record of the security holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 representation that the security holder is a record holder of the Company's securities, or if the security holder is not a
 record holder, evidence of ownership in accordance with Rule 14a-8(b)(2) of the Securities Exchange Act of 1934.

3. The
 name, age, business and residential address, educational background, current principal occupation or employment, and principal occupation
 or employment for the preceding five (5) full fiscal years of the proposed director candidate.

4. A
 description of the qualifications and background of the proposed director candidate which addresses the minimum qualifications and
 other criteria for Board membership approved by the Board from time to time and set forth in this Charter.

5. A
 description of all arrangements or understandings between the security holder and the proposed director candidate.

6. The
 consent of the proposed director candidate (i) to be named in the proxy statement relating to the Company's annual meeting
 of stockholders and (ii) to serve as a director if elected at such annual meeting.

7. Any
 other information regarding the proposed director candidate that is required to be included in a proxy statement filed pursuant to
 the rules of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Establish
 a process for identifying and evaluating nominees for the Board, including nominees recommended by security holders. The current
 process for identifying and evaluating nominees for the Board is as follows:

---

| | |
|:---|:---|
| i. | The Nomination and Corporate Governance Committee may solicit recommendations from any or all of the following sources: non-management directors, the Chief Executive Officer, other executive officers, third-party search firms, or any other source it deems appropriate. |
| ii. | The Nomination and Corporate Governance Committee will review and evaluate the qualifications of any such proposed director candidate and conduct inquiries it deems appropriate. |
| iii. | The Nomination and Corporate Governance Committee will evaluate all such proposed director candidates in the same manner, with no regard to the source of the initial recommendation of such proposed director candidate. |
|  | In identifying and evaluating proposed director candidates, the Nomination and Corporate Governance Committee may consider, in addition to the minimum qualifications and other criteria for Board membership approved by the Board from time to time, all facts and circumstances that it deems appropriate or advisable, including, among other things, the skills of the proposed director candidate, his or her depth and breadth of business experience or other background characteristics, his or her independence and the needs of the Board. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Upon
 identifying individuals qualified to become members of the Board, consistent with the minimum qualifications and other criteria approved
 by the Board from time to time, recommend that the Board select the director nominees for election at each annual meeting of stockholders;
 provided that, if the Company is legally required by contract or otherwise to provide third parties with the ability to nominate
 individuals for election as a member of the Board (pursuant, for example, to the rights of holders of preferred stock to elect directors
 upon a dividend default or in accordance with shareholder agreements or management agreements), the selection and nomination of such
 director nominees shall be governed by such contract or other arrangement and shall not be the responsibility of the Nomination and
 Corporate Governance Committee.

f. Consider
 recommendations in light of the requirement that a majority of the Board be comprised of directors who meet the independence requirements
 set forth in Rule 5605(a)(2) of the Listing Rules of the NASDAQ Stock Market LLC.

g. Recommend
 that the Board select the directors for appointment to committees of the Board.

h. Review
 all stockholder nominations and proposals submitted to the Company (including any proposal relating to the procedures for making
 nominations or electing directors), determine whether the nomination or proposal was submitted in a timely manner and, in the case
 of a director nomination, whether the nomination and the nominee satisfy all applicable eligibility requirements, and recommend to
 the Board appropriate action on each such nomination or proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Committees of the Board of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Periodically
 reviewing the composition of each committee of the Board and making recommendations to the Board for the creation of additional committees
 or the change in mandate or dissolution of committees.

2. Recommending
 to the Board persons to be members of the various committees and Committee Chairperson, annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing
 and monitoring compliance with the Company's Code of Business Conduct and Ethics.

2. Considering
 questions of possible conflicts of interest of members of the Board and of corporate officers.

3. Reviewing
actual and potential conflicts of interest of members of the Board and corporate officers and clearing any involvement of such persons
in matters that may involve a conflict of interest.

**IV.** **GENERAL** 

The Nomination and Corporate Governance Committee may establish and delegate authority to subcommittees consisting of one or more of its members, when the Nomination and Corporate Governance Committee deems it appropriate to do so in order to carry out its responsibilities.

The Nomination and Corporate Governance Committee shall make regular reports to the Board concerning areas of the Nomination and Corporate Governance Committee's responsibility.

In carrying out its responsibilities, the Nomination and Corporate Governance Committee shall be entitled to rely upon advice and information that it receives in its discussions and communications with management and such experts, advisors, and professionals with whom the Nomination and Corporate Governance Committee may consult.

The Nomination and Corporate Governance Committee shall have the authority to request that any officer or employee of the Company, the Company's outside legal counsel, the Company's independent auditor or any other professional retained by the Company to render advice to the Company attend a meeting of the Nomination and Corporate Governance Committee or meet with any members of or advisors to the Nomination and Corporate Governance Committee. The Nomination and Corporate Governance Committee shall also have the authority to engage legal, accounting, or other advisors to provide it with advice and information in connection with carrying out its responsibilities and shall have sole authority to approve any such advisor's fees and other retention terms.

The Nomination and Corporate Governance Committee may perform such other functions as may be requested by the Board from time to time.

**V.** **MEETINGS:** 

The Nomination and Corporate Governance Committee will meet at least once a year. The Nomination and Corporate Governance Committee may establish its own meeting schedule, which it will provide to the Board. Special meetings may be convened as required. The Nomination and Corporate Governance Committee, or its Chair, shall report to the Board on the results of these meetings. The Nomination and Corporate Governance Committee may invite to its meetings other Directors, Corporate management, and such other persons, as the Nomination and Corporate Governance Committee deems appropriate in order to carry out its responsibilities. A majority of the members of the Nomination and Corporate Governance Committee, present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, shall constitute a quorum.

The Nomination and Corporate Governance Committee will maintain written minutes of its meetings, which shall be filed with the minutes of the meetings of the Board.

**VI.** **EVALUATION OF THE NOMINATION AND CORPORATE GOVERNANCE COMMITTEE'S PERFORMANCE:** 

The Nomination and Corporate Governance Committee shall, on an annual basis, evaluate its performance under this Charter. The Nomination and Corporate Governance Committee shall address all matters that the Committee considers relevant to its performance. The Nomination and Corporate Governance Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **NOMINATION AND CORPORATE GOVERNANCE COMMITTEE RESOURCES:** 

The Nomination and Corporate Governance Committee may conduct or authorize investigations into or studies of matters within the Nomination and Corporate Governance Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel, or other advisors as it deems necessary. The Nomination and Corporate Governance Committee shall have the sole authority to retain or terminate any search firm to be used to identify director candidates, including sole authority to approve the search firm's fees and other retention terms, and such related fees are to be borne by the Company.

**VIII.** **REPORTS:** 

The Nomination and Corporate Governance Committee will record its summaries of recommendations to the Board in written form, which will be incorporated as a part of the minutes of the meeting of the Board at which those recommendations are presented.

**IX.** **MINUTES:** 

The Nomination and Corporate Governance Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

## Exhibit 10.5

**Exhibit 10.5**

**COMPENSATION COMMITTEE CHARTER**

**OF**

**RIVERSTONE LTD**

**I.** **PURPOSE** 

The Compensation Committee of the Board of Directors ("the Board") of Riverstone Ltd (the "Company") is established pursuant to this charter. The purpose of the Compensation Committee is to review and make recommendations to the Board regarding all forms of compensation to be provided to the executive officers and directors of the Company including stock compensation and loans, and all bonus and stock compensation to all employees.

The Compensation Committee has the authority to undertake the specific duties and responsibilities listed below and will have the authority to undertake such other specific duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIPS:** 

The Compensation Committee shall consist of at least two (2) members of the Board, all of whom shall be independent directors in accordance with Rule 5605 (d) of the NASDAQ Listing Rules. The members of the Compensation Committee will be appointed by a majority of the Board. No member of the Compensation Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Compensation Committee shall include:

1. To
 review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("CEO"),
 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. In determining the long-term incentive component of CEO compensation, the Compensation
 Committee may consider the Company's performance and relative stockholder return, the value of similar incentive awards given
 to CEOs at comparable companies and the awards given to the Company's CEO in past years.

&nbsp;&nbsp;&nbsp;&nbsp;2. Matters
 Related to Compensation of the Officers Other Than the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Review
 and approve the proposed compensation for all Officers of the Company other than the CEO; for purposes hereof, the term "Officer"
 shall mean any officer at C-level, and any individual that reports directly to the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Review
 no less frequently than annually the aggregate amount of compensation being paid or potentially payable to the Company's Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Reviewing
 and making recommendations to the Board regarding the compensation policy for executive officers and directors of the Company, and
 such other officers of the Company as directed by the Board.

3. Reviewing
 and making recommendations to the Board regarding all forms of compensation (including all "plan" compensation, as such
 term is defined in Item 402(a)(7) of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, and all non-plan
 compensation) to be provided to the executive officers of the Company.

4. Reviewing
 and making recommendations to the Board regarding general compensation goals and guidelines for the Company's employees and
 the criteria by which bonuses to the Company's employees are determined.

5. Acting
 as Administrator of any stock option plan and administering, within the authority delegated by the Board, any Employee Stock Purchase
 Plan adopted by the Company. In its administration of the plans, the Compensation Committee may, pursuant to authority delegated
 by the Board, grant stock options or stock purchase rights to individuals eligible for such grants and amend such stock options or
 stock purchase rights. The Compensation Committee shall also make recommendations to the Board with respect to amendments to the
 plans and changes in the number of shares reserved for issuance hereunder.

6. Review
 and approve grants and awards under incentive-based compensation plans and equity-based plans, in each case consistent with the terms
 of such plans.

7. Review
 and make such recommendations to the Board as the Compensation Committee deems advisable with regard to policies and procedures for
 the grant of equity-based awards by the Company.

8. Reviewing
 and making recommendations to the Board regarding other plans that are proposed for adoption or adopted by the Company for the provision
 of compensation to employees of, directors of and consultants to the Company.

9. Preparing
 a report (to be included in the Company's Current Report on Form 6-F and subsequent Annual Reports on Form 20-F) which describes:
 (a) the criteria on which compensation paid to the Chief Executive Officer for the last completed fiscal year is based; (b) the relationship
 of such compensation to the Company's performance; and (c) the Compensation Committee's executive compensation policies
 applicable to executive officers.

10. In
 the event of a restatement of the Company's financial statements and in accordance with the provisions of the Company's
 Compensation Recovery Policy, a copy of which is attached hereto as Exhibit 1,: (i) review and determine such executive officers
 who served at any time during the performance period for the incentive-based compensation; (ii) determine the relevant recovery period;
 (iii) determine the amount of incentive-based compensation that must be subject to the Company's Compensation Recovery Policy
 and establish procedures for recovery; and (iv) maintain documentation of the above-referenced determinations.

11. Authorizing
 the repurchase of shares from terminated employees pursuant to applicable law.

12. If
applicable, the Compensation Committee shall consider the results of the most recent stockholder advisory vote on executive compensation
in its recommendations and decisions.

**IV.** **MEETINGS:** 

It is anticipated that the Compensation Committee will meet at least two times each year. However, the Compensation Committee may establish its own schedule, which it will provide to the Board in advance. At a minimum of one of such meetings annually, the Compensation Committee will consider stock plans, performance goals and incentive awards, and the overall coverage and composition of the compensation package. The Compensation Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

The Compensation Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate.

The Compensation Committee may invite such members of management to its meetings as it deems appropriate. However, the Compensation 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.

**V.** **REPORTS:** 

The Compensation Committee will provide written reports to the Board of the Company regarding recommendations of the Compensation Committee submitted to the Board for action, and copies of the written minutes of its meetings.

Review and discuss with management the Compensation Discussion and Analysis to be included in the Company's annual report on Form 20-F ("CD&A").

Based on the Compensation Committee's review and discussions with management of the MD&A, make a recommendation to the Board that the MD&A be included in the Company's annual report on Form 20-F.

Prepare the Compensation Committee Report to be included in the Company's annual report on Form 20-F in accordance with any applicable rules and regulations of the Securities and Exchange Commission, any securities exchange on which the Company's securities are traded, and any other rules and regulations applicable to the Company.

**VI.** **EVALUATION OF COMMITTEE PERFORMANCE:** 

The Compensation Committee shall on an annual basis, evaluate its performance under this Charter. The Compensation Committee shall address all matters that the Board of Directors considers relevant to its performance. The Compensation Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **COMMITTEE RESOURCES:** 

The Compensation Committee shall have the authority to obtain advice and seek assistance from internal and external legal, accounting, and other advisors. The Compensation Committee shall have sole authority to retain and terminate any compensation consultant to be used to evaluate director or officer compensation, including sole authority to approve the consulting firm's fee and retention terms.

**RIVERSTONE LTD**

**COMPENSATION RECOVERY POLICY**

The Board of Directors (the "Board") of Riverstone Ltd (the "Company") believes that it is in the best interests of the Company and its shareholders to adopt this Compensation Recovery Policy, also known as a Clawback Policy (the "Policy"), which provides for the recovery of certain incentive compensation in the event of an Accounting Restatement (as defined below). This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 promulgated under the Exchange Act ("Rule 10D-1") and Rule 5608 of the Nasdaq Stock Market LLC Listing Rules (the "Listing Standards").

***1.***  ***Administration*** 

Except as specifically set forth herein, this Policy shall be administered by the Board or, if so designated by the Board, a committee thereof (the Board or such committee charged with the administration of this Policy, the "Administrator"). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. Any determinations made by the Administrator shall be final and binding on all affected individuals and need not be uniform with respect to each individual covered by the Policy. In the administration of this Policy, the Administrator is authorized and directed to consult with the full Board, or such other committees of the Board as may be necessary or appropriate as to matters within the scope of such other committee's responsibility and authority. Subject to any limitation at applicable law, the Administrator may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).

***2.***  ***Definitions*** 

As used in this Policy, the following definitions shall apply:

● "Accounting
Restatement" means an accounting restatement of the Company's financial statements due to the Company's material noncompliance
with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error
in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material
misstatement if the error were corrected in the current period or left uncorrected in the current period.

● "Administrator"
has the meaning set forth in Section 1 hereof.

● "Applicable
Period" means the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting
Restatement, as well as any transition period (that results from a change in the Company's fiscal year) within or immediately following
those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall count as a
completed fiscal year). The "date on which the Company is required to prepare an Accounting Restatement" is the earlier to
occur of (a) the date the Board, a committee of the Board, or an officer of the Company concludes, or reasonably should have concluded,
that the Company is required to prepare an Accounting Restatement or (b) the date a court, regulator or other legally authorized body
directs the Company to prepare an Accounting Restatement, in each case regardless of if or when the restated financial statements are
filed.

● "Covered
Executives" means the Company's current and former executive officers, as determined by the Administrator in accordance with
the definition of executive officer set forth in Rule 10D-1 and the Listing Standards.

● "Erroneously
Awarded Compensation" has the meaning set forth in Section 5 of this Policy.

● "A Financial
Reporting Measure" is any measure that is determined and presented in accordance with the accounting principles used in preparing
the Company's financial statements, and any measure that is derived wholly or in part from such measure. Financial Reporting Measures
include but are not limited to the following (and any measures derived from the following): Company stock price; total shareholder return
("TSR"); revenues; net income; operating income; profitability of one or more reportable segments; financial ratios (e.g.,
accounts receivable turnover and inventory turnover rates); earnings before interest, taxes, depreciation and amortization; funds from
operations and adjusted funds from operations; liquidity measures (e.g., working capital, operating cash flow); return measures (e.g.,
return on invested capital, return on assets); earnings measures (e.g., earnings per share); any of such financial reporting measures
relative to a peer group, where the Company's financial reporting measure is subject to an Accounting Restatement; and tax basis
income. A Financial Reporting Measure need not be presented within the Company's financial statements or included in a filing with
the Securities Exchange Commission.

● "Incentive-Based
Compensation" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial
Reporting Measure. Incentive-Based Compensation is "received" for purposes of this Policy in the Company's fiscal period
during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or
grant of such Incentive-Based Compensation occurs after the end of that period.

***3.***  ***Covered Executives; Incentive-Based Compensation*** 

This Policy applies to Incentive-Based Compensation received by a Covered Executive (a) after beginning services as a Covered Executive; (b) if that person served as a Covered Executive at any time during the performance period for such Incentive-Based Compensation; and (c) while the Company had a listed class of securities on a national securities exchange.

***4.***  ***Required Recoupment of Erroneously Awarded Compensation in the Event of an Accounting Restatement*** 

In the event the Company is required to prepare an Accounting Restatement, the Company shall promptly recoup the amount of any Erroneously Awarded Compensation received by any Covered Executive, as calculated pursuant to Section 5 hereof, during the Applicable Period.

***5.***  ***Erroneously Awarded Compensation: Amount Subject to Recovery*** 

The amount of "Erroneously Awarded Compensation" subject to recovery under the Policy, as determined by the Administrator, is the amount of Incentive-Based Compensation received by the Covered Executive that exceeds the amount of Incentive-Based Compensation that would have been received by the Covered Executive had it been determined based on the restated amounts.

Erroneously Awarded Compensation shall be computed by the Administrator without regard to any taxes paid by the Covered Executive in respect of the Erroneously Awarded Compensation.

By way of example, with respect to any compensation plans or programs that take into account Incentive-Based Compensation, the amount of Erroneously Awarded Compensation subject to recovery hereunder includes, but is not limited to, the amount contributed to any notional account based on Erroneously Awarded Compensation and any earnings accrued to date on that notional amount.

For Incentive-Based Compensation based on stock price or TSR: (a) the Administrator shall determine the amount of Erroneously Awarded Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received; and (b) the Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq.

***6.***  ***Method of Recoupment*** 

The Administrator shall determine, in its sole discretion, the timing and method for promptly recouping Erroneously Awarded Compensation hereunder, which may include without limitation (a) seeking reimbursement of all or part of any cash or equity-based award, (b) cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid, (c) cancelling or offsetting against any planned future cash or equity-based awards, (d) forfeiture of deferred compensation, subject to compliance with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder and (e) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Administrator may affect recovery under this Policy from any amount otherwise payable to the Covered Executive, including amounts payable to such individual under any otherwise applicable Company plan or program, including base salary, bonuses or commissions and compensation previously deferred by the Covered Executive.

The Company is authorized and directed pursuant to this Policy to recoup Erroneously Awarded Compensation in compliance with this Policy unless the Company's compensation committee has determined that recovery would be impracticable solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

&nbsp;&nbsp;&nbsp;&nbsp;● The direct expense
paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before concluding that it would be impracticable
to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Administrator must make a reasonable attempt
to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover and provide that documentation to Nasdaq;

● Recovery would
violate home country law of the issuer where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable
to recover any amount of Erroneously Awarded Compensation based on violation of home country law of the issuer, the Administrator must
satisfy the applicable opinion and disclosure requirements of Rule 10D-1 and the Listing Standards; or

● Recovery would
likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail
to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

***7.***  ***No Indemnification of Covered Executives*** 

Notwithstanding the terms of any indemnification or insurance policy or any contractual arrangement with any Covered Executive that may be interpreted to the contrary, the Company shall not indemnify any Covered Executives against the loss of any Erroneously Awarded Compensation, including any payment or reimbursement for the cost of third-party insurance purchased by any Covered Executives to fund potential clawback obligations under this Policy.

***8.***  ***Administrator Indemnification*** 

Any members of the Administrator and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination, or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.

***9.***  ***Effective Date; Retroactive Application*** 

This Policy shall be effective as of January 1, 2025 (the "Effective Date"). The terms of this Policy shall apply to any Incentive-Based Compensation that is received by Covered Executives on or after the Effective Date, even if such Incentive-Based Compensation was approved, awarded, granted, or paid to Covered Executives prior to the Effective Date. Without limiting the generality of Section 6 hereof, and subject to applicable law, the Administrator may affect recovery under this Policy from any amount of compensation approved, awarded, granted, payable or paid to the Covered Executive prior to, on or after the Effective Date.

***10.***  ***Amendment; Termination*** 

The Board may amend, modify, supplement, rescind or replace all or any portion of this Policy at any time and from time to time in its discretion, and shall amend this Policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange on which the Company's securities are listed.

***11.***  ***Other Recoupment Rights; Company Claims*** 

The Board intends that this Policy shall be applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages, or other legal remedies the Company or any of its affiliates may have against a Covered Executive arising out of or resulting from any actions or omissions by the Covered Executive.

***12.***  ***Successors*** 

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators, or other legal representatives.

***13.***  ***Exhibit Filing Requirement*** 

A copy of this Policy and any amendments thereto shall be posted on the Company's website.

## Exhibit 10.6

**Exhibit 10.6**

**THIS AGREEMENT** is made on the 31_day of January, 2025.

**BETWEEN:**

(1) **RIVERSTONE LTD,** a company incorporated under the laws of British Virgin Islands with limited liability (Company No.: 2152447) having its
 registered address at Corporate Registrations Limited of Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands
 and correspondence address at  ***[Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong]*** (the **"Company");** 

(2) **Siu Wan Tang,** holder of Hong Kong passport No. H20880848 whose address is at

**Unit J 20/F Tower B One Victoria Kai Tak Kowloon Hong Kong 99907**

**RECITALS**

(A) The
 Company, its holding company, subsidiaries, affiliated and associated companies (collectively the **"Group")** have
 offices in Hong Kong and the PRC. The Company has made an offer to the Employee to employ him as the Chief Executive Officer of the
 Company and the Employee has accepted the offer.

(B) The
 Company and the Employee have agreed to enter into this Agreement to set out the terms of the Employee's employment with the Company.

**NOW IT IS HEREBY AGREED** as follows:-

**1.** **INTERPRETATION** 

1.1 **Definitions** 

In this Agreement, unless the context otherwise requires:

**"Board"** means the board of directors of the Company from time to time or the directors present at any meeting of the Board duly convened and held;

**"Business Day(s)"** means the day on which banks in Hong Kong are open for business, except for Saturdays and Sundays;

**"Hong Kong"** means the Hong Kong Special Administrative Region of the People's Republic of China;

**"HK$"** means Hong Kong dollars, the lawful currency of Hong Kong;

**"PRC"** means the People's Republic of China, and for the purpose of this agreement shall exclude Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan;

1.2 References
in this Agreement to statutes, bye-laws, regulations and delegated legislation shall include any statute, bye-law, regulation or delegated
legislation in force at the date hereof whether before or after the date hereof modifying, re-enacting, extending or made pursuant to
the same or which is modified, re-enacted or extended by the same or pursuant to which the same is made.

1.3 Clause
 headings in this Agreement are for ease of reference only and shall not be taken into account in construing this Agreement.

1.4 References
 in this Agreement to clauses, sub-clauses and paragraphs are references to those construing this Agreement.

1.5 In
 this Agreement, unless the contrary intention appears, words importing the singular shall include the plural and vice versa, and
 words importing the masculine gender shall including the feminine and neuter genders.

**2.** **TERM AND PLACE OF EMPLOYMENT** 

2.1 The
 employment shall commence on 01 February 2025 and shall continue until termination pursuant to Clause 9.

2.2 The
 Employee shall be based in Hong Kong. In the course of performing her duties, the Employee may be required to travel to and spend
 periods in other places as the Company from time to time require.

**3.** **EMPLOYEE'S DUTIES AND SERVICES** 

3.1 The
 Employee shall during the continuance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) serve
the Company in the capacity of a Chief Executive Officer with such management responsibilities with regard to the management of the
Group. The duties of such role include:

1) Strategic Planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Develop
 and implement strategies that support the company's growth and align with IPO objectives.

■ Oversee
 budgeting to ensure financial health and strategic alignment.

2) Compliance and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ensure
 adherence to international regulations and reporting standards for IPO readiness.

■ Prepare
 accurate statements for stakeholders, including potential investors.

3) Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Engage
 effectively with investors, analysts, and stakeholders to present the company's vision and outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Position
 the company favorably in the market to attract potential investors.

4) Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Identify
 various types of risks, including operational, strategic, compliance, and reputational risks and mitigate such risks associated with
 ongoing operations.

■ Establish
 robust internal controls to enhance reporting accuracy and safeguard assets.

5) Team Development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Build
 and lead a high-performing team.

■ Mentor
 staff to ensure they possess necessary skills for a public company environment.

6) Operational Efficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Streamline
 company processes to support scalability and efficiency.

■ Implement
 control measures to maintain profitability at the same time enhance performance.

7) Strategic Partnerships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Collaborate
 with investment banks, legal advisors, and auditors to facilitate a smooth IPO process.

■ Evaluate
 mergers and acquisitions that could enhance the company's value pre-IPO.

8) Performance Metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Establish
 key performance indicators (KPIs) to measure operational performance against IPO goals.

■ Foster
 a culture of continuous improvement in E S G practices and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 prevented by ill health, devote all of her time, attention and abilities during normal business hours and such additional hours as
 may reasonably be required to administer, supervise and manage and use her best endeavours to carry out her duties hereunder and
 to protect, promote and act in the best interests of the Group;

(c) faithfully
 and diligently perform all such duties as shall be reasonably required by the Board and carry out all lawful and reasonable instructions
 of the Board according to the best of her skills and ability and in compliance with all resolutions and regulations from time to
 time passed or made by the Board;

(d) at
 all times keep the Board promptly and fully informed of all matters relating to or in connection with the performance and exercise
 of her duties and powers under this Agreement;

(e) carry
out her duties and exercise her powers jointly and collectively with any other executive(s) of the Company as shall from time to time
be appointed by the Board to act jointly with the Employee and the Board may at any time require the Employee to cease performing or
exercising any of her duties or powers under this Agreement.

3.2 The
 Company may from time to time and at any time assign any title to the Employee and any other
 duties to the Employee in addition to or in substitution of any title then held by the Employee
 (including, for the avoidance of doubt, that of a Chief Executive Officer) and the duties
 (if any) then assigned to him.

3.3 The
 Employee shall be contactable by the Company during normal working office hours on **Monday to Friday from 9:00 a.m. to 6:00 p.m. (GMT+8).** The Employee may be required to work additional
 hours to the said hours for the proper performance and exercise of her duties and powers
 under this Agreement.

**4.** **REMUNERATION AND EXPENSES** 

4.1 The
 remuneration package of the Employee comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fixed monthly salary of HK$80000 per month from 01 February 2025, which shall be payable
 in arrears on a monthly basis on the last day of each calendar month. If such day is not
 a Business Day, salary shall be paid on the immediately preceding Business Day;

4.2 The
 Company shall pay to the Employee all reasonable expenses properly incurred by the Employee
 in connection with the performance of the duties of the Employee under this Agreement, in
 each case subject to such expenses being evidenced and vouched for in such manner as the
 Board may reasonably require.

4.3 Notwithstanding
 anything to the contrary contained in the articles of association of the Company, the Employee
 shall not be entitled to any other remuneration as an officer or employee of the Company
 other than as mentioned above. The Employee shall not accept from any business associates
 or prospective business associates of the Company any gifts or benefits monetary or otherwise
 without the consent of the Board or in any manner ask for or solicit any such gifts or benefits
 from business associates or prospective business associates of the Company.

**5.** **LEAVE AND PUBLIC HOLIDAY** 

5.1 The
 Employee shall be entitled to 7 Business Days annual leave with pay in each financial year
 of her employment (or on a pro-rata basis if the first financial year is incomplete). Annual
 leave shall be taken at such time as may be agreed by the Company.

5.2 The
 Employee shall also be entitled to Hong Kong statutory public holidays.

**6.** **SICK LEAVE & ABSENCE FROM WORK** 

6.1 The
 Employee must apply to the Company for any sick leave no later than 8 a.m. on the day the
 sick leave is to be taken.

6.2 If
 the Employee is absent from work due to sickness or injury for more than 3 Business Days,
 the Employee must on the first day of work after the sick leave submit to the Company a sick-leave
 certificate issued by a registered medical doctor. Should the Employee's absence prolong,
 he must obtain further medical certificates from the doctor to cover all such absences.

6.3 The
 Employee is entitled to full pay during sick leave as set forth in the Employment Ordinance
 (the Laws of Hong Kong).

**7.** **PATERNITY LEAVE MATERNITY LEAVE** 

The Employee shall enjoy paternity leave entitlements as set forth in the Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (the **''Employment Ordinance").**

**8.** **TERMINATION** 

8.1 Except
 for the occurrence of any of the events specified in Clause 9.2 herein below, either party
 may terminate this Agreement by giving to the other party at least 3 months' prior
 notice in writing or payment in lieu for the termination of this Agreement by either party
 and the Company shall thereupon be released from the obligations to pay any further salary
 or employment benefits to the Employee upon termination of employment.

8.2 The
 employment of the Employee may be terminated by the Company without notice and compensation
 if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Employee shall be guilty of any dishonesty, misconduct or default or neglect of duty or shall
 commit any continued breach of the terms of this Agreement after written warning (other than
 a breach which being capable of remedy shall be remedied by the Employee to the satisfaction
 of the Board within 30 days upon her being called upon to do so in writing by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Employee shall be guilty of conduct likely to bring herself and/or the Company into disrepute;

(c) the
 Employee is convicted of any criminal offence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Employee persistently refuses to carry out any reasonable lawful order given to her in the
 course of her employment or persistently fails diligently to attend to her duties hereunder;

(e) the
 Employee shall during the continuance of this Agreement be absent (other than during periods
 of public holiday, approved annual leave or sick leave) for an aggregate period of 5 Business
 Days;

(f) the
 Employee be convicted of any offence or be identified as an insider dealer under any applicable
 statutory enactment or regulations as in force from time to time; or

(g) the
 Employee improperly divulges to any unauthorised person any information in breach of Clauses
 11 and 12.

8.3 The
Company may, if it is advised that it is not entitled under the Employment Ordinance to terminate this Agreement by immediate notice
pursuant to Clause 9.2, terminate this Agreement upon the occurrence of any of the events specified in that Clause by 7 days' notice
in writing served on the Employee and, in such event, the "agreed period" for the purpose of section 6(2)(c) of the Employment
Ordinance shall be 7 days.

8.4 The
 Employee shall have no claim against the Company for damages or otherwise by reason of termination
 under Clauses 9.2 and 9.3 and no delay or forbearance by the Company in exercising any such
 right of termination shall constitute a waiver of that right.

8.5 Notwithstanding
 the termination of employment, the Employee shall continue to observe the terms of Clauses
 11 and 12.

**9.** **EFFECT OF TERMINATION** 

All documents, records, correspondence, client lists, accounts, statistics, equipment or other property relating to the Group (including all those items referred to in Clauses 11 and 12) kept in the possession or under the control of the Employee and all copies thereof or extracts therefrom made by or on behalf of the Employee shall be and remain the property of the Group and shall be delivered up to the Group upon the expiry of the Employee's employment with the Company or its sooner determination.

**10.** **OTHER CONDITIONS & COMPUTER SYSTEM AND INTELLECTUAL PROPERTY** 

10.1 The
 Employee shall be engaged by the Company on a part time basis and shall not without specific
 written permission from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 any directorship or other office of profit or engage, directly or indirectly, in any trade
 or business (other than as a minority shareholder of a public quoted company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pursue,
 transact or engage in any activity or business which conflicts with the business of the Group.

10.2 The
 Employee agrees and acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 computer hardware and software facilities including the email facilities (collectively the **"System")** provided by the Group for her use and all soft copy data input,
 accounts, information, records, documents whatsoever contained in the System are the property
 of the Group and the Employee undertakes to exercise care and duly observe and comply with
 the laws and such guidelines and directions from time to time issued by the Group and to
 protect the Groups interest in the use and application of the System and the data, accounts：
 information, records and documents whatsoever contained in the System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Group and its authorised agents shall have free and unrestricted access from time to time
 and at all times to the mobile devices (if any), computer work station and server provided
 to her and to conduct such audits and inspections as the Group may deem necessary for any
 purposes of the Group including without limitation proprietary protection or control of data
 and to ensure the System is properly and lawfully used and maintained in accordance with
 the Group's interest and policy.

**11.** **DISCLOSURE / CONFIDENTIAL INFORMATION** 

11.1 The
 Employee shall not at any time during the term of this Agreement or after the termination
 of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly
 or indirectly use, cause or permit any Confidential Information for her own purpose or for
 any purpose other than that of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) divulge
 or communicate or cause, permit or suffer to be divulged or communicated to any person any
 Confidential Information, save to those of the employees or officers of the Group whose province
 is to know the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take
 away or destroy any Confidential Information for the benefit or gain of the Employee or any
 other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) through
 any failure to exercise due care and diligence, cause or permit any unauthorised disclosure
 of any Confidential Information,, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relating
 to the dealings, organisation, business, finance, transactions or any other affairs of the
 Group or its suppliers, customers or business partners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of which any such company of the Group is bound by an obligation of confidence to
 any third party,

provided that these restrictions shall cease to apply to any information or knowledge which (otherwise than through the default of the Employee) has become available to the public generally or otherwise required by law or any applicable legislation to be disclosed.

11.2 Since
 the Employee may, by reason of services rendered for or offices held in any other company
 within the Group, have knowledge of the Confidential Information of such company within the
 Group, the Employee hereby agrees that he will at the request and cost of the Company or
 such other company enter into a direct agreement or undertaking with such company whereby
 he will accept restrictions corresponding to the restrictions herein contained for the protection
 of the legitimate interests of such company and the Group.

11.3 All
 notes, memoranda, reports, analysis, records and writings made by the Employee in relation
 to the business or concerning any of the dealings or affairs of the Group and/or its suppliers,
 customers and/or business partners shall be and remain the property of the Group and shall
 be handed over by her to the Company (or to such other company within the Group) from time
 to time on demand and in any event upon her leaving the employment of the Company, and the
 Employee shall not retain any copy thereof.

For the avoidance of doubt, **"Confidential Information"** shall mean in relation to the businesses carried on by the Group, all information, know-how, trade secrets and records (in whatever form held), including (without limitation) all formulae, designs, specifications, drawings, data, manuals and instructions, customer lists, business plans and forecasts, technical or other expertise and computer software, accounting and tax records, correspondence, orders and enquiries generally.

**12.** **RESTRICTIVE COVENANTS** 

12.1 The
 Employee hereby agrees that during the term of the Agreement and for a period of  ***twelve (12) months*** after the termination of the Agreement, he will not in a manner so as
 to directly interfere with the business of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage
 or be engaged in any country or place where the Group has carried on or is carrying on its
 business, whether directly or indirectly, in any business which is in competition with or
 similar to the Group's business, or take employment with，or provide any services
 to<sub>?</sub> any person engaged, concerned or interested in or operating, whether directly
 or indirectly, such business in any country or place where the Group has carried on or is
 carrying on its business, or assist any such person with technical, commercial or professional
 advice in relation to such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either
 on her own account or for any person, solicit business, from any person (including but not
 limited to any supplier, customer or business partner or prospective supplier, customer or
 business partner of the Group) who at any time during the term of the Agreement has dealt
 with the Company and/or any member of the Group or who on the termination of the Agreement
 is in the process of negotiating with the Company or any member of the Group in relation
 to the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly
 or indirectly, employ any person who has during the term of the Agreement been a director,
 officer, manager, agent or servant of or consultant to the Company and/or any member of the
 Group and who by reason of such employment or appointment is or may be likely to be in possession
 of any Confidential Information relating to the business, trade secrets, suppliers, customers
 and/or business partners of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either
 on her own account or for any person, solicit or entice or endeavour to solicit or entice
 away from any company within the Group any director, officer, manager, agent or servant of
 any company within the Group whether or not such person would commit any breach of her contract
 of employment or services by reason of leaving the employment of the relevant company within
 the Group.

**13.** **INDEMNITY** 

The Employee agrees and undertakes to indemnify and keep effectively indemnified in full the Company on demand from and against all actions, demands, claims, proceedings, liabilities, costs and expenses incurred or sustained by the Company, arising from, as a result of or in connection with any breach by the Employee of any of her obligations under any clause of this Agreement or her obligations implied by law in relation to any of the matters mentioned in any clauses of this Agreement. For the avoidance of doubt, the indemnity given herein shall be without limit in time, and shall bind the Employee's personal representatives, successors and permitted assigns and shall ensure for the benefit of each party's successors or permitted assigns.

**14.** **CONFLICT OF INTEREST** 

The Employee shall declare any of her business interests which may be in conflict with the business or activities of the Group.

**15.** **NOTICES** 

15.1 Any
 notice required or permitted to be given hereunder may be delivered in person or by local
 post or prepaid registered post or email to the parties at the following addresses or such
 other address as may be notified by either party from time to time.

---

| | |
|:---|:---|
| To Company: | Address: ***[Room 2304, 23/F, Saxon Tower, 7 Cheung***<br> ***Shun Street, Lai Chi Kok, Kowloon, Hong Kong]*** |
|  | Email: [\*] |
| To the Employee: | **Unit J 20ZF Tower B One Victoria Kai Tak Koowloon Hong** |
|  | **Kong 99907** |
|  | <u>Email: wend</u>yt<u>@gz</u>dj:<u>fashion.coni</u> |

---

15.2 Any
 such notice and other communication shall be deemed to have been duly given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 local post: two (2) Business Days after posting;

(b) by
 registered post, two (2) Business Days after the date of posting;

(c) by
 hand: on delivery; and

(d) by
 email: on receipt of a delivery or read return mail from the correct email address.

**16.** **SEVERABILITY** 

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

**17.** **GOVERNING LAW AND JURISDICTION** 

This Agreement shall be governed and construed in accordance with the laws of Hong Kong and the parties irrevocably agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong.

 

*The remainder of this page is intentionally left blank*

**IN WITNESS WHEREOF** the parties hereto have signed this Agreement in duplicate executed on the day and year first before written.

---

| | |
|:---|:---|
| **SIGNED** by<br> For and on behalf of<br> **RIVERSTONE LTD**<br> in the presence of: | ![](ex10-6_001.jpg) |

---

---

| | |
|:---|:---|
| **SIGNED** by<br> Holder of China passport No. H20880848.,,, | ![](ex10-6_002.jpg) |

---

## Exhibit 10.7

**Exhibit 10.7**

**THIS AGREEMENT** is made on the 31 day of January, 2025.

**BETWEEN:**

(1) **RIVERSTONE LTD,** a company incorporated under the laws of British Virgin Islands with limited liability
 (Company No.: 2152447) having its registered address at Corporate Registrations Limited of
 Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands and correspondence
 address at  ***[Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong]*** (the "**Company** ");

(2) **Wai Hei Wong,** holder of Hong Kong passport No. H21264605 whose address is at

**Unit J 20/F Tower B One Victoria Kai Tak Kowloon Hong Kong 99907**

**RECITALS**

(A) The
 Company, its holding company, subsidiaries, affiliated and associated companies (collectively
 the "**Group**") have offices in Hong Kong and the PRC. The Company has made
 an offer to the Employee to employ him as the Director for the Company and the Employee has
 accepted the offer.

(B) The
 Company and the Employee have agreed to enter into this Agreement to set out the terms of
 the Employee's employment with the Company.

**NOW IT IS HEREBY AGREED** as follows:-

**1.** **INTERPRETATION** 

1.1 **Definitions** 

In this Agreement, unless the context otherwise requires:

"**Board**" means the board of directors of the Company from time to time or the directors present at any meeting of the Board duly convened and held;

"**Business Day(s)**" means the day on which banks in Hong Kong are open for business, except for Saturdays and Sundays;

"**Hong Kong**" means the Hong Kong Special Administrative Region of the People's Republic of China;

"**HK$**" means Hong Kong dollars, the lawful currency of Hong Kong;

"**PRC**" means the People's Republic of China, and for the purpose of this agreement shall exclude Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan;

1.2 References
 in this Agreement to statutes, bye-laws, regulations and delegated legislation shall include
 any statute, bye-law, regulation or delegated legislation in force at the date hereof whether
 before or after the date hereof modifying, re-enacting, extending or made pursuant to the
 same or which is modified, re-enacted or extended by the same or pursuant to which the same
 is made.

1.3 Clause
 headings in this Agreement are for ease of reference only and shall not be taken into account
 in construing this Agreement.

1.4 References
 in this Agreement to clauses, sub-clauses and paragraphs are references to those construing
 this Agreement.

1.5 In
 this Agreement, unless the contrary intention appears, words importing the singular shall
 include the plural and vice versa, and words importing the masculine gender shall including
 the feminine and neuter genders.

**2.** **TERM AND PLACE OF EMPLOYMENT** 

2.1 The
 employment shall commence on 31 January 2025 and shall continue until termination pursuant
 to Clause 9.

2.2 The
 Employee shall be based in Hong Kong. In the course of performing his duties, the Employee
 may be required to travel to and spend periods in other places as the Company from time to
 time require.

**3.** **EMPLOYEE'S DUTIES AND SERVICES** 

3.1 The
 Employee shall during the continuance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) serve
 the Company in the capacity of a Director with such management responsibilities with regard
 to the Business Development management of the Group. The duties of such role include:

1) Strategic Business Development Planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Develop
 and implement Business Development strategies that support company's growth and align
 with IPO objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Oversee
 Business Development budgeting to ensure financial health and strategic alignment.

2) Compliance and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ensure
 adherence to International regulations and reporting standards for IPO readiness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 accurate Business Development statements for stakeholders, including potential investors.

3) Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Engage
 effectively with investors, analysts, and stakeholders to present the company's Business
 Development vision and outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Position
 the company favorably in the market to attract potential investors.

4) Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Identify
 various types of risks, including operational, strategic, compliance, and reputational risks
 and mitigate such risks associated with the IPO process and ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Establish
 robust internal controls to enhance reporting accuracy and safeguard assets.

5) Team Development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Build
 and lead a high-performing Business Development team, from controllership, manufacturing,
 operations, supplier chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Mentor
 Business Development staff to ensure they possess necessary skills for a public company environment.

6) Operational Efficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Streamline
 Business Development processes to support scalability and efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Implement
 control measures to maintain profitability at the same time enhance performance.

7) Strategic Partnerships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Collaborate
 with investment banks, legal advisors, and auditors to facilitate a smooth IPO process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Evaluate
 mergers and acquisitions that could enhance the company's value pre-IPO.

8) Performance Metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Establish
 key performance indicators (KPIs) to measure ESG and operational performance against IPO
 goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Foster
 a culture of continuous improvement in Business Development practices and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 prevented by ill health, devote all of his time, attention and abilities during normal business
 hours and such additional hours as may reasonably be required to administer, supervise and
 manage and use his best endeavours to carry out his duties hereunder and to protect, promote
 and act in the best interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) faithfully
 and diligently perform all such duties as shall be reasonably required by the Board and carry
 out all lawful and reasonable instructions of the Board according to the best of his skills
 and ability and in compliance with all resolutions and regulations from time to time passed
 or made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 all times keep the Board promptly and fully informed of all matters relating to or in connection
 with the performance and exercise of his duties and powers under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) carry
 out his duties and exercise his powers jointly and collectively with any other executive(s)
 of the Company as shall from time to time be appointed by the Board to act jointly with the
 Employee and the Board may at any time require the Employee
to cease performing or exercising any of his duties or powers under this Agreement.

3.2 The
 Company may from time to time and at any time assign any title to the Employee and any other
 duties to the Employee in addition to or in substitution of any title then held by the Employee
 (including, for the avoidance of doubt, that of a Director) and the duties (if any) then
 assigned to him.

3.3 The
 Employee shall be contactable by the Company during normal working office hours on **Monday to Friday from 9:00 a.m. to 6:00 p.m. (GMT+8).** The Employee may be required to work additional
 hours to the said hours for the proper performance and exercise of his duties and powers
 under this Agreement.

**4.** **REMUNERATION AND EXPENSES** 

4.1 The
 remuneration package of the Employee comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fixed monthly salary of HK$28000 per month from 01 February 2025, which shall be payable
 in arrears on a monthly basis on the last day of each calendar month. If such day is not
 a Business Day, salary shall be paid on the immediately preceding Business Day;

4.2 The
 Company shall pay to the Employee all reasonable expenses properly incurred by the Employee
 in connection with the performance of the duties of the Employee under this Agreement, in
 each case subject to such expenses being evidenced and vouched for in such manner as the
 Board may reasonably require.

4.3 Notwithstanding
 anything to the contrary contained in the articles of association of the Company, the Employee
 shall not be entitled to any other remuneration as an officer or employee of the Company
 other than as mentioned above. The Employee shall not accept from any business associates
 or prospective business associates of the Company any gifts or benefits monetary or otherwise
 without the consent of the Board or in any manner ask for or solicit any such gifts or benefits
 from business associates or prospective business associates of the Company.

**5.** **LEAVE AND PUBLIC HOLIDAY** 

5.1 The
 Employee shall be entitled to 7 Business Days annual leave with pay in each financial year
 of his employment (or on a pro-rata basis if the first financial year is incomplete). Annual
 leave shall be taken at such time as may be agreed by the Company.

5.2 The
 Employee shall also be entitled to Hong Kong statutory public holidays.

**6.** **SICK LEAVE & ABSENCE FROM WORK** 

6.1 The
 Employee must apply to the Company for any sick leave no later than 8 a.m. on the day the
 sick leave is to be taken.

6.2 If
 the Employee is absent from work due to sickness or injury for more than 3 Business Days,
 the Employee must on the first day of work after the sick leave submit to the Company a sick-leave
 certificate issued by a registered medical doctor. Should the Employee's absence prolong,
 he must obtain further medical certificates from the doctor to cover all such absences.

6.3 The
 Employee is entitled to full pay during sick leave as set forth in the Employment Ordinance
 (the Laws of Hong Kong).

**7.** **PATERNITY LEAVE/MATERNITY LEAVE** 

The Employee shall enjoy paternity leave entitlements as set forth in the Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (the "**Employment Ordinance**").

**8.** **TERMINATION** 

8.1 Except
 for the occurrence of any of the events specified in Clause 9.2 herein below, either party
 may terminate this Agreement by giving to the other party at least 3 months' prior
 notice in writing or payment in lieu for the termination of this Agreement by either party
 and the Company shall thereupon be released from the obligations to pay any further salary
 or employment benefits to the Employee upon termination of employment.

8.2 The
 employment of the Employee may be terminated by the Company without notice and compensation
 if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Employee shall be guilty of any dishonesty, misconduct or default or neglect of duty or shall
 commit any continued breach of the terms of this Agreement after written warning (other than
 a breach which being capable of remedy shall be remedied by the Employee to the satisfaction
 of the Board within 30 days upon his being called upon to do so in writing by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Employee shall be guilty of conduct likely to bring himself and/or the Company into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Employee is convicted of any criminal offence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Employee persistently refuses to carry out any reasonable lawful order given to him in the
 course of his employment or persistently fails diligently to attend to his duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Employee shall during the continuance of this Agreement be absent (other than during periods
 of public holiday, approved annual leave or sick leave) for an aggregate period of 5 Business
 Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Employee be convicted of any offence or be identified as an insider dealer under any applicable
 statutory enactment or regulations as in force from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Employee improperly divulges to any unauthorised person any information in breach of Clauses
 11 and 12.

8.3 The
 Company may, if it is advised that it is not entitled under the Employment Ordinance to terminate
 this Agreement by immediate notice pursuant to Clause 9.2, terminate this Agreement upon
 the occurrence of any of the events specified in that Clause by 7 days' notice in writing
 served on the Employee and, in such event, the "agreed period" for the purpose
 of section 6(2)(c) of the Employment Ordinance shall be 7 days.

8.4 The
 Employee shall have no claim against the Company for damages or otherwise by reason of termination
 under Clauses 9.2 and 9.3 and no delay or forbearance by the Company in exercising any such
 right of termination shall constitute a waiver of that right.

8.5 Notwithstanding
 the termination of employment, the Employee shall continue to observe the terms of Clauses
 11 and 12.

**9.** **EFFECT OF TERMINATION** 

All documents, records, correspondence, client lists, accounts, statistics, equipment or other property relating to the Group (including all those items referred to in Clauses 11 and 12) kept in the possession or under the control of the Employee and all copies thereof or extracts therefrom made by or on behalf of the Employee shall be and remain the property of the Group and shall be delivered up to the Group upon the expiry of the Employee's employment with the Company or its sooner determination.

**10.** **OTHER CONDITIONS & COMPUTER SYSTEM AND INTELLECTUAL PROPERTY** 

10.1 The
 Employee shall be engaged by the Company on a part time basis and shall not without specific
 written permission from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 any directorship or other office of profit or engage, directly or indirectly, in any trade
 or business (other than as a minority shareholder of a public quoted company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pursue,
 transact or engage in any activity or business which conflicts with the business of the Group.

10.2 The
 Employee agrees and acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 computer hardware and software facilities including the email facilities (collectively the
 "**System**") provided by the Group for his use and all soft copy data input,
 accounts, information, records, documents whatsoever contained in the System are the property
 of the Group and the Employee undertakes to exercise care and duly observe and comply with
 the laws and such guidelines and directions from time to time issued by the Group and to
 protect the Group's interest in the use and application of the System and the data,
 accounts, information, records and documents whatsoever contained in the System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Group and its authorised agents shall have free and unrestricted access from time to time
 and at all times to the mobile devices (if any), computer work station and server provided
 to him and to conduct such audits and inspections as the Group may deem necessary for any
 purposes of the Group including without limitation proprietary protection or control of data
 and to ensure the System is properly and lawfully used and maintained in accordance with
 the Group's interest and policy.

**11.** **DISCLOSURE / CONFIDENTIAL INFORMATION** 

11.1 The
 Employee shall not at any time during the term of this Agreement or after the termination
 of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly
 or indirectly use, cause or permit any Confidential Information for his own purpose or for
 any purpose other than that of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) divulge
 or communicate or cause, permit or suffer to be divulged or communicated to any person any
 Confidential Information, save to those of the employees or officers of the Group whose province
 is to know the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take
 away or destroy any Confidential Information for the benefit or gain of the Employee or any
 other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) through
 any failure to exercise due care and diligence, cause or permit any unauthorised disclosure
 of any Confidential Information, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relating
 to the dealings, organisation, business, finance, transactions or any other affairs of the
 Group or its suppliers, customers or business partners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of which any such company of the Group is bound by an obligation of confidence to
 any third party,

provided that these restrictions shall cease to apply to any information or knowledge which (otherwise than through the default of the Employee) has become available to the public generally or otherwise required by law or any applicable legislation to be disclosed.

11.2 Since
 the Employee may, by reason of services rendered for or offices held in any other company
 within the Group, have knowledge of the Confidential Information of such company within the
 Group, the Employee hereby agrees that he will at the request and cost of the Company or
 such other company enter into a direct agreement or undertaking with such company whereby
 he will accept restrictions corresponding to the restrictions herein contained for the protection
 of the legitimate interests of such company and the Group.

11.3 All
 notes, memoranda, reports, analysis, records and writings made by the Employee in relation
 to the business or concerning any of the dealings or affairs of the Group and/or its suppliers,
 customers and/or business partners shall be and remain the property of the Group and shall
 be handed over by him to the Company (or to such other company within the Group) from time
 to time on demand and in any event upon his leaving the employment of the Company, and the
 Employee shall not retain any copy thereof.

For the avoidance of doubt, "**Confidential Information**" shall mean in relation to the businesses carried on by the Group, all information, know-how, trade secrets and records (in whatever form held), including (without limitation) all formulae, designs, specifications, drawings, data, manuals and instructions, customer lists, business plans and forecasts, technical or other expertise and computer software, accounting and tax records, correspondence, orders and enquiries generally.

**12.** **RESTRICTIVE COVENANTS** 

12.1 The
 Employee hereby agrees that during the term of the Agreement and for a period of *twelve (12) months* after the termination of the Agreement, he will not in a manner so as to
 directly interfere with the business of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage
 or be engaged in any country or place where the Group has carried on or is carrying on its
 business, whether directly or indirectly, in any business which is in competition with or
 similar to the Group's business, or take employment with, or provide any services to,
 any person engaged, concerned or interested in or operating, whether directly or indirectly,
 such business in any country or place where the Group has carried on or is carrying on its
 business, or assist any such person with technical, commercial or professional advice in
 relation to such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either
 on his own account or for any person, solicit business from any person (including but not
 limited to any supplier, customer or business partner or prospective supplier, customer or
 business partner of the Group) who at any time during the term of the Agreement has dealt
 with the Company and/or any member of the Group or who on the termination of the Agreement
 is in the process of negotiating with the Company or any member of the Group in relation
 to the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly
 or indirectly, employ any person who has during the term of the Agreement been a director,
 officer, manager, agent or servant of or consultant to the Company and/or any member of the
 Group and who by reason of such employment or appointment is or may be likely to be in possession
 of any Confidential Information relating to the business, trade secrets, suppliers, customers
 and/or business partners of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either
 on his own account or for any person, solicit or entice or endeavour to solicit or entice
 away from any company within the Group any director, officer, manager, agent or servant of
 any company within the Group whether or not such person would commit any breach of his contract
 of employment or services by reason of leaving the employment of the relevant company within
 the Group.

**13.** **INDEMNITY** 

The Employee agrees and undertakes to indemnify and keep effectively indemnified in full the Company on demand from and against all actions, demands, claims, proceedings, liabilities, costs and expenses incurred or sustained by the Company, arising from, as a result of or in connection with any breach by the Employee of any of his obligations under any clause of this Agreement or his obligations implied by law in relation to any of the matters mentioned in any clauses of this Agreement. For the avoidance of doubt, the indemnity given herein shall be without limit in time, and shall bind the Employee's personal representatives, successors and permitted assigns and shall ensure for the benefit of each party's successors or permitted assigns.

**14.** **CONFLICT OF INTEREST** 

The Employee shall declare any of his business interests which may be in conflict with the business or activities of the Group.

**15.** **NOTICES** 

15.1 Any
 notice required or permitted to be given hereunder may be delivered in person or by local
 post or prepaid registered post or email to the parties at the following addresses or such
 other address as may be notified by either party from time to time.

---

| | |
|:---|:---|
| To the Company: | Address: [***Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong***] |
|  | Email: [\*] |
| To the Employee: | Address **Unit J 20/F Tower B One Victoria Kai Tak Koowloon Hong Kong 99907** |
|  | <u>Email: david@dnjfashion.com</u> |

---

15.2 Any
 such notice and other communication shall be deemed to have been duly given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 local post: two (2) Business Days after posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 registered post, two (2) Business Days after the date of posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 hand: on delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 email: on receipt of a delivery or read return mail from the correct email address.

**16.** **SEVERABILITY** 

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

**17.** **GOVERNING LAW AND JURISDICTION** 

This Agreement shall be governed and construed in accordance with the laws of Hong Kong and the parties irrevocably agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong.

*The remainder of this page is intentionally left blank*

**IN WITNESS WHEREOF** the parties hereto have signed this Agreement in duplicate executed on the day and year first before written.

---

| | | |
|:---|:---|:---|
| **SIGNED** by | ![](ex10-7_001.jpg))<br>|  |
| for and on behalf of | for and on behalf of) |  |
|  |  | ![](ex10-7_002.jpg) |
| **RIVERSTONE LTD** | **RIVERSTONE LTD**) |  |
| in the presence of: | in the presence of:) |  |
|  | ![](ex10-7_003.jpg) |  |
| **SIGNED** by | **SIGNED** by) |  |
| Holder of Hong Kong passport No. H21264605 | Holder of Hong Kong passport No. H21264605 |  |

---

## Exhibit 10.8

**Exhibit 10.8**

**THIS AGREEMENT** is made on the 29<sup>th</sup>_day of January, 2025.

**BETWEEN:**

(1) **RIVERSTONE LTD,** a company incorporated under the laws of British Virgin Islands with limited liability
 (Company No.: 2152447) having its registered address at Corporate Registrations Limited of
 Sea Meadow House, (P.O. Box 116)，Road Town, Tortola, British Virgin Islands and correspondence
 address at  ***[Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong]*** (the **"Company")；** 

(2) James
 Hart, holder of Australian passport No. PB1338858 whose address is at

**29D Brays Rd Breakfast Point NSW 2137 (**the **"Employee").**

**RECITALS**

(A) The
 Company, its holding company, subsidiaries, affiliated and associated companies (collectively
 the "**Group**") have offices in Hong Kong and the PRC. The Company has made
 an offer to the Employee to employ him as the Chief Sustainability Officer of the Company
 and the Employee has accepted the offer.

(B) The
 Company and the Employee have agreed to enter into this Agreement to set out the terms of
 the Employee's employment with the Company.

**NOW IT IS HEREBY AGREED** as follows:-

---

| | |
|:---|:---|
| **1.** | **INTERPRETATION** |
| 1.1 | **Definitions** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> In this Agreement, unless the context otherwise requires: |
|  | **''Board"** means the board of directors of the Company from time to time or the directors present at any meeting of the Board duly convened and held; |
|  | **"Business Day(s)"** means the day on which banks in Hong Kong are open for business, except for Saturdays and Sundays; |
|  | **"Hong Kong"** means the Hong Kong Special Administrative Region of the People's Republic of China; |
|  | **"HK$"** means Hong Kong dollars, the lawful currency of Hong Kong; |
|  | **"PRC"** means the People's Republic of China, and for the purpose of this agreement shall exclude Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan; |

---

1.2 References
 in this Agreement to statutes, bye-laws, regulations and delegated legislation shall include any statute, bye-law, regulation or delegated
 legislation in force at the date hereof whether before or after the date hereof modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted or extended by the same or pursuant to which the same is made.

1.3 Clause
 headings in this Agreement are for ease of reference only and shall not be taken into account in construing this Agreement.

1.4 References
 in this Agreement to clauses, sub-clauses and paragraphs are references to those construing
 this Agreement.

1.5 In
 this Agreement, unless the contrary intention appears, words importing the singular shall
 include the plural and vice versa, and words importing the masculine gender shall including
 the feminine and neuter genders.

**2.** **TERM AND PLACE OF EMPLOYMENT** 

2.1 The
 employment shall commence on 30<sup>th</sup> January 2025 and shall continue until termination
 pursuant to Clause 9.

2.2 The
 Employee shall be based in Hong Kong. In the course of performing his duties, the Employee
 may be required to travel to and spend periods in other places as the Company from time to
 time require.

**3.** **EMPLOYEE'S DUTIES AND SERVICES** 

3.1 The
 Employee shall during the continuance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) serve
the Company in the capacity of a Chief Sustainability Officer with such management responsibilities with regard to the Environmental
Social Governance (ESG) management of the Group. The duties of such role include:

1) Strategic ESG Planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Develop
 and implement ESG strategies that support company's growth and align with IPO objectives.

■ Oversee
 ESG budgeting to ensure financial health and strategic alignment.

2) Compliance and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ensure
 adherence to International regulations and reporting standards for IPO readiness.

■ Prepare
 accurate ESG statements for stakeholders, including potential investors.

3) Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Engage
 effectively with investors, analysts, and stakeholders to present the company's ESG vision and outlook.

■ Position
 the company favorably in the market to attract potential investors.

4) Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Identify
 various types of risks, including operational, strategic, compliance, and reputational risks and mitigate such risks associated with
 the IPO process and ongoing operations.

■ Establish
 robust internal controls to enhance reporting accuracy and safeguard assets.

5) Team Development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Build
 and lead a high-performing ESG team, from controllership, manufacturing, operations, supplier chain.

■ Mentor
 ESG staff to ensure they possess necessary skills for a public company environment.

6) Operational Efficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Streamline
 ESG processes to support scalability and efficiency.

■ Implement
 control measures to maintain profitability at the same time enhance performance.

7) Strategic Partnerships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Collaborate
 with investment banks, legal advisors, and auditors to facilitate a smooth IPO process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Evaluate
 mergers and acquisitions that could enhance the company's value pre-IPO.

8) Performance Metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Establish
 key performance indicators (KPIs) to measure ESG and operational performance against IPO
 goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Foster
 a culture of continuous improvement in ESG practices and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 prevented by ill health, devote all of his time, attention and abilities during normal business
 hours and such additional hours as may reasonably be required to administer, supervise and
 manage and use his best endeavours to carry out his duties hereunder and to protect, promote
 and act in the best interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) faithfully
 and diligently perform all such duties as shall be reasonably required by the Board and carry
 out all lawful and reasonable instructions of the Board according to the best of his skills
 and ability and in compliance with all resolutions and regulations from time to time passed
 or made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 all times keep the Board promptly and fully informed of all matters relating to or in connection
 with the performance and exercise of his duties and powers under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) carry
 out his duties and exercise his powers jointly and collectively with any other executive(s)
 of the Company as shall from time to time be appointed by the Board to act jointly with the
 Employee and the Board may at any time require the Employee to cease performing or exercising
 any of his duties or powers under this Agreement.

3.2 The
 Company may from time to time and at any time assign any title to the Employee and any other duties to the Employee in addition to
 or in substitution of any title then held by the Employee (including, for the avoidance of doubt, that of a Chief Sustainability Officer)
 and the duties (if any) then assigned to him.

3.3 The
 Employee shall be contactable by the Company during normal working office hours on **Monday to Friday from 9:00 a.m. to 6:00 p.m. (GMT+8).** The Employee may be required to work additional hours to the said hours for the proper performance and exercise of his
 duties and powers under this Agreement.

**4.** **REMUNERATION AND EXPENSES** 

4.1 The
 remuneration package of the Employee comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
fixed monthly salary of HK$28327 per month from 01 February 2025, which shall be payable in arrears on a monthly basis on the last day
of each calendar month. If such day is not a Business Day, salary shall be paid on the immediately preceding Business Day;

---

| | |
|:---|:---|
| 4.2 | The Company shall pay to the Employee all reasonable expenses properly incurred by the Employee in connection with the performance of the duties of the Employee under this Agreement, in each case subject to such expenses being evidenced and vouched for in such manner as the Board may reasonably require. |
| 4.3 | Notwithstanding anything to the contrary contained in the articles of association of the Company, the Employee shall not be entitled to any other remuneration as an officer or employee of the Company other than as mentioned above. The Employee shall not accept from any business associates or prospective business associates of the Company any gifts or benefits monetary or otherwise without the consent of the Board or in any manner ask for or solicit any such gifts or benefits from business associates or prospective business associates of the Company. |
| **5.** | **LEAVE AND PUBLIC HOLIDAY** |
| 5.1 | The Employee shall be entitled to 7 Business Days annual leave with pay in each financial year of her employment (or on a pro-rata basis if the first financial year is incomplete). Annual leave shall be taken at such time as may be agreed by the Company. |
| 5.2 | The Employee shall also be entitled to Hong Kong statutory public holidays. |
| **6.** | **SICK LEAVE & ABSENCE FROM WORK** |
| 6.1 | The Employee must apply to the Company for any sick leave no later than 8 a.m. on the day the sick leave is to be taken. |
| 6.2 | If the Employee is absent from work due to sickness or injury for more than 3 Business Days, the Employee must on the first day of work after the sick leave submit to the Company a sick-leave certificate issued by a registered medical doctor. Should the Employee's absence prolong, he must obtain further medical certificates from the doctor to cover all such absences. |
| 6.3 | The Employee is entitled to full pay during sick leave as set forth in the Employment Ordinance (the Laws of Hong Kong). |
| **7.** | **PATERNITY LEAVE/MATERNITY LEAVE** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>The Employee shall enjoy paternity leave entitlements as set forth in the Employment Ordinance (Chapter 57 of the Laws of Hong Kong) **(**the **"Employment Ordinance").** |
| **8.** | **TERMINATION** |
| 8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Except for the occurrence of any of the events specified in Clause 9.2 herein below, either party may terminate this Agreement by giving to the other party at least 3 months' prior notice in writing or payment in lieu for the termination of this Agreement by either party and the Company shall thereupon be released from the obligations to pay any further salary or employment benefits to the Employee upon termination of employment. |
| 8.2 | The employment of the Employee may be terminated by the Company without notice and compensation if:- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Employee shall be guilty of any dishonesty, misconduct or default or neglect of duty or shall
 commit any continued breach of the terms of this Agreement after written warning (other than
 a breach which being capable of remedy shall be remedied by the Employee to the satisfaction
 of the Board within 30 days upon her being called upon to do so in writing by the Board);

(b) the
 Employee shall be guilty of conduct likely to bring herself and/or the Company into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Employee is convicted of any criminal offence;

(d) the
 Employee persistently refuses to carry out any reasonable lawful order given to her in the
 course of her employment or persistently fails diligently to attend to her duties hereunder;

(e) the
 Employee shall during the continuance of this Agreement be absent (other than during periods
 of public holiday, approved annual leave or sick leave) for an aggregate period of *5* Business Days;

(f) the
 Employee be convicted of any offence or be identified as an insider dealer under any applicable
 statutory enactment or regulations as in force from time to time; or

(g) the
 Employee improperly divulges to any unauthorised person any information in breach of Clauses
 11 and 12.

---

| | |
|:---|:---|
| 8.3 | The Company may, if it is advised that it is not entitled under the Employment Ordinance to terminate this Agreement by immediate notice pursuant to Clause 9.2, terminate this Agreement upon the occurrence of any of the events specified in that Clause by 7 days' notice in writing served on the Employee and, in such event, the "agreed period" for the purpose of section 6(2)(c) of the Employment Ordinance shall be 7 days. |
| 8.4 | The Employee shall have no claim against the Company for damages or otherwise by reason of termination under Clauses 9.2 and 9.3 and no delay or forbearance by the Company in exercising any such right of termination shall constitute a waiver of that right. |
| 8.5 | Notwithstanding the termination of employment, the Employee shall continue to observe the terms of Clauses 11 and 12. |
| **9.** | **EFFECT OF TERMINATION** |
|  | All documents, records, correspondence, client lists, accounts, statistics, equipment or other property relating to the Group (including all those items referred to in Clauses 11 and 12) kept in the possession or under the control of the Employee and all copies thereof or extracts therefrom made by or on behalf of the Employee shall be and remain the property of the Group and shall be delivered up to the Group upon the expiry of the Employee's employment with the Company or its sooner determination. |
| **10.** | **OTHER CONDITIONS & COMPUTER SYSTEM AND INTELLECTUAL PROPERTY** |
| 10.1 | The Employee shall be engaged by the Company on a part time basis and shall not without specific written permission from the Company: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 any directorship or other office of profit or engage, directly or indirectly, in any trade
 or business (other than as a minority shareholder of a public quoted company); and

(b) pursue,
 transact or engage in any activity or business which conflicts with the business of the Group.

10.2 The
 Employee agrees and acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 computer hardware and software facilities including the email facilities (collectively the **"System"** provided by
 the Group for her use and all soft copy data input, accounts, information, records, documents whatsoever contained in the System are
 the property of the Group and the Employee undertakes to exercise care and duly observe and comply with the laws and such guidelines
 and directions from time to time issued by the Group and to protect the Group's interest in the use and application of the
 System and the data, accounts, information, records and documents whatsoever contained in the System;

(b) the
 Group and its authorised agents shall have free and unrestricted access from time to time
 and at all times to the mobile devices (if any), computer work station and server provided
 to her and to conduct such audits and inspections as the Group may deem necessary for any
 purposes of the Group including without limitation proprietary protection or control of data
 and to ensure the System is properly and lawfully used and maintained in accordance with
 the Group's interest and policy.

**11.** **DISCLOSURE / CONFIDENTIAL INFORMATION** 

11.1 The
 Employee shall not at any time during the term of this Agreement or after the termination of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly
 or indirectly use, cause or permit any Confidential Information for her own purpose or for
 any purpose other than that of the Group;

(b) divulge
 or communicate or cause, permit or suffer to be divulged or communicated to any person any
 Confidential Information, save to those of the employees or officers of the Group whose province
 is to know the same;

(c) take
 away or destroy any Confidential Information for the benefit or gain of the Employee or any
 other person;

(d) through
 any failure to exercise due care and diligence, cause or permit any unauthorised disclosure
 of any Confidential Information, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relating
 to the dealings, organisation, business, finance, transactions or any other affairs of the
 Group or its suppliers, customers or business partners; or

(ii) in
 respect of which any such company of the Group is bound by an obligation of confidence to
 any third party,

provided that these restrictions shall cease to apply to any information or knowledge which (otherwise than through the default of the Employee) has become available to the public generally or otherwise required by law or any applicable legislation to be disclosed.

---

| | |
|:---|:---|
| 11.2 | Since the Employee may, by reason of services rendered for or offices held in any other company within the Group, have knowledge of the Confidential Information of such company within the Group, the Employee hereby agrees that he will at the request and cost of the Company or such other company enter into a direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained for the protection of the legitimate interests of such company and the Group. |
| 11.3 | All notes, memoranda, reports, analysis, records and writings made by the Employee in relation to the business or concerning any of the dealings or affairs of the Group and/or its suppliers, customers and/or business partners shall be and remain the property of the Group and shall be handed over by her to the Company (or to such other company within the Group) from time to time on demand and in any event upon her leaving the employment of the Company, and the Employee shall not retain any copy thereof. |
|  | For the avoidance of doubt, **"Confidential Information"** shall mean in relation to the businesses carried on by the Group, all information, know-how, trade secrets and records (in whatever form held), including (without limitation) all formulae, designs, specifications, drawings, data, manuals and instructions, customer lists, business plans and forecasts, technical or other expertise and computer software, accounting and tax records, correspondence, orders and enquiries generally. |
| **12.** | **RESTRICTIVE COVENANTS** |
| 12.1 | The Employee hereby agrees that during the term of the Agreement and for a period of *twelve (12) months* after the termination of the Agreement, he will not in a manner so as to directly interfere with the business of the Group: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage
 or be engaged in any country or place where the Group has carried on or is carrying on its
 business, whether directly or indirectly, in any business which is in competition with or
 similar to the Group's business, or take employment with, or provide any services to, any
 person engaged, concerned or interested in or operating, whether directly or indirectly,
 such business in any country or place where the Group has carried on or is carrying on its
 business, or assist any such person with technical, commercial or professional advice in
 relation to such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either
 on her own account or for any person, solicit business from any person (including but not
 limited to any supplier, customer or business partner or prospective supplier, customer or
 business partner of the Group) who at any time during the term of the Agreement has dealt
 with the Company and/or any member of the Group or who on the termination of the Agreement
 is in the process of negotiating with the Company or any member of the Group in relation
 to the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly
 or indirectly, employ any person who has during the term of the Agreement been a director,
 officer, manager, agent or servant of or consultant to the Company and/or any member of the
 Group and who by reason of such employment or appointment is or may be likely to be in possession
 of any Confidential Information relating to the business, trade secrets, suppliers, customers
 and/or business partners of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either
 on his own account or for any person, solicit or entice or endeavour to solicit or entice
 away from any company within the Group any director, officer, manager, agent or servant of
 any company within the Group whether or not such person would commit any breach of his contract
 of employment or services by reason of leaving the employment of the relevant company within
 the Group.

---

| | |
|:---|:---|
| **13.** | **INDEMNITY** |
|  | The Employee agrees and undertakes to indemnify and keep effectively indemnified in full the Company on demand from and against all actions, demands, claims, proceedings, liabilities, costs and expenses incurred or sustained by the Company, arising from, as a result of or in connection with any breach by the Employee of any of his obligations under any clause of this Agreement or his obligations implied by law in relation to any of the matters mentioned in any clauses of this Agreement. For the avoidance of doubt, the indemnity given herein shall be without limit in time, and shall bind the Employee's personal representatives, successors and permitted assigns and shall ensure for the benefit of each party's successors or permitted assigns. |
| **14.** | **CONFLICT OF INTEREST** |
|  | The Employee shall declare any of his business interests which may be in conflict with the business or activities of the Group. |
| **15.** | **NOTICES** |
| 15.1 | Any notice required or permitted to be given hereunder may be delivered in person or by local post or prepaid registered post or email to the parties at the following addresses or such other address as may be notified by either party from time to time. |

---

---

| | |
|:---|:---|
| To the Company: | Address: ***[Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok，Kowloon, Hong Kong]*** |
|  | Email: [\*] |
| To the Employee: | Address: 29D Brays Rd Breakfast Point NSW 2137 |
|  | <u>Email: popppyjimjam@gmail.com</u> |

---

15.2 Any
 such notice and other communication shall be deemed to have been duly given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by local
 post: two (2) Business Days after posting;

(b) by registered
 post, two (2) Business Days after the date of posting;

(c) by hand:
 on delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 email: on receipt of a delivery or read return mail from the correct email address.

---

| | |
|:---|:---|
| **16.** | **SEVERABILITY** |
|  | If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. |
| **17.** | **GOVERNING LAW AND JURISDICTION** |
|  | This Agreement shall be governed and construed in accordance with the laws of Hong Kong and the parties irrevocably agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong. |

---

The remainder of this page is intentionally left blank

**IN WITNESS WHEREOF** the parties hereto have signed this Agreement in duplicate executed on the day and year first before written.

---

| | | |
|:---|:---|:---|
| **SIGNED** by | ![](ex10-8_001.jpg) | *For and on behalf of* |
| for and on behalf of | for and on behalf of) | **Riverstone Ltd** |
| **RIVERSTONE LTD** | **RIVERSTONE LTD**) |  |
| in the presence of: | in the presence of:) |  |
|  |  | *Authorized Signature (s)* |
| **SIGNED** by | ![](ex10-8_002.jpg) |  |

---

Holder of Australian passport No. PB1338858.

## Exhibit 10.9

**Exhibit 10.9** 

**THIS AGREEMENT** is made on the 16 day of January 2025.

**BETWEEN:**

(1) **RIVERSTONE LTD,** a company incorporated under the laws of British Virgin Islands with limited liability
 (Company No.: 2152447) having its registered address at Corporate Registrations Limited of
 Sea Meadow House, (P.O. Box 116), Road Town, Tortola, British Virgin Islands and correspondence
 address at  ***[Room 2304, 23/F, Saxon Tower,*** 7  ***Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong]*** (the **"Company");** 

(2) ![](ex10-9_001.jpg) **Wong Kang Bor Alex,** holder of Hong Kong  ***[identity card no. K 216272(5) whose address is at*** 

(3) **Flat 7 Room B, Mei Foo Sun Chuen 3 Broadway Street, Lai Chi Kok Hong Kong** (the **"Employee").** 

**RECITALS**

(A) The
 Company, its holding company, subsidiaries, affiliated and associated companies (collectively
 the **"Group")** have offices in Hong Kong and the PRC. The Company has made
 an offer to the Employee to employ him as the ,Chief Financial Officer of the Company and
 the Employee has accepted the offer.

(B) The
 Company and the Employee have agreed to enter into this Agreement to set out the terms of
 the Employee's employment with the Company.

**NOW IT IS HEREBY AGREED** as follows:-

**1.** **INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

**"Board"** means the board of directors of the Company from time to time or the directors present at any meeting of the Board duly convened and held;

**"Business Day(s)"** means the day on which banks in Hong Kong are open for business, except for Saturdays and Sundays;

**"Hong Kong"** means the Hong Kong Special Administrative Region of the People's Republic of China;

**"HK$"** means Hong Kong dollars, the lawful currency of Hong Kong;

**"PRC"** means the People's Republic of China, and for the purpose of this agreement shall exclude Hong Kong, Macau Special Administrative Region of the People's Republic of China and Taiwan;

1.2 References
 in this Agreement to statutes, bye-laws, regulations and delegated legislation shall include
 any statute, bye-law, regulation or delegated legislation in force at the date hereof whether
 before or after the date hereof modifying, re-enacting, extending or made pursuant to the
 same or which is modified, re-enacted or extended by the same or pursuant to which the same
 is made.

1.3 Clause
 headings in this Agreement are for ease of reference only and shall not be taken into account
 in construing this Agreement.

1.4 References
 in this Agreement to clauses, sub-clauses and paragraphs are references to those construing
 this Agreement.

1.5 In
 this Agreement, unless the contrary intention appears, words importing the singular shall
 include the plural and vice versa, and words importing the masculine gender shall including
 the feminine and neuter genders.

**2.** **TERM AND PLACE OF EMPLOYMENT** 

2.1 The
 employment shall commence on 16 November 2024 and shall continue until termination pursuant
 to Clause 9.

2.2 The
 Employee shall be based in Hong Kong. In the course of performing his duties, the Employee
 may be required to travel to and spend periods in other places as the Company from time to
 time require.

**3.** **EMPLOYEE'S DUTIES AND SERVICES** 

3.1 The
 Employee shall during the continuance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) serve
 the Company in the capacity of a Chief Financial Officer with such management responsibilities
 with regard to the accounting and financing of the Group. The duties of such role include:

1) Strategic Financial Planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Develop
 and implement financial strategies that support company's growth and align with IPO
 objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Oversee
 budgeting to ensure financial health and strategic alignment.

2) Compliance and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ensure
 adherence to financial regulations and reporting standards for IPO readiness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare
 accurate financial statements for stakeholders, including potential investors.

3) Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Engage
 effectively with investors, analysts, and stakeholders to present the company's vision
 and financial outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Position
 the company favorably in the market to attract potential investors.

4) Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Identify
 various types of risks, including financial, operational, strategic, compliance, and reputational
 risks and mitigate financial risks associated with the IPO process and ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Establish
 robust internal controls to enhance reporting accuracy and safeguard assets.

5) Team Development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Build
 and lead a high-performing finance team, from controllership, FP&A, financial operations,
 tax and treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Mentor
 finance staff to ensure they possess necessary skills for a public company environment.

6) Operational Efficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Streamline
 financial processes to support scalability and efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Implement
 cost control measures to maintain profitability and enhance performance.

7) Strategic Partnerships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Collaborate
 with investment banks, legal advisors, and auditors to facilitate a smooth IPO process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Evaluate
 mergers and acquisitions that could enhance the company's value pre-IPO.

8) Performance Metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Establish
 key performance indicators (KPIs) to measure financial and operational performance against
 IPO goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Foster
 a culture of continuous improvement in financial practices and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 prevented by ill health, devote all of his time, attention and abilities during normal business
 hours and such additional hours as may reasonably be required to administer, supervise and
 manage and use his best endeavours to carry out his duties hereunder and to protect, promote
 and act in the best interests of the Group;

(c) faithfully
 and diligently perform all such duties as shall be reasonably required by the Board and carry
 out all lawful and reasonable instructions of the Board according to the best of his·
 skills and ability and in compliance with all resolutions and regulations from time to time
 passed or made by the Board;

(d) at
 all times keep the Board promptly and fully informed of all matters relating to or in connection
 with the performance and exercise of his duties and powers under this Agreement;

(e) carry
 out his duties and exercise his powers jointly and collectively with any other executive(s)
 of the Company as shall from time to time be appointed by the Board to act jointly with the
 Employee and the Board may at any time require the Employee to cease performing or exercising
 any of his duties or powers under this Agreement.

3.2 The
 Company may from time to time and at any time assign any title to the Employee and any other
 duties to the Employee in addition to or in substitution of any title then held by the Employee
 (including, for the avoidance of doubt, that of a Chief Financial Officer) and the duties
 (if any) then assigned to him.

3.3 The
 Employee shall be contactable by the Company during normal working office hours on **Monday to Friday from 9:00 a.m. to 6:00 p.m. (GMT+8).** The Employee may be required to work additional
 hours to the said hours for the proper performance and exercise of his duties and powers
 under this Agreement.

**4.** **REMUNERATION AND EXPENSES** 

4.1 The
 remuneration package of the Employee comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fixed monthly salary of HK$40,000 per month (or on a pro-rata basis for an incomplete month)
 before I December 2024 and a fixed monthly salary of HK$60,000 per month (or on a pro-rata
 basis for an incomplete month) from I December 2024, which shall be payable in arrears on
 a monthly basis on the last day of each calendar month. If such day is not a Business Day,
 salary shall be paid on the immediately preceding Business Day;

4.2 The
 Company shall pay to the Employee all reasonable expenses properly incurred by the Employee
 in connection with the performance of the duties of the Employee under this Agreement, in
 each case subject to such expenses being evidenced and vouched for in such manner as the
 Board may reasonably require.

4.3 Notwithstanding
 anything to the contrary contained in the articles of association of the Company, the Employee
 shall not be entitled to any other remuneration as an officer or employee of the Company
 other than as mentioned above. The Employee shall not accept from any business associates
 or prospective business associates of the Company any gifts or benefits monetary or otherwise
 without the consent of the Board or in any manner ask for or solicit any such gifts or benefits
 from business associates or prospective business associates of the Company.

**5.** **LEAVE AND PUBLIC HOLIDAY** 

5.1 The
 Employee shall be entitled to 7 Business Days annual leave with pay in each financial year
 of her employment (or on a pro-rata basis if the first financial year is incomplete). Annual
 leave shall be taken at such time as may be agreed by the Company.

5.2 The
 Employee shall also be entitled to Hong Kong statutory public holidays.

**6.** **SICK LEAVE & ABSENCE FROM WORK** 

6.1 The
 Employee must apply to the Company for any sick leave no later than 8 a.m. on the day the
 sick leave is to be taken.

6.2 If
 the Employee is absent from work due to sickness or injury for more than 3 Business Days,
 the Employee must on the first day of work after the sick leave submit to the Company a sick
 leave certificate issued by a registered medical doctor. Should the Employee's absence
 prolong, he must obtain further medical certificates from the doctor to cover all such absences.

6.3 The
 Employee is entitled to full pay during sick leave as set forth in the Employment Ordinance
 (the Laws of Hong Kong).

**7.** **PATERNITY LEAVE/MATERNITY LEAVE** 

The Employee shall enjoy paternity leave entitlements as set forth in the Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (the **"Employment Ordinance").**

**8.** **TERMINATION** 

8.1 Except
 for the occurrence of any of the events specified in Clause 9.2 herein below, either party
 may terminate this Agreement by giving to the other party at least 3 months' prior
 notice in writing or payment in lieu for the termination of this Agreement by either party
 and the Company shall thereupon be released from the obligations to pay any further salary
 or employment benefits to the Employee upon termination of employment.

8.2 The
 employment of the Employee may be terminated by the Company without notice and compensation
 if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Employee shall be guilty of any dishonesty, misconduct or default or neglect of duty or shall
 commit any continued breach of the terms of this Agreement after written warning (other than
 a breach which being capable of remedy shall be remedied by the Employee to the satisfaction
 of the Board within 30 days upon her being called upon to do so in writing by the Board);

(b) the
 Employee shall be guilty of conduct likely to bring herself and/or the Company into disrepute;

(c) the
 Employee is convicted of any criminal offence;

(d) the
 Employee persistently refuses to carry out any reasonable lawful order given to her in the
 course of her employment or persistently fails diligently to attend to her duties hereunder;

(e) the
 Employee shall during the continuance of this Agreement be absent (other than during periods
 of public holiday, approved annual leave or sick leave) for an aggregate period of 5 Business
 Days;

(f) the
 Employee be convicted of any offence or be identified as an insider dealer under any applicable
 statutory enactment or regulations as in force from time to time; or

(g) the
 Employee improperly divulges to any unauthorised person any information in breach of Clauses
 11 and 12.

8.3 The
 Company may, if it is advised that it is not entitled under the Employment Ordinance to terminate
 this Agreement by immediate notice pursuant to Clause 9.2, terminate this Agreement upon
 the occurrence of any of the events specified in that Clause by 7 days' notice in writing
 served on the Employee and, in such event, the "agreed period" for the purpose
 of section 6(2)(c) of the Employment Ordinance shall be 7 days.

8.4 The
 Employee shall have no claim against the Company for damages or otherwise by reason of termination
 under Clauses 9.2 and 9.3 and no delay or forbearance by the Company in exercising any such
 right of termination shall constitute a waiver of that right.

8.5 Notwithstanding
 the termination of employment, the Employee shall continue to observe the terms of Clauses
 11 and 12.

**9.** **EFFECT OF TERMINATION** 

All documents, records, correspondence, client lists, accounts, statistics, equipment or other property relating to the Group (including all those items referred to in Clauses 11 and 12) kept in the possession or under the control of the Employee and all copies thereof or extracts therefrom made by or on behalf of the Employee shall be and remain the property of the Group and shall be delivered up to the Group upon the expiry of the Employee's employment with the Company or its sooner determination.

**10.** **OTHER CONDITIONS & COMPUTER SYSTEM AND INTELLECTUAL PROPERTY** 

10.1 The
 Employee shall be engaged by the Company on a part time basis and shall not without specific
 written permission from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 any directorship or other office of profit or engage, directly or indirectly, in any trade
 or business (other than as a minority shareholder of a public quoted company); and

(b) pursue,
 transact or engage in any activity or business which conflicts with the business of the Group.

10.2 The
 Employee agrees and acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 computer hardware and software facilities including the email facilities (collectively the **"System")** provided by the Group for her use and all soft copy data input,
 accounts, information, records, documents whatsoever contained in the System are the property
 of the Group and the Employee undertakes to exercise care and duly observe and comply with
 the laws and such guidelines and directions from time to time issued by the Group and to
 protect the Group's interest in the use and application of the System and the data,
 accounts, information, records and documents whatsoever contained in the System;

(b) the
 Group and its authorised agents shall have free and unrestricted access from time to time
 and at all times to the mobile devices (if any), computer work station and server provided
 to her and to conduct such audits and inspections as the Group may deem necessary for any
 purposes of the Group including without limitation proprietary protection or control of data
 and to ensure the System is properly and lawfully used and maintained in accordance with
 the Group's interest and policy.

**11.** **DISCLOSURE/ CONFIDENTIAL INFORMATION** 

11.1 The
 Employee shall not at any time during the term of this Agreement or after the termination
 of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly
 or indirectly use, cause or permit any Confidential Information for her own purpose or for
 any purpose other than that of the Group;

(b) divulge
 or communicate or cause, permit or • suffer to be divulged or communicated to any person
 any Confidential Information, save to those of the employees or officers of the Group whose
 province is to know the same;

(c) take
 away or destroy any Confidential Information for the benefit or gain of the Employee or any
 other person;

(d) through
 any failure to exercise due care and diligence, cause or permit any unauthorised disclosure
 of any Confidential Information, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relating
 to the dealings, organisation, business, finance, transactions or any other affairs of the
 Group or its suppliers, customers or business partners; or

(ii) in
 respect of which any such company of the Group is bound by an obligation of confidence to
 any third party,

provided that these restrictions shall cease to apply to any information or knowledge which (otherwise than through the default of the Employee) has become available to the public generally or otherwise required by law or any applicable legislation to be disclosed.

11.2 Since
 the Employee may, by reason of services rendered for or offices held in any other company
 within the Group, have knowledge of the Confidential Information of such company within the
 Group, the Employee hereby agrees that he will at the request and cost of the Company or
 such other company enter into a direct agreement or undertaking with such company whereby
 he will accept restrictions corresponding to the restrictions herein contained for the protection
 of the legitimate interests of such company and the Group.

11.3 All
 notes, memoranda, reports, analysis, records and writings made by the Employee in relation
 to the business or concerning any of the dealings or affairs of the Group and/or its suppliers,
 customers and/or business partners shall be and remain the property of the Group and shall
 be handed over by her to the Company (or to such other company within the Group) from time
 to time on demand and in any event upon her leaving the employment of the Company, and the
 Employee shall not retain any copy thereof.

For the avoidance of doubt, **"Confidential Information"** shall mean in relation to the businesses carried on by the Group, all information, know-how, trade secrets and records (in whatever form held), including (without limitation) all formulae, designs, specifications, drawings, data, manuals and instructions, customer lists, business plans and forecasts, technical or other expertise and computer software, accounting and tax records, correspondence, orders and enquiries generally.

**12.** **RESTRICTIVE COVENANTS** 

12.1 The
 Employee hereby agrees that during the term of the Agreement and for a period of *twelve (12) months* after the termination of the Agreement, he will not in a manner so as to
 directly interfere with the business of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage
 or be engaged in any country or place where the Group has carried on or is carrying on its
 business, whether directly or indirectly, in any business which is in competition with or
 similar to the Group's business, or take employment with, or provide any services to,
 any person engaged, concerned or interested in or operating, whether directly or indirectly,
 such business in any country or place where the Group has carried on or is carrying on its
 business, or assist any such person with technical, commercial or professional advice in
 relation to such business;

(b) either
 on her own account or for any person, solicit business from any person (including but not
 limited to any supplier, customer or business partner or prospective supplier, customer or
 business partner of the Group) who at any time during the term of the Agreement has dealt
 with the Company and/or any member of the Group or who on the termination of the Agreement
 is in the process of negotiating with the Company or any member of the Group in relation
 to the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly
 or indirectly, employ any person who has during the term of the Agreement been a director,
 officer, manager, agent or servant of or consultant to the Company and/or any member of the
 Group and who by reason of such employment or appointment is or may be likely to be in possession
 of any Confidential Information relating to the business, trade secrets, suppliers, customers
 and/or business partners of the Group; and

(d) either
 on his own account or for any person, solicit or entice or endeavour to solicit or entice
 away from any company within the Group any director, officer, manager, agent or servant of
 any company within the Group whether or not such person would commit any breach of his contract
 of employment or services by reason of leaving the employment of the relevant company within
 the Group.

**13.** **INDEMNITY** 

The Employee agrees and undertakes to indemnify and keep effectively indemnified in full the Company on demand from and against all actions, demands, claims, proceedings, liabilities, costs and expenses incurred or sustained by the Company, arising from, as a result of or in connection with any breach by the Employee of any of his obligations under any clause of this Agreement or his obligations implied by law in relation to any of the matters mentioned in any clauses of this Agreement. For the avoidance of doubt, the indemnity given herein shall be without limit in time, and shall bind the Employee's personal representatives, successors and permitted assigns and shall ensure for the benefit of each party's successors or permitted assigns.

**14.** **CONFLICT OF INTEREST** 

The Employee shall declare any of his business interests which may be in conflict with the business or activities of the Group.

**15.** **NOTICES** 

15.1 Any
 notice required or permitted to be given hereunder may be delivered in person or by local
 post or prepaid registered post or email to the parties at the following addresses or such
 other address as may be notifie(l by either party from time to time.

---

| | |
|:---|:---|
| To the Company: | Address: ***[Room 2304, 23/F, Saxon Tower,*** 7 ***Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong]*** |
|  | Email:.[\*] |
| To the Employee: | Address: Flat 7, Room B, MeiFoo Sun Chuen, 3 Broadway Street, Lei Chi Kok, Kolwoon, Hong Kong. |
|  | Email:Awong.cpa@akacpa.net |

---

15.2 Any
 such notice and other communication shall be deemed to have been duly given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 local post: two (2) Business Days after posting;

(b) by
 registered post, two (2) Business Days after the date of posting;

(c) by
 hand: on delivery; and

(d) by
 email: on receipt of a delivery or read return mail from the correct email address.

**16.** **SEVERABILITY** 

If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

**17.** **GOVERNING LAW AND JURISDICTION** 

This Agreement shall be governed and construed in accordance with the laws of Hong Kong and the parties irrevocably agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong.

*The remainder of this page is intentionally left blank*

 

 

**IN WITNESS WHEREOF** the parties hereto have signed this Agreement in duplicate executed on the day and year first before written.

---

| | | |
|:---|:---|:---|
| **SIGNED** by | ![](ex10-9_002.jpg) | For and on behalf of |
| for and on behalf of | for and on behalf of) | **Riverstone Ltd** |
| **RIVERSTONE LTD** | **RIVERSTONE LTD**) |  |
| in the presence of: | in the presence of:) |  |
|  |  | *Authorized Signature (s)* |
| **SIGNED** by | ![](ex10-9_003.jpg) |  |

---

Holder of [Hong Kong Identity card no. ofK216272(5)

## Exhibit 10.13

**Exhibit 10.13**

**LA APPAREL MART - OFFICE LEASE**

**1. PARTIES**. This lease, dated, for reference purposes only, <u>08/23/24</u>, is made by and between LA APPAREL MART L.L.C. (herein called :Lessor:) and <u>JAMES R. HART SUITE #0515</u> (herein called "Lessee").

**2. PREMISES**. Lessor hereby leases to lessee. and Lessee leases from Lessor for the term. at the rental. and upon all of the conditions set forth herein, that certain real property situated in the City and County of Los Angeles, State of California, commonly known as Suite <u>#0515</u> as outlined on the floor plan attached hereto as Exhibit "A" (the "Premises"), located in the La Apparel Mart at 112 West 9th Street. Los Angeles, California 90015 (the Building).

**3. TERM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Term**. The term of this Lease shall be for <u>SIX MONTHS (6)</u> commencing on <u>SEPTEMBER 01, 2024</u> and ending on <u>FEBRUARY 28, 2025</u> unless sooner terminated pursuant to any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Delay in Possession**. Notwithstanding said commencement date, it for any reason Lessor cannot deliver possession of the Premises Lessee on said date, Lessor shall not be subject to any liability therefore, nor shall such failure affect the validity of this Lease or the obligations of Lessee hereunder or extend the term hereof, but in such case, Lessee shall not be obligated to pay rent until possession of the Premises is tendered to Lessee provided, however, that if Lessor shall not have delivered possession of the Premises within ninety (90) days from said commencement date, Lessee may, at Lessee's option, by notice in writing to Lessor within ten (10) days thereafter, cancel this Lease, in which event the parties shall be discharged from all obligations hereunder, provided further, however. that if such written notice of Lessee is not received by Lessor within said ten (10) day period , Lessee 's right to cancel this Lease hereunder shall terminate and shall terminate and be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Early Possession**. If Lessee occupies the Premises prior to said commencement date, such occupancy shall be Subject to all provisions hereof, such occupancy shall not advance the termination date, and Lessee shall pay rent for such period at the initial monthly rates set forth below.

4. RENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Base Rent**. As rental for the demised premises Tenant agrees to pay Landlord the following sums:

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| | | | |
|:---|:---|:---|:---|
| $1750.00 | a month for the period commencing | SEPTEMBER 01, 2024and ending | FEBRUARY 28, 2025 |
| $— | a month for the period commencing | and ending |  |
| $— | a month for the period commencing | and ending |  |
| $— | a month for the period commencing | and ending |  |

---

Tenant agrees that all rental due and payable without notice hereunder shall be paid at the management office of the Landlord at 112 West 9th Street Suite # 1200, Los Angeles, California, or such other place as Landlord shall, from time to time, designate. Tenant agrees that the rental hereinabove provided shall be due and payable on the first day of each month during the term of this Lease and Landlord may charge: late fee of ten percent (10%) on any payment of any rent of other charges which are not paid within five (5) days from due date in addition to interest thereon. Landlord may apply any monies received from Tenant to interest or to any other amounts due from Tenant, or to rent, at Landlord's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Consumer Price Index Adjustment**. The monthly base rent shall be adjusted annually as of January 1 ("annual adjustment date") upward, but not downward, as follows: The adjustment shall be calculated by referring (a) to the index figure for the month of November of the year immediately preceding the year in which this Lease is executed ("base month") and (b) the index figure for the month of November preceding the annual adjustment date ("adjustment month") as shown in the Consumer Price index., All Urban Consumers, for the Los Angeles-Anaheim-Riverside area, as published by the Bureau of Labor Statistics of the United States Department of Labor ("CPI") based on the period 1982-84. If the index figure for the applicable adjustment month is higher than the index figure for the base month, said monthly base rent shall be increased, effective as of January 1 following the adjustment month, by the same percentage as the percentage increase of the CPI. If the 1982-84 base of the CPI is changed, the 1982-84 base shall be converted to the new base in accordance with the tables issued by said Bureau, and the base as so converted shall be used. If the CPI is discontinued or the 1982-84 base cannot be so converted, Lessor in its sole discretion shall select an alternative index to adjust the monthly base rent to reflect the increase in the price of goods and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Direct Costs**. If, in any year during the term of this Lease, the "direct costs" (as hereinafter defined) paid or incurred by Lessor shall be higher than such costs for the year prior to the year in which this Lease was executed (the "Comparison Year"), the rent payable by Lessee for each year subsequent to the Comparison Year shall be increased by "Lessee's proportionate Share" of such increased costs. Lessee's Proportionate Share expressed as a percentage is <u>0.00320</u> %. If this Lease commences or terminates on any date other than the first or last day of the year, the amount of increase in rent payable by Lessee during the year in which this Lease commences and/or terminates shall be prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used herein the term "direct costs" shall mean the sum of Taxes and Operating Costs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The term "Taxes" shall mean all real property taxes (including increases in real property taxes caused by reappraisals that are the result of changes in the ownership of Lessor's interest) and personal property taxes, charges and assessments which are levied, assessed upon or imposed by any governmental authority or political subdivision thereof during any calendar year of the term hereof with respect to the Building and the land on which the Building is located and any improvements, fixtures. and equipment and all other property of Lessor, real or personal, used in connection with the operation of the Building, sidewalks and exterior landscaped areas (computed as it paid in permitted installments regardless of whether actuall y so paid) and any tax which shall be levied or assessed in addition to or in lieu of such real or personal property taxes, and any license fees, tax measured by or imposed upon rents, or other tax or charge upon Lessor's business of leasing the premises. or other parts of the Building, but shall not include any federal or state income tax, or any franchise capital stock, estate or inheritance taxes. All assessments, taxes, fees, levies and charges imposed by governmental agencies for services such as fire protection, street, sidewalk and road maintenance. refuse removal and other public services generally provided without charge to owners or occupants prior to the adoption of Proposition 13 by the voters of the State of California in the June 1978 election, also shall be deemed included within the definition of "taxes" for the purposes of this Lease.

---

| | | |
|:---|:---|:---|
|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The term "Operating Costs" shall mean the sum of all expenses paid or incurred by lessor during any calendar year of the term hereof in connection with the operation, maintenance, insurance, management and repair of the Building, including both interior and exterior landscaped areas, and sidewalks; provided, however. that the term "Operating Costs" shall not include operating expenses for the costs of special services rendered to lessees (including Lessee) for which a special charge is made hereunder, any costs of preparation or leasing of space for new lessees in the Building or any costs borne directly by Lessee under this Lease. By way of example, Operating Costs shall include without limitation; all expenses paid or incurred by Lessor during any calendar year of the term hereof for electricity, water, gas and sewers, and similar utilities services in connection with the operation of the Building. and for utility taxes, charges or other similar impositions paid or incurred by Lessor in connection therewith; maintenance and repair of HVAC, electrical and plumbing; maintenance and operation of guard service or security devices which Lessor, in Lessor's sale aid absolute discretion, elects to use or install from time to time; salaries, wages, bonuses, medical, surgical and general welfare benefits and pension payments, payroll taxes, workmen's compensation, uniforms, and dry cleaning thereof for employees engaged in the operation, maintenance, and repair of the Building. and both interior and adjacent landscaped areas, the cost of all premiums for property damage, liability, earthquake, rental replacement, and all other types of insurance for the whole or any part of the real property of which the Premises are a part , (including interior and exterior landscaped areas) and which Lessor, in its sole and absolute discretion determines to carry, and in amounts to be determined by Lessor in its sole and absolute discretion, the cost of all building and cleaning supplies and materials; the cost of all charges for cleaning, maintenance, and service, contracts and other services with independent contractors, including building managers, the salaries of any off-Premises employees of the Lessor of the salaries of employees of any building management organization being paid a fee for its services, the cost of periodic maintenance and restoration of Building surfaces, including paint, floor and wall covering, and other surface materials on the exterior of the Building and in both interior and exterior common areas (including atriums): and the cost of all professional services and management fees. Operating costs shall not include costs required to be capitalized for federal income tax purposes; provided , however, that if Lessor installs equipment or materials or makes other capital improvements to the Building, or interior or exterior landscaped areas, which are designed or intended to reduce Operating Costs or to improve the operation of the Building, the interior or exterior landscaped areas, or are required to comply with present or anticipated energy conservation programs, or are required pursuant to any future law of regulation of any governmental entity , the cost of such installation, or allocable portion thereof to be amortized over such reasonable period as Lessor shall determine, in its sole and absolute discretion, together with interest at the maximum rate provided by law, or such higher rate as was actually paid or would have been paid by Lessor on funds borrowed for the purpose of constructing such capital improvements, shall be considered Operating Costs. Operating Costs shall not include either, interest or amortization paid in connection with any loan or loans secured by the real property of which the Premises are a part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Direct Costs shall be determined, and Lessee's Proportionate Share thereof shall be paid, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At any time after the end of each lease year (the "Adjustment year"), Lessor shall endeavor to furnish to Lessee a written statement showing Lessor's direct costs for the Comparison Year and for the Adjustment Year, and showing the amount , if any additional rent due from Lessee for such Adjustment Year. Lessee shall make such payment within 10 calendar days from receipt of the statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Lessor may, at its sale discretion, elect to increase the monthly rent for the year following the Adjustment Year by one-twelfth (1/12) of the rental adjustment for the year following the Adjustment Year, multiplied by the number of rental payment dates having already elapsed for said year. Subsequent monthly rental payments shall be increased by one-twelfth (1/12) of the rental adjustment for said present year, if Lessor determines that the monthly amounts paid by Lessee under this paragraph are less than the actual amount of operating expenses, then Lessee shall upon ten (10) days written notice, pay the difference to Lessor, if Lessor determines that the monthly amounts paid by Lessee under this paragraph are more than the actual amount of operating expenses, then Lessor shall give Lessee a credit for the excess which shall be applied to the additional rent for the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The annual determination and statement of said direct costs shall be prepared in accordance with standard, accepted accounting practices. If Lessee does not deliver to Lessor a written objection within ten (10) calendar days after receipt of Lessor's written statement showing the Direct Costs. It shall be conclusively presumed that Lessor's written statement is correct, that Lessee approves same and it shall not be subject to further inquiry. If there is a dispute as to any additional rent due hereunder, Lessee shall have the right to inspect Lessor's accounting records at a time and place selected by Lessor in its sole and absolute discretion, provided Lessee pays for all costs and expenses incurred in such inspection. If after such inspection Lessee still disputes such additional rental, a certification as to the proper amount shall be made by a certified public accountant, selected by Lessor at its sole and absolute discretion, which certification shall be final and conclusive. Lessor shall have no obligation to cause such certification to be made unless Lessee pre-pays to Lessor the estimated cost therefore. Lessee shall pay the cost of such certification unless it is determined that Lessor's original statement was in error by more than ten percent (10%) of the proposed additional rent charge. Within ten (10) calendar days after such resolution, Lessee shall pay the additional rent, plus all charges set forth in paragraph 13.4 of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure to give any statement hereinabove referred to within a reasonable time after the Adjustment year shall not constitute a waiver by Lessor of its rights to require an increase in rent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Additional Rent**. All costs and expenses which Lessee is required to pay to Lessor pursuant to this Lease, including but not limited to those amounts set forth in paragraphs 8.1, 11.3, 13.4 and 13.5 shall be deemed additional rent, and in the event of nonpayment thereof, Lessor shall have the rights and remedies herein provided for in the case of nonpayment of rent.

**5. SECURITY DEPOSIT.** Lessee shall deposit with Lessor upon execution hereof $<u>3500.00</u> as security for Lessee's faithful performance of Lessee's obligations hereunder. If Lessee fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision of this Lease, Lessor may use, apply or retain all or any portion of said deposit for the payment of any rent or other charge in default or for the payment of any other sum to which Lessor may become obligated by reason of Lessee's default, or to compensate Lessor for any loss or damage which Lessor may suffer thereby. If Lessor so uses or applies all or any portion of said deposit, Lessee shall within ten (10) days after written demand therefore deposit cash with Lessor in an amount sufficient to restore said deposit to the full amount hereinabove stated and Lessee's failure to do so shall be a material breach of this Lease . If the monthly rent shall, from time to time, increase during the term of this Lease, Lessee shall thereupon deposit with Lessor additional security deposit so that the amount of security deposit held by Lessor shall at all times bear the same proportion to current rent as the original security deposit bears to the original monthly rent set forth in paragraph 4 hereof. Lessor shall not be required to keep said deposit separate from its general accounts. If Lessee performs all of Lessee's obligations hereunder, said deposit, or so much thereof as has not theretofore been applied by Lessor, shall be returned, without payment of interest or other increment for its use , to Lessee (or, at Lessor's option, to the last assignee, if any, of lessee's interest hereunder) at the expiration of the term hereof, and after Lessee has vacated the Premises. No trust relationship is created herein between Lessor and lessee with respect to said Security Deposit.

6. USE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 USE. The Premises shall be used and occupied only for _____________<u>STUDIO/OFFICE</u>_____________________________________________________________________________________________and for no other purpose whatsoever. Failure to comply with this provision shall be a material breach of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Compliance with Law**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee shall, at Lessee's expense, comply promptly with all applicable statutes, ordinances, rules, regulations, orders, covenants and restrictions of record, and requirements in effect during the term of any part of the term hereof , regulating the use by Lessee of the Premises. Lessee shall not use or permit the uses of the Premises in any manner that will tend to create waste or a nuisance, or shall tend to disturb other Lessees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee hereby warrants that it has all necessary licenses and perm its, as required by all governmental authorities, to carry on its business. Upon Lessor's request, Lessee shall provide copies of all such licenses, permits and renewals thereof. Lessee at Lessee's sole cost shall faithfully and strictly comply with all laws, orders and regulations of governmental authorities having jurisdiction over the Premises, shall pay all license fees and sales taxes applicable to the operation of Lessee's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Condition of Premises**. Lessee hereby agrees that the Premises shall be taken "as is", "with all faults ", "without any representations or warranties", and Lessee here by agrees and warrants that it has inspected the condition of the Premises and the suitability of same for Lessee's purposes, and Lessee does hereby waive and disclaim any objection to, cause of action based upon, or claim that its obligations hereunder should be reduced or limited because of the condition of the Premises or the Building or the suitability of same for Lessee's purposes . Lessee acknowledges that neither Lessor nor any agent nor any employee of Lessor has made any representations or warranty with respect to the Premises, the size there of, or the Building or with respect to the suitability of either for the conduct of Lessee's business. The taking of possession of the Premises by Lessee shall conclusively establish that the Premises and the Building were at such time in satisfactory condition. Lessee hereby waives Section 1941 and 1942 of the Civil Code of California or any successor provision of law.

7. MAINTENANCE, REPAIRS AND ALTERATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Lessor's Obligations**. Subject to the provisions of paragraphs 6, 7.2, and 9 and except for damage caused by any negligent or intentional act or omission of lessee, Lessee's agents , employees , or invitees (in which event Lessor shall elect either to have Lessee repair the damage incompliance with the provisions of paragraph 7.3, or Lessor may choose to repair the damage and charge Lessee for the cost of same, which shall become additional rent hereunder, or Lessor may require that Lessee pay for the cost of such work before Lessor commences to perform the work) Lessor, at Lessor's expense, shall keep in good order, condition and repair the foundations, exterior walls and the exterior roof of the Premises. Lessor shall not, however, be obligated to paint such exterior, nor shall Lessor be required to maintain the interior surface of exterior walls, windows, doors or plate glass. Lessor shall have no obligation to make repairs under this paragraph 7.1 until reasonable time after receipt of written notice of the need for such repairs. Lessee expressly waives the benefits of any statute now or hereafter in effect which would otherwise afford Lessee the right to make repairs at lessor's expense or to terminate this Lease because of Lessor's failure to keep the Premises in good order, condition and repair .Lessee is aware of the fact that Lessor may, from time to time, at its sole discretion, remodel, perform Lessee improvements or other construction work to the building. Such work will cause noise, inconvenience, dust. possibly temporary disconnect ion of utilities, including electricity, water and telephones, interruption of security services and blocking off of areas of the Building to permit construction Lessee acknowledges that such work may cause interference with lessee's business and inconvenience to Lessee, its customers and employees . Lessee waives any and claims that Lessee may have against Lessor arising from any such construction work, including any claim of constructive eviction or claim of offset against or reduction of rent because of such activities.

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| | | |
|:---|:---|:---|
|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

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7.2 lessee's Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of paragraph s 6, 7.1, and 9. Lessee, Lessee's expense, shall keep in good order, condition and repair the Premises and every part thereof (whether or not the damaged portion of the Premises or the means of repairing the same are reasonably or readily accessible to Lessee) including, without limiting the generality of the foregoing, all plumbing, heating, air conditioning, (Lessee shall procure and maintain at lessee's expense, an air conditioning system maintenance contract. a copy of which shall be provided to lessor within 30 days after Lessee takes possession of the Premises) ventilating, electrical and lighting facilities and equipment within the Premises, fixtures, interior walls and interior surface of exterior walls, ceilings, windows, doors, plate glass, and skylights, located within the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If lessee fails to perform Lessee's obligations under this paragraph 7.2 or under any other paragraph of this Lease, lessor may at Lessor's option enter upon the Premises after one () day prior written notice to Lessee (exception the case of emergency, in which case no notice shall be required), Perform such obligations on Lessee's behalf and put the premises in good order, condition and repair, and the cost thereof together with interest thereon at the maximum rate then allowable by law shall be due and payable as additional rent to lessor together with Lessee's next rental installment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the last day of the term hereof, or on any sooner termination, Lessee shall surrender the Premises to lessor in the same condition as received, ordinary wear and tear excepted, clean and free of debris, Lessee shall repair any damage to the Premises occasioned by the installation or removal of its trade fixtures, furnishings and equipment. Notwithstanding anything to the contrary otherwise stated in this Lease, Lessee shall leave the air lines, power panels, electrical distribution systems, lighting fixtures, space heaters, air conditioning, and plumbing on the Premises in good operating condition.

7.3 Alterations and Additions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee shall not, without Lessor's prior written consent, which consent shall be at Lessor's sole discretion, make any alterations, improvements additions, or Utility Installations in, on or about the premises As used in this paragraph 7.3 the term "Utility Installation" shall mean carpeting, window coverings, airlines, power panels, electrical distributions systems, lighting fixtures, space heaters, air conditioning, plumbing, and fencing. Lessor may require that Lessee remove any or all of said alterations, improvements. additions or Utility Installations at the expiration of the term, and restore the premises to their prior condition Lessor may require lessee to provide Lessor, at Lessee's sole cost and expense, a lien and completion bond liens an amount equal to one and one half times the estimated cost of such improvements, to insure Lessor against any liability for mechanic's and materialmen's and to insure completion of the work. Should Lessee make any alterations, improvements, additions or Utility Installations without the prior approval of Lessor, lessor may require that Lessee remove any or all of the same, or Lessor may remove same and Lessee shall pay the cost of such removal as additional rent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any alterations, improvements, additions or Utility Installations in, or about the Premises that Lessee shall desire to make and which requires the consent of the Lessor shall be presented to Lessor, in written form, with proposed detailed plans. If Lessor shall give its consent, the consent shall be deemed conditioned upon (i) Lessee acquiring a permit to do the work from appropriate governmental agencies, the furnishing of a copy thereof to Lessor prior to the commencement of the work and the compliance by lessee of all conditions of said permit in a prompt and expeditious manner; (ii) All contractors used by Lessee shall be licensed and bonded; (iii) All contractors must carry workmen s compensation insurance; (iv) All work must be done in a workman like manner, using new materials; (v) Lessee shall carry course of construction insurance, at Lessee's sole cost: (vi) Copies of lien releases shall be provided to lessor upon completion of each stage of the work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lessee shall pay, when due, all claims for labor or materials furnished or alleged to have been furnished to or for Lessee at or for use in the Premises, which claims are or may be secured by any mechanics' or materialmen's lien against the Premises or any interest therein. Lessee shall give Lessor not less than ten (10) days notice prior to the commencement of any work in the Premises, and Lessor shall have the right to post notices of non-responsibility in or on the Premises as provided by law. If lessee shall, in good faith, contest the validity of any such lien, claim or demand the Lessee shall, at its sale expense defend itself and Lessor against the same and shall pay and satisfy any such adverse judgment that may be rendered thereon before the enforcement thereof against the Lessor or the premises, upon the condition that if Lessor shall require. Lessee shall furnish to lessor a surety bond satisfactory to Lessor in an amount equal to such contested lien claim or demand indemnifying lessor against liability for the same and holding the Premises free from the effect of such lien or claim. In addition, lessor may require Lessee to pay Lessor's attorneys fees and costs in participating in such action if Lessor shall decide it is to its best interest to do so. Said costs and attorney's fees shall be deemed additional rent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless Lessor requires their removal, as set forth in paragraph 7, 3(03), all alterations, improvements, additions and Utility Installations (whether or not such Utility Installations constitute trade fixtures of Lessee), which may he made on the Premises, shall become the property of Lessor and remain upon and be surrendered with the Premises at the expiration of the term. Notwithstanding the provisions of this paragraph 7.3(d), Lessee's machinery and equipment, other than that which is affixed to the Premises so that it cannot be removed without material damage to the Premises, shall remain the property of Lessee and may be removed by Lessee Subject to the provisions of paragraph 72(c)

8. INSURANCE; INDEMNITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Liability Insurance, Lessee,** Lessee shall, at lessee's expense, obtain and keep in force during the term of this Lease a policy of Combined Single Limit Bodily Injury and Property Damage Insurance insuring Lessee and Lessor against any liability arising out of the use, occupancy or maintenance of the Premise s and all other areas appurtenant thereto. Such insurance shall be in an amount not less than $1,000,000 per occurrence The policy shall insure performance by Lessee of the indemnity provisions of this paragraph 8. The limits of said insurance shall not, however, limit the liability of Lessee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Personal Property Insurance**. Lessee shall during this lease, term at its sole expense, maintain in full force "all risk" insurance in an amount sufficient to cover the full replacement cost of (a) all of Lessee's fixtures and equipment located in the Premises, and (b) all merchandise and inventory of Lessee or third parties kept at the Premises. This insurance coverage shall include, without limitation, stock inventory coverage, coverage against sprinkler damage and vandalism and malicious mischief and coverage for all plate or other glass in the Premises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Liability Insurance - Lessor**. Lessor may, but shall not be obligated to, obtain and keep in force during the term of this Lease a policy of Combined Single Limit Bodily Injury and Property Damage Insurance. Insuring Lessor, but not Lessee against any liability arising out of the ownership, use, occupancy or maintenance of the Premises and all areas appurtenant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Property Insurance**. Lessor may, but shall not be obligated to, obtain and keep in force during the term of this Lease a policy or policies of insurance covering loss or damage to the premises, but not Lessee's fixtures, equipment or Lessee improvements in an amount to be determined by Lessor in its sole and absolute discretion, providing protection against all perils included within tile classification of fire, extended coverage, vandalism, malicious mischief, flood, earthquake, special extended perils "all risk", as such term is used in the insurance industry) but not plate glass insurance. In addition, the Lessor may, but shall not be obligated to, obtain and keep in force, during the term of this Lease, a policy of rent all value insurance covering a period of one year, with loss payable to lessor, which insurance shall also cover all real estate taxes and insurance costs for said period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Insurance Policies**. All policies of insurance required to be maintained by Lessee pursuant to this paragraph 8 shall expressly name Lessee as insured and shall include as additionally named assured or assured, the Lessor, and any other person, firm of corporation designated by Lessor and having an insurable interest there under, as their respective interests may appear. Each policy agreed to be maintained by Lessee hereunder shall be deemed to be primary and noncontributing with any policy of similar insurance maintained by Lessor. Each policy shall be written with an insurance carrier acceptable to Lessor. Lessee's failure to maintain any insurance policy as required by this Lease shall be deemed to be a material default hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Certificate of Insurance**. A certificate issued by the insurance carrier or carriers for each policy at insurance required to be maintained by Lessee shall be delivered to lessor on or before the commencement date hereof, and thereafter, as to policy renewals, within thirty (30) days prior to expiration of the term of such policy. Each said certificate of insurance and each policy of insurance required to be maintained by Lessee shall expressly evidence insurance coverage as required under this Lease, including an express waiver of subrogation if applicable, and shall contain an endorsement or provisions requiring not less than ten (10) days written notice to the Lessor prior to cancellation or reduction of coverage or amount at the particular policy in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Waiver of Subrogation**. Lessee and Lessor each hereby release and relieve the other, and waive their entire right of recovery against the other for loss or damage arising out of or incident to the perils insured against under paragraph 8.3, which perlis occur in, on or about the Premises. Whether due to the negligence of Lessor of Lessee or their agents, employees, contractors and/or Invitees Lessee and lessor shall, upon obtaining the policies of insurance required hereunder, give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 **Indemnity**. Lessee shall indemnity and hold harmless Lessor from and against any and all claims arising from Lessee's use of the Premises, or from the conduct of Lessee's business or from any activity, work or things done, permitted or suffered by Lessee in or about the Premises or elsewhere, or for Lessee's failure to maintain insurance as required in this Lease, and shall further indemnity and hold harmless Lessor from and against any and all claims arising from any breach or default in the performance of any obligation on Lessee's part to be performed under the terms of this Lease, or arising from any negligence of the Lessee, or any of Lessee's agents, contractors, or employees, and from and against all costs, attorney's fees, expenses and liabilities incurred in the defense of any such claim or any action or proceeding brought thereon, and in case any action or proceeding be brought against Lessor by reason of any such claim, Lessee, upon notice from Lessor, shall defend the same at Lessee's expense by counsel satisfactory to Lessor, Lessee, as a material part of the consideration to Lessor, hereby assumes all risk of damage to property or Injury to persons, in, upon *or* about the Premises arising from any cause and Lessee hereby waives all claims in respect thereof against Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 **Exemption of Lessor from liability**. Lessee hereby agrees that Lessor shall not be liable for injury to Lessee's business or any loss of income therefrom or for damage to the goods, wares, merchandise or other property of Lessee, Lessee's employees, invitees, customers, or any other person in or about the Premises, nor shall Lessor be liable for injury to the person of Lessee, Lessee's employees, agents or contractors whether such damage or injury is caused by or results from fire, steam, electricity. gas, water or rain, or from the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures, or from any other cause, whether the said damage or injury results from conditions arising upon the premises or upon other portions of the Building, or from adjacent properties or other sources or places and regardless of whether the cause of such damage or injury or the means of repairing the same is inaccessible to Lessee. Lessor shall not be liable for any damages arising from any act or neglect of any other Lessee, if any, of the Building.

9. DAMAGE OR DESTRUCTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Partial Destruction**. If the Premises are damaged or partially destroyed through no fault or neglect of Lessee, lessor shall have the option of (a) repairing the Premises at Lessor's cost, if such repairs can be completed Within one year, and In such event rent shall abate for the period said Premises are untenantable, or (b) terminate this Lease by written notice to Lessee within ninety (90) days after the occurrence of the damage of destruction. The term of this Lease shall expire three (3) days after mailing or delivery of said notice. If the Premises are damaged or partially destroyed through lessee's fault or neglect, Lessee shall pay for the cost of repairing the Premises and the rent shall not be abated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Total Destruction**. If Premises or the Building is damaged or destroyed so as to be untenantable and lessor decides not to restore the Premises or the Building, Lessor may terminate this Lease by written notice to Lessee within 90 days after the occurrence of tile damage or destruction. The term of this Lease shall expire 3 days after mailing or delivery of said notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Termination - Advance Payments**. Upon termination of this Lease pursuant to this paragraph 9, an equitable adjustment shall be made concerning advance rent and any advance payments made by Lessee to Lessor, Lessor Shall, in addition, return to Lessee so much of Lessee's security deposit as has not theretofore been applied by Lessor. Lessor and Lessee waive the provisions of any statutes which relate to termination of leases when leased property is destroyed and agree that such event shall be governed by the terms of this Lease.

10. PAYMENT OF TAXES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Real property Taxes.** Lessor shall pay the real property tax, as defined in paragraph 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Personal Property Taxes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee shall pay prior to delinquency all taxes assessed against and levied upon trade fixtures, furnishings, equipment and all other personal property of Lessee contained in the Premises or elsewhere. When possible, Lessee shall cause said trade fixtures, furnishings, equipment and another personal property to be assessed and billed separately from the real property of Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any of Lessee's said personal property shall be assessed with Lessor's real property, Lessee shall pay Lessor the taxes attributable to Lessee within ten (10) days after receipt of a written statement setting forth the taxes applicable to lessee's property.

11. BUILDING SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Lessor To Provide**. Provided that Lessee is not in default In the performance of any of its obligations hereunder Lessor shall provided the following building services during normal business hours:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cleaning and janitorial service in and about tile Premises. Lessee shall allow the cleaning service into the Premises al Lessee's own risk. Lessor, Lessor's agents and employees shall not be liable for (a) any injury to Lessee, lessee's agents, employees or customers; or (b) any damage to or loss of property owned by lessee, Lessee's agents, employees or customers, due to actions or inactions of the maintenance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the rules and regulations of the building, furnish to the Premises electricity suitable for normal office use, Which is defined to be 110 volt service With a maximum of 1,8 watts per square foot of usable floor area for lighting and 0.5 warts per square foot of usable floor area for office machines (the "Maximum Wattage") If Lessee requests electricity at voltages other than 110 volts or If Lessee consumes electricity in excess of the Maximum Wattage, Lessee shall pay Lessor for such additional electricity at the then current rates. Lessee agrees not to connect any apparatus of device to the lines, conduits, pipes or other means by which electrical service is supplied to the Premises without Lessor's prior written consent Lessee shall pay *for* extra service installation, including his own electric meter and all plugs and switches. Said installation shall be done only by a licensed electrician, and only with Lessor's prior written approval. Said electric meter will be read and billed monthly and will be included on Lessee's monthly rental statement, as additional rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Building standard electrical current, fixtures bulbs and equipment for lighting of the Building lobbies, public corridors, public elevators, and other public machinery and equipment during standard business hours as defined below. Lessor shall relamp and maintain Building standard lighting fixtures in tile Premises . Lessor shall not have any obligations to relamp and maintain non-Building Standard lighting fixtures even If originally installed at Lessor's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Business Hours**. As of the execution of this lease, the standard business hours are 8:00 A M. to 7:00 PM. on non-holiday weekdays and Saturdays. These hours are Subject to change at the sole discretion of Lessor. Lessor shall be the sole judge as to the character, the amount of, and the time when such services shall be supplied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Interruption of Services**. It is understood that lessor does not warrant that any of the services referred to above or any other services which Lessor may supply Will be free from interruption or diminution, and Lessee acknowledges that any one or more of such services may be interrupted or diminished by reason of accident for repairs , alterations or improvements necessary to be made, or by strikes or lockouts , by reason of operation of law, by acts of God, or by any other causes beyond the reasonable control of Lessor. Any such interruption or diminution of service shall never be deemed an eviction of disturbance of Lessee's use and possession of Premises or any part thereof, or render lessor liable to Lessee for damages, by abatement of rent or otherwise, or relieve lessee from performance of Lessee's obligations under this lease. Notwithstanding anything in this Section to the contrary. Lessor shall use Its best efforts to minimize such interruption or diminution.

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| OFFICE LEASE |  | |

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12. ASSIGNMENT AND SUBLETTING.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Lessor's Consent Required**. Lessee shall not either voluntarily or by operation of law assign, transfer, mortgage, sublet, or otherwise transfer or encumber all or any part of Lessee's interest in this lease or in the Premises, without Lessor's prior written consent, which consent shall be 211 Lessor sole and absolute discretion. Any attempted assignment, transfer, mortgage, encumbrance or subletting without such consent shall be void, and shall constitute a material breach of this Lease. If Lessee is a corporation, the transfer of more than twenty-five percent (25%) of the voting stock shall be a violation of this Section. If Lessee is a partnership, the transfer of more than twenty-five percent (25%) of the partnership interest shall be a violation of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **No Release of Lessee**. Regardless of Lessor's consent, no subletting or assignment shall release Lessee of Lessee's obligation or after the primary liability of Lessee to pay the rent and to perform all other obligations to be performed by Lessee hereunder. The acceptance of rent by Lessor from any other person shall not be deemed to be a waiver by Lessor of any provision hereof. Consent to one assignment or subletting shall not be deemed consent to any Subsequent assignment or subletting. If any assignee or successor of Lessee, defaults in the performance of any of the terms hereof, Lessor may proceed directly against Lessee without the necessity of exhausting remedies against said successor or assignee. Lessor may consent to subsequent assignments or subletting of this Lease or amendments or modifications to this lease with assignees of Lessee, without notifying Lessee, or any successor of Lessee, and without obtaining its or their consent thereto and such action shall not relieve Lessee of liability under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **Attorney's Fees**. If Lessee shall assign or sublet tile Premises or request the consent of lessor to any assignment or subletting or if Lessee shall request the consent of Lessor for any act Lessee proposes to do then Lessee shall pay Lessor's reasonable attorneys fees incurred in connection therewith, as additional rent.

13. DEFAULTS; REMEDIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 **Defaults**. The occurrence of anyone or more of the following events shall constitute a material default and breach of this Lease by Lessee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The vacating or abandonment of the Premises by lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee's failure to make any payment of rent or any other payment required to be made by lessee hereunder, as and when due, where such failure shall continue for a period of three (3) days after written notice thereof from Lessor to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent of Quit pursuant to applicable Unlawful Detainer statutes such Notice to Pay Rent or Quit shall also constitute the notice required by this subparagraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lessee's failure to observe or perform any of the conditions or provisions of this Lease to be observed or performed by lessee, other than described in paragraph (b) above, where such failure shall continue for a period of ten (10) days after written notice thereof from Lessor to Lessee. (d) (I) The making by Lessee of any general arrangement or assignment for the benefit of creditors: (ii) Lessee becomes a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition filed against Lessee, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where possession is not restored to Lessee within thirty (30) days: or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged within thirty (30) days. Provided, however, in the event that any provision of this paragraph 13.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is contrary to any applicable law, such provision shall be of no force or effect. (e) Lessor's discovery that any financial statement given to Lessor by lessee, any assignee of Lessee, any sub lessee of Lessee, any successor in interest of Lessee, or any guarantor of Lessee's obligation hereunder, was materially false.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 **Remedies**. In the event of any such material default or breach by Lessee, Lessor may at any lime thereafter, with or without notice or demand and without limiting Lessor in the exercise of any right or remedy which Lessor may have by reason of such default or breach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Terminate lessee's right to possession of the premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to lessor, In such event Lessor shall be entitled to recover from lessee all damages incurred by lessor by reason of Lessee's default including, but not limited to, the cost of recovering possession of the premises; expenses of reletting, including necessary renovation and alteration of the premises, reasonable attorney's fees, and any real estate commission actually paid; the worth at the time of award by the court having jurisdiction thereof of the amount by which the unpaid rent for the balance of the term after the time of such award exceeds the amount of such rental loss for the same period that Lessee proves could be reasonably avoided; that portion of the leasing commission paid by lessor applicable to the unexpired term of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain Lessee's right to possession in which case this lease shall continue in effect whether or not Lessee shall have abandoned the Premises. In such event Lessor shall be entitled to enforce all of Lessor's rights and remedies under this Lease, including the right to recover the rent as it becomes due hereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursue any other remedy now or hereafter available to lessor under the law or judicial decisions of the slate wherein the Premises are located. Unpaid installments of rent and other unpaid monetary obligations of Lessee under the terms of this Lease shall bear interest from the date due at the maximum rate then allowable by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 **Default By Lessor**. Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within a reasonable time; however. if the nature of lessor's obligation is such that more than thirty (30) days are required for performance then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 **Late Charges**. Lessee hereby acknowledges that late payment by Lessee to lessor of rent and other sums due hereunder will cause Lessor to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on lessor by the terms of any mortgage or trust deed covering the Premises Accordingly, if any installment of rent or any other sum due from Lessee shall not be received by lessor or Lessor's designee within five (5) days after such amount shall be due, then, without any requirement for notice to Lessee, lessee shall pay to Lessor a late charge equal 10% of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Lessor will incur by reason of late payment by Lessee. Acceptance of such late charge by lessor shall be in no event constitute a waiver of Lessee's default with respect to such overdue amount, not prevent Lessor from exercising any of the other rights and remedies granted hereunder. In the event that a late charge is payable hereunder, whether or not collected, for three (3) consecutive installments of rent, then rent shall automatically become due and payable quarterly in advance, rather than monthly, notwithstanding paragraph 4 or any other provision of this lease to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 **Interest On Past-Due Obligations**. Except as expressly herein provided, any amount due to Lessor not paid when due shall bear interest at the maximum rate then allowable by law from the date due. Payment of such interest shall not excuse or cure any default by Lessee under this Lease, provided, that interest shall not be payable on late charges incurred by Lessee nor on any amounts upon which late charges are paid by lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 **Impounds**. In the event that a late charge is payable hereunder, whether or not collected, for three (3) installments of rent of any other monetary obligation of Lessee under the terms of this lease, Lessee shall pay to lessor, if Lessor shall so request, in addition to any other payments required under this Lease, a monthly advance installment, payable at the same time as the monthly rent, as estimated by Lessor, for Lessee's share of the costs set forth In Section 4.3. All moneys paid to Lessor under this paragraph may be intermingled with other moneys of lessor and shall not bear interest in the event of a default in the obligations of Lessee to perform under this Lease, and then any balance remaining from funds paid to lessor under the provisions of this paragraph may, at the option of Lessor. be applied to the payment of any monetary default of Lessee in lieu of being applied to the payment of real property tax and insurance premiums.

**14. CONDEMNATION**. If the entire Premises be condemned for a public or quasi-public use by right of eminent domain or transferred by agreement in connection with such public or quasi-public use, this Lease shall terminate as of the date title shall vest in the condemnor, If any portion of the Premises or the Building (even though no part of the Premises) be so taken, Lessor shall have the option to terminate this Lease as of the date title shall vest in the condemnor. All compensation awarded upon any condemnation or taking shall belong and be paid to lessor, and Lessee shall have no claim thereto, except for such moving and relocation expenses as Lessee may be entitled by law.

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|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

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**15. HAZARDOUS WASTE**. As used herein, the term "Laws" mean any applicable federal, state or local laws, ordinances, or regulation, relating to any Hazardous Material affecting the Building, including, without limitation, the laws, ordinances, and regulation referred to in Section 15.3 above.

16. ESTOPPEL CERTIFICATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee shall at any time upon not less than ten (10) days prior written notice from Lessor execute, acknowledge and deliver to Lessor a statement in writing (i) certifying that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease, as so modified, is in full force and effect) and the date to which the rent and other charges are paid in advance, if any, and (ii) acknowledging that there are not, to Lessee's knowledge, any uncured defaults on the part of lessor hereunder, or specifying such defaults if any are claimed. Any such statement may be conclusively relied upon by any prospective purchaser or encumbrancer of the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At Lessor's option, Lessee's failure to deliver such statement within said ten (10) days shall be a material breach of this Lease or shall be conclusive upon Lessee (I) that this Lease is in full force and effect, without modification except as may be represented by Lessor, (ii) that there are no uncured defaults in Lessor's performance, and (iii) that not more than one month's rent has been paid in advance or such failure may be considered by Lessor as a default by Lessee under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Lessor desires to finance, refinance, or sell the Premises, or any part thereof, Lessee hereby agrees to deliver to any lender or purchaser designated by Lessor such financial statements of Lessee as may be reasonably required by such lender or purchaser. Such statements shall include the past three years' financial statements of Lessee. All such financial statements shall be received by Lessor and such lender or purchaser in confidence and shall be used only for the purposes here in set forth.

**17. LESSOR'S LIABILITY**. The term "Lessor" as used herein shall mean only the owner or owners at the time in question of the fee title to the Premises. In the event of any transfer of such title or interest, Lessor herein named (and in case of any subsequent transfers then the grantor) shall be relieved from and after the date of such transfer of all liability as respects Lessor's obligations thereafter to be performed, provided that any funds in the hands of Lessor or the then grant or at the time of such transfer, in which lessee has an interest, shall be delivered to the grantee. The obligations contained in this Lease to be performed by lessor shall, subject as aforesaid, be binding on lessor's successors and assigns only during their respective period s of ownership.

**18. SEVERABILITY**. The invalidity of any provision of this Lease as determined by a court of competent jurisdiction, shall in no way affect the validity of any other provision hereof.

**19. RELOCATION**. Lessor shall have the right at any time during the term hereof, upon giving lessee not less than sixty (60) days prior written notice, to provide and furnish lessee with space elsewhere in the Building of approximately the same rentable area as the Premises and remove and place lessee in such space, and Lessor shall pay Five Hundred Dollars ($500) to lessee for such relocation. Should Lessee refuse to permit Lessor to move lessee to such new space at the end of said sixty (60) day period, lessor shall have the right to cancel and terminate this Lease effective upon the expiration of the sixty (60) day notice period. If lessor moves lessee to such new space, this Lease shall remain in full force and effect and be deemed applicable to such new space, and such new space shall thereafter be deemed to be the "Premises" as though lessor and lessee had entered into an express written amendment of this Lease with respect thereto.

**20. TIME OF ESSENCE**. Time is of the essence in this Lease.

**21. INCORPORATION OF PRIOR AGREEMENTS; AMENDMENTS**. This Lease contains all agreements of the parties with respect to any matter mentioned herein. No prior agreement or understanding pertaining to any such matter shall be effective. This Lease may be modified in writing only, signed by the parties in interest al the time of the modification.

**22. NOTICES.** Any notice required or permitted to be given hereunder shall be in writing and may be given by personal delivery or by certified mail, return receipt requested, and if given personally or by mail, shall be deemed sufficiently given if addressed to lessee or to lessor at the address noted below the signature of the respective parties, as the case may be. Either party may be notice to the other specify a different address for notice purposes except that upon lessee's taking possession of the Premises , the Premises shall constitute Lessee 's address for notice purposes. A copy of all notices required or permitted to be given to lessor hereunder shall be concurrently transmitted to such party or parties at such addresses as lessor may from time to time here after designate by notice to lessee.

**23. WAIVERS**. No waiver by Lessor of any provision hereof shall be deemed a waiver of any other provision hereof or any subsequent breach by lessee of the same or any other provision, Lessor's consent to, or approval *of* any act, shall not be deemed to render unnecessary the obtaining of lessor's consent to or approval of any subsequent act by lessee. The acceptance of rent hereunder by Lessor shall not be a waiver of any preceding breach by lessee of any provision hereof , other than the failure of lessee to pay the particular rent so accepted, regard less of Lessor's knowledge of such preceding breach at the time of acceptance of such rent.

**24. RECORDING**. Recording of this lease by lessee shall be a non-curable breach of the lease.

**25. HOLDING OVER**. If Lessee. with lessor's written consent, remains in possession of the Premises or any part thereof after the expiration of the term hereof, such occupancy shall be a tenancy from month to month only, upon all the provisions herein applicable to month to month Lessees, and such holding over shall not constitute an extension of this lease. During such holding over, lessee shall pay a monthly rental equal to two hundred percent (200%) of the rent paid during the last month of the term of this Lease. All options and right s of first refusal, if any, granted under the terms of this Lease shall be deemed terminated and be of no further effect during said month to month tenancy.

**26. CUMULATIVE REMEDIES**. No remedy or election hereunder shall be deemed exclusive nut shall, wherever possible, be cumulative with all another remedies at law or in equity.

**27. COVENANTS AND CONDITIONS**. Each provision of this Lease performable by lessee shall be deemed both a covenant and a condition.

**28. BINDING EFFECT; CHOICE OF LAW**. Subject to any provisions hereof restricting assignment or subletting by lessee and subject to the provisions of paragraph 17, this lease shall bind the parties, their personal representative, successors and assigns. This Lease shall be ·governed by the laws of the State wherein the Premises are located.

29. SUBORDINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 This Lease, at lessor's option, shall be subordinate to any mortgage, deed of trust, or any other hypothecation or security now or hereafter placed upon the real property of which the Premises are a part and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, lessee's right to quiet possess ion of the Premises shall not be disturbed if lessee is not in default and so long as lessee shall pay the rent and observe and perform all of the provisions of this Lease. Unless this lease is otherwise terminated pursuant to its terms. It any mortgagee, or trustee shall elect to have this Lease prior to the Lien of its mortgage or deed of trust, and shall give written notice thereof to Lessee, this Lease shall be deemed prior to such mortgage or deed of trust, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust, or the date of recording thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 Lessee agrees to execute any documents required to effectuate an attornment, subordination or to make this lease prior to the lien of any mortgage or deed of trust. Lessee's failure to execute such documents within ten (10) days after written demand shall constitute a material default by lessee hereunder, or, all Lessor's option, Lessor shall execute such documents on behalf of Lessee as Lessee's attorney-in-fact. Lessee does hereby make, constitute and irrevocably appoint lessor as lessee's attorney-in -fact and in Lessee's name, place and stead, to execute such documents in accordance With this paragraph 29.2.

**30. ATTORNEY'S FEES**. If either party brings an action to enforce the terms hereof or declare rights hereunder, the prevailing party in any such action, on trial or appeal, shall be entitled to his reasonable attorney's fees to be paid by the losing party as fixed by the court.

**31. LESSOR'S ACCESS**. lessor and lessor's agents shall have the right to enter the premises at reasonable times for the purpose of inspecting the same, showing the same to prospective purchasers, lenders, or lessees, and making such alterations , repairs, improvements or additions to the Premises or to the building of which they are a part as lessor may deem necessary or desirable, lessor may at any time place on or about the Premises any "For Sale" or "For Lease" signs, all without rebate of rent or liability to lessee.

**32. AUCTIONS**. Lessee shall not conduct, nor permit to be conducted, either voluntarily or involuntarily, any auction upon the Premises without first having obtained lessor's prior written consent. Notwithstanding anything to the contrary in this lease. Lessor shall not be obligated to exercise any standard of reasonableness in determining whether to grant such consent.

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|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

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**33. SIGNS**. Lessee shall not place any sign upon the Premises without lessor's prior written consent.

**34. MERGER**. The voluntary or other surrender of this l ease by lessee, or a mutual cancellation thereof, or a termination by lessor, shall not work a merger, and shall, at the option of lessor, terminated all or any existing sub tenancies or may, at the option of Lessor, operate as an assignment to lessor of any or all of such sub tenancies.

**35. GUARANTOR**. In the event that there is a guarantor of this lease, said guarantor shall have the same obligations as lessee under this lease.

**36. QUIET POSSESSION**. Upon Lessee paying the rent for the Premises and observing and performing all of the covenants, conditions and provisions on Lessee's part to be observed and performed hereunder , Lessee shall have quiet possession of the Premises for the entire term here of subject to all of the provisions of this Lease. The individuals executing this lease on behalf of Lessor represent and warrant to Lessee that they are fully authorized and legally capable of executing this Lease on behalf of Lessor and that such execution is binding upon all parties holding and ownership interest in the Premises.

37. OPTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1 **Definition**. As used in this paragraph the word "Options" shall mean the right or option to extend the term of this Lease or to renew this Lease

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.2 **Options Personal**. Each Option granted to Lessee in this Lease is personal to lessee and may not be exercised or be assigned, voluntarily of involuntarily, by or to any person or entity other than Lessee. The Options herein granted to Lessee are not assignable separate and apart from this lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.3 **Multiple Options**. In the event that lessee has any multiple options to extend or renew this lease a later option cannot be exercised unless the prior option to extend or renew this Lease has been so exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.4 **Effect of Default on Options**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee shall have no right to exercise an Option, notwithstanding any provision in the grant of Option to the contrary, (1) during the time commencing from the date Lessor gives to lessee a notice of default pursuant to paragraph 13,1 (b) or 13.1 (c) and continuing until the default alleged in said notice of default is cured, or (ii) during the period of time commencing on the day after a monetary obligation to lessor is due from Lessee and unpaid (without any necessity for notice thereof to Lessee) continuing until the obligation is paid, or (iii) at any time after an event of default described in paragraphs 13.1 (a), 13,1 (d), or 13 1 (e) (without any necessity of Lessor to give notice of such default to Lessee), or (iv) in the event that Lessor has given to lessee three or more notices of default under paragraph 13.1 (b), where a late charge becomes payable under paragraph 13.4 for each of such defaults. or paragraph 13.t (c), whether or not the defaults are cured, during the 12 month period prior to the time that Lessee intend s to exercise the subject Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Period of time within which an Option may be exercised shall not be extended or enlarged by reason of Lessee's inability to exercise an Option because of the pro visions of paragraph 37,4 (a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All rights of Lessee under the provisions of an Option shall terminate and be of no further force or effect, notwithstanding lessee's due and timely exercise of the Option, if , alter such exercise and during the term of this lease, (I) Lessee fails to pay to lessor a monetary obligation of Lessee for a period of thirty (30) days after such obligation becomes due (without any necessity of lessor to give notice thereof to Lessee) , or (ii) 'Lessee fails to commence to cure a default specified in paragraph 13.1 (c) within thirty (30) days after the date that lessor *gives* notice to lessee of such default and/or Lessee fails thereafter to diligently prosecute said cure to completion, or (iii) Lessee commits a default described in paragraph 13, (a), 1 (d), or 13.1 (e) (without necessity of Less or to *give* notice of such default to Lessee), or *(iv)* Lessor gives to Lessee three or more notices of default under paragraph 13.1 (b), where a late charge becomes payable under paragraph 13.4 for each default, or paragraph 13.1 (c), whether or not the default are cured.

**38. MULTIPLE TENANT BUILDING**. As the Premises are a part of a larger building, Lessee agrees that it will abide by, keep and observe all reasonable rules and regulations which Lessor may make from time to time for the management, safely, care, and cleanliness of the building and grounds, the parking of vehicles and the preservation of good order therein as well as for the convenience of other occupants and Lessees of the building. The violations of any such rules and regulations shall be deemed a material breach of this lease by Lessee.

**40. AUTHORITY**. If Lessee is a corporation, trust general or limited partnership, each individual executing this Lease on behalf of such entity represents and warrants that he or she is duly authorized to execute and deliver this Lease on behalf of said entity. If lessee is a corporation, trust or partnership, Lessee shall, upon execution of this Lease, deliver to less or evidence of such authority satisfactory to lessor.

**41. CONFLICT**. Any conflict between the printed provisions of this Lease and the typewritten or handwritten provisions shall be controlled by the typewritten or hand written provisions

**42. ADDENDUM**. Attached hereto is an addendum or addenda containing paragraphs <u>43.</u> through <u>43.3</u> which constitutes a part of this Lease.

LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE, EACH TERM AND PROVISION CONTAINED HERE IN, THE RULES AND REGULATIONS, AND ANY OTHER ADDENDUMS ATTACHED HERETO, AND, BY EXECUTION OF THIS LEASE, SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES.

IF THIS LEASE HAS BEEN FILLED IN IT HAS BEEN PREPARED FOR SUBMISSION TO YOUR ATTORNEY FOR HIS APPROVAL. NO REPRESENTATION OR RECOMMENDATION IS MADE AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION RELATING THERE TO; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN LEGAL COUNSEL AS TO THE LEGAL AND TA X CONSEQUENCES OF THIS LEASE.

The parties hereto have executed this Lease at the place and dates specified immediately adjacent to their respective signatures.

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| | | | |
|:---|:---|:---|:---|
| Executed at | **LOS ANGELES, CALIFORNIA** | **LA APPAREL MART L.L.C.** | **LA APPAREL MART L.L.C.** |
| On |  | Lessor |  |
|  |  |  | PRINT NAME |
| Address | 112 WEST 9TH STREET STE#1200 |  |  |
|  |  | SIGNATURE | SIGNATURE |
|  | LOS ANGELES, CALIFORNIA 90015 | Tel | 213-683-8484 |
| Executed at | LOS ANGELES, CALIFORNIA | Fax |  |
| On |  | Lessee Name |  |
| Address for notices | 112 W. 9TH STREET#0515 | Name | JAMES R. HART |
|  | LOS ANGELES, CALIF. 90015 |  |  |
|  |  | SIGNATURE | SIGNATURE |
| Emergency Phone |  | Tel |  |

---

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| | | |
|:---|:---|:---|
|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

---

![](ex10-13_001.jpg)

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| | | |
|:---|:---|:---|
|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

---

**LA APPAREL MART**

**RULES AND REGULATIONS**

The violations of any of these Rules and Regulations is a material breach of the Lease.

**1. GOOD NEIGHBOR**. Lessee for itself its agents and employees, agrees not to interfere with the quiet enjoyment of the other tenants of the Building and not to do or permit any act on or about the Premises which would constitute a nuisance. including, but not limited to, lodging, sleeping, bringing "food into the Premises, cooking, allowing objectionable odors to emanate from the Premises, damaging or defacing the Premises of the Building, or allowing loud or disturbing noises (including, but not limited to. Radios, televisions or other sound producing devices) that can be heard outside the Premises. Lessee shall not hang clothing or any other items in the Premises. No animals or vehicles shall be brought into or kept In the Premises or the Building. Lessee shall not keep or use any sewing machine in the Premises and shall not manufacture in the Premises.

**2. USE**. The Premises shall not be used for washing clothes or dishes, for lodging, or for any improper, objectionable or immoral purpose. Lessee shall not use or keep within the Premises or the Building, any kerosene, gasoline or flammable or combustible fluid or material, or use any method of heating or air conditioning other than that supplied by Lessor, Lessee shall not use the Premises as a site for the supervision of children and children shall not be allowed in the public areas of the building unattended.

**3. LESSEE REQUIREMENTS**. The requirements of Lessees will be attended to only upon application to Lessor's designated representative. Employees of Lessor shall not perform any work nor do anything outside their regular duties under special instructions from said representative, and no other employee shall admit any person (Lessee or otherwise) to any office without instructions from said representative.

**4. ENTRY**. On Sundays and legal holidays, and on non-holiday weekdays between the hours of 6:00 P.M. and 8:00 A.M, the following day, access may be denied to the building or to the halls, corridors, elevators of stairways in the Building or to the Premises unless the person seeking access is known to the person or employee of the Building in charge and has a pass or is property identified, Lessor shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building or any person. In case of invasion , mob, riot, public excitement or other commotion, Lessor reserves the right to prevent access to the Building during the continuance of same by closing the doors or otherwise, for the safety of Lessees and protection of property in the building and the Building Lessor reserves the right to exclude or expel from the Building any person who, in the judgment of Lessor, is intoxicated or under the influence of liquor of drugs, or who shall in any manner do any act in violation of any of the Rules and Regulations of the Building.

**5. USE OF COMMON AREAS**. Lessee shall not obstruct the common areas, or use them for any purpose other than ingress and egress to or from Lessee's Premises, nor shall windows or doors be covered or obstructed in any way. Lessee shall keep the sidewalks, entrances passages, courts, lobby area, public corridors, and halls in and about the Building (here in after "Common Areas") clean and free from rubbish.

**6. CONTROL OF COMMON AREAS**. Lessor shall have the right to control and operate the Common Areas of the building, the public facilities thereof and heating and air conditioning, as well as facilities furnished for the common use of all lessees, in such manner as it deems best for the benefit of the lessees generally.

**7. NO SOLICITATIONS**. Lessee shall not disturb, solicit or canvass any occupant of the Building and shall cooperate to prevent same.

**8. BUILDING NAME**. Lessor shall have the right, exercisable without notice and without liability to Lessee, to change the name and street address of the building of which the Premises are part.

**9. BUILDING DIRECTORY**. Lessor shall have the sole control of the Building directory in the lobby of tile Building and only such names as have been approved by Lessor will be placed thereon . Lessee shall be entitled to no more than one space on the building directory.

**10. ENTRANCE DOORS**. All entrance doors to the Premises shall be left locked when the Premises are not in use, and all doors opening to public corridors shall be kept closed except for normal Ingress to and egress from the Premises.

**11. DOOLOCKS**. No additional lock or locks shall be placed by Lessee on any door in the Building unless written consent of lessor shall first have been obtained. Two keys will be furnished by Lessor for every entry door. Additional keys required must be obtained from Lessor at Lessee's expense. All keys shall be surrendered to lessor upon termination of tenancy. No cameras shall be installed in Common areas.

**12. FLOOR LOADS**. Lessee shall not overload the floor of the Premises or in any way deface the premises or any part thereof. Lessor shall have the right to prescribe the weight, size and position of all safes and other heavy equipment brought into the building. Safes or other heavy objects shall, if considered necessary by Lessor, stand on supports of such thickness as is necessary to property distribute the weight. Lessor will not be responsible for loss of or damage to any such safe or property from any cause, and all damage done to the Building by moving or maintaining any such safe or other property shall be repaired at the expense of Lessee.

**13. EQUIPMENT INSTALLATION**. No vending machines, computers, drinking fountains, appliances or machines of any description shall be installed. Maintained or operated within the Premises without the written consent of Lessor.

**14. SIGNS**. No sign, placard, picture, advertisement, name or notice shall be inscribed, displayed, printed or affixed on or to any part of the outside or inside of the Building without the written consent of Lessor first had and obtained and in tile absence thereof. Lessor shall have the right to remove any such sign, placard, picture, advertisement, name or notice without notice to and at the expense of Lessee. All approved signs or lettering on doors shall be printed, painted, affixed or inscribed at the expense of Lessee by a person approved by Lessor: Lessee shall not place anything or allow anything to be placed near glass of any window, door, partition or wall which may appear unsightly from outside the Premises. Lessee shall not without prior written consent of Lessor, sunscreen any windows.

**15. JANITORIAL**. Lessee shall not employ any person or persons other than those provided by Lessor for the purpose of cleaning the Premises without the consent of Lessor. Lessor shall not be responsible to any lessee for any loss of property form the premises, however occurring, or for any damage done to the effects of any lessee by the janitor or any Of Lessor's employees, or by any other person. Janitorial service will not include the cleaning of carpets, rugs or draperies.

**16. PERSONAL PROPERTY**. Lessee shall move all freight, supplies, furniture, fixtures and other personal property into, within and out of the Building only at such times and through such entrances as may be designated by Lessor, and such movement of such items shall be under the suppression of Lessor Lessee shall give Lessor 48 hours prior notice of its intention to move such items into or out of the building. Lessor reserves the right to inspect all such freight, supplies, furniture, fixtures and other personal property to be brought in the Building and to exclude from the building such objects which violate any of the provisions of the Lease. Lessee shall not move or install such objects in or about the Building in such a fashion as to unreasonably obstruct the activities of other tenants, and all such moving shall be at the sole expense, risk and responsibility of Lessee. Lessee shall not use in the delivery, receipt or other movement of freight , supplies, furniture, fixtures and other personal property to, from or within the Building, any hand trucks other than those equipped with rubber tires and side guards.

**17. TRASH**. Lessee shall remove all trash, refuse, cigarettes and garbage bags ("Trash") from the Premises at the end of each day. No Trash shall be left in the premises overnight. Lessee shall not deposit any Trash or other substances of any king within or out of the building. Except in the refuse containers provided therefore, Lessee shall not introduce into the Building any substance which might add an, undue burden to the cleaning or maintenance of the premises or the building.

**18. PLUMBING**. Lessee shall not use the washrooms, restrooms and plumbing fixtures of the Building for any purpose other than that for which they were constructed, and Lessee shall not deposit any sweepings, rubbish, rags or other Improper substances therein. Lessee shall not waste water by interfering of tampering with the faucets or otherwise. If Lessee or Lessee's agents, employees, contractors, licensees, invitees, guests or customers cause any damage to such washrooms, restrooms, plumbing fixtures or appurtenances, such damage shall be repaired at Lessee's expense, and lessor shall not be responsible therefore.

**19. WIRING**. Lessor will direct contractors and vendors as to where and how computer equipment, electrical and telephone wires, etc., of every kind are to be introduced. No boring or cutting for wires will be allowed without the consent of Lessor. The location of telephones, call boxes and other office equipment affixed to the Premises shall be subject to the approval of Lessor.

**20. COMPLIANCE**. Lessor shall exercise reasonable care in causing compliance with these Rules and Regulations by other lessees and invitees of the Building but shall not be responsible for the failure of such lessees or invitees to abide by these Rules and Regulations. Failure to comply with any provision of the following Rules and Reputations shall be deemed to be a material, non-curable breach of the Lease.

**21. RULES AND REGULATIONS**. Lessor reserves the right to make such other and further rules and reputations as in its judgment may from time to time be necessary for the safety and cleanliness of, and for the preservation of good Order in the Building. In the event of any conflict between these Rules and Regulation, or any further or modified rules and regulations from time to time issued by lessor, and the Lease provisions, the Lease provisions shall govern and control.

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| | | |
|:---|:---|:---|
|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

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**GUARANTY OF LEASE**

WHEREAS, <u>L.A. APPAREL MART</u>, hereinafter "Lessor", and,__________________________________________ , hereinafter "Lessee", are about to execute a document entitled "Lease" dated ______________________________________ concerning the premises commonly known as <u>112 WEST 9TH STREET, SUITE #</u> wherein Lessor will lease the premises to Lease, and

WHEREAS, _________________________________________________________________hereinafter "Guarantors" have a financial interest in Lessee, and

WHEREAS, Lessor would not execute the Lease if Guarantors did not execute and deliver to Lessor this Guarantee of Lease.

NOW THEREFORE, in consideration of the execution of the foregoing Lease by Lessor and as a material inducement to Lessor to execute said Lease, Guarantors hereby jointly, severally, unconditionally and irrevocably guarantee the prompt payment by Lessee of all rents and all other sums payable by Lessee under said Lease and the faithful an prompt performance by Lessee of each and every one of the terms, conditions and convenience of said Lease to be kept and performed by Lessee.

It is specifically agreed that the terms of the foregoing Lease may be modified by agreement between Lessor and Lessee, or by a course on conduct, and said Lease may be assigned by Lessor or any assignee of Lessor without consent or notice of Guarantor's and that this Guaranty shall guarantee the performance of said Lease as so modified.

This Guaranty shall not be released , modified or affected by the failure or delay on the part of Lessor to enforce any of the rights or remedies of the Lessor under said Lease, whether pursuant to the terms thereof or at law or in equity.

No notice of default need be given to Guarantors, it being specifically agreed that the guarantee of the undersigned is a continuing guarantee under which Lessor may proceed immediately against Lessee and/or against Guarantors following any breach or default by Lessee or for the enforcement of any rights which Lessor may have as against Lessee under the terms of the Lease or at law in equity.

Lessor shall have the right to proceed against Guarantors hereunder following and breach or default by Lessee without first proceeding against Lessee and without previous notice to or demand upon either Lessee or Guarantors.

Guarantors do hereby waive (a) notice of acceptance of this Guaranty, (b) demand of payment, presentation and protest. (c) all right to assert or plead any statute of limitations relating to this Guaranty or the Lease, (d) any right require the Lessor to proceed against the Lessee or any other Guarantor or any other person or entity liable to Lessor, (e) any right to require Lessor to apply to any default, any security deposit or other security it may hold under the Lease, (f) any right to require Lessor to proceed under any other remedy Lessor may have before proceeding against Guarantors, (g) any right of subrogation.

Guarantors do hereby subrogate all existing or future indebtedness of Lessee to Guarantors to the obligations owed to Lessor under the Lease and this Guaranty.

If a Guarantor is married, such Guarantor expressly agrees that recourse may be had against his or her separate property for all of the obligations hereunder.

The obligations of Lessee under the Lease to execute and deliver estoppel statements and financial statements, as therein provided shall be deemed to also require the Guarantors hereunder to do and provide the same.

The term "Lessor" refers to and means the Lessee named in the Lease and also Lessor's successors and assigns. So long Lessor's interest in the Lease, the leased premises or the rents, issues and profits therefrom, are subject to any to any mortgage or deed of trust or assignment for security, no acquisition by Guarantors of the Lessor's interest shall effect the continuing obligation of Guarantors under this Guaranty which shall nevertheless continue in full force and affect for the benefit of the mortgage, beneficiary, trustee or assignee under such mortgage, deed of trust or assignment and their successors and assigns.

The term "Lessee" refers to and means Lessee named in the Lease and also Lessee's successors and assigns. In event any action be brought by said Lessor against Guarantors hereunder to enforce the obligation of Guarantors hereunder , the unsuccessful party in such act ion shall pay to the prevailing party therein a reasonable attorney's fee which shall be fixed by the court.

**If this Form has been filled in, it has been prepared for submission to your attorney for his approval. No representation or recommendation is made by the Los Angeles Apparel Mart L.L.C. , the employees as to legal sufficiency, legal effect, or tax consequences of this, Form or the transaction relating thereof.**

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| | | |
|:---|:---|:---|
| Executed at | LOS ANGELES, CALIFORNIA | |
| On | | |
| Address | 112 WEST 9TH STREET SUITE # | "GUARANTORS" |
|  | LOS ANGELES, CA 90015 |  |

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| | | |
|:---|:---|:---|
|  | Initials: | ![](ex10-13_002.jpg) |
| OFFICE LEASE |  | |

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## Exhibit 10.14

**Exhibit 10.14**

![](ex10-14_002.jpg)

![](ex10-14_003.jpg)

***THIS AGREEMENT*** is made the 14th day of November 2023.

**BETWEEN**

(1) the
 pa11y detailed as the Landlord in the **Part 1 of the FIRST SCHEDULE** (hereinafter called
 "the Landlord" which expression shall where the context permits include its successors
 and assigns) of the one part; and

(2) the
 party detailed as the Tenant in the **Part 2 of the FIRST SCHEDULE** (hereinafter called
 "the Tenant") of the other part.

**WHEREBY IT IS AGREED as follows:-**

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| | |
|:---|:---|
| **1** | <u>**Premises, Term And Rent**</u> |

---

The Landlord shall let and the Tenant shall take ALL THAT premise (hereinafter referred to as "the said premises") forming part of all that building (hereinafter referred to as "the said building") which said premises and said building are more particularly described and set out in the **Part 3 of the FIRST SCHEDULE** Together with the use in common with the Landlord and all others having the like right of the entrances staircases landings passages and toilets in the said building in so far as the same are necessary for the proper use and enjoyment of the said premises and except in so far as the Landlord may from time to time restrict such use And Together with the use in common as aforesaid of the lifts service escalators and air cooling services in the said building (if any and whenever the same shall be operating) for the term set out in the **Part 4 of the FIRST SCHEDULE** (hereinafter referred to as "the said term") YIELDING AND PAYING therefor throughout such rent and other charges as are from time to time payable in accordance with the provisions set out below which sums shall be payable exclusive of rates, government rent and in advance clear of all deductions and right to set off (whether legal or equitable), the first payment to be made in full by the Tenant on his signing of this Agreement notwithstanding the rent-free petiod (if any) granted hereunder, and thereafter in advance on the first (1st) day of each and every calendar month in respect of which such sums are payable Provided that the second and the last of such payments shall be appo11ioned according to the number of days of the unpaid remainder of the month included in the said term.

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| | |
|:---|:---|
| 2 | <u>**Tenant's Obligations**</u> |

---

The Tenant to the intent that the obligations hereunder shall continue throughout the said term hereby agrees with the Landlord as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Payment of rent** 

To pay to the Landlord on the days and in the manner herein before provided such rent (exclusive of rates, government rent and all other outgoings) as set out in the **Part 5 of the FIRST SCHEDULE** (hereinafter referred to as "the said rent").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Payment of management and air-conditioning fees** 

To pay to the Landlord on the days and in the manner hereinbefore provided the management fees from time to time chargeable in respect of the said premises (hereinafter referred to as "the said management fees"), the amount thereof payable at the commencement of the said term is set out in the **Part 6 of the FIRST SCHEDULE.** At any time during the said term, should the said management fees be increased or other charges legitimately be imposed in respect of the said premises, such increase or other charges so imposed shall be payable by the Tenant Provided that the Landlord shall give at least one (I) month's notice in writing of such increase or other charges so imposed to the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Payment of rates and government rent** 

To pay and discharge all rates and government rent taxes assessments duties impositions charges and outgoings whatsoever now or hereafter to be imposed or levied on the said premises or upon the owner or occupier in respect thereof by The Government of the Hong Kong Special Administrative Region or other lawful authority (Property Tax alone excepted). Without prejudice to the generality of this Clause the Tenant shall pay all rates and government rent imposed on the said premises in the first place to the Landlord who shall settle the same with The Government of the Hong Kong Special Administrative Region and in the event of the said premises not yet having been assessed to rates and government rent the Tenant shall pay to the Landlord a sum equal to the rates and government rent which would be charged by The Government of the Hong Kong Special Administrative Region on the basis of a rateable value equal to twelve (12) months' rent payable by the Tenant on account of the Tenant's liability under **this** Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Form of Payment** 

To settle and effect payments of the said rent, the said management fees, the rates, the government rent and all other charges payable hereunder in respect of tho said premises in accordance with the direction of the Landlord and if so required by the Landlord, by way of Autopay services provided by member banks of the Hong Kong Association of Banks and such payment shall be credited into the account(s) as the Landlord may from time to time direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Utility charges & deposits** 

To pay all deposits and charges in respect of water electricity and telephone as may be shown by or operated from the Tenant's own metered supply or by accounts rendered to the Tenant in respect of all such utilities consumed on or in the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Interest & disconnection of electricity etc.** 

Without prejudice to any other right or remedy of the Landlord hereunder to pay to the Landlord on demand daily interest at the rate of 15% per annum in respect of any payments to be made to the Landlord hereunder which shall be more than seven (7) days in aJTears and such interest shall be payable from the date upon which such payment in aJTears fell due and not seven (7) days thereafter Provided always that the Landlord shall, in addition to the interest above, be entitled to disconnect or cause to disconnect electricity and/or water and/or air-conditioning supply to the said premises in the event that any payments to be made to the Landlord hereunder shall be more than seven (7) days in arrears and the Tenant shall pay or indemnify the Landlord against all charges and expenses for reconnecting such electricity and/or water and/or air-conditioning supply to the said premises .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Compliance with Ordinances** 

To obey and comply with and to indemnify the Landlord against the breach of all Ordinances, regulations, bye-laws, rules and requirements of any governmental or other competent authority relating to the use and occupation of the said premises, or to any other act, deed, matter or thing done, permitted, suffered or omitted therein or thereon by the Tenant or any employee, agent or licensee of the Tenant and without prejudice to the foregoing to obtain any licence approval or pennit required by any governmental or other competent authority in connection with the Tenant's use or occupation of the said premises prior to the commencement of the Tenant's business and to maintain the same in force during the currency of the tenancy hereby created and to indemnify the Landlord against the consequences ofa breach of this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Fitting out** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.1 To
 fit out the said premises at its own costs and expenses and before the commencement of any
 fitting out works or other decoration refurbishing or renovation works or repairs which are
 the responsibility of the Tenant hereunder, and at its own costs and expenses to prepare
 and submit to the Landlord and the Manager of the Building ("the Manager") for
 approval suitable drawings plans and specifications of the works to be carried out by the
 Tenant (hereinafter collectively called "the Tenant's Plans").

2.8.2 Upon
 submission of the Tenant's Plans to pay to the Landlord or the Manager a fitting out
 deposit and a vetting fee and if the Tenant's Plans are subsequently amended or modified
 whether pursuant to the request of the Landlord or the Manager or otherwise, to pay to the
 Landlord or the Manager such further vetting fees as may be demanded by the Landlord or the
 Manager.

2.8.3 The
 Landlord's or the Landlord's agent's or representative's approval
 of plans drawings specifications or calculations contained in the Tenant's Plans shall
 not constitute any implication representation or certification by the Landlord that the Tenant's
 Plans are in compliance with any codes ordinances and other regulations and the Landlord's
 approval thereof shall be without prejudice to the right of the Landlord to require the Tenant
 to stop, remove, or dismantle at the cost of the Tenant any Tenant's works which, in
 the opinion of the Landlord, may prejudice the safety or security of the Building or any
 part thereof, or may contravene any ordinance, regulation, rule or requirement of any governmental
 or competent authotity. In instances where more than one standard may be applicable in approving
 the Tenant's Plans, the sttictest standard shall apply.

2.8.4 Not
 to commence any fitting-out decoration refurbishing renovation or repair works before receiving
 notice in writing from the Landlord that such works may be commenced and thereafter to commence
 such works as soon as practicable and carry such works to completion expeditiously.

2.8.5 To
 comply with and observe such rules and regulations relating to fitting out works as
the Landlord and or the Manager may from time to time determine.

2.8.6 To
 ensure that all works are carried out strictly in accordance with the Tenant's Plans
 as approved by the Landlord and in a good and proper workmanlike fashion using good quality
 materials and without causing any damage to any part of the said building or any disturbance
 or annoyance to the Landlord or the tenants or occupiers of adjacent or neighbouring premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Good repair and interior** 

To keep all the interior of the said premises including the flooring and interior plaster or other finishing material or rendering to walls floors and ceilings of the said premises and the Landlord's fixtures and fittings therein and all additions (whether of the Landlord or the Tenant) thereto including all doors windows glass mechanical and electrical installations and wi1ing light fittings suspended ceilings fire fighting apparatus and air-conditioning plant and ducting in good clean tenantable substantial and proper repair and condition and as may be appropriate from time to time properly cleaned painted and decorated and so to maintain the same at the expense of the Tenant, and to deliver up the same to the Landlord at the expiration or sooner dete1mination of the said term in like condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** **Replacement and condition of windows/glass** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1 To
 pay to or reimburse the Landlord the cost of replacing all broken or damaged windows/glass
 whether the same be broken or damaged by the negligence of the Tenant or owing to circumstances
 beyond the control of the Tenant.

2.10.2 To
 keep all windows closed and locked save in emergency such as fire or breakdown of the air-conditioning
 system and the reasonable extent necessary to enable the Tenant to clean the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** **Repair and electrical installations** 

To repair or replace or to obtain all the necessary certificates if so required by the appropriate company or authority under the terms of the Electricity Ordinance (Cap. 406) or any statuto1y modification or re-enactment thereof or regulations made thereunder by duly authorised contractor, statutory undertaker or authority as the case may be all the electricity wiring installations and fittings within the said premises and the wiring from the Tenant's meter or meters to and within the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** **Good repair of toilets & water apparatus** 

At the expense of the Tenant to maintain all toilets and water apparatus as are located within the said premises (or elsewhere if used exclusively by the Tenant his employees invitees and licensees) in good clean and tenantable state and in proper repair and condition at all times during the said term to the satisfaction of the Landlord and in accordance with the regulations of the Public Health or other government authority concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** **Cleaning & cleaning contractors** 

To keep the said premises including all intemal glass, windows and lights at all times in a clean and sanitary state and condition, and for the better observance hereof to employ as cleaners of the said premises only such persons or firms as may be approved by the Landlord. Such cleaners shall be employed at the expense of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14** **Cleansing of drains** 

To pay on demand to the Landlord the cost incurred by the Landlord in cleansing and clearing any of the drains choked or stopped up owing to improper or careless use by the Tenant or his employees invitees or licensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15** **Entry and inspection by Landlord** 

To permit the Landlord its agents and all persons authorised by it with or without workmen or other and with or without appliances at all reasonable times to enter upon the said premises:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1 To
 view the condition thereof and upon prior notice to the Tenant to take inventories of the
 fixtures and fittings therein and to cany out any work or repair required to be done Provided
 that in the event of an emergency the Landlord its servants or agents may enter without notice
 and forcibly if need to be; and

2.15.2 To
 inspect erect use maintain or replace water or electric pipes, drains, wmng, ducting, meters
 and conduits which are in or passing through the said premises whether
or not they are serving the said premises exclusively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16** **Repair on receipt of notice** 

To make good all defects and wants of repair to the said premises for which the Tenant may be liable within the space of fourteen (14) days from the receipt of written notice from the Landlord to amend and make good the same, and if the Tenant shall fail to execute such works or repairs as aforementioned to permit the Landlord to enter upon the said premises and execute the same and the cost thereof shall be a debt due from the Tenant to the Landlord and be recoverable forthwith by action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** **Informing Landlord of damage** 

To give prompt notice to the Landlord or its agent of any damage that may be suffered to the said premises and of any accident to or defects in the water and gas pipes (if any), electrical wiring, fittings, fixtures or other services or facilities within the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18** **Protection from typhoon** 

To take all reasonable precautions to protect the interior of the said premises from storm or typhoon damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19** **Indemnification of Landlord** 

To be wholly responsible for any damage or injwy caused to any person whomsoever directly or indirectly through the sub-standard workmanship defective or damaged condition of any part of the interior of the said premises or any machinery or plant or any fixtures or fittings therein for the maintenance and repair of which the Tenant is responsible hereunder or in any way owing to the spread of fire or smoke or the overflow of water from the said premises or any part thereof or through the act default or neglect of the Tenant his servants agents licensees or customers and to make good the same by payment or otherwise and to indemnify the Landlord against all costs claims demands actions and legal proceedings whatsoever made upon the Landlord by any person in respect of any such loss damage or injury and all costs and expenses incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20** **Air-conditioning of premises by Tenant** 

Where any plant machinery or equipment or ducting for cooling or circulating air is installed in or about the said premises and to the extent of the Tenant's control over the same, to at all times use and regulate the same to ensure that the air-conditioning plant is employed to best advantage in the conditions from time to time and without prejudice to the generality of the foregoing, to clean operate and maintain such air-conditioning plant or ducting within the said premises as the Landlord may reasonably dete1mine to ensure a reasonably uniform standard of air cooling or conditioning throughout the said building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21** **Refuse & garbage removal** 

To be responsible for the removal of refuse and garbage from the said premises to such location as shall be specified by the Landlord or the Manager from time to time and to use only that type of refuse container as is specified by the Landlord or the Manager from time to time. In the event of the Landlord or the Manager providing a collection service for refuse and garbage the same shall be used by the Tenant to the exclusion of any other similar service and the use for such service provided by the Landlord or the Manager shall be at the sole cost of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22** **Service entrances** 

To load and unload goods only at such times and through such entrances and by such services lifts (if any) as shall be designated by the Landlord or the Manager for this purpose from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23** **Common areas** 

To pay to or reimburse the Landlord the cost of any damage caused to any part of the common areas of the said building occasioned by the Tenant his licensees employees agents or contractors or any other person claiming through or under the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.24** **Contractors employees invitees & licensees** 

To be liable for any act default negligence or omission of the Tenant's contractors employees invitees or licensees as if it were the act default negligence or omission of the Tenant and to indemnify the Landlord against all costs claims demands expenses or liability to any third party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25** **Directory boards** 

To pay to the Landlord immediately upon demand the cost of affixing repairing or replacing as necessary the Tenant's name in lettering to the directory boards at the said building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26** **Regulations** 

To obey and comply with such Regulations as may from time to time be made or adopted by the Landlord in accordance with Clause 6.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27** **Security system** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27.1 To
 ensure that the Tenant's own security system within and at the entrance of the said
 premises is at all times compatible with and linked up to the security system (if any) for
 the said building provided and operated by the Manager.

2.27.2 To
 ensure at all times that all fire alarms, fire fighting equipment, roller shutters (if any)
 and other equipment for security purposes (if any) in the said premises shall not be disrupted,
 interrupted, damaged or caused to be defective through the act, default or neglect of the
 Tenant, his servants, agents, licensees or customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.28** **Vibration absorbers** 

To mount and equip any machinery liable to produce vibration and every part thereof with anti vibration absorbers and anti-dumping absorbers of such types and designs as first approved of in writing by the Landlord or the Landlord's architect and shall comply with all directions and orders of the Landlord for eliminating and reducing vibrations and dumping produced by the operation and running of any of the machinery installed at the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29** **Yielding up of premises & handover** 

At the expiration or sooner determination of the said term quietly to yield up the said premises with vacant possession and the Tenant shall at the Landlord's discretion either:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.1 reinstate
 and remove all fixtures and fittings installed in the said premises by or on behalf of the
 Tenant and all additions erections alterations and improvements which the Tenant and any
 predecessor in title may have made to the said premises with or without the consent of the
 Landlord and to make good all damage caused by their removal (and to deliver the said premises
 in "bare shell" condition with the original design of fittings and fixtures of
 the said premises); 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;2.29.2 leave
 all fixtures and fittings which have been affixed to the said premises by the Tenant and
 which have become pa11 of the said premises (except trade fixtures and fittings the Tenant
 making good all damage caused by the removal thereof) and all additions erections alterations
 and improvements which the Tenant and any predecessor in title may have made to the said
 premises with or without the consent of the Landlord, in
either case in the state of repair and decoration in which they should be having regard to the Tenant's agreements and obligations
contained in the Agreement and generally in accordance with the terms of this Agreement and to deliver to the Landlord all keys to the
said premises.

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| | |
|:---|:---|
| **3** | <u>**Landlord's Obligations**</u> |

---

The Landlord agrees with the Tenant as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Quiet enjoyment** 

To pem1it the Tenant duly paying the said rent, the said management fees, the rates and government rent on the days and in manner herein provided for payment of the same and observing and perfo1ming the agreements stipulations te1ms conditions and obligations herein contained, to have quiet possession and enjoyment of the said premises during the said term without any interruption by the Landlord or any person lawfully claiming under or through or in trust for the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Property tax** 

To pay Property tax attributable to or payable in respect of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Air-conditioning .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 To
 provide and maintain for the said premises during the normal business hours (as defined in
 the **Part 9 of the FffiST SCHEDULE** under the designation "the said normal business
 hours") an air cooling service whenever the same shall be operating.

3.3.2 To
 in its absolute discretion supply the Tenant with an air cooling service during hours
outside the said normal business hours upon request being made by the Tenant to the Landlord. The cost for such additional hours of air
cooling service shalf be detennined by the Landlord and notified to the Tenant from time to time and shall be paid by the Tenant to the
Landlord with the said rent and other charges payable under this Agreement and shall be recoverable by the Landlord as part of the said
management fees.

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| | |
|:---|:---|
| **4** | <u>**Restriction And Prohibitions**</u> |

---

The Tenant shall hereby agrees with the Landlord as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Installation & alterations** 

---

| | |
|:---|:---|
| 4. I. I | Not without the previous written consent of the Landlord to install or use in the said premises any air-conditioning plant, machinery or equipment other than those already installed nor to erect install or alter any fixtures partitioning or other erection or installation in the said premises or to make suffer or pe1mit to be made any alterations or additions to the mechanical or electrical wiring installation air-conditioning plant or ducting (if any) and lighting fixtures or any part thereof nor without the like consent to install or permit or suffer to be installed any equipment apparatus or machinery (including any safe) which imposes a weight on any part of the flooring in excess of that for which it was designed or the operation of which exceeds the designed live load or required any additional electrical main wiring or consumes electricity not metered through the Tenant's separate meter. The Landlord shall be entitled to prescribe the maximum weight and pe1mitted location of safes and other heavy equipment and to require that the same stand on supports of such dimensions and matetial to distribute the weight as the Landlord may deem necessaiy and to prescribe the maximum live load of the electrical main or wiring. |
| 4.1.2 | To observe and comply with the requirements provided in Clauses 2.8.5 and 2.8.6 in canying out any approved work hereunder. |
| 4.1.3 | Any fees or expenses incuJTed by the Landlord in connection with the giving of consents and approval hereunder shall be borne by the Tenant. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Metal grille or shutter** 

Not to erect affix install or attach in/on/at the door(s) or entrance(s) of the said premises any metal grille or shutter or gate which shall in any way contravene the regulations of the Fire Services Department or other competent authority concerned from time to time in force and/or which may in any way impede the free and unintenupted passage over through and along any of the entrances, staircases, landings, passages, lifts, lobbies or other parts of the said building in common use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Injury to main walls** 

Not without the previous written consent of the Landlord to cut maim or injure or permit or suffer to be cut maimed or injured any doors windows glass walls beams structural members or other part of the fab1ic of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Alterations to exterior** 

Not to affix anything or paint or make any alteration whatsoever to the exterior of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Noise** 

Not to cause or produce or suffer or pe1mit to be produced on or in the said premises any sound or noise (including sound produced by broadcasting from rediffusion, television, radio and any apparatus or instrument capable of producing or reproducing music and sound) or other acts or things in or on the said premises which is or are or may be a nuisance or annoyance to the tenants or occupiers of adjacent or premises or to users and customers of the same or to the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Signs** 

Not to exhibit or display on or affix to the exterior of the said premises or to/through any windows or curtain walls of the said premises any flagpoles aerials writing sign signboard or other device whether illuminated or not which may be visible from outside the said premises nor to affix any flagpoles aerials wiring sign sih'llboard or other device in at or above any common area lobby landing or corridor of the said building Provided always that the Tenant shall be entitled to have his name of business displayed in lettering and/or characters to a design and standard of workmanship approved by the Landlord on a signboard upon such part of the front of the said premises as may be designated by the Landlord. If the Tenant can-ies on business under a name other than his own name he shall be entitled to have that name displayed as aforesaid but the Tenant shall not be entitled to change the business name without the previous written consent of the Landlord and without prejudice to the foregoing the Landlord may in connection with any application for consent under this Clause require the Tenant to produce such evidence as it may think fit to show that no breach of Clause 4.18 has taken place or is about to take place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Auctions & sales** 

Not to conduct or petmit any auction fare bankruptcy close out or similar sale of things or properties of any kind to take place on the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** **Illegal immoral or improper use** 

Not to use or cause pe1mit or suffer to be used any part of the said premises for gambling or for any illegal immoral or improper purposes or in any way so as to cause nuisance annoyance inconvenience or damage or danger to the Landlord or the tenants or occupiers of adjacent or neighbouring premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** **Touting** 

Not to permit any touting or soliciting for business or distributing of any pamphlets notice or advertising matter outside the said premises or anywhere within the said building by any of the Tenant's servants agents or licensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10** **User** 

Not to use the said premises for any purpose other than the user ("hereinafter refen-ed to as "the said user") as set out in the **Part 8 of the FIRST SCHEDULE** and in compliance with the Deed of Mutual Covenant and Occupation Permit of the said building and in particular but without prejudice to the generality of the foregoing, not to use or allow the said premises or any part thereof to be used as domestic premises within the meaning of any ordinance for the time being in force or as sleeping quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11** **Sleeping or domestic use** 

Not to use the said premises or any part thereof as sleeping quai1ers or as domestic premises within the meaning of any Ordinance for the time being in force or to allow any person to remain on the said premises overnight unless with the Landlord's prior pennission in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12** **Manufacture & storage of merchandise** 

Not to use the said premises for the manufacture of goods or merchandise or for the storage of goods or merchandise other than stock reasonably required in connection with the Tenant's business can-ied on therein nor to keep or store or cause or permit or suffer to be kept or stored any hazardous or dangerous goods within the meaning of the Dangerous Goods Ordinance (Cap. 295) and the regulations thereunder or any statutory modification or re-enactment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13** **Obstructions in passages** 

Not to place or leave or suffer or permit to be placed or left by any contractor employee invitee or licensee of the Tenant any boxes furniture articles or rubbish in the entrances or any of the staircases passages or landings of the said building used in common with other tenants or the Landlord or otherwise encumber the same. All removals or the can-ying in or out of furniture or bulky matter of any description must be done by the service lifts (if any) and take place after the said normal business hours (as defined in the **Part 9 of the FIRST SCHEDULE)** and during the hours which the Landlord or its agents may detem1ine from time to time. The Landlord reserves the right to exclude goods from the said building which may violate such Regulations made under Clause 6.6 or any provisions contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14** **Parking and loading outside the premises** 

Not to park or obstruct or otherwise use nor permit to be parked or obstructed or otherwise used by any employee agent contractor invitee or licensee of the Tenant those areas of the said building allocated to parking or to movement of or access for vehicles or designated as loading/unloading areas other than in accordance with the regulations made from time to time by the Landlord and or the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15** **Goods & merchandise outside premises** 

Not to place expose or leave or permit to be placed exposed or left for display sale or otherwise any goods or merchandise whatsoever upon or over the ground outside the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16** **Preparation of food & prevention of odours** 

Not to prepare or permit or suffer to be prepared any food in the said premises or to cause or pennit any offensive or unusual odours to be produced upon or emanate from the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.17** **Animals, pets & infestation** 

Not to keep or permit or suffer to be kept any animals or pets inside the said premises and to take all such steps and precautions to the satisfaction of the Landlord to prevent the said premises or any part thereof from becoming infested by termites rats mice roaches or any other pests or vermin and for the better observance hereof the Landlord may require the Tenant at the Tenant's cost to employ such pest extermination contractors as the Landlord may nominate and at such intervals as the Landlord may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.18** **Sub-letting, assigning** 

Not to assign underlet or otherwise part with the possession of the said premises or any part thereof in any way whether by way of sub-letting lending sharing or other means whereby any person or persons not a party to this Agreement obtains the use or possession of the said premises or any part thereof inespective of whether any rental or other consideration is given for such use or possession and in the event of any such transfer sub-letting sharing assignment or parting with the possession of the said premises (whether for monetary consideration or not) this Agreement shall absolutely determine and the Tenant shall forthwith vacate the said premises on notice to that effect from the Landlord. The tenancy hereby created shall be personal to the Tenant named in the **Part 2 of the FIRST SCHEDULE** and without in any way limiting the generality of the foregoing the following acts and events shall unless approved in writing by the Landlord be deemed to be breaches of this Clause:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18.1 In
 the case of a Tenant being a partnership the taking in of one or more new partners whether
 on the death or retirement of an existing partner or otherwise.

4.18.2 In
 the case of a Tenant being an individual (including a sole surviving partner of a partnership
 tenant) the death insanity or disability of that individual to the intent that no right to
 use possess occupy or enjoy the said premises or any part thereof shall vest in the executors
 administrators personal representatives next of kin trustee or committee of any such individual.

4.18.3 In
 the case of a Tenant being a corporation any take-over reconstruction amalgamation merger
 voluntaiy liquidation or change in the person or persons who owns or own a majority of its
 voting shares or who otherwise has or have effective control thereof.

4.18.4 The
 giving by the Tenant of a Power of Attorney or similar authority whereby the donee of the
 Power obtains the right to use possess occupy or enjoy the said premises or any part thereof
 or does in fact use possess occupy or enjoy the same.

4.18.5 The
 change of the Tenant's business name without the previous written consent of the Landlord
 which consent the Landlord may give or withhold at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.19** **Breach of Government lease** 

Not to cause suffer or permit any contravention of the provisions of the Government lease (as varied or modified by any subsequent modification(s) thereof) under which the Landlord holds the said premises and to indemnify the Landlord against any such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.20** **Breach of Deed of Covenant or Management Agreement** 

Not to omit or permit or suffer anything to be done any act deed matter or thing whatsoever which shall amount to a breach or non-observance by the Landlord of any of the covenants and provisions in the Deed of Mutual Covenant and/or Management Agreement (if and when the same shall come into operation) relating to the said building of which the said premises form part so far as they relate to the said premises and to indemnify the Landlord against the breach non observance or non-performance thereof. It is also expressly declared and agreed by the parties hereto that the Landlord sAall be at full liberty at any times hereafter to enter into such forms of Deed of Mutual Covenant and/or Management Agreement with the owners of the said building or such other parties as the Landlord shall think fit to define their respective rights and obligations of and in the Land (as defined in the **Part 3 of the FIRST SCHEDULE)** and the said building and to make provision for the management of the said building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.21** **Breach of insurance policy** 

Not to cause or suffer or permit to be done any act or thing whereby the policy or policies of insurance on the said premises against damage by fire or liability to third parties for the time being subsisting may become void or voidable or whereby the rate of premium or premia thereon may be increased, and to repay to the Landlord on demand all sums paid by the Landlord by way of increased premium or premia thereon and all expenses incurred by the Landlord in and about any renewal of such policy or policies arising from or rendered necessary by a breach of this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.22** **Prohibited names** 

Not to name or include in the name of the business or company operated by the Tenant the name "Saxon Tower " or any name similar thereto and not at any time to change the name of the business or company to include any such name as aforesaid.

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| | |
|:---|:---|
| **5** | <u>**Exclusion Of Landlord's Liabilities**</u> |

---

It is hereby further expressly agreed and declared that the Landlord, the Landlord's parent company, any subsidia1y of the Landlord's parent company and/or any subsidiary of the Landlord shall not in any circumstances be liable to the Tenant or any other person whomsoever :-

5. l Lifts, air-conditioning, utilities

In respect of any loss or damage to person or property sustained by the Tenant or any other person caused by or through or in any way owing to any defect in or breakdown of the lifts escalators and air-conditioning system, electric power and water supplies, or any other service provided in the said building, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Fire & overflow of water** 

In respect of any loss or damage to person or property sustained by the Tenant or any other person caused by or through or in any way owing to the escape of fumes smoke fire or any other substance or thing or the overflow of water from anywhere within the said building, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Security** 

For the security or safekeeping of the said premises or any contents therein and in particular but without prejudice to the generality of the foregoing the provision by the Landlord of watchmen and caretakers or any mechanical or electrical systems of alarm of whatever nature shall not create any obligation on the part of the Landlord as to the security of the said premises or any contents therein and the responsibility for the safety of the said premises and the contents thereof shall at all times rest with the Tenant, nor shall the said rent and other charges hereinbefore mentioned or any pa1i thereof abate or cease to be payable on account of any of the foregoing.

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| | |
|:---|:---|
| **6** | <u>**Other Provisions**</u> |

---

It is hereby expressly agreed and declared as follows :-

6. l Suspension of rent in case of fire etc.

If the said premises or the said building or any pa1i thereof shall at any time during the tenancy hereby created be destroyed or damaged or become inaccessible owing to fire water storm typhoon defective construction white ants earthquake subsidence of the ground or any calamity beyond the control of the Landlord so as to render the said premises unfit for commercial use or inaccessible and the policy or policies of insurance effected by the Landlord shall not have been vitiated or payment of policy moneys refused in whole or in part in consequence of any act or default of the Tenant or if any time during the continuance of the tenancy hereby created the said premises or the said building shall be condemned as a dangerous structure or a demolition order or closure order shall become operative in respect of the said premises or the said building then the said rent hereby reserved or a fair proportion thereof according to the nature and extent of the damage sustained or order made shall after the expiration of the then cmTent month be suspended until the said premises or the said building shall again be rendered accessible and fit for commercial use Provided that should the said premises or the said building not have been reinstated in the meantime either the Landlord or the Tenant may at any time after six (6) months from the occunence of such damage or destrnction or order give to the other of them notice in writing to determine the tenancy hereby created and thereupon the same and everything herein contained shall cease and be void as from the date of the occurrence of such destrnction or damage or order or of the said premises becoming inaccessible or unfit for commercial use but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of the agreements stipulations terms and conditions herein contained or of the Landlord in respect of the rent and other charges payable hereunder p1ior to the coming into effect of the suspension. Nothing in this Clause shall be construed as requiring the Landlord to repair or reinstate the said premises if in its opinion it is not reasonably economical or practicable so to do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Default** 

If the said rent and/or the said management fees and/or any other charges payable hereunder or any part thereof shall be in arrears for seven (7) days after the same shall have become payable (whether fo1mally or legally demanded or not) or if the Tenant shall suspend business without the Landlord's prior consent or if there shall be any other breach or non-performance of any of the stipulations conditions or agreements herein contained and on the part of the Tenant to be observed or performed or if the Tenant shall become bankrupt or being a corporation go into liquidation (save for the purposes of amalgamation or reconstiuction) or if the Tenant shall suffer execution to be levied upon the said premises or otherwise on the Tenant's goods then and in any such case it shall be lawful for the Landlord at any time thereafter to re-enter on and upon the said premises or any part thereof in the name of the whole and thereupon this Agreement shall absolutely dete1mine but without prejudice to any right of action by the Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the terms of this Agreement. All costs and expenses incurred by the Landlord in demanding payment of the said rent and the said management fees and other charges aforesaid (if the Landlord elects to demand) or the extent of any loss to the Landlord arising out of this Clause shall be paid by the Tenant and shall be recoverable from the Tenant as a debt or be deductible by the Landlord from any deposit held by the Landlord hereunder. A written notice served by the Landlord on the Tenant in manner hereinafter mentioned to the effect that the Landlord hereby exercises the power of re-entry herein contained shall be a full and sufficient exercise of such power without actual physical entry on the part of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Acceptance of rent** 

The acceptance of any rent or other charges payable by the Tenant hereunder by the Landlord hereunder shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach non-observance or non-performance by the Tenant of any of the agreements stipulations terms and conditions herein contained and on the part of the Tenant to be observed and performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Acts of employees invitees & licensees** 

For the purposes of this Agreement any act default neglect or omission of any guest visitor servant contractor employee agent invitee or licensee of the Tenant shall be deemed to be the act default neglect or omission of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Distraint** 

For the purposes of Part III of the Landlord and Tenant (Consolidation) Ordinance (Cap. 7) and of this Agreement, the rent payable in respect of the said premises shall be and be deemed to be in arrears if not paid in advance at the times and in the manner hereinbefore provided for payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 The
 Manager of the said building shall be entitled from time to time and by notice in writing
 to the Tenant to make introduce subsequently amend adopt or abolish if necessary such Regulations
 (hereinafter referred to as "the Regulations") as it may consider necessary for
 the proper operation and maintenance of the proper operation and maintenance of the said
 building.

6.6.2 The
 Regulations shall be supplementary to the tem1s and conditions contained in this Agreement
 and shall not in any way derogate from such te1ms and conditions. In the event of conflict
 between the Regulations and the terms and conditions of this Agreement the terms and conditions
 of this Agreement shall prevail.

6.6.3 The
 Landlord shall not be liable for any loss or damage however caused arising from any non-enforcement
 of the Regulations or non-observance thereof by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Sale and Redevelopment** 

If the Landlord resolves to sell, redevelop, re-build or refurbish the said premises thereof then in such event the Landlord shall be entitled to give not less than 6 calendar months' notice in writing to expire at any time to terminate this Agreement, and immediately upon the expiration of such notice this Agreement shall be te1minated and the Tenant shall deliver vacant possession of the said premises to the Landlord but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of any of the covenants restrictions stipulations or conditions herein contained. On the expiration of such notice and provided that the Tenant has duly paid the rent and other payments and observed and performed all the terms and conditions contained in this Agreement. The Tenant shall not be entitled to claim against the Landlord for any damages or compensation whatsoever arising from or incidental to the tem1ination pursuant to this Clause.

---

| | |
|:---|:---|
| **7** | <u>**Tenant's Deposit**</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Amount of deposit** 

During the said term the Tenant shall deposit and maintain with the Landlord a sum (hereinafter referred to as "the said deposit") equal to three (3) months' rent and management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Increase in deposit** 

If at any time during the currency of this Agreement the aggregate of the said rent and the said management fees then payable shall exceed the aggregate amount already paid by the Tenant on account of the said deposit, the Tenant shall fo11hwith pay to the Landlord such fu11her sum(s) as will be necessary to maintain the said deposit at three (3) months' rent and management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Forfeiture of or deduction from deposit** 

The said deposit is paid to the Landlord to secure the due observance and perfo1mance by the Tenant of the agreements stipulations terms and conditions herein contained and on the part of the Tenant to be obse1ved and performed which said deposit shall be held by the Landlord throughout the currency of this Agreement free of any interest to the Tenant and in the event of any breach or non-observance or non-perfo1mance by the Tenant of any of the agreements stipulations or conditions herein contained the Landlord shall be entitled to terminate this Agreement in which event the said deposit may, without prejudice to any other 1ight or remedy of the Landlord hereunder, be forfeited to the Landlord as and for liquidated damages. Notwithstanding the foregoing the Landlord may in any such event at its option elect not to tenninate this Agreement but to deduct from the said deposit the amount of any rent management fees rates government rent and other charges payable hereunder and any costs expenses loss or damage sustained by the Landlord as the result of any non-obse1vance or non-performance by the Tenant of any of the said agreements stipulations obligations or conditions. In the event of any deduction being made by the Landlord from the said deposit in accordance herewith during the cunency of this Agreement the Tenant shall fo1thwith on demand by the Landlord make a further deposit or deposits equal to the amount so deducted and failure by the Tenant so to do shall entitle the Landlord forthwith to re-enter upon the said premises and to determine this Agreement as hereinbefore provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Repayment of deposit** 

Subject as aforesaid the said deposit shall be refunded to the Tenant by the Landlord without interest within thirty (30) days after the expiration or sooner determination of this Agreement and delivery of vacant possession of the said premises to the Landlord OR within thirty (30) days of the settlement of the last outstanding claim by the Landlord against the Tenant for any arrears of rent, management fees, rates, government rent and other charges and for damages for any breach non-observance and non-perfonnance of any of the agreements stipulations terms and conditions herein contained and on the pai1 of the Tenant to be observed or performed whichever shall be the later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Payment of deposit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 secure the due payment of the said rent and the due perfom1ance and observance of the Tenant's
 conditions hereunder, upon the signing of this Agreement the sum of 90,117.00 being the deposit
 ("the previous deposit") held by the Landlord under and pursuant to the Tenancy
 Agreement dated the 30th day of October 2021 made between the Landlord and the Tenant in
 respect of the said premises for a term of Two (2) expiring on the 15th day of November 2023
 ("the previous Tenancy Agreement") shall be transfened and carried over to this
 Agreement as the Deposit as stated in the **Part 7 of the FIRST SCHEDULE** hereto Subject
 to prior forfeiture in accordance with Clause 6.2 hereof the deposit shall, after the expiration
 of the said term hereby granted or the earlier determination thereof under Clause 6.1 and
 provided that the said rent and the management charges (if any) hereby reserved shall have
 been duly paid, the Tenant's conditions shall have been duly performed and observed
 by the Tenant and the Tenant shall have duly delivered to the Landlord vacant possession
 of the said premises in compliance with Clause 2.29 hereof, be returned to the Tenant without
 any interest within the period of 30 days from the date of expiration or earlier determination
 of the term hereby granted, or the settlement of the last outstanding by the Landlord against
 the Tenant whichever is later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event that the Tenant shall (either before of after the date hereof) have breached any
 of the terms and conditions contained in the previous Tenancy Agreement which on the part
 of the Tenant is to be observed and performed up to and inclusive of the date of the expiration.of
 the contractual te1m or sooner determination of the previous Tenancy Agreement, then the
 Landlord shall be entitled to deduct from the Deposit such amount as may be required towards
 remedying the same insofar as it may be possible (without prejudice to any other rights or
 remedies available to the Landlord for breach of the previous Tenancy Agreement) and in such
 circumstances and as a condition precedent to the commencement of this Agreement the Tenant
 shall forthwith on demand by the Landlord pay a further sum of the amount so deducted and
 failure by the Tenant so to do shall entitle the Landlord to forfeit the tenancy hereby created
 or maintained and to re enter upon the said premises and to determine this Agreement (and/or
 the previous Tenancy Agreement (as approp1iate)) without prejudice to any other right which
 the Landlord may have against the Tenant and the balance of the Deposit (if any) shall be
 absolutely forfeited as and for liquidated damages (and not a penalty).

---

| | |
|:---|:---|
| **8** | <u>**Interpretation And Miscellaneous**</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Name of building** 

The Landlord reserves the right to name the said building with any such name(s) or style(s) as it in its sole discretion may dete1mine and at any time and from time to time to change, alter, substitute or abandon any such name(s) or style(s) Provided that the Landlord shall give the Tenant and the Postal and other relevant governmental authorities not less than one (1) month's notice of its intention so to do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Alterations to building** 

The Landlord reserves the right from time to time to improve extend add to or reduce the said building or in any manner whatsoever alter or deal with the said building (other than the said premises) including but not limited to increasing or reducing the number of units on each floor of the said building to such numbers as the Landlord may in its absolute discretion think fit and the creation, alteration and extinguishment of any right of way to and from or along the said premises, the layout of any units on each floor of the said building and any other right of way, corridors and common areas in the said building and the Landlord shall not be liable for and the Tenant shall have no claim whatsoever against the Landlord in any event for any loss, damages or compensation whatsoever resulting directly or indirectly from the Landlord exercising such right Provided that the building works carried out hereunder shall cause as little disturbance to the Tenant's enjoyment of the said premises as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Normal business hours** 

The normal business hours for the said premises are such as set out in the **Part 9 of the FIRST SCHEDULE** (hereinafter referred to as "the said no1mal business hours") of the year except Sundays and Public Holidays) Provided always that the said nom1al business hours may be altered from time to time by the Landlord at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Functions & display** 

Notwithstanding anything herein contained or implied to the contrary the Landlord may pem1it any person or organization to hold any functions or exhibition or display any merchandise in any part or parts of the common areas at such times and upon such terms and conditions as the Landlord may in its absolute discretion think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Public address system** 

Notwithstanding anything herein contained or implied to the contrary the Landlord may provide and install a public address system throughout the common areas of the said building and may play relay or broadcast or permit any other person to play relay or broadcast recorded music or public announcement thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **Condoning not a waiver** 

No condoning, excusing or overlooking by the Landlord of any default, breach, non-observance or non-perfo1mance by the Tenant at any time or times of any of the agreements stipulations terms and conditions herein contained shall operate as a waiver of the Landlord's right hereunder in respect of any continuing or subsequent default, breach, non-observance or non-performance or so as to defeat or affect in any way the rights and remedies of the Landlord hereunder in respect of any such continuing or subsequent default or breach and no waiver by the Landlord shall be infe1Ted from or implied by anything done or omitted by the Landlord, unless expressed in writing and signed by the Landlord. Any consent given by the Landlord shall operate as a consent only for the pai1icular matter to which it relates and shall in no way be considered as a waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessity of obtaining the specific written consent of the Landlord in the future, unless expressly so provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** **Letting notices & entry** 

During the three (3) months immediately before the expiration or sooner determination of the said term the Tenant shall permit all persons having written authority to enter and view the said premises and every part thereof at all reasonable times Provided Further that the Landlord shall be at liberty to affix and maintain without interference upon any external part of the said premises a notice stating that the said premises are to be let and such other information in connection therewith as the Landlord shall reasonably require during the said period of three (3) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** **Service of notice** 

Any notice required to be served on the Tenant shall be sufficiently served if delivered to or despatched by registered post or left at the said premises or at the last known address of the Tenant. A notice sent by registered post shall be deemed to be given at the time and date of posting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9** **Handover Condition** 

The said premises are let to the Tenant on "as is" condition. The Tenant hereby declares that he has inspected and is fully satisfied with and accepts in all respects the existing state, condition, finishes and repair of the said premises. The Tenant further agrees to take over the said premises in such state and condition as is to be delivered by the Landlord and shall raise no objection whatsoever in relation thereto. The Landlord shall not be required to do any work or repair to such state and condition of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10** **Landlord's fixtures and fittings** 

There is included in this letting the use of the Landlord's fixtures and fittings in the said premises as set out in the **SECOND SCHEDULE.** The list of the Landlord's fixtures and fittings in the **SECOND SCHEDULE** is not exhaustive and shall be deemed to include such other fixtures and fittings as the Landlord may install or provide from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11** **Payment by Tenant** 

All moneys payable to the Landlord by the Tenant under any provision of this Agreement shall be paid to the Landlord or its authorised agent as may be appointed by the Landlord from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12** **Gender** 

In this Agreement if the context permits or requires words importing the singular number shall include the plural number and vice versa and words importing the masculine feminine or neuter gender shall include the other of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13** **Headings & indexes** 

The headings and indexes are intended for guidance only and do not fonn a part of this Agreement nor shall any of the provisions of this Agreement be construed or interpreted by reference thereto or in any way affected or limited thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 Stamp
 duty & costs

Each party hereto shall bear and pay its own legal costs and disbursements of and incidental to the preparation approval and completion of this Agreement. The stamp duty payable on this Agreement and its counterpart and the registration fee (if any) shall be borne and paid by the Landlord and the Tenant in equal shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.15** **No fine** 

The Tenant acknowledges that no fine premium key money or other consideration has been paid by the Tenant to the Landlord for the grant of the tenancy hereby created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16** **No warranties** 

This Agreement sets out the full agreement reached between the parties and no other representations have been made or warranties given relating to the said building or the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.17** **Special conditions** 

The parties hereto further agree that they shall respectively be bound by and entitled to the benefit of the Special Conditions, if any, set out in the **Part 10 of the FIRST SCHEDULE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.18** **Contracts (Rights of Third Parties) Ordinance** 

Notwithstanding that a term of this Agreement purports to confer **fl** benefit on any person who is not a party to this Agreement, a person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Ordinance (Cap.623) to enforce or enjoy the benefit of any provision of this Agreement.

AS WITNESS whereof the hands of the pa1ties hereto the day and year first above written.

<u>**FIRST SCHEDULE**</u>

<u>Particulars and Special Conditions</u>

<u>Part</u> <u>1</u>

The Landlord

ACTIVE VIEW LIMITED ![](ex10-14_004.jpg) (Business Registration No. 31717486) whose registered office is situate at Office No. 2303, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon as the leasing agent on behalf of ULTIMATE TREASURE LIMITED ![](ex10-14_005.jpg) (Business Registration No. 61957240) whose registered office is situate at Office No. 2303, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon.

<u>Part 2</u>

<u>The Tenant</u>

D&J INDUSTRIES (HONG KONG) COMPANY LIMITED ![](ex10-14_006.jpg)(Business Registration Certificate No. 52781420) whose registered office is situate at Flat 2304, 23/F., Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon.

<u>Part 3</u>

<u>The said premises</u>

ALL THAT Office No. 4 on 23rd Floor, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon ("the said building") erected on All That piece or parcel of ground registered in the Land Registry as New Kowloon Inland Lot No. 5564 RP ("the Land") as for the purpose of identification only shown on the plans(s) hereto annexed and thereon coloured Pink.

<u>Part 4</u>

<u>The said term</u>

Two (2) years fixed lease commencing on the 16th day of November 2023 and expiring on the 15th day of November 2025 (both days inclusive).

<u>Part 5</u>

<u>The said rent</u>

Hong Kong Dollars Twenty Five Thousand One Hundred Ten Only (HK$25,l 10.00) per month (exclusive of management fee, rates and government rent).

<u>Part 6</u>

<u>The said management fees</u>

Hong Kong Dollars Four Thousand Nine Hundred Twenty Nine Only (HK$4,929.00) per month subject to revision.

<u>Part 7</u>

<u>The said deposit</u>

Hong Kong Dollars Ninety Thousand One Hundred Seventeen Only (HK$90,117.00).

<u>Part 8</u>

<u>The said user</u>

Restricted to commercial purpose and for no other purpose whatsoever.

<u>Part 9</u>

<u>The said normal business hours</u>

Between the hours of 8:30 a.m. and 8:00 p.m. from Mondays through Fridays (both days inclusive). Between the hours of 8:30 a.m. and 2:00 p.m. on Saturdays.

<u>Part 10</u>

<u>Special Condition</u>

&nbsp;&nbsp;&nbsp;&nbsp;I. <u>The Agency Relationship between Active View Limited and Ultimate Treasure Limited</u> 

The Tenant is well aware that Active View Limited is the disclosed leasing agent of Ultimate Treasure Limited in entering into this Tenancy Agreement with the Tenant. For the avoidance of doubts, Active View Limited will not be liable for the disputes (if any) between Ultimate Treasure Limited and the Tenant for all matters relating to this Tenancy Agreement.

<u>**SECOND SCHEDULE**</u>

<u>Landlord's Fixtures and Fittings</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Single
 lift glass door

(b) Central
 air-conditioning system with air outlets and air returns with fan-coil units

(c) Mineral
 board false ceiling

(d) Light
 panels with fluorescent tube

(e) Automatic
 fire sprinkler system with sprinkler heads at suspended ceiling level

(f) A/C
 Sockets

(g) Main
 fuse box

(h) Carpet

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| |
|:---|
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |
| ![](ex10-14_007.jpg) |

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| |
|:---|
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |
| ![](ex10-14_008.jpg) |

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 Received on or before the day and year first above)
written of and from the Tenant the sum) of HONG KONG
DOLLARS NINETY THOUSAND) ONE HUNDRED SEVENTEEN ONLY)
being the deposit payable herein)HK$90,117.00)

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| |
|:---|
| ![](ex10-14_009.jpg) |
| Landlod |

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![](ex10-14_001.jpg)

<u>Dated the **14th** day of November 2023</u>

ACTIVE VIEW LIMITED

and

D&J INDUSTRIES (HONG KONG) COMPANY LIMITED

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**TENANCY AGREEMENT**

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

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| | |
|:---|:---|
| Premises | ALL THAT Office No. 4 on 23rd Floor |
|  | of Saxon Tower, 7 Cheung Shun Street, |
|  | Lai Chi Kok, Kowloon |
|  | erected on NKIL 5564 RP |
| Term | Two (2) years |
| Rent | HK$25,l 10.00 |
| Mgt. Fee | HK$4,929.00 |
| Deposit | HK$90,117.00 |

---

ST: TA-2304 (TERM 2)

## Exhibit 10.15

**Exhibit 10.15**

**LEASE AGREEMENT**

In Zapotlanejo, Jalisco, on the fifteenth day of August, two thousand twenty-five, this Lease Agreement is entered into for the property designated as COMMERCIAL PREMISES, for a fixed term, by and between: on the one hand, C. RODOLFO LOMAS MUÑOZ, hereinafter referred to as the LESSOR; and on the other hand, C. ANTONIO AARON REYES PADILLA, as legal representative of the company WEDRESS MEXICO S DE RL DE CV, hereinafter referred to as the LESSEE, with the parties declaring their will to enter into this contract, which is indivisibly subject to the following:

**CLAUSES**

FIRST. The Lessor hereby delivers to the Lessee, and the Lessee hereby receives, in full agreement and satisfaction, the premises located at NICOLAS BRAVO 180, LOCAL 7, in ZAPOTLANEJO, JALISCO, to be used exclusively as COMMERCIAL PREMISES, and to be occupied exclusively, without sharing its use either in whole or in part. This clause is subject to Articles 1980, 1982, 1987, and other applicable provisions of the Civil Code for the State.

SECOND. The Lessee receives the property in perfect condition and operational order, being fully aware of its actual value, and hereby agrees and binds itself to pay a monthly rent to the Lessor at the Lessor's address in the amount of $9,000.00 (Nine Thousand Mexican Pesos) plus applicable taxes. This amount shall be paid in advance on THE FIFTEENTH (15th) DAY OF EACH MONTH. Furthermore, the Lessee acknowledges and agrees to pay, in a timely manner and at its own expense, the maintenance fee for the commercial plaza where the commercial premises subject to this Agreement is located, which may be adjusted according to the criteria of the plaza's management.

THIRD. The Lessee declares that, prior to this date, it has thoroughly inspected the Property subject to this Agreement, including its location, area, and state of preservation. The Lessee confirms that the Property has electrical and sanitary installations in perfect working order and acknowledges that it is receiving the Property in optimal condition. The Lessee hereby agrees to return the Property in the same condition and with the same specifications.

FOURTH. The term of the lease is agreed by both parties to be ONE YEAR, commencing on AUGUST 15, 2025, and concluding on AUGUST 14, 2026. Upon the expiration of this term, the Lessee is obligated to return the property without damages and in the state of preservation, maintenance, and cleanliness in which it is received, with all payments current. In the event that the property subject to this Agreement is not returned on the date and in the conditions agreed upon, the Lessee agrees to pay a penalty for damages and without need for proof, in an amount equivalent to an additional month's rent, as applicable at the time. This penalty shall be payable until the Lessor has received the property in conformity and in writing, unless a new written contract exists containing the same obligations as this one. This is subject to Articles 1996, 1997, 1998, 2045, 2046, 2047, and other applicable provisions of the Civil Code for the State.

FIFTH. It is hereby established that any repairs necessary to the property's installations, as well as any fines, violations, municipal fees, or surcharges imposed due to misuse, abuse, or failure to maintain cleanliness, shall be the responsibility of the Lessee.

SIXTH. Under no circumstances may the property subject to this Agreement be subleased, nor may any alterations be made to it, even if they are considered improvements. Any alterations made shall remain for the benefit of the Lessor.

SEVENTH. Under no circumstances shall this Agreement be deemed totally or partially novated, altered, or nullified. It is hereby established that any modification intended to change the obligations herein shall be deemed void. The Lessee may take out an insurance policy covering fire, explosion, and other risks associated with the leasing of the Property, as these risks shall be its responsibility.

EIGHTH. In the event that the Lessee expresses the intention to vacate the Property subject to this Agreement during its term, it may do so by providing sixty (60) days' written notice to the Lessor. During this notice period, the Lessee must be current on all rent payments and return the Property in good condition. Otherwise, even if the Property is vacated, the Lessee shall remain obligated to continue paying the corresponding rent.

NINTH. On this same date, the LESSOR receives from the LESSEE the amount of $9,000.00 (Nine Thousand Mexican Pesos) as a security deposit.

TENTH. In the event the parties wish to renew this lease, such renewal must be formalized through a new agreement executed at least fifteen (15) days prior to the expiration of this Agreement. Both parties agree that for any renewal of this Agreement commencing in 2026, the rental amount specified herein shall be subject to an increase.

ELEVENTH. For the purposes of the enforcement and interpretation of this Agreement, the parties expressly submit to the jurisdiction of the courts of the First Judicial District in the State, waiving any other jurisdiction that may correspond to them by virtue of their present or future domiciles.

IN WITNESS WHEREOF, the parties have executed this Agreement in original and copy, in the presence of the undersigned witnesses, acknowledging that they have read, understood, and agree to be bound by all of its terms and the applicable legal provisions.

Signatures

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;THE LESSOR | &nbsp;&nbsp;&nbsp;THE LESSEE |
| &nbsp;&nbsp;&nbsp;RODOLFO LOMAS MUÑOZ | &nbsp;&nbsp;&nbsp;ANTONIO AARON REYES PADILLA |
|  | &nbsp;&nbsp;&nbsp;LEGAL REPRESENTATIVE OF WEDRESS MEXICO |
|  | &nbsp;&nbsp;&nbsp;S DE RL DE CV |
| &nbsp;&nbsp;&nbsp;WITNESS | &nbsp;&nbsp;&nbsp;WITNESS |

---

## Exhibit 10.15

**Exhibit 10.15(1)**

**LEASE AGREEMENT**

This LEASE AGREEMENT (hereinafter, "the Agreement") is entered into by and between OCTAVIO URREA OBREGÓN, hereinafter referred to as THE LESSOR for the purposes of this Agreement, and WEDRESS MEXICO SRL DE CV, hereinafter referred to as THE LESSEE, who, for the purposes of this Agreement, agree to be bound by the following declarations and clauses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. THE LESSOR DECLARES:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That he is the owner of the property located at Calle Morelos 1746, identified as apartment 105 on the first floor, in Guadalajara, Jalisco, which, for the purposes of this Agreement shall be referred to as "the Property."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That the Property has a residential land use license and is current on all payments of property tax, water, and electricity, and is free of any encumbrances that could affect the execution of this Agreement. Therefore, the Property is leased for the exclusive use as a residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. That it is his desire to enter into this Agreement and that he has sufficient legal capacity to be bound by its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. THE LESSEE DECLARES:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That it is familiar with the Property, which is in optimal condition in terms of maintenance, paintwork, and the functioning of all fixtures, equipment, and furnishings contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That it possesses the legal and financial capacity to enter into this Agreement and to comply fully and punctually with all its terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. That it is its desire to enter into this Agreement and lease the Property under the terms of Mexican law and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. That it is a company of Mexican nationality and declares that it has no impediment to be bound by the terms of this Agreement. It is acting through its Legal Representative, Mr. Antonio Aaron Reyes Padilla, whose official ID (INE) is RYPDAN68070809H200, with an address at Cto Girasol 55, Colonia Lomas de Huisquilco, Zapotlanejo, Jalisco, postal code 45430.

LEASE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. BOTH PARTIES DECLARE:

That it is their desire to enter into this Lease Agreement for the Property in accordance with the following:

**CLAUSES**

FIRST. The Lessor hereby leases the Property to the Lessee, subject to the terms of current Mexican law and the declarations and clauses of this Agreement.

SECOND. The Lessee agrees to pay the Lessor a monthly rent in the amount of $8,000.00 (Eight Thousand Mexican Pesos). The first month's rent, covering the period from October 21, 2025, to November 20, 2025, shall be paid upon the signing of this Agreement on October 15, 2025.

Consequently, Subsequent rent payments must be made in advance within the first five (5) calendar days of each month, beginning in November 2025. All payments shall be made directly to the following bank account:

Bank: BanBajio

Account Holder: Andrea Urrea Acedo

Account Number: 39675905

CLABE (Interbank): 030375900035195277

Debit Card: 4210 0300 4533 1282

THIRD. Upon the signing of this Agreement, the Lessee agrees to pay one month's security deposit in the amount of $8,000.00 (Eight Thousand Mexican Pesos) via cash or bank transfer. This amount shall serve as a guarantee for the payment of any repairs required for the Property and/or its furniture. The deposit will be refunded to the Lessee at the termination of this Agreement, provided that the Property and its furnishings are returned in good condition, considering only natural wear and tear resulting from the passage of time and normal use.

FOURTH. In the event the Lessee fails to pay the rent within the agreed-upon period, the Lessee shall pay a penalty of $200.00 (Two Hundred Mexican Pesos) for each day of delay.

FIFTH. The term of this lease shall be for twelve (12) months for both parties, commencing on October 21, 2025, and concluding on October 20, 2026. This term may be renewed for an equal period of twelve (12) months, provided the Lessee is current on all rent payments and said renewal is formalized in a written agreement signed by both parties. The Lessor must provide at least thirty (30) days' prior notice if he does not wish to renew the Agreement.

SIXTH. The Lessee agrees that if it decides to terminate this Agreement prior to the end of the agreed term, it shall pay the Lessor a penalty equal to one (1) month's rent for breach of the Agreement.

SEVENTH. The Lessee shall not make any alterations to the Property. Any accessories placed in the Property by the Lessee (e.g., multi-directional lamps) may be removed by the Lessee upon the expiration of the lease without prior notice or written permission from the Lessor, provided that no damage is caused to the Property and the items do not remain for the benefit of the Property.

If the Lessee requires any improvement, modification, or alteration to the Property, it must submit a written request to the Lessor specifying the details. Such work may only be carried out with the prior written consent of the Lessor, who may, at his discretion, supervise the quality of the work. Any improvement, modification, or alteration shall remain for the benefit of the Lessor, as the owner of the Property, at no cost to the Lessor.

EIGHTH. The parties hereby agree that during the term of this Agreement, the rent shall be increased annually. The increase will be based on the inflation rate published by the National Institute of Statistics and Geography (INEGI) for the preceding period, using the National Consumer Price Index (INPC) as a basis. In the event that this inflation-based increase is less than five percent (5%), a minimum annual increase of five percent (5%) shall apply.

NINTH. The rent does not include the cost of utilities, such as electricity, or any other services existing at the leased Property. These services shall be paid for by the Lessee in accordance with the corresponding bills and its consumption.

LEASE AGREEMENT

TENTH. Both parties agree that in the event it becomes necessary to resolve any dispute arising from this Agreement, they shall submit to the jurisdiction of the competent courts of Guadalajara, Jalisco, expressly waiving any other jurisdiction that may correspond to them by virtue of their present or future domiciles. It is further agreed that the Lessee shall be responsible for all judicial or extrajudicial expenses arising from a breach of this Agreement, as well as any costs incurred in the event of legal action. Both the Lessor and the Lessee declare that they are aware of all legal norms cited in this Agreement.

ELEVENTH. Condition of the Property upon Delivery. Prior to the delivery and occupation of the Property, the Lessor agrees to ensure the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Property will have a functioning air conditioning system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The cost of installation or repair of the air conditioning will be shared equally (50/50) by the Lessor and the Lessee, upon presentation of a valid invoice or receipt for the expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The property is delivered with curtains or blinds installed on all windows, in optimal conditions of cleanliness and hygiene.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Necessary paint repairs will be completed, including touching up any areas with peeling paint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All lighting (bulbs, lamps, outlets, switches) will be in proper working order.

Furthermore, both parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any defect, failure, or damage to the equipment, installations, or furnishings of the Property that is not a result of misuse by the Lessee shall be repaired or replaced at the Lessor's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Lessee must notify the Lessor in writing of any detected failure so that the Lessor may carry out the repair within a reasonable timeframe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All aforementioned conditions must be fulfilled before October 21, 2025, the start date of this Agreement.

Having read this Agreement and being fully aware of its contents, scope, and legal consequences, the parties declare their complete conformity, ratifying and signing it in duplicate in the city of Guadalajara, Jalisco, on this 15th day of October 2025.

---

| | |
|:---|:---|
| ![](ex10-151_001.jpg)<br>| ![](ex10-151_002.jpg) |

---

ANNEX A

![](ex10-151_003.jpg)

![](ex10-151_004.jpg)

## Exhibit 10.16

**Exhibit 10.16**

![](ex10-16_001.jpg)

To whom it may concern, 17/02/2025

This letter is to confirm that Wedress Pty Ltd, have an active rolling month to month agreement with WOTSO North Strathfield for Suite 2.03 at Level 1, 5 George St North Strathfield, NSW 2137.

Their agreement had commenced on the 27<sup>th</sup> of June 2024 and currently their monthly membership fee is $3,300 (inclusive of GST) per month

The business address Wedress Pty Ltd is listed to use through WOTSO North Strathfield is:

Wedress Pty Ltd

Level 1, 5 George Street

North Strathfield

NSW 2137

If you require any more information or additional clarification, please feel to reach out to my office with the contact information stated below

Kind Regards,

*/s/ Harrison Faatoafe*

Harrison Faatoafe

Space Leader

WOTSO North Strathfield

------

WOTSO WorkSpace ABN 82 098 931 563 FREEPHONE 18004WOTSO \| Email: enquiries@wotsoworkspace.com.au

5 George Street, North Strathfield, NSW, 2137 \| Tel +61 2 9739 4800 \| Fax +61 2 9033 8600 \|

## Exhibit 10.17

**Exhibit 10.17**

21/F Citi Tower, One Bay East

83 Hai Bun Road, Kwun Tong

Kowloon, Hong Kong

---

| | |
|:---|:---|
| Commercial Bank | ![](ex10-17_001.jpg) |

---

Our reference: sfgstrade/NEW561733/bk23

Date: March 17, 2023

D & J Industries (Hong Kong) Company Limited

Rooms 2304, 23/F,

Saxon Tower,

7 Cheung Shun Street,

Lai Chi Kok, Kowloon,

Hong Kong

Dear Sirs,

---

| | |
|:---|:---|
| **Re:** | **Uncommitted Demand Credit Facility (the "Facility") under the SME Financing Guarantee Scheme - Trade Facilities** |

---

We are pleased to propose the following terms and conditions for fire above-mentioned facility pursuant to your Application for a Guarantee from the HKMC Insurance Limited ("**HKMCI**") under the SME Financing Guarantee Scheme (the "**Scheme**"):

---

| | |
|:---|:---|
| Borrower(s) | D & J Industries (Hong Kong) Company Limited |
| Guarantor(s) | Tang Siu Wan |
| Security Provider(s) | D & J Industries (Hong Kong) Company Limited |
| Scheme | Besides the Guarantee specified below, the Facility shall be subject to the guarantee issued by HKMCI (the "**HKMCI Guarantee**" as further defined in the Annex 1 hereto) in accordance with the relevant documentation related to the Scheme (the "**Documentation**"). |
| Lender | Citibank, N.A, Hong Kong Branch |
| Definition of terms | For the purposes of this Facility Letter, the following definitions apply: |
|  | "**Banking Day**" has the rneaning given in respect of the relevant currency in Schedule C (Reference Rates); |
|  | "**Compounded Rate**" means for an interest period of a loan, the Daily Rate for that relevant currency, (in each case as applicable approximately 5 Banking Days prior to that day), for each day during that interest period, compounded aggregated in arrear by the Lender for that interest period using such calculation methodologies and conventions as the Lender determines are applicable in accordance with market practice for the relevant currency If that rate is less than zero, the Compounded Rate shall be deemed to be zero. |
|  | "**Daily Rate**" has the rneaning given in respect of the relevant currency in Schedule C (Reference Rates); |
|  | "**Discounting Product**" means any transactions under the Facility based on the calculation of a discount on or upfront deduction from purchase price (as may be amended by the Lender from time to time in accordance with the terms of this Facility Letter). |
|  | "**HIBOR**" means the Hong Kong interbank offered rate administered by the Treasury Markets Association (or any other person which takes over tile administration of that rate) for Hong Kong dollars for the relevant period displayed on page HKABHIBOR of the Thomson Reuters screen (or tiny replacement Thomson Reuters page which displays that rate) al or about 11:00 a. m. (Hong Kong time) at the first day of such period, and if that rate is less than zero, HIBOR shall he deemed to be zero; |

---

Organised under the laws of U.S.A. with limited liability Citibank, N.A.

---

| |
|:---|
| "**Loan**" means any amount borrowed and outstanding under the Facility which does not relate to a Discounting Product (as may be amended by the Lender from time to time in accordance with the terms of this Facility Letter). |
| "**Reference Rate**" means HIBOR, the Compounded Rate, the Swiss Franc Advance Rate as defined in Part 3 Swiss Franc of Schedule C or the Term Rate for the relevant currency and the relevant product type as set out below (as may be amended by the Lender from time to time in accordance with the terms of this Facility Letter): |

---

---

| | | |
|:---|:---|:---|
| **Currency** | **Benchmark rate** | **Product type and calculation methodology** |
| **USD** | SOFR<br> *(Secured Overnight Financing Rate)* | <u>Loans:</u> Term Rate<br><u>Discounting Products:</u> Term Rate |
| **GBP** | SONIA<br> *(Sterling Overnight Index Average)* | <u>Loans:</u> Compounded Rate<br><u>Discounting Products:</u> Term Rate |
| **EUR** | <u>Loans</u>: €STR<br>(Euro short-term rate) | <u>Loans:</u> Compound Rate |
|  | Discounting Products: EURIBOR | <u>Discounting Products:</u> Term Rate |
| **CHF** | SARON<br> (Swiss Average Rate Overnight) | <u>Loans</u>: Compounded Rate<br><u>Discounting Products</u>: Swiss Franc Advance Rate |
| **JPY** | TONA<br> *(Tokyo Overnight Average Rate)* | <u>Loans</u>: Compounded Rate <br> <u>Discounting Products</u>: Term Rate |
| **HKD** | HIBOR | <u>Loans and Discounting Products:</u> HIBOR |

---

---

| | |
|:---|:---|
|  | "**Term Rate**" has the meaning given in respect of the relevant currency in Schedule C (Reference Rates) |
| Facility Type, Facility Amount and Description | The Facility refers to each loan/facility as specified herein as follows: |
|  | Uncommitted, revolving short tern credit facilities up to HKD8,000,000.00 for invoice financing\* and export invoice discounting ("Trade Facilities"). |
| Purposes | Notwithstanding any other relevant terms of this Facility Letter, the Borrower(s) shall apply the Facility solely for general working capital for its business operations (subject to Clause 7 of Section I(A) of Schedule A hereto). |

---

\* List of suppliers to be approved and accepted by the Lender from time to time

---

| | | |
|:---|:---|:---|
| Availability | : | Subject to the Conditions Procedent (as specified below), the following shall apply: |
|  |  | Unless otherwise agreed by the HKMCI in writing, the Starting Date of a Facility shall fall within such periods following the date of the relevant Notification of Result as is prescribed in the Operating Procedures, and the Approval-in-principle shall be deemed to have lapsed for all purposes upon the expiry of such period. |
| Expiry of the Facility | : | The Facility shall be fully repaid/settled on or before the expiry of the Guarantee Period as specified in the HKMCI Guarantee (the "**Expire Date**"). |
| Repayment and Other Conditions | : | Subject to the terms in the section of "**Expiry of the Facility**", in respect of each relevant Facility, |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Interest
 shall be payable at the end of each interest period/settlement date.

(2) The
 Borrower(s) hereby authorize(s) the Lender to debit the installment, outstanding or principal and interest (as relevant) directly
 from the respective designated bank account on cash repayment/settlement date or interest payment date.

---

| | | |
|:---|:---|:---|
| Tenor of Trade facilities | Subject to the terms in the section of "Expiry of the Facility", the term of each of the following Trade Facilities is as follows: | Subject to the terms in the section of "Expiry of the Facility", the term of each of the following Trade Facilities is as follows: |
|  | 1. | Invoice financing |
|  |  | The maximum tenor of any invoice financing transaction may be up to 60 days from the date of drawdown with invoice date validity restricted to with in 30 days. |
|  | 2. | Export invoice discounting |
|  |  | The maximum tenor of any transaction may be up to 60 days from the date of invoice. |
| Conditions for export invoice discounting | 1. | The maximum discount rate shall be up to 80% on the invoice amount. |
|  | 2. | List of buyers with details of credit terms to be approved and accepted by the Lender from time to time. |

---

Interest Rate/Fees : <u>During the term of the Trade facilities.</u>

---

| | |
|:---|:---|
| a) | For HKD bills: Interest will be charged at a rate of 3% p.a. over the higher of (i) HIBOR and (ii) the Lender's cost of fund. |
| b) | For USD bills: Interest will be charged at a rate of 3% p.a. over the applicable Reference Rate for the relevant currency and product type. |
| c) | Other fees and commissions will be charged at our standard rates unless otherwise stipulated. |
| *(Interest rate and commissions mentioned above will be subject to fluctuation at our discretion.)* | *(Interest rate and commissions mentioned above will be subject to fluctuation at our discretion.)* |

---

Replacement of Reference Rate: : If a Reference Rate Replacement Event has occurred in relation to a Reference Rate, any amendment or waiver that relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) providing
for, or enabling the use ct' a Replacement Reference Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) aligning
 any provision of this letter to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) implementing market conventions applicable to
 that Replacement Reference Rate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) providing
 for appropriate fallback and market disruption provisions for that Replacement Reference
 Rate; 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;(e) adjusting
 the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one party to another
 as a result of the application of that Replacement Reference Rate, may be made by the Lender.

---

| |
|:---|
| In this paragraph: |
| "**Reference Rate Replacement Event**" means, in relation to a Reference date: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that
 Reference Rate has permanently ceased or is likely permanently to cease to be published or available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a
 regulator, administrator court, or other competent authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) states that Reference Rate (or any feature of the calculation, methodology or convention iced to determine interest under the
Facility) is no longer representative, appropriate or recommended; or

(ii) requires or **  (where
relevant) recommends that Reference Rale (or any feature of the calculation, methodology or convention used to determine interest
under the Facility) be discontinued; 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;(c) the
 Lender, in its reasonable opinion, determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) market practice with respect to that Reference Rate (or any feature of the calculation, methodology or convention used to determine interest under the
Facility) has changed or is reasonably expected to change, for example, as a result of any public announcement to that effect; or

(ii) that Reference Rate (or any feature of the calculation, methodology or convention used to determine interest under the Facility) is no
longer representative or appropriate for calculating interest under the Facility.

"**Replacement Reference Rate**" means a benchmark rate 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;(a) formally
 designated, nominated or recommended as the replacement for a Reference Rate by any
 applicable central bank, regulator or supervisory authority; or

(b) a
 successor or substitute rate that we have reasonably determined is the appropriate
 industry-accepted substitute or successor rate:

---

| | |
|:---|:---|
| | this definition shall also apply to any Replacement Reference Rate as if references in this definition to the Reference Rate were references to that Replacement Reference Rate. |
| Default Interest | Default interest will be charged at a rate of 10% p.a. over the higher of (i) fire Lender's prime rate or the Lender's Standard Bills Rate (as the case maybe) and (ii) the Lender's cost of fund. |
|  | *(Default interest mentioned above will be subject to change at our discretion.)* |
| Cancellation and Repayment | Notwithstanding the aforesaid, the Lender reserves the overriding right to modify and/or cancel (or suspend) the Facility and the terms/conditions at anytime at its discretion. For any amendment, deletion or substitution of any of the terms herein or addition of new terms to this Facility Letter that the Lender decides to notify the Borrower(s) with prior written notice, such amendment, deletion, substitution or addition will take effect and shall be deemed incorporated herein as specified in such notice. For the avoidance of doubt, such notice may be sent by the Lender to the Borrower(s) via electronic communication ("**Electronic Communication**") to the Borrower's contact details maintained in the Lender's record. Any such electronic notice shall be deemed received by the Borrower(s) once it is delivered by the Lender. The Borrower(s) shall also inform any Guarantor(s) and/or Security Provider(s) (if applicable) in connection with any modification or amendments to the Facility and shall pass on a copy of such notice to such Guarantor(s) and/or Security Provider(s) (as applicable). |

---

---

| | | |
|:---|:---|:---|
| |  | The Lender is authorised to accept, act and rely upon, and treat as valid and accurate all communications, demands, instructions given or purporting to be given by the Borrower(s) to the Lender via Electronic Communication. The Borrower(s) acknowledge(s) and accept(s) the risk that all such Electronic Communications sent to and from the Lender may be intercepted, monitored, amended, corrupted, contain viruses or be otherwise interfered with by third parties and acknowledges and agrees that the Lender is not responsible or liable to the Borrower(s) or any other person for any losses arising from the same The Borrower(s) shall also indemnify and hold the Lender harmless from and against any and all losses that the Lender may incur for any communications, demands, instructions given or purporting to be given by the Borrower(s) to the Lender via Electronic Communication. |
| |  | **"Electronic Communication"** means any electronic means or method (including but not limited to host to host services, application programming interfaces, electronic banking channels, websites, SWIFT platform and messages, electronic mails and the internet) through which one party connects or communicates to the other party for any purpose including transmission of instructions, other information, data or documents. |
| |  | The Facility is repayable upon demand made by the Lender. |
| Payment Dates | : | If any payment date in respect of any Facility is not a day on which banks and clearing systems for payments are open for general business in Hong Kong (the **"Business Day"**), it shall fall on the immediately following Business Day. |
| Waiver of Consequential Damages | : | In no event shall the Lender, its subsidiaries, affiliates, officers or directors be liable on any theory of liability for any special, indirect, consequential or punitive damages and the Borrower(s) hereby waive(s), release(s) and agree(s) not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour. |
| Expenses | : | All expenses, including but not limited to legal fees, insurance premium, valuation fee, documentation costs, Guarantee Fee and any other fees, charges and/or interest, out-of-pocket expenses and stamp duties, are for account of the Borrower(s). The Lender will debit any of the Borrower's accounts with all such commissions, fees, charges, costs and expenses incurred by the Lender in connection with the Facility. |
| Conditions Precedent | : | Availability of the Facility shall be at the absolute discretion of the Lender and subject to the satisfaction of the following conditions precedent by the Borrower(s) in form and substance satisfactory to the Lender: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Facility Letter
has been duly signed by the Borrower(s) and acknowledged by the Guarantor(s) and Security Provider(s).

2. Certified extract
of resolutions of director(s) of the Borrower(s) approving the Facility with the Tender and the execution of the relevant documents to
which it is a party.

3. Execution of the
Lender's standard documentation by the Borrower(s) for facilities of this type including but not limited to Citibank General Customer
Agreement ("GCA").

4. Constitutional
documents of the Borrower(s) including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Articles of Association

● Certificate of
Incorporation

● Current Business
Registration 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All relevant requirements
in relation to the Scheme have been satisfied by Each Party (including without limitation the prompt settlement of the relevant Guarantee
Fee to the Lender), all relevant information and documents have been duly provided by Each Party, and all the Documentation have been
duly executed by Each Party.

6. The HKMCI Guarantee
has been issued by the HKMCI and has become effective unconditionally.

7. Lists of suppliers
together with details of credit terms.

8. Execution and perfection
of all relevant guarantees and all security documents (as relevant) as detailed below.

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| Guarantee | A continuing guarantee & indemnity to be executed from Guarantor(s) for unlimited amount guaranteeing the repayment of outstanding indebtedness plus interest, costs and expenses due and owed by the Borrower(s) to the Lender. |
| Security | Charge over receivables and credit balance in the Account (as defined in the Bank's prescribed form of charge deed) and notice of charge to be executed by the Security Provider(s) in favor of the Bank. |
|  | The aforementioned Security also secures the credit facilities granted by the Lender to the Borrower(s) pursuant to a separate facility letter dated March 17, 2023 with reference number NEW56l733/bk23 (as amended from time to time). |

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|:---|:---|:---|
| Covenants | :(A) | Each Borrower (including each partner, where the Borrower is a partnership), each Guarantor and each Security Provider (if applicable) (individually and collectively referred to "**Each Party**") undertakes, confirms and agrees to the relevant terms under this Facility Letter (including without limitation the terms of the Schedules A and B hereto) at all relevant times. |
|  | (B) | In respect of the receivables under the export discounted invoice, the Borrower undertakes that it shall not create, or agree to create, or permit to arise or to exist, any mortgage, charge, pledge, lien, hypothecation, right of set-off or other encumbrance or security interest whatsoever over such receivables. |
|  | (C) | The Borrower(s) represent(s), declare(s) and undertake(s) to the Lender that the utilization of any of the Facility or use of proceeds drawn under this Facility Letter do not will not violate or conflict with any law or regulation applicable to the Borrower(s) (including without limitation those in force in the People's Republic of China when there is a PRC guarantor) or cause or resist in a violation by the Lender or any affiliate of the Lender of any applicable law, regulation or sanction administered or enforced by any relevant sanctions authority. |
|  | (D) | The Borrower(s) and the Guarantor(s) (where applicable) hereby covenant(s) and agree(s) that so long as any amount remains outstanding under the Facility, its payment obligations under the Facility, and in the case of the Guarantor(s), the Facility anal the Guarantee, shall at all times be at least direct, unconditional and unsecured obligations of the Borrower(s) and the Guarantor(s), as the case may be, and will at all times rank pari passu, without any preference among themselves, and at least equally and rateably in all respects, with all its other present and future unsecured and unsubordinated indebtedness (other than indebtedness preferred by the operation of law). |
|  | (E) | The Borrower(s) undertake(s) to the Lender that the Borrower(s) will promptly submit to the Lender its/ their audited financial statement and such other reports and information of the Borrower(s) and/or all corporate guarantors (where applicable) as required by the Lender, as soon as the same become available, and at any other time requested by the Lender. |
|  | (F) | The Borrower(s) undertake(s) to channel at least 20% of its/their credit turnover through its/their operating account(s) with the Lender at all times during the life of the Facility. |
|  | (G) | The Borrower(s) undertake(s) that the amount due from director/related companies should be no more than HKD10,000,000.00 |

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|:---|:---|:---|
| |  | The above representations, declarations and undertakings are deemed to be made by the Borrower(s) by reference to the facts then existing on each date during the period where the Trade Facilities or any part thereof remains outstanding. |
| Governing Law | : | This Facility Letter shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region and the parties hereby agree to submit to the non-exclusive jurisdiction of the courts of the Hong Kong Special Administrative Region. |

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| Third Party Rights | :(a) | Unless expressly provided to the contrary in this Facility Letter, a person who is not a party has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the "Third Parties Ordinance") to enforce or to enjoy the benefit of any term of this Facility Letter. |
|  | : (b) | Notwithstanding any term of this Facility Letter, the consent of any person who is not a party is not required to rescind or vary this Facility Letter at any time. |

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Assignment : The Lender may assign all its right, title, interest and benefit in and under this Facility Letter to any person as it deems fit without my notice to or consent of the Borrower(s).

The terms of the Schedules A and B and the Annexes I to II hereto shall constitute and form part of those of this Facility Letter*.* Unless otherwise specified, capitalized terms used hereunder shall have the meaning assigned to them in the "Definition" section in Annex 1 hereto.

The above credit facilities and terms and conditions may be modified or cancelled by us without prior notice and notwithstanding the specified maximum tenor, remains immediately repayable on demand by notice in writing from the Lender to the Borrower(s).

In addition to and without prejudice to the Lender's right to cancel and/or demand immediate repayment of the Facility at its discretion as set out in other parts of this Facility Letter, the Lender has the right to cancel the Facility at any time without notice and demand immediate repayment of all outstanding amounts under this Facility Letter, if at any time, it is or will become unlawful in any applicable jurisdiction for the Lender or the Borrowers(s) to perform an*y* of its obligations as contemplated by this Facility Letter or for the Lender to fund or maintain its participation in any facility or it is or will become unlawful for any affiliate of a Lender for that Lender to do so.

Pursuant to paragraph 24.9 of the Code of' Banking Practice effective from 2 January 2009, the Borrower(s) hereby consent(s) to the Lender providing to any guarantor(s) or security providers(s) in respect of any loan or credit facilities extended to the Borrower(s):

(a) a copy this Facility Letter and any financial
 information of the Borrower(s) having been given to the Lender:

(b) a copy of any formal demand for overdue payment which is sent
to the Borrower(s); and

(c) from time to time on request by the guarantor(s) or security
provider(s), a copy of the latest statement of account provided to the Borrower(s) (if any).

The Borrower(s) undertake to the Lender that it/ they will immediately inform the Lender of any change of its/ their directors or beneficial shareholders (where applicable), any payment default of or other material adverse changes affecting itself, its/ their holding company, and its/ their subsidiaries and affiliates. The availability of the Facility will be subject to the absence of these adverse changes and defaults, and the Lender has no actual, imputed or constructive knowledge or notice that a notice of petition for bankruptcy against the Borrower(s) has been issued or is likely to be issued.

By accepting and acknowledging this Facility Letter, the Borrower(s) and the Guarantor(s) hereby **(i)** declare and confirm that all the data, information provided herein and all the documents submitted or to be submitted to the Lender are/shall be complete, true and accurate; **(ii)** consent to and authorise the Lender to disclose to or verify and/or exchange with its head office and other branches, subsidiaries, representative offices, agents and affiliates or with any person who has acquired or is considering an acquisition of any exposure (directly or indirectly) to payments payable by the Borrower(s) under this Facility Letter or with any person who is or is considering, evaluating, managing or administering (including acting as agent or trustee of any such scheme which manages or administers) any such exposure, any data information and documents in relation in the Borrower(s) and the Guarantor(s) whether provided by the Borrower(s) and/or the Guarantor(s) at the Lender's request or collected in the course of dealings between them and the Lender (including but not Limited to any personal data, information and documents relating to the Borrower(s) and/or the Guarantor(s), any facilities, this facility Letter or any other agreements or transactions or dealings between the Borrower(s) or the Guarantor(s) and the Lender and the Borrower's and/or the Guarantors' accounts, financial condition, business and affairs): **(iii)** acknowledge and agree that the Lender may from time to time outsource some of its services, operational and processing procedures relating to the foregoing to any third party service providers (including debt collection agents) selected by the Lender, whether situate in Hong Kong or elsewhere outside Hong Kong (and to whom it may disclose confidential information whether relating to the Facility or any Borrower(s) or Guarantor(s)): **(iv)** confirm that the Borrower(s) has read and understood the terms and conditions of the GCA (in particular, Clause 25 thereof) and agree that the Lender can from time to time make credit enquiry on the Borrower(s) unit the Guarantor(s) with any credit reference agency and submit the relevant data in connection ›with the Borrower(s) and the Guarantor(s) and the Facility to such credit reference agency for the purpose of accessing to such enquiry and processing, evaluating and/or approving the Borrower's application for the facilities: **(v)** confirm and procure on a continuing basis for as long as any part of the Facility remains outstanding and for as long as the Lender has any obligation to provide the Facility, that all information including the constitutional documents as submitted by them or on their behalf to the Lender, are accurate, true, complete and up-to-date and we further undertake to inform you in writing within 30 days after any such information ceasing to be so, and to then also provide to the Lender the accurate and up-to-date information: and **(vi)** consent to and authorise the Lender to disclose to or verify and/or exchange with HKMCI any data, information and documents in relation to the Borrower(s) and the Guarantor(s) whether provided by the Borrower(s) and/or the Guarantor(s) at the Lender's request or collected in the course of dealings between them and the Lender (including but not limited to any personal data, information and documents relating to the Borrower(s) and/or the Guarantor(s), any facilities, this Facility Letter or any other agreements or transactions or dealing between the Borrower(s) and/or the Guarantor(s) and the Lender and the Borrower's and/or the Guarantors' accounts, financial condition, business and affairs).

We are very pleased to be given this opportunity to assist you with this financing. **<u>Please indicate your acceptance of the Facility by signing and returning to us tire enclosed duplicate of this Facility Letter within one month after the date of this facility Letter, after which date this offer will elapse.</u>** If there is a Chinese version of this Facility Letter provided, the Chinese version is for reference only and in case of any conflicts or discrepancies between the Chinese and English versions, the English version shall prevail.

If you have any question regarding the above, please do not hesitate to contact your Citibank Account Officer, Mr. Jason Ho at 2957-7023.

Yours faithfully,

For and on behalf of

Citibank, N.A., Hong Kong Branch

![](ex10-17_003.jpg)

Authorised Signature(s)

We hereby agree and accept the terms and conditions of this Facility Letter.

We are fully aware that our obligations and liabilities under the Facility will be unlimited in amount.

*For and on behalf of*

 

**D & J Industries (Hong Kong) Company Limited**

![](ex10-17_004.jpg)

I hereby agree and accept the terms and conditions of this Facility Letter.

I am fully aware that my obligations and liabilities under the guarantee will be unlimited in amount.

**Tang Siu Wan**

![](ex10-17_005.jpg)

## Exhibit 10.18

**Exhibit 10.18**

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|:---|:---|
| ![](ex10-18_001.jpg) | **standard**<br> **chartered** |

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|:---|:---|:---|
| Date as of | 08/05/20 |  |
| at | D & J INDUSTRIES (HONG KONG) CO LTD |  |
| ROOM/FLAT 2304 23/F SAXON TOWER | ROOM/FLAT 2304 23/F SAXON TOWER |  |
| 7 CHEUNG SHUN STREET LAI CHI KOK KLN | 7 CHEUNG SHUN STREET LAI CHI KOK KLN | [Customer Initial______________] |

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**Re: Facility Letter for Business Instalment Loan under SME Financing Guarantee Scheme**

Standard Chartered Bank (Hong Kong) Limited![](ex10-18_002.jpg) (the "**Bank**") is pleased to offer the banking facilities set out below (the "Facilities" to the Customer named below as borrower for the purpose(s) as Business Instalment Loan under the SME Financing Guarantee Scheme (the "**scheme**") of the HKMC Insurance Limited ("**HKMCl**"), subject to the terms and conditions set out in this letter (the "**Facility Letter**",) and the Bank's Terms and Conditions for Business Instalment Loan and/or the Bank's Terms and Conditions for Business Overdraft (collectively known as "**Terms and Conditions**").

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|:---|:---|:---|
|  |  | <u>Customer Initial</u> |
| **A.** | **Borrower / Customer:** |  |
|  | **D & J INDUSTRIES (HONG KONG) CO LTD** | |
| **B.** | **Lender / Bank**: Standard Chartered Bank (Hong Kong) Limited |  |
| **C.** | **Guarantor(s):** [Applicable to Corporate Borrower] (the·"**Guarantor(s)**") |  |
|  | **TANG SIU WAN** | |

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|:---|:---|
| **D.** | **Details of Facility / Facilities:** |
| 1 | Types of Facilities: ☒ Business Instalment Loan / ☐ Business Overdraft<br> (please lick where appropnate) |
| 2 | Purpose of the Loan:<br> Solely for the purpose(s) of:- |

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|:---|:---|
| ☐ | acquisition of one or more assets (such as Industrial or commercial properties, machinery and equipment, but excluding residential properties) to facilitate the business operations or the Customer [and/or] |
| ☒ | general working capital for its business operations [and/or] |
| ☐ | (subject to the relevant requirements under the Scheme) refinancing of facilities that are guaranteed under the Special Loan Guarantee Scheme offered by the Government through the Trade and Industry Department and/or under the Scheme. |
| The Customer shall use the proceeds or the Facilities for such purpose(s) only. | The Customer shall use the proceeds or the Facilities for such purpose(s) only. |

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|:---|:---|:---|
| 3.0 | Principal / Maximum Indebtedness (HK$): | ☒ Business Instalment Loan. 1001036 |
|  | (please complete Where appropriate) | ☐ Business Overdraft: |

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|:---|:---|
| 4 | Interest Rate: <br> For Business Instalment Loan\* (Monthly Flat Rate): 0.34%<br> For Business Overdraft: % |

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|:---|:---|:---|:---|
| 5.0 | Handling Fee: |  |  |
|  | (a) For Business Instalment Loan (p.a.): | 0.0 | % |
|  | (b) For Business Overdraft (p.a.): |  | % of the total facility available under the Overdraft |

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|:---|:---|
| 6.0 | Scheme Guarantee Fee: |
|  | (For upfront guarantee fee method) |
|  | The amount of Scheme Guarantee Fee as advised by the HKMCI, which is non-refundable and payable to the Bank upon the Customer's signing of the Facility Letter. This guarantee fee will be debited at the time of loan disbursement by the Bank. Only the net proceed of the principal will be credited to the designated account Or |
|  | (For annual guarantee fee method) |
|  | The amount of Scheme Guarantee Fee advised by the HKMCI, and which is non-refundable and payable to the Bank upon the Customer's signing of the Facility Letter and on each anniversary thereafter if the Facilities are continuing. |
| 7.0 | Starting Date of the Facilities / Drawdown Date. |
|  | (a) For Business Instalment Loan: on or about: [ 08/05/20] but subject to conditions for drawdown (see Section G) |
|  | (b) For Business Overdraft on or about : [ ] but subject to conditions for drawdown (see Section G) |

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|:---|:---|
| 8 | Matunty / Expiry Date: |
|  | (a) For Business Instalment Loan: [60] months from the Starting Date of the Facilities/Drawdown Date and subject to Terms of Repayment (see Section E) |
|  | (b) For Business Overdraft: On or before: [ ] and subject to Terms of Repayment (see Section E) |
| 9 | Service Fee for Business Instalment Loan / Business Overdraft / Business Instalment Loan bundled With Business Overdraft: Service Fee of HK$[ ] will be deducted from Repayment Account after loan drawdown. |
| 10 | Arrangement Fee for Business Instalment Loan HK$[ ] |
|  | Arrangement fee has been deducted from your drawdown amount |
| 11 | Other charges for Business Instalment Loan: |
|  | (a) Late Payment Charge: On the day after each monthly repayment due date, a monthly late repayment charge (which shall be deemed to be a whole month) of 2.25% per month (minimum HK$100) will be imposed on the total of any monthly repayment amount when overdue. |
|  | (b) Early Redemption Fee: For early redemption, an early redemption charge of 6% of the outstanding loan amount will be imposed. |
| \* Annualised Percentage Rate (APR) is % (based on the above listed loan amount, tenor and handling fee / Arrangement fee of Business Instalment Loan.) | \* Annualised Percentage Rate (APR) is % (based on the above listed loan amount, tenor and handling fee / Arrangement fee of Business Instalment Loan.) |
| **E** | **Terms of Repayment:** |

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|:---|:---|
| 1 | <u>For Non Revolving Loan (Business Instalment Loan)</u> |
| (a) | For a term of <u>60</u> months from the first drawdown date, or up to 60 months as approved by HKMCI, whichever is earlier. |
| (b) | Principal and interest shall be repaid monthly in arrears commencing 1 month after the first drawdown date. |
| (c) | Without prejudice to the Bank's overriding right at any time at its sole and absolute discretion to demand immediate repayment of the loan and to terminate the Facilities with immediate effect, all indebtedness outstanding under the Facilities of non-revolving nature and all instalments remained outstanding shall become immediately due and payable in full upon occurrence of any of the following (each an "event of default"): |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Customer fails or refuses to pay the loan, interest
 or any payment in relation to any of the Facilities in accordance with the terms of the Facility Letter or the security documents
 in relation thereto when due or upon demand; and/or

(ii) the Customer for any reason fails to comply with any
 of the terms, conditions, covenants and/or undertakings and/or fails to perform or discharge any of the obligations under the Facility
 Letter, the Bank's Terms and Conditions for Business Instalment Loan to the satisfaction of the Bank, and/or

(iii) the
 Guarantee issued by HKMCI (the "**HKMCI Guarantee**") or any of the security document securing the any of the
 Facilities to which the Facility Letter relates expires or is terminated or revoked or cease to have legal effect for any reason;
 and/or

(iv) the Customer has Outstanding Default. For the purpose
 of the Facility Letter, "**Outstanding Default**" means failure to repay or pay a loan, interest or other payment,
 or any part thereof, in accordance with the relevant facility, whereby the indebtedness remains outstanding for (a) sixty-one (61)
 days or more after the relevant repayment or payment date as evidenced by the latest report issued by any credit information provider(s)
 made available to the Bank and which is issued not earlier than thirty (30) days prior to the date of the Application Form (as defined
 below); or (b) thirty-one (31) days or more after the relevant repayment or payment date in respect of (i) any facility granted by
 the Bank and (ii) any facility granted by other financial institutions which the Bank is aware of (by whatever means).

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|:---|:---|
| 2.0 | <u>For Revolving Loan (Business Overdraft)</u> |
| (a) | The Customer shall fully repay and settle all the outstanding indebtedness (including interest) and all other amounts (if any) due or outstanding under the revolving Facilities by no later than 60 months from the expiry of the application period for the Guarantee issued by HKMCI under the Scheme as approved by HKMCI as at the date of issuance of the Guarantee pursuant to the Scheme. |
| (b) | Without prejudice to the Bank's overriding right at any time at its sole and absolute discretion to demand immediate repayment of the loan and to terminate the Facilities with immediate effect, all indebtedness outstanding under the revolving Facilities shall become immediately due and payable in full upon occurrence of any of the following ("event of default"): |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Customer fails or refuses to pay the loan, interest
 or any payment in relation to any of the Facilities in accordance with the terms of the Facility Letter or the security documents
 in relation thereto when due or upon demand; and/or

(ii) the Customer and/or any of the security providers for
 any reason fails to comply with any of the terms, conditions, covenants and/or undertakings and/or fails to perform or discharge
 any of the obligations under the Facility Letter, the Bank's Terms and Conditions for Business Overdraft and/or any of the
 security documents to which it is a party to the satisfaction of the Bank; and/or

(iii) the
 Guarantee issued by HKMCI (the "**HKMCI Guarantee**") or any of the security document securing any of the Facilities
 to which the Facility Letter relates expires or is terminated or revoked or cease to have legal effect for any reason; and/or

(iv) the
 Customer has Outstanding Default. For the purpose of the Facility Letter, "**Outstanding Default**" means failure
 to repay or pay a loan, interest or other payment, or any part thereof, in accordance with the relevant facility, whereby the indebtedness
 remains outstanding for (a) sixty-one (61) days or more after the relevant repayment or payment date as evidenced by the latest report
 issued by any credit information provider(s) made available to the Bank and which is issued not earlier than thirty (30) days prior
 to the date of the Application Form (as defined below); or (b) thirty-one (31) days or more after the relevant repayment or payment
 date in respect of (i) any facility granted by the Bank and (ii) any facility granted by other financial institutions which the Bank
 is aware of (by whatever means).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Customer may cancel the revolving Facilities without
 penalty provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all the outstanding indebtedness (including interest)
 and all other amounts (if any) due or outstanding under the revolving Facilities have been repaid; and

(ii) the Customer shall have given to the Bank not less
 than 14 days' notice in writing of its intention to make such cancellation.

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|:---|:---|
| **F.** | **Condition Precedent and Documentation**<br>The availability of the Facilities is conditional upon the Bank's receipt of the following documents, ttems and evidence (both in form and substance) satisfactory to the Bank:- |
| 1 | Duly executed copy of the Facilities Letter. |
| 2 | Application Form for a HKMCI Guarantee in the form prescribed HKMCI duly completed and signed by the Customer and any other person (other than the Bank) as required therein (the "**Appication Form**"). |
| 3 | Notification of Result of Application duly issued by HKMCI in relation to the Customer's application for the Facilities to which the Facility Letter related. |
| 4 | Acceptance of Conditions for the Issue of the HKMCI Guarantee in the form Prescribed by HKMCI duly signed by the Customer and any other person as required therein (the **"Acceptance of Conditions"**). |
| 5 | Guarantee duly issued by HKMCI in favour of the Bank in respect of the Facilities under the Scheme applied for by the Customer to which the Facility Letter relates. |
| 6 | [For Corporate Borrower] Personal guarantee executed by the Guarantor(s) in favour of the Bank for full repayment of the indebtedness under the Facilities / A joint and several guarantee executed by [person(s) who are interested in more than 50% of the issued share capital of the Customer, whether directly or indirectly and whether pursuant to any agreement, trust or arrangement] in favour of the Bank for full repayment of the indebtedness under the Facilities.<br>[Note: for the purpose of determining the number of shares of the company and the person(s) interested, account should be taken of (i) such shares of the company in respect of which persons are registered or beneficial owners, and (ii) shares of the company in respect of which persons are entitled to exercise or control the exercise of the right or power to vote them in general meetings of the company] |
| 7 | Such credit and financial information of the Customer as required by the Bank the assessment of which is to the satisfaction of the Bank / The Customer's audited account of its latest financial year which has been duly certified by its auditor (if the Customer is a company with in the meaning of the Companies Ordinance (Cap. 622) or the Customer's management account of its latest financial year including the latest tax return issued by the Inland Revenue Department which have been duly certified by its owner(s) or its auditor (if the Customer is a sole-proprietorship or partnership). |
| 8 | Certified copy of consents, approvals and other board authorisation in connection with the execution, delivery and performance of the Facility Letter or other documentation as above mentioned. |
| 9 | Such other documents, items or evidence which the Bank may from time lo time request. |

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**G. Conditions for drawdown**

1. Subject to
 the fulfillment of all the conditions precedent and documentation to the satisfaction of the Bank. the first drawdown date of the
 Facilities shall fall within 60 days from the date on which HKMCI has given an approval-in-principle or a HKMCI Guarantee whichever
 is the earlier for the Customer's loan application for the same to which the Facility letter relates.

2. (a) the Facilities
 shall be used solely for the purpose(s) asset out under paragraph 2 of Section D. and the Customer shall be deemed to have made a
 declaration of such use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 drawing of the Facilities of non-revolving nature shall be in one lump sum;

(c) all
 representations and warranties made by the Customer in the Facility Letter (including in
 the Schedule hereto) and the security documents (if any) to which the Customer is a party
 or otherwise relating to the Facilities shall be true and correct with the same effect as
 though made on and as of the drawdown date with reference to the facts and circumstances
 then existing,

(d) no
 default or failure on the part of the Customer shall have occurred for the due and punctual
 repayment of the Facilities;

(e) the
 Bank has no actual, imputed or constructive knowledge or notice that a notice of petition
 for bankruptcy or winding up against the Customer has been issued or is likely to be issued
 on or before a drawdown date of the Facilities or will occur as a resutt of the drawing made
 by the Customer under the Facilities; and

(f) the
 Customer shall not have Outstanding Default.

**H. Agreement and Undertakings.**

The Customer agrees, covenants and undertakes with and to the Bank as follows:

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|:---|:---|
| 1. | The Customer shall duly complete, sign and deliver to the Bank an Application Form, and an Acceptance of Conditions, in the form prescribed by the HKMCI as required by the Bank. |
| 2. | The Customer shall make the drawdown of the Facilities within 60 days from the date on which HKMCI has given an approval-in-principle or a HKMCI Guarantee whichever is the earlier lo the Customer's loan application for the Facilities to which the Facility Letter relates. |
| 3. | Notwithstanding any other provision in the Facility Letter or any other document or agreement (Whether existing or future) between the Bank and the Customer to the contrary, in respect of the Facilities and any other facility or financial transaction of any kind in relation to which the Customer and the Bank are parties, if the Customer fails to pay or repay on a Repayment Date or, as the case may be, the applicable due date all or any part of any amount due and payable under any of them in accordance with the terms thereof, the Bank is entitled (but not obliged) to demand the Customer to make immediate payment of all outstanding amounts and all obligations (actual or contingent) of the Customer owing to the Bank by the Customer (including but not limited to those under the Facilities) and all such amounts and obligations shall thereupon become immediately due and payable in full, and so that on the making of such demand by the Bank (without limitation): |
|  | (a) in relation to any obligation of the Customer in respect of any outstanding trade or documentary letter of credit, there shall become immediately due and payable by the Customer an aggregate amount equal to the aggregate amount then payable by the Bank (whether or not subject to the passage of time or the satisfaction of any condition) under such trade or documentary letter of credit; and |
|  | (b) the Customer's leasing or hire under any finance lease or hire purchase contract shall terminate. |
|  | For the avoidance of doubt, this paragraph 3 does not affect or prejudice any other provision in the Facility Letter or any other document or any right of the Bank by which any amount or obligation of the Customer may otherwise become due and payable or any Customer's leasing or hire under any finance lease or hire purchase contract may otherwise terminate. |
|  | For the purpose of the Facility letter:- |
|  | **"Principal Indebtedness"** means all outstanding principal amount in respect of the Facilities and all obligations (whether actual or contingent) of the Customer hereunder. |
|  | **"Repayment Date"** means, in relation to a Facility, the date on which any amount in respect of that Facility, or any part thereof, becomes due and payable by the Customer to the Bank according to the Facility Letter (whether by way of payment or repayment). |
|  | **"Security"** means a mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, security interest,cash collateral arrangement or other encumbrance of any kind securing, or a right conferring a priority of payment in respect of, any obligation to pay of any person or any other agreement or arrangement having a similar effect, but does not include any lien arising in the ordinary course of trading by operation of law and not by contract (but shall include, in relation to any finance lease or hire purchase contract, the vesting of beneficial ownership of the relevant asset in the finance lessor or hire purchase seller, and shall include, in relation to any factoring or other receivables purchase facility, the vesting of beneficial ownership of the factored or purchased receivable in the factor or purchaser). |

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|:---|:---|
| 4.0 | For so long as any part of the Principal indebtedness remain outstanding or the Bank remains under any obligation to grant the Facilities hereunder, each of the following representations and warranties and those set out in the Schedule hereto is correct and deemed to be repeated each day and each of the following undertaking and agreement shall be complied with in all respects: |
| (a) | the Customer is a company, sole proprietorship, partnership or unincorporated body of persons (at the case may be) which has and continues to have business operation in Hong Kong and has been registered for carrying on a business in Hong Kong under the Business Registration Ordinance (Chapter 310 or the laws of Hong Kong) for at least one year in Hong Kong as at the date of submission of the Application Form, |
| (b) | the Customer is not carrying on the business or a lender or otherwise providing funds available for borrowing in any way; |
| (c) | the Customer is not an associate of the Bank (please refer to Section J in the Facility Letter for the meaning of an "associate"); |
| (d) | the Customer is not a company or corporation which has any of its shares listed on The Stock Exchange of Hong Kong Limited (whether on its Main Board or the Growth Enterprise Market) or any similar exchange in or outside Hong Kong; |
| (e) | the Customer does not have any Outstanding Default; and |
| (f) | (Unless for a purpose which is otherwise expressly permitted under the Facility Letter and the Scheme) none of the Facilities (whether directly or indirectly, in whole or in part) if granted will be used for: |
| (i) | paying, repaying, restructuring or repackaging all or any part of the loans. credit facilities or payment obligations (including any loan referred to as a "classified loan" by the Hong Kong Monetary Authority from to time to time) of the Customer, its Subsidiaries or its Related Entities; and/or |
| (ii) | financing and/or re-financing the acquisition of any business installation, machinery, equipment or other asset that was in the ownership, control or possession of the Customer, its Subsidiaries and/or its Related Entities (whether as owner or otherwise) on or at any time before the date on which an application for the Facilities is received by the Bank. |
|  | **"Related Entity"** unless the context otherwise requires, shall be construed so that a person (A), being a sole proprietor. partnership or company, and another person (B), being a sole proprietor, partnership or company, are Related Entities of each other if any one or more persons, individually or jointly, directly or indirectly, hold, beneficially own or control 30% or more of the business interest in each of A and B. For the purpose of the foregoing, "business interest" in relation to a company means the shares or equity interest of such company, and in relation to a partnership means the aggregate or overall rights or entitlements to participate in a distribution of profits of such partnership. |
|  | "**Subsidiary**" has the same meaning given to it in s. 15 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong). |

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| | |
|:---|:---|
| 5. | The Customer agrees that the Bank may provide all or any information and documents relating to the Customer and/or any of the Facilities to HKMCI, and that HKMCI's representatives and agents may on request inspect its books, records, accounts and other information relating to its business, whether in paper, electronic or any other form or medium. |
| 6. | The Customer undertakes to the Bank that it will immediately inform the Bank: |
| (a) | of any change of the Customer's directors or beneficial shareholders or amendment to its memorandum or articles of association or equivalent constitutional documents; |
| (b) | of any substantial change to the general nature of the Customer's existing business; or |
| (c) | if it becomes, or is aware that any of its directors, shareholders, partners or managers becomes, a Related Person (as defined in paragraph 5 of section I of the Facility Letter). |
| **7** | The Customer undertakes with the Bank that it will: |
| (a) | not do or permit to be done anything which would prejudice or jeopardize the rights of the Bank or the HKMCI, or both, in respect of any of the Facilities; |
| (b) | ensure the satisfaction of and compliance by it and the Facilities with the Eligibility Criteria under the Scheme in accordance with the requirements of HKMCI; |
| (c) | not create, or permit to be created or subsist, any subsequent Security ranking in priority to or pari passu with any Security that may be given to or held by the Bank for the relevant Facilities (whether exclusively or otherwise); and |
| (d) | not sell, sub-lease, charge, part with possession of or otherwise deal with (whether in whole or in part) any business installations; |
| (e) | and equipment and/or other assets referred to in the Application Form or the Facility Letter as to be acquired with any of the proceeds of the relevant Facilities without the prior written consent of the Bank, and, if the foregoing has not been complied with, the Customer shall ensure that all the proceeds or sums realised or generated as a result shall be paid direct to the Bank for application in or towards payment and discharge of the Principal Indebtedness (which shall be reduced by the relevant amount accordingly) in such manner as the Bank may absolutely think appropriate as consistent with the Scheme. |
| 8 | All amounts received by the Bank in relation to any of the Facilities after the Customer has failed to repay any amount may be applied by the Bank towards payment and repayment of the Principal Indebtedness and any other amounts owing to the Bank in such manner and order as the Bank may absolutely think fit. |
| 9. | The Customer agrees that HKMCI's rights, including but not limited to its right of subrogation, shall at all times rank in priority to the rights and remedies, if any, of the persons giving any Security or guarantee in favor of the Bank for the Facilities extended or otherwise in relation to the Facilities |
| 10. | The Customer and all the persons giving the security or guarantee mentioned in paragraph 9 in section H above acknowledge HKMCI's priority herein referred to and that each of the aforesaid persons undertakes that (a) it shall not exercise in any manner or to any extent its rights or remedies against the Customer or any such person or in relation to any such Security, including but not limited to any right of subrogation, indemnity or contribution which it has or may have in law or equity or under, pursuant to or in connection with any Security or guarantee or otherwise, unless and until the HKMCI has fully and unconditionally recovered all amounts paid by the HKMCI under the relevant Guarantee or unless and until the HKMCI otherwise consents in writing; and (b) it shall not assert against the HKMCI any rights or remedies. |
| 11. | No further amount may be drawn under any of the Facilities after (a) in respect of the Facilities of non-revolving nature, the Customer has failed to pay any amount (including interest) payable under the Facilities when due, or (b) in respect of the Facilities of revolving nature the Customer has failed to pay any amount (including interest) payable under the Facilities within 30 days after such amount is due; or (c) a petition for its bankruptcy or liquidation has been presented or may, to the Bank's knowledge, be presented. |
| 12. | The Customer shall on request (a) do anything which may be necessary or desirable to enable the Bank to comply with its obligations to HKMCI, and (b) indemnify the Bank against any liability towards HKMCI (and all costs and expenses incurred in connection therewith) arising from anything done or omitted to be done in connection with the Facilities. |
| 13. | The Customer agrees to give legally binding representations, warranties and undertakings in favour of the Bank on the terms set out as per the Schedule attached to this Facility Letter. In case there are inconsistencies between those found in the Schedule or the facility Letter and those in the Bank's Terms and Conditions, the latter as to prevail. |
| 14 | Each of the Guarantor(s) hereby agrees, covenants and undertakes with and to the Bank that: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all sums which
 are now or may hereafter become owing by the Customer to each of Guarantor(s) under any guarantees stipulated in section F of the Facility
 Letter whether in respect of principal, interest or otherwise, on account of any advance, loan or payment made to or for the account
 of the Customer (collectively "Subordinated Indebtedness") is hereby and shall be subordinated and the payment thereof deferred to
 any and all rights, claims and actions which the Bank may now or hereafter have against the Customer in respect of all moneys, obligations
 and liabilities, whether actual or contingent, now or at any time hereafter due, owing or incurred by the Customer to the Bank, whether
 alone or jointly and whether as principal or as surety, including all principal moneys, interest at such rates as may from time to
 time be payable by the Customer (or which would have been so payable but for the liquidation, bankruptcy, death or other incapacity
 of the Customer), fees, commission, discount and other charges and all expenses including legal costs on a full indemnity basis incurred
 in connection with the enforcement or preservation of the rights of the Bank against the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 of the Guarantor(s) shall not without the prior written consent of the Bank claim or accept any moneys or other property in or towards
 payment or satisfaction of the Subordinated Indebtedness or enter into any transaction with the Customer except on an arm's
 length basis on normal commercial terms. In particular, but without limiting the foregoing, each of the Guarantor(s) agrees to pay
 full market price for all assets or services supplied to any of the Guarantor(s) directly or indirectly by the Customer or its subsidiaries
 (if any).

(c) so
 long as any moneys secured under any of the guarantee(s) stipulated in section F of the Facility Letter in connection with the Facilities
 remain owing to the Bank, the Guarantor(s) will not take or hold any security from the Customer for the Subordinated Indebtedness
 or take any steps to enforce any right or claim against the Customer in respect of any amounts recovered by the Bank nor make or
 claim any set-off or counter-claim against the Customer in respect of any liability on the part of the security provider(s) and Guarantor(s)
 to the Customer nor claim to have the benefit of any rights or security held by the Bank nor prove in competition with the Bank in
 the estate, winding-up or bankruptcy of the Customer. Each of the Guarantor(s) undertakes that it shall not assign, transfer mortgage
 or otherwise dispose of or encumber the Subordinated indebtedness or any part thereof or any interest therein without the prior consent
 of the Bank

(d) so
 long as there is any outstanding sum payable by the Customer under the Facility Letter and/or any of the Facilities granted by the
 Bank under the Facility Letter is subsisting, it shall not revoke or attempt to revoke any security or guarantee given by it to the
 Bank in respect of any sum or liability owed or owing by the Customer to the Bank regardless of whether it has the right to do so
 but for this provision

&nbsp;&nbsp;&nbsp;&nbsp;15. The
 rights of the Bank shall at all times rank in priority to the rights and remedies of each of the Guarantor(s) in connection with the
 Facilities.

16. The
 Customer and each of the Guarantor(s) agree that upon HKMCI's payment under its HKMCI Guarantee, HKMCI shall be entitled to be
 subrogated, fully or partially in HKMCI's absolute discretion, for the Bank's rights under all relevant documents with
 regard to the part of the rights of HKMCI corresponding to the amount paid by HKMCI to the Bank under the HKMCI Guarantee to recover
 any outstanding amount in respect of the relevant Facilities from the Customer or any other person, unless and until (i) HKMCI has
 fully recovered the amount paid by HKMCI under the HMCI Guarantee or (ii) HKMCI otherwise consents in writing.

17. The
 Customer and each of the Guarantor(s) agree that in addition and without prejudice to any other right the Bank and the HKMCI may have,
 each of the Bank and the HKMCI may at any time access, inspect, obtain, and make copies of (free of charge), any of its materials
 (and each partner's materials if it is a partnership, and including any document, record and information) in connection with
 the rights, interest, obligations or liaabilities of the HKMCI under the Scheme, the related deed between the Bank and the HKMCI and
 any Guarantee.

18. Each
 of the Guarantor(s) confirms and agrees that it shall not exercise in any manner or to any extent is rights or remedies against the
 Customer, including but not limited to its right of subrogation, unless and until (i) the loan hereunder is fully repaid to the
 satisfaction of the Bank; or (i) the Bank otherwise consents in writing.

**1. Other Terms and Conditions**

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| | |
|:---|:---|
| 1. | The Facilities is available at the sole discretion of the Bank. The Bank may at any time immediately terminate, cancel or suspend the Facilities or otherwise modify the Facilities without the consent of the Customer and/or the Guarantor(s). |
| 2. | Notwithstanding any provisions stated in the Facility Letter, the Facilities are repayable on demand by the Bank. The Bank has the overriding right at any time to require immediate payment and/or cash collateralisation of all or any sums actually or contingently owing to it under the Faces. |
| 3. | If there are more than one Borrower, each Borrower accepting the terms and conditions set out in the Facility Letter is jointly and severally liable with the other Borrower(s) for all sums payable or owing to the Bank under the Facilities (whether incurred by that Borrower or not) The obligations and liabilities of each Borrower shall take effect immediately upon is acceptance of the terms and conditions set out or referred to in the Facility Letter. Each Borrower further agrees that the Bank is not required to make any reference to the other Borrower(s) in relation to the utilisation of the Facilities by any Borrower(s). |
|  | The obligations and liabilities of each Borrower shall not be affected by (i) any time or indulgence granted to or composition with any other Borrower(s) or any other person; (ii) any change, variation or termination of any agreement or arrangement with any other Borrower(s) or any other person (iii) any release of, or any neglect to obtain, perfect or enforce, any rights or securities against any Borrower(s) or any other person; or (iv) any unenforceability or invalidity of any obligations of any Borrower(s) or any other persons |
| 4. | The Bank's Terms and Conditions previously provided to the Borrower and attached and/or referred to in the Facility Letter forms an integral part of the Facility Letter and each Borrower agrees to observe and be bound by such Terms and Conditions |
| 5. | The Borrower acknowledges that the Banking (Exposure Limits) Rules and the Supervisory Policy Manual CR-G-9 issued by the Hong Kong Monetary Authority imposes on the Bank certain limitations on advances to "Related Persons", being persons (including firms, partnerships and companies or relatives) related to its directors, controllers or persons having principal responsibility for a line of business of the Bark (or its subsidiaries or affiliates) or persons related to employees of the Bank who have lending authority. When acknowledging and accepting the Facility Letter, the Borrower should advise the Bank if the Borrower is, or any of the Borrower's directors, controllers, partners, managers, agents or guarantors is, a Related Person within the meaning of the Rules. If subsequent to the Borrower's acceptance of the Facility Letter, the Borrower become, or is aware that any of the Borrower's directors, controllers, partners or managers, agents or guarantors is or becomes, a Related Person, the Borrower should immediately advise the Bank in writing Controller" refers to any person holding 10% or more of the Banks's issued shares. |
| 6. | The Borrower hereby acknowledges that. |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower has received, read and agreed to the Bank's Notice to Customers and Other Individuals relating to the Personal Data
 (Privacy) Ordinance ("the Ordinance") and the Code of Practice on Consumer Credit Data ("the Notice"), and

(b) The
 Borrower has notified each of is key managers (e.g. Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, department
 head, etc.), corporate officers (e.g. authorised signatories, company secretary, etc.) directors, major shareholders, beneficial
 owners (e.g. sole-proprietor, partners, etc.) and Guarantor(s) ("the Relevant Individuals") that the Bank may from time to time receive
 from the Customer Information relating to that Relevant Individual in the course of its provision of services to the Borrower according
 to the Notice.

&nbsp;&nbsp;&nbsp;&nbsp;7. This
 letter shall be governed by and construed in accordance with the laws of Hong Kong SAR.

**J. Meaning of "Associate"**

For the purpose of the Facility Letter, an **"associate"** shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;1. where
 the Customer of any of the security provider, as the case may be, is an individual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 relative of such individual,

(b) a
 partner of such individual and any relative of such partner;

(c) partnership
in which such individual is a partner;

(d) any
 company controlled by such individual, by a partner of such individual or by a partnership in which such individual is a partner;

(e) any
 director of any such company as is referred to in J(1)(d);

&nbsp;&nbsp;&nbsp;&nbsp;2. where
 the Customer or any of the security provider, as the case may be, is a company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 associated company;

(b) any
 person who controls the company and any partner of such person, and, where either such person is an individual, any relative of such
 individual;

(c) any
 director of such company or of any associated company and any relative of any such director;

(d) any
 partner of the company and, where such partner is an individual, any relative of such individual;

&nbsp;&nbsp;&nbsp;&nbsp;3. where the Customer or any
 of the security provider, as the case may be, is a partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
partner of the partnership and where such partner is a partnership any partner of such partnership, any partner with the partnership
in any other partnership and where such partner is a partnership any partner of such partnership and where any partner of, or with, or
in any of the partnerships mentioned herein is an individual, any relative of such partner;

(b) any
 company controlled by the partnership or by any partner thereof or, where such a partner is an individual, any relative of such partner;

(c) any
 company of which any partner is a director;

(d) any
 director of a company referred to in J(3)(b), and "relative", in relation to an individual, means the spouse, parent, child, brother,
 sister, brother-in-law, father-in-law, mother-in-law sister-in-law, daughter-in-law, son-in-law, aunt, cousin, uncle, niece, nephew,
 grandfather or grandmother of the individual, and for the purposes of this definition, an adopted child shall be regarded as a child
 both of the natural parents and the adoptive parents and a stepchild as the child of both the natural parents and any step
 parents.

Where **"associated company"** of a person means:

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| | |
|:---|:---|
| (a) | a company over which such person has control; |
| (b) | a company which has control over such person, being a company. |
| (c) | a company which is under the control of the same person as such person, being a company. |
|  | And "control", in relation to a company, means the power of a person to secure. |
| (a) | by means of the holding of shares or the possession of voting power in or in relation to such or any other company; or |
| (b) | by virtue of any powers conferred by the articles of association or other document regulating such or any other company, that the affairs of such company are conducted in accordance with the wishes of such person. |

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Please sign and return this letter to the Bank at 12<sup>th</sup> Floor, Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong, Kowloon within one month after the date of this letter, failing which this offer shall lapse.

If you have any queries, please feel free to contact any of the following persons:-

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| | |
|:---|:---|
| **Name** | **Telephone No.** |
| Enoch Young (10851) |  |
| 1479200 | 646867843 |

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Yours faithfully,

---

| |
|:---|
| For and on behalf of |
| **STANDARD CHARTERED BANK (HONG KONG) LIMITED** |
| Enoch Yel 10851) |
| 1479200 |
| Name: Enoch Young (10851)<br> 1479200 |
| Title: |

---

We agree and accept all the terms and conditions set out above and the Banks' Terms and Conditions for Business Instalment Loan and/or Terms and Conditions for Business Overdraft attached and/or referred to in the Facility Letter, which we have read and understood.

---

| |
|:---|
| For and on behalf of |
| Company Name: |
| (with Company Chop) |

---

**[Applicable to a Corporate Borrower]**

Each of the undersigned hereby acknowledge the terms of this Facility Letter and confirm that their respective obligations of this Facility Letter and each guarantee that they have executed in favour of the Bank will continue in full force and are not and will not be affected, discharged or varied by the execution of this Facility Letter.

---

| | |
|:---|:---|
| Signed by:- | Signed by:- |
| Name of Guarantor: TANG SIU WAN | Name of Guarantor: |
| Hong Kong Identity Card No.: P542558(5) | Hong Kong Identity Card No.: |
| Identification document/Passport No.: | Identification document/Passport No.: |
| Signed by:- | Signed by:- |
| Name of Guarantor: | Name of Guarantor: |
| Hong Kong Identity Card No.: | Hong Kong Identity Card No.: |
| Identification document/Passport No.: | Identification document/Passport No.: |

---

**SCHEDULE**

**REPRESENTATIONS AND COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>**Representations**</u> 

The representations and warranties set out in Clause 1.1(Status) to Clause 1.15 (Compliance) of this Schedule are made by the Customer **as** of the date of the Facility Letter and the Customer acknowledges that the Bank has entered into the Facility Letter in reliance on all those representations and warranties.

In addition, the Customer acknowledges that each of the representations and warranties set out in Clause 1.1 (Status) to Clause 1.8 (Claims Pari Passu), Clause 1.10 (No Immunity) to Clause 1.15 (Compliance) shall be deemed to be repeated by the Customer by reference to the facts and circumstances then existing on each date on which a drawdown is made under the relevant Facilities and on each date on which any amount is payable by the Customer under the relevant Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Status** 

<u>Business Entity</u>

The Customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** is
 a company, sole proprietorship, partnership or unincorporated body of persons (as the case
 may be) which has and continues to have business operation in Hong Kong and has been registered
 for carrying on a business in Hong Kong under the Business Registration Ordinance (Chapter
 310 of the Laws of Hong Kong).

(b) is
 not carrying on the business of a lender or otherwise providing funds available for borrowing
 in any way.

(c) is
 not an associate of the Bank; and

(d) is
 not a company or corporation which has any of its shares listed on The Stock Exchange of
 Hong Kong Limited (whether on its Main Board or the Growth Enterprise Market) or any similar
 exchange in or outside Hong Kong.

<u>Business Operation History</u>

The Customer's business has been in operation for at least one year in Hong Kong as at the date of submission of the Application Form.

<u>Credit History</u>

The Customer does not have any Outstanding Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Governing Law and Judgments** 

In any proceedings taken in its jurisdiction of incorporation or establishment in relation to the Facility Letter, the choice of Hong Kong law as the governing law of the Facility Letter and any judgment obtained in Hong Kong against it with respect to the Facility Letter will be recognised and enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Binding Obligations** 

The obligations expressed to be assumed by it in the Facility Letter are legal and valid obligations binding on it and enforceable against it in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Execution of the Facility Letter** 

Its execution of the Facility Letter, its exercise of its rights and performance of its obligations thereunder and the transactions contemplated thereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene
 any agreement, mortgage, bond or other instrument or treaty to which it is a party or which
 is binding upon it or any of its assets;

(b) conflict
 with its memorandum and articles of association or any other constitutional documents, or

(c) conflict
 with any applicable law or regulation.

It has the power to enter into the Facility Letter and all corporate and other action required to authorise the execution of the Facility Letter and the performance of its obligations thereunder has been duly taken. No limit on its powers will be exceeded as a result of the borrowing or other assumption of obligations, or any grant of security or giving of indemnities, contemplated by the Facility Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **No Material Proceedings** 

No litigation, arbitration, administrative proceedings or labour controversy before any court, tribunal, arbitrator or other relevant authority is current or, to the knowledge and belief of a senior officer of it, pending or threatened against it which would have a Material Adverse Effect, save for any such legal proceedings commenced by a third party which are frivolous or vexatious, have no reasonable cause of action or which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **No Material Adverse Change** 

Since the date of its most recent financial statements (or audited financial statements in the case where the Customer is a limited company), there has been no material adverse change in the business or financial condition of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Validity and Admissibility in Evidence** 

All acts, conditions and things required to be done, fulfilled and performed and all authorisations (governmental or otherwise) required to be obtained in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations in the Facility Letter, (b) to ensure that its obligations in the Facility Letter are legal, valid, binding and enforceable and (c) to make the Facility Letter admissible in evidence in its jurisdiction of incorporation or establishment have been done, fulfilled, performed and obtained and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Claims Pari Passu** 

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, the claims of the Bank against it under the Facility Letter rank at least pari passu with claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatory preferred by law applying to companies generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **No Filing or Stamp Taxes** 

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, it is not necessary that the Facility Letter be filed, recorded or enrolled with any court or other authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Facility Letter or the transactions contemplated by the Facility Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** **No Immunity** 

In any proceedings taken in the jurisdiction of incorporation or establishment of it in relation to the Facility Letter, it will not be entitled to claim for it or any of its assets immunity from suit, execution, attachment or other legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** **No Winding-up** 

It has not taken any corporate action nor have any other steps been taken or legal proceedings (save for any such legal proceedings commenced by a third party which are (i) frivolous or vexatious or (ii) which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained and, in each case, are unconditionally discharged or dismissed within 180 (one hundred and eighty) days) been started or threatened against it for its winding-up, dissolution, administration or reorganisation (whether by voluntary arrangement, scheme of arrangement or otherwise) or for the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory or interim manager, conservator, custodian, trustee or similar officer of it or of any or all of its assets or revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** **Written Information** 

All material written information supplied by the Customer is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** **Solvency** 

It is able to pay its debts as they fall due and has not commenced negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or made a general assignment for the benefit of or a composition with its creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** **Taxes** 

It has filed or caused to be filed all tax returns which are required to be filed by it and has paid all taxes shown to be due and payable by it on such returns or any assessment received by it, save for taxes which are being contested in good faith by appropriate proceedings and in respect of which adequate reserves have been set aside by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** **Compliance** 

It is, to the knowledge and belief of a senior officer of it, in compliance with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities save those which are not material to its business and the effect of such non-compliance is not significantly adverse to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>**Covenants**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Maintenance of Legal Validity** 

The Customer shall promptly obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws of its jurisdiction of incorporation or establishment to enable it to lawfully enter into and perform its obligations under the Facility Letter and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of the Facility Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Notification of Events of Default** 

The Customer shall promptly inform the Bank after it becomes aware of the occurrence of any default or event of default under the Facility Letter or of any event which might reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Claims Pari Passu** 

Subject to Clause 2.13 below, the Customer shall ensure that at all times the claims of the Bank against it under the Facility Letter rank and continue to rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatorily preferred by law applying to companies generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Taxes** 

The Customer shall duly and punctually file all tax returns when due and pay and discharge all taxes prior to the date on which penalties are attached thereto except for such taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside and payment of which can be lawfully withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Information** 

The Customer shall promptly deliver to the Bank copies of all its audited and unaudited financial statements and such other reports and information relating to the Customer as the Bank may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Maintenance of Records** 

The Customer shall maintain all books of records and accounts with respect to itself and its business in good order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Inspection** 

The Customer shall, upon reasonable prior written notice from the Bank and during normal working hours, permit and arrange for the Bank or its other authorized representatives to inspect all financial records and books of accounts and discuss the Customer's business affairs with its officers and advisors as the Bank may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Use of Proceeds** 

The Customer shall apply the Facilities solely for the purpose(s) of:-

☐acquisition of one or more assets (such as industrial or commercial properties, machinery and equipment, but excluding residential properties) to facilitate the business operations of the Customer [and/or]

☐ general working capital for its business operations [and/or]

☐ (subject to the relevant requirements under the Scheme) refinancing of facilities that are guaranteed under the Special Loan Guarantee Scheme offered by the Government through the Trade and Industry Department and/or under the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Compliance** 

The Customer shall comply in all respects with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities if failure to comply with such requirements would (either individually or in aggregate) have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** **Insurance** 

The Customer shall maintain insurances on and in relation to its business and assets, in each case, with reputable underwriters or insurance companies against such risks and to such extent as is usual for companies carrying on a business such as that carried on by the Customer and is commercially available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** **Business** 

The Customer shall ensure that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has power to own its assets and carry on business as conducted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 has good title (free from any restrictions or onerous covenants) to all of the assets required
 for carrying on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 has obtained or effected all authorisations, approvals, consents, exemptions, filings, licenses,
 notarisations, permits and registrations which are required in connection with its business,
 and that all such authorisations, approvals, consents, exemptions, filings, licenses, notarisations,
 permits and registrations are in full force and effect, except where the failure to obtain
 or effect the same or, as the case may be, the cessation of the force and effect of the same
 would not reasonably be expected to, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** **Obligations** 

Without prejudice to the performance of the Customer's other obligations under the Facility Letter, the Customer shall perform all its obligations under all of the material agreements or contracts to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** **Security and Further Assurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** <u>**Definitions**</u> 

In this Schedule, the following definitions apply:-

"**Material Adverse Effect**" means (a) a material adverse effect on the business, assets, operations or condition (financial or otherwise) of the Customer, (b) a material impairment of the ability of the Customer to perform any of its obligations under the Facility Letter, or (c) a material impairment of the rights of, or benefits available to, the Bank under the Facility Letter.

## Exhibit 10.19

**Exhibit 10.19**

![](ex10-19_001.jpg)

**Our Ref: Business Banking - BDSHKl1853** 

**Confidential**

17 October 2022

D & J Industries (Hong Kong) Company Limited

Flat 3 18/F Block A

Chun Sing House

Tin Ma Court

Wong Tai Sin

Kowloon

Attention: Tang Siu Wan

Dear Sirs

**FACILITIES UNDER THE SME FINANCING GUARANTEE SCHEME**

We, Hang Seng Bank Limited (the **"Bank"),** pursuant to the SME Financing Guarantee Scheme of HKMC Insurance Limited **("HKMCI")** (the **"Scheme")** in which we participate, are pleased to offer you the following facilities (the **"Facilities")** on the following terms and conditions and the enclosed Standard Terms and Conditions for Banking Facilities (including the SME Financing Guarantee Scheme Supplement) (the **"Standard T&C").** The Bank shall have an unrestricted discretion to cancel or suspend, or determine whether or not to permit drawings in relation to, the Facilities. The Facilities are subject to review at any time and also subject to our overriding right of repayment on demand, including the right to call for ·cash cover on demand for prospective and contingent liabilities.

**<u>Borrower</u>**

D & J Industries (Hong Kong) Company Limited

**<u>Guarantor(s)</u>**

Tang Siu Wan

![](ex10-19_002.jpg)

**D & J Industries (Hong Kong) Company Limited**

**Our Ref: Business Banking - BDSHKl1853**

**<u>Facilities and Limits</u>**

---

| | |
|:---|:---|
| Loan | HKD4,200,000.00 |
| **Total Facility Limit** | **HKD4,200,000.00** |

---

**<u>Use of Proceeds</u>**

The Borrower declares that the relevant Facilities solely for the purpose of provide general working capital for business operation of the Borrower. (the "Purpose")

**<u>Facilities and Conditions</u>**

---

| | |
|:---|:---|
| Loan: | <u>Loan Amount:</u> |
|  | A loan up to the amount of HKD4,200,000.00 (the "Loan"). |
|  | <u>Final Maturity Date:</u> |
|  | The day falling 60 months from the Loan Starting Date, or the expiry date of the Scheme Guarantee, whichever is earlier. |
|  | "Loan Starting Date" means the date of first drawdown under the Loan. |
|  | <u>Availability and drawdown:</u> |
|  | Subject to the Borrower's and the Guarantor's acceptance of and full compliance with the terms and conditions set out in this Letter and the Standard T&C, completion of all the documentation mentioned in this Letter to the Bank's satisfaction, payment of all required fees and charges to the Bank in respect of the Loan, no event of default having occurred, and the approval and issuance of the Scheme Guarantee by HKMCI in respect of the Loan pursuant to the Scheme, the Bank will advance the Loan to the Borrower by crediting the said Loan amount to the Borrowers Current Account No. ____________________________ maintained with the Bank (the "Account") on such drawdown date as specified by the Borrower in the duplicate of this Letter or otherwise agreed by the Bank and the Borrower provided that (1) no rejection notice specifying its decision to reject the application for the Scheme Guarantee has been issued by HKMCI; (2) if a Notification of Result (as defined in the Standard T&C) has been issued by HKMCI notifying its approval-in-principle *to* issue the Scheme Guarantee (as defined in the Standard T&C), such approval-in principle shall not have lapsed or be deemed to have lapsed; and (3) the Scheme Guarantee has been issued by HKMCI in favour of the Bank in respect of the aforesaid facility; and such Scheme Guarantee shall not have lapsed or be deemed to have lapsed. The first drawdown date of the Loan shall be, unless otherwise agreed by HKMCI in writing, a date falling within 60 days from the date of the Notification of Result issued by HKMCI (if any) but provided always that the Scheme Guarantee has been issued by such date, or in the case where HKMCI has issued the Scheme Guarantee in favour of the Bank without issuing a Notification of Result, 60 days from the date of issuance of the Scheme Guarantee (or such other time as HKMCI may agree in writing).<br>|

---

![](ex10-19_003.jpg)

**D & J Industries (Hong Kong) Company Limited**

**Our Ref: Business Banking - BDSHKl1853**

---

| |
|:---|
| Any undrawn portion of the Loan will automatically be cancelled upon the expiry of the aforesaid 60-day period. |
| The drawdown may only be made in one lump sum. |
| **<u>Scheme Guarantee Fee /Annual Guarantee Fee:</u>** |
| Annual guarantee fees in such amount as determined by HKMCI from time to time shall be due and payable to HKMCI on the Loan Starting Date and thereafter an annual guarantee fee in such amount as determined by HKMCI from time to time shall be due and payable to HKMCI on each anniversary of the Loan Starting Date up to the earliest of:<br>(a) the end of the Guarantee Period (as defined in the Standard T&C) as set out in the Scheme Guarantee;<br>(b) the date of termination of the Loan facility reported by us to HKMCI; and<br>(c) the date of payment by HKMCI to discharge a claim under the HKMCI Guarantee. |
| The Borrower hereby authorises the Bank to debit such guarantee fee from any current account maintained by the Borrower with the Bank on such dates notwithstanding that there may be insufficient fund in the aforesaid account. All annual guarantee fees paid shall be non-refundable. |
| <u>Interest Rate and Payment</u>: |
| Interest on the Loan shall be charged at the rate of 0.23% flat per month (equivalent to Annualized Percentage Rate (APR) of 5.33% per annum) payable monthly in arrears. Interest shall be paid by the Borrower on a monthly basis starting on the date falling one month after the drawdown date of the Loan. The interest payable under each monthly instalment shall be calculated based on the formula commonly known as "the Rule of 78", or such other formula as the Lender may from time to time determine at the Lender's absolute discretion. Monthly repayment amount is rounded up to one decimal point. |
| <u>Default interest:</u> |
| Notwithstanding the provisions above for the charging of interest, all sums (including both principal and interest) due to the Bank which are not paid on the relevant due date shall bear default interest at the rate of 2.25% flat per month or at such other rate or rates as the Bank may from time to time determine in the Bank's absolute discretion (both before and after judgment) from the date of default to the date of actual payment. The default interest shall be immediately payable by the Borrower on demand by the Bank. |
| <u>Repayment and term:</u> |
| The Loan and the accrued interest thereon is to be repaid by 60 consecutive monthly instalments, commencing one month after date of drawdown of the Loan. |
| On the Final Maturity Date, the Borrower shall pay to the Bank all the outstanding principal, accrued interest and other sums then due and payable to the Bank. |

---

![](ex10-19_004.jpg)

**D & J Industries (Hong Kong) Company Limited**

**Our Ref: Business Banking - BDSHKl1853**

<u>Fully Settlement of Loan:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 partial prepayment of the Loan is allowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
Borrower may on any monthly instalment repayment date repay the full amount of the Loan together with all outstanding amount under this
Facility Letter, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Bank receives at least 7 Business Days' prior written notice; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Borrower shall pay an early settlement charge to the Bank which shall be equal to the sum of the current monthly interest payable
 on the whole of the outstanding principal amount of the Loan, plus an administration fee of HKD1,000 or 6% of the outstanding principal,
 whichever is higher.

**<u>Security</u>**

**The availability of the Facilities is conditional upon the Bank's receipt of the following documents in form and substance satisfactory to the Bank:-**

(1) A **Guarantee** in the Bank's standard form for unlimited amount from Tang Siu Wan.

The Borrower, the corporate guarantor(s) (if any) and the corporate security provider(s) (if any) shall provide all documentation required by HKMCI from time to time.

The Borrower, the corporate guarantor(s) (if any) and the corporate security provider(s) (if any) shall provide certified true copies of any consent, license, approval or authorization of, or registration or declaration with any governmental authority, bureau or agency required in connection with the execution, delivery, performance, validity and enforceability of this facility and all other documents required by the Bank.

The Borrower, the corporate guarantor(s) (if any) and the corporate security provider(s) (if any) shall provide such other documents, items or evidence as the Bank may reasonably request from time to time.

**<u>Scheme Guarantee as Conditions Precedent</u>**

Notwithstanding any contrary provisions in this Letter or the Standard T&C, the Bank's obligations to make any of the Facilities available to the Borrower are subject to and conditional on approval by HKMCI and the issue of the guarantee(s) by HKMCJ in favour of the Bank in respect of each of the Facilities to the extent of an aggregate Guarantee Limit in the amount of HKD3,780,000.00, being 90% of the Total Facility Limit of the Facilities pursuant to the Scheme.

**<u>Undertakings</u>**

**Without prejudicing or affecting the Bank's right to suspend, withdraw or make demand in respect of the whole or any part of the Facilities made available to the Borrower at any time or determine whether or not to permit drawings in relation to the Facilities. The Borrower and the under-mentioned undertaking parties (if any) will undertake to the Bank as follows:-**

(1) The
 Borrower represents, warrants and undertakes to the Bank that the Loan proceeds will not be used or applied for acquisition of immovable
 properties.

![](ex10-19_005.jpg)

**D & J Industries (Hong Kong) Company Limited**

**Our Ref: Business Banking - BDSHKl1853**

(2) The
 Borrower shall undertake to use the relevant Facilities solely for the Purpose.

(3) The
 Borrower may at any time cancel the Facilities and shall have given to the Bank not less than 1 month' prior written notice
 of its intention to make such cancellation.

(4) Each
 of the Borrower and the corporate guarantor(s) (if any) and the corporate security provider(s) (if any) shall immediately inform
 the Bank once there are changes of its directors or beneficial shareholders or amendment to its memorandum of association (if any)
 and articles of association or equivalent constitutional documents and shall ensure that such changes/amendment are updated in the
 company registry of its place of incorporation promptly.

**<u>Fees</u>**

Upon our completing each review of the Facilities, we are authorised to debit the current account maintained by you with us for the handling fee as we may prescribe from time to time.

Please note that in reviewing the Facilities, we may make reference to the credit report(s) of the Borrower(s)/guarantor(s)/security provider(s) (as the case may be) from the credit reference agency(ies). If you wish to access the report(s) yourself, you can contact the credit reference agency(ies) directly at the following addresses:

---

| | |
|:---|:---|
| (a) | Consumer credit reference agency: |
|  | TransUnion Limited, Suite 1006, Tower 6, The Gateway, 9 Canton Road, Tsim Sha Tsui, Kowloon. |
|  | Tel: 2577 1816; Fax: 2578 4425. |
| (b) | Commercial credit reference agency: |
|  | Dun & Bradstreet (HK) Ltd., Unit 1308-1315, 13/F., BEA Tower, Millennium City 5,418 Kwun Tong Road, Kwun Tong, Kowloon. |
|  | Tel: 25161100; Fax: 29604721. |

---

Please arrange for the enclosed copy of this letter to be signed by the Borrower, all guarantors and security providers of the Facilities and return the same to the Bank with Board Resolution(s) and Shareholder's Resolution(s) (if applicable) of the Borrower, all guarantors and security providers within 14 days from the date of this letter, failing which our offer shall lapse unless it is extended by us in writing at our absolute discretion.

Our Bank also offers Payments and Cash Management and Insurance services. Please let us know if we can be of any assistance.

Should you have any queries, please do not hesitate to contact our Mr. Kipp Ng at 3662 1135.

Yours faithfully,

For and on behalf of

Hang Seng Bank Limited

![](ex10-19_006.jpg)

Authorized Signature(s)

![](ex10-19_007.jpg)

**D & J Industries (Hong Kong) Company Limited**

**Our Ref: Business Banking - BDSHKl1853**

We hereby accept the Facilities and agree to be bound by the terms and conditions set out above and the Standard T&C, which I/we have read and understood.

We hereby give your Bank irrevocable notice that we wish to request drawing under the Loan Facility mentioned in this Letter on ____________and authorise your Bank to credit the said loan amount to our Account No. ________________________ maintained with your Bank.

We hereby authorize you to effect transfers from my/our below-mentioned account(s) maintained with you to repay any fee including but not limited to the Scheme Guarantee Fee and any outstanding and payments under the Loan. This authorization shall have effect until further notice. Any revocation or alteration to this authorization will be notified to you in writing at least 10 Business Days prior to such revocation or alteration.

---

| | |
|:---|:---|
| **Account Number** | **Account Holder's Name** |

---

---

| |
|:---|
| ![](ex10-19_009.jpg) |
| D & J Industries (Hong Kong) Company Limited<br> (Borrower)<br> (sign with company chop) |

---

I/We hereby agree to act as guarantor/security provider of the Facilities on the terms and conditions set out above and the Standard T&C and in the relevant guarantee and security document. I/We acknowledge that HKMCl's rights, including but not limited to its right of subrogation, shall at all times rank in priority to my/our rights and remedies, if any, as guarantor/security provider of or otherwise in relation to the Facilities and I/we undertake that (1) I/we shall not exercise in any manner or to any extent our rights or remedies against the Borrower or any of the guarantors/security providers or in relation to any security or guarantee, including but not limited to any right of subrogation, indemnity or contribution which I/we have or may have in law or equity or under, pursuant to or In connection with any of my/our security or guarantee (as applicable) or otherwise, unless and until HKMCI has fully and unconditionally recovered the amount paid by HKMCI under its guarantee or unless and until HKMCI otherwise consents in writing, and (2) shall not assert against HKMCI any right of contribution or any analogous rights or remedies.

I/We agree that Hang Seng Bank Limited (the "Bank") and its related bodies may disclose and/or transfer my/our personal data and other information from time to time in its possession to the HKMCI in relation to the Facility, the Application Form, the Scheme Guarantee, the Borrower, any Personal Guarantor and/or any person giving any Security (all such capitalized terms as are defined in the Standard T&C) and other related purposes and I/we consent to permit representatives and appointed agents of HKMCI, to the extent related to the relevant Scheme Guarantee, to inspect its books, records, accounts and any other information relating to my/our business, whether in paper, electronic or any other form or medium, at the request of the Bank and/or HKMCI and their related bodies (as the case may be).

![](ex10-19_008.jpg)

**D & J Industries (Hong Kong) Company Limited**

**Our Ref: Business Banking - BDSHKl1853**

I/We shall at all times promptly disclose to the Bank all material facts and information which may in any way affect the rights, interest, obligations or liabilities of HKMCI under the Scheme, the Master Deed of Guarantee (as defined in the Standard T&C) and the Scheme Guarantee, and make available to the Bank or its appointed agents, free of charge, all documents, records and information in connection with the rights, interest, obligations or liabilities of HKMCI thereunder including but not limited to all documents and information submitted by me/each of us to the Bank. I/We agree that all information and documents made available to the Bank may be submitted by the Bank to HKMCI and that HKMCI shall have the right to obtain, free of charge, and make copies of any of such materials.

---

| |
|:---|
| ![](ex10-19_009.jpg) |
| Tang Siu Wan<br> (Guarantor/Security Provider)<br> /sy |

---

![](ex10-19_008.gif)

## Exhibit 10.20

**Exhibit 10.20**

![](ex10-20_001.jpg)

Date: 19 January 2022

Our ref: 111528/2551495/DBB C3(SFGS)

D & J Industries (Hong Kong) Company Limited

Room 2304, 23/F

Saxon Tower

7 Cheung Shun Street

Lai Chi Kok, Kowloon

Dear Sirs,

**<u>BANKING FACILITIES</u>**

DBS Bank (Hong Kong) Limited (the "Bank", which expression shall include its successors and assigns) is pleased to advise that it is prepared to consider making available or continuing to make available the banking facilities detailed below (each a "Facility" and together the "Facilities") to the Borrower described below, solely for the purpose stated below and subject to the provisions of this letter and the attached "Standard Terms and Conditions Governing Facilities and Services" ("Standard Conditions").

**A.** **BORROWER:** 

D & J Industries (Hong Kong) Company Limited B. PURPOSE: Providing general working capital for business operations

**C.** **DEFINITIONS:** 

In this letter, the following expressions shall, except where the context otherwise requires, have the meanings given to them below:-

**"Operating Procedures"** means the detailed procedures for the operation of HKMC Insurance Limited (formerly known as The Hong Kong Mortgage Corporation Limited) ("HKMCI") SME Financing Guarantee Scheme as may be amended from time to time by notice in writing by HKMCI to the Bank.

**"Related Entity"** unless the context otherwise requires, shall be construed so that a person (A), being a sole proprietor, partnership or company, and another person (B), being a sole proprietor, partnership or company, are Related Entities of each other if any one or more persons, individually or jointly, directly or indirectly, hold, beneficially own or control 30% or more of the business interest in each of A and B.

For the purpose of the foregoing, "business interest" in relation to a company means the shares or equity interest of such company, and in relation to a partnership means the aggregate or overall rights or entitlements to participate in a distribution of profits of such partnership.

---

| | | | |
|:---|:---|:---|:---|
| Hong Kong/ENT/SVS/0871(10/19) | **DBS Bank (Hong Kong) Limited**<br> Institutional Banking Group<br> 16th Floor, The Center<br> 99 Queen's Road Central<br> Central, Hong Kong | **星展銀行(香港)有限公司**<br> 企業及機構銀行<br> 香港中環<br> 皇后大道中<br> 皇后大道中 99 號<br> 中環中心 16 樓 | DBS *Business*Care<br> 展企業—線通:852,22908068<br> Facsimile: 852.2169 0350<br>www.dbs.com |

---

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg) | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

**"Security"** means a mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, security interest, cash collateral arrangement or other encumbrance of any kind securing, or a right conferring a priority of payment in respect of, any obligation to pay of any person or any other agreement or arrangement having a similar effect, but does not include any lien arising in the ordinary course of trading by operation of law and not by contract (but shall include, in relation to any finance lease or hire purchase contract, the vesting of beneficial ownership of the relevant asset in the finance lessor or hire purchase seller, and shall include, in relation to any factoring or other receivables purchase facility, the vesting of beneficial ownership of the factored or purchased receivables in the factor or purchaser).

**"Subsidiary"** has the same meaning given to that expression in the Companies Ordinance of the Laws of Hong Kong.

**D.** **FACILITY LIMITS:** 

**Facilities under HKMC Insurance Limited SME Financing Guarantee Scheme (the "Scheme")**

---

| | | |
|:---|:---|:---|
| **Type(s) of Facility** | **Type(s) of Facility** | **Facility Limit(s)** |
| 1. | Installment Loan | HKD2,700,000.- |

---

**E.** **PRICING AND CONDITIONS:** 

Unless otherwise provided herein, interest and commission(s) on the Facilities will be charged at the Bank's standard rate that may be varied from time to time at the Bank's discretion.

---

| | |
|:---|:---|
| Installment Loan | <u>Interest</u>: 1.5% per annum over Prime Rate quoted by the Bank from time to time on the outstanding amount from drawdown until repayment in full, as conclusively calculated by the Bank. |
|  | <u>Repayment</u>: Principal together with accrued interest will be repayable by 60 equal monthly installments (except final payment which shall be the then outstanding balance and accrued interest). If the interest rate changes, the installment amount will be varied without prior notice. The first installment shall be paid one month after the date of advance of the loan and the subsequent installments shall be paid on the corresponding day of each succeeding month until the loan and all accrued interest are repaid in full. Under no circumstances should the final repayment date of the installment loan fall beyond the expiry date of the guarantee issued by HKMCI. |

---

● one month prior written notice.

● partial prepayment not allowed.

● if full prepayment is not on an installment due date, interest shall be calculated and payable up to upcoming installment due date.

● <u>Fee on Full Prepayment</u> 

 5% of amount prepaid

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>2</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

---

| | |
|:---|:---|
| Guarantee Fee of Facilities: | Guarantee Fee in an amount to be determined by the Bank will be payable upfront annually in respect of the guarantee issued by HKMCI so long as the Facilities are continuing. Such fee will be debited to any of the Borrower's account maintained with the Bank. |
| Handling Charges | HKD5,000.- |

---

**F.** **SECURITY AND CONDITIONS PRECEDENT:** 

Unless otherwise approved by the Bank, the Facilities will be made available or continue to be made available to the Borrower provided that the Bank has received each of the following, in a form and substance satisfactory to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;1. This letter duly executed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;2. General Commercial Agreement duly executed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;3. Guarantee issued by HKMCI for an amount equivalent to 90% of
the amounts to be granted by the Bank to the Borrower under the Facilities ("HKMCI Guarantee").

&nbsp;&nbsp;&nbsp;&nbsp;4. Guarantee and Indemnity for an unlimited amount duly executed
by Tang Siu Wan.

&nbsp;&nbsp;&nbsp;&nbsp;5. Commercial Credit Reference Agency consent form duly executed
by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;6. All documents and/or other requirements (including but not limited
to copy of identification document of all authorized signers) for complying with customer acceptance policies or similar requirements
imposed by governing authorities and/or the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;7. Original or Certified copies of all necessary consents, approvals
and other authorizations (including but not limited to those required by relevant governing authorities and/or the resolutions of the
directors and shareholders of the Borrower and/or any security provider(s)) in connection with the execution, delivery, performance and
enforcement of this letter and all other documents mentioned above, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;8. Original or Certified copies of all necessary registrations
and filings as may be required by relevant governing authorities in connection with the execution, delivery, performance and enforcement
of this letter and all other documents mentioned above, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;9. Such other documents, items or evidence that the Bank may request
from time to time.

**G.** **COVENANTS AND UNDERTAKINGS:** 

In addition to the undertakings specified in the "Standard Conditions", the Borrower undertakes to the Bank that it will:

● ensure that all consents, licenses, approvals, registrations and filings (as appropriate) in connection with the Facilities, guarantee or securities as may be provided in relation to the Facilities granted hereunder are duly obtained, completed and will remain in full effect throughout the period if any amount is or may become outstanding under the Facilities.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>3</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

● not create, or permit to be created or subsist, any subsequent Security ranking in priority to or *pari passu* with any Security that may be given to or held by the Bank for the Facilities (whether exclusively or otherwise).

● not do or permit to be done anything which would prejudice or jeopardize the rights of the Bank or HKMCI, or both, in respect of the Facilities.

● give representations, warranties and undertakings in favour of the Bank on terms which are substantially the same as, but in no respect derogate from or are otherwise inconsistent with, those set out in the Schedule attached hereto.

● not sell, sub-lease, charge, part with possession of or otherwise deal with (whether in whole or in part) any business installations and equipment and/or other assets to be acquired with any proceeds of the relevant Facility without the prior written consent of the Bank, and, if the foregoing has not been complied with, the Borrower shall ensure that all proceeds or sums realized or generated as a result shall be paid direct to the Bank for application in or towards payment and discharge of the Indebtedness (as defined in the Operating Procedures) due and owing to the Bank (which shall be reduced by the relevant amount accordingly).

● at all times comply with all requirements under the Scheme, from time to time in force including all eligibility criteria contained in the Operating Procedures.

● use the Facilities solely for the purpose of acquisition of one or more assets (such as industrial or commercial properties, machinery and equipment, but excluding residential properties) to facilitate its business operations or of general working capital for its business operations and/or such other purposes as may be specified in the Operating Procedures and applicable to the relevant Guarantee Product (as defined in the Operating Procedures).

● without prejudice to the aforesaid, use the proceeds of the Facilities for a purpose which is specified in the guarantee product eligibility criteria contained in Appendix A-2 of the Operating Procedure.

● provide such information and take all steps as requested by the Bank, to enable the Bank to ensure that it is in compliance at all times with its duties and obligations under or in connection with the Scheme or under any Scheme document, including but not limited to allowing representatives and appointed agents of HKMCI to inspect the books, records, accounts and any other information relating to its business, whether in paper, electronic or any other form of medium, at the request of HKMCI. ·

● At all times promptly disclose all material facts and information and make available all documents records and information that the Bank may require.

● promptly submit to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) with reasonable promptness, details of any litigation, arbitration
or administrative proceeding current or, to its knowledge, threatened or commenced against it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) other information that the Bank may request from time to time.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>4</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

● immediately inform the Bank of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) any change of the Borrower's directors or beneficial shareholders
(except where the Borrower is a listed company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any factor which may inhibit, impair or delay performance by
the Borrower or the security provider(s), if any, of the obligations under any loan and security documents to which they are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the failure to continue to obtain consents, licences, approvals,
registrations and filings (as appropriate) in connection with the granting of the Facilities and/or the provision of securities (including
without limitation guarantee(s)) in relation to the Facilities granted hereunder throughout the period when there is outstanding under
the Facilities.

The Borrower further acknowledges, agrees and authorizes:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Bank to disclose and/or transfer the Borrower's personal
data and other information from time to time in its possession to HKMCI in relation to the Facilities, the application for the issue
of a HKMCI Guarantee, the HKMCI Guarantee, the Borrower and/or any guarantor of the Borrower in respect of the Facilities who is an individual
and for other related purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) that HKMCI may use such personal data and information for the
purpose stated in a) above, and disclose and/or transfer any such personal data and information received or held by it to the Trade and
Industry Department or the Hong Kong Government or provider(s) of credit protection for such purposes as considered appropriate by HKMCI.
The Borrower hereby declares and confirms that it has obtained consent from, and is authorized by, each individual (including each partner
where the Borrower is a partnership) whose personal data may be required for the purpose stated in a) above to provide the relevant acknowledgment,
agreement and authorization on his/her behalf as if any reference to the Borrower's personal data is a reference to his/her personal
data.

Each of the Borrower, and the guarantor and/or security provider in respect of the Facilities granted to the Borrower under this letter ("Security Provider(s)") acknowledges that all the rights of HKMCI under the Scheme, including but not limited to its right of subrogation, shall at all times rank in priority to the rights and remedies, if any, of the Security Provider(s). Each of the Security Provider(s) further undertakes that (a) it will not exercise in any manner or to any extent its rights or remedies against the Borrower or the other Security Provider(s) or in relation to any such Security, including but not limited to any right of subrogation, indemnity or contribution which it has or may have in law or equity or under, pursuant to or in connection with the security documents, unless and until HKMCI has fully and unconditionally recovered the amount paid by HKMCI under the HKMCI Guarantee or unless and until HKMCI otherwise consents in writing; and (b) it will not assert against HKMCI any right of contribution or any analogous rights or remedies.

Each of the Borrower and the guarantor(s) referred to in Section F above agrees to (a) make available to HKMCI or its appointed agent, free of charge, all documents, records and information in connection with the rights, interests, obligations or liabilities of HKMCI under the Scheme or the Scheme document, including but not limited to all documents and information submitted by the Borrower to the Bank; and (b) grant (or authorize the Bank to grant) the requisite right of access, inspection, copying or similar right to HKMCI.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>5</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

**H.** **OTHER TERMS AND CONDITIONS:** 

The Facilities are available at the sole discretion of the Bank and are in all respects uncommitted. The Bank may at any time immediately modify, terminate, cancel or suspend the Facilities or any part of it, or otherwise vary the Facilities or any part of it, without the consent of the Borrower or any other person. Provided always that the Bank shall obtain HKMCI's prior written consent if it varies, releases, waives or discharges any obligations of the Borrower and/or any Security Provider or any other right or interest under or pursuant to any security document which may adversely affect any of the rights, interest, obligations or remedies of HKMCI in connection with the Borrower or otherwise in relation to any guarantee or Security for any Facilities under this letter. Unless the changes are not within the Bank's control, the Bank shall give reasonable notice to the Borrower for any variation to the Facilities affecting the interest, fees and charges and the liabilities or obligations of the Borrower, and such variation shall take effect after the expiration of such notice which may be given by the Bank by such means as the Bank may at its discretion see fit.

Notwithstanding any provisions stated in this letter, the Facilities are repayable on demand by the Bank. The Bank has the overriding right at any time to require immediate payment of all principal, interest, fees and other amounts outstanding under this letter or any part thereof and/or to require cash collateralisation of all or any sums actually or contingently owing to it under the Facilities.

For the purpose of this Section H, where the Facilities made available to the Borrower include Hire Purchase/Lease facility, if there is any inconsistency between the provisions set out in this Section H and the terms and conditions set out in the Hire Purchase Agreement/Lease Agreement, the terms and conditions set out in the Hire Purchase Agreement/Lease Agreement shall prevail.

Payment by the Borrower to the Bank shall be in the currency of the relevant liability. The Borrower hereby authorizes the Bank to debit any sum which may be required to meet the payment of principal, interest, default interest, handling fee, commissions, fire insurance premium and other fees and charges in relation to (i) the Facilities or (ii) such other loan(s) into which the Facilities may from time to time be converted, consolidated and /or replaced from (unless otherwise specified by the Borrower) any of the current account(s) / savings account(s) maintained by the Borrower with the Bank and in case such account(s) is/are not in the same currency as the liability, the Borrower hereby authorizes the Bank to perform relevant foreign exchange based on the prevailing exchange rate of the Bank in order to settle the relevant payment in the currency of the liability.

The "Standard Conditions" attached and/or referred to in this letter form an integral part of this letter and the Borrower agrees to observe and be bound by them. In the event of any conflict or inconsistency between the "Standard Conditions" and the provisions of this letter, this letter shall prevail. The Bank may, at its absolute discretion vary, amend or supplement any of the terms of the "Standard Conditions". Such variation, amendment or supplement shall take effect not less than 30 days after the date of the notice to the Borrower setting out details of such variation, amendment or supplement or, if later, the date specified in the notice. The Borrower agrees to be bound by any such amended or revised "Standard Conditions".

This letter and the Facilities shall be governed by the laws of the Hong Kong Special Administrative Region and the parties hereto hereby submit to the non-exclusive jurisdiction of the Hong Kong Courts.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>6</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

The Bank recognises that banks have an important role to play in promoting responsible environmental, social and governance ("ESG") behaviour of our customers and is committed to practising responsible financing. We trust that the information, including ESG information based on publicly available information as well as any information provided by your company representatives, to be true and accurate and is covered by the Undertakings given by you to us in the "Standard Conditions" and any other agreements relating to banking facilities granted by us to you.

Please signify your understanding and acceptance of this offer by signing and returning to us the duplicate copy of this letter and provide each of the items under the section headed "Security And Conditions Precedent" above, for the attention of Mr. Martin Law ("Designated Relationship Manager"), within one month from the date of this letter, otherwise the offer will lapse at the discretion of the Bank. By accepting this offer, you are deemed to have confirmed to the Bank that you are not a Connected Person as set out in clause 18 of the "Standard Conditions".

We enclose a set of documents which should also be completed and returned to us. If you have any queries, please contact the Designated Relationship Manager at telephone number 3668-7398.

We are pleased to be of service to you.

Yours faithfully,

For and on behalf of

**DBS Bank (Hong Kong) Limited**

---

| |
|:---|
| ![](ex10-20_005.jpg) |
| Authorized Signatories |

---

YW/ccy

Encl.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>7</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

We hereby confirm that we have been advised (i) to note and understand the declaration and notes contained in the Application Form, the Acceptance of Conditions and the related legal documentation under the Scheme; and (ii) to seek independent legal advice if necessary before execution of this letter.

We hereby confirm our understanding and acceptance of all the terms and conditions set out in (i) this letter and (ii) the "Standard Conditions" attached to this letter and our agreement to be bound by all of them.

Signed for and on behalf of

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Signature of Witness: |
| Authorised Signature | Name of Witness: |
|  | Hong Kong Identification / |
|  | Passport No: |
| Signed by | Signature of Witness: |
| **Tang Siu Wan** | Name of Witness: |
|  | Hong Kong Identification / |
|  | Passport No: |

---

We have verbally confirmed with the Bank upon the Facility application that this Facility application from us was not referred by third party (means all kinds of engagement including having the facility application referred by and/or channeled through and/or acted through third party), and hereby repeat and declare the same in writing.

Signed for and on behalf of

**D & J Industries (Hong Kong) Company Limited**

  <br> Authorized Signatories

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>8</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

**Schedule**

**1.** **Representations** 

The representations and warranties set out in Clause 1.1 (*Status*) to Clause 1.15 (*Compliance*) of this Schedule are made by the Borrower as of the date of the Facility Letter and the Borrower acknowledges expressly that the Bank enters into the Facility Letter in reliance on all those representations and warranties. In addition, the Borrower acknowledges expressly that each of the representations and warranties set out in Clause 1.1 (*Status*) to Clause 1.8 (*Claims Pari Passu*), Clause 1.10 (*No Immunity*) to Clause 1.15 (*Compliance*) shall be deemed to be repeated by the Borrower by reference to the facts and circumstances then existing on each date on which a drawdown is made under the relevant Facility and on each date on which any amount is payable by the Borrower under the relevant Facility.

1.1 **Status** 

The Borrower makes all those representations and warranties relating to its status as an eligible borrower as set out in the Guarantee Product Eligibility Criteria (i.e. the eligibility criteria contained in the Operating Procedures setting out, among other things, requirements for any borrower and facility to be eligible under the Scheme).

1.2 **Governing Law and Judgments** 

In any proceedings taken in its jurisdiction of incorporation or establishment in relation to the Facility Letter, the choice of Hong Kong law as the governing law of the Facility Letter and any judgment obtained in Hong Kong against the Borrower with respect to such the Facility letter will be recognized and enforced.

1.3 **Binding Obligations** 

The obligations expressed to be assumed by it in the Facility Letter are legal and valid obligations binding on it and enforceable against it in accordance with the terms thereof.

1.4 **Execution of the Facility Letter** 

Its execution of the Facility Letter, its exercise of its rights and performance of its obligations thereunder and the transactions contemplated thereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 contravene any agreement, mortgage, bond or other instrument
or treaty to which it is a party or which is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 conflict with its memorandum and articles of association or
any other constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.3 conflict with any applicable law or regulation.

It has the power to enter into the Facility Letter and all corporate and other action required to authorise the execution of the Facility Letter and the performance of its obligations thereunder has been duly taken. No limit on its powers will be exceeded as a result of the borrowing or other assumption of obligations, or any grant of security or giving of indemnities, contemplated by the Facility Letter.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>9</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

1.5 **No Material Proceedings** 

No litigation, arbitration, administrative proceedings or labour controversy before any court, tribunal, arbitrator or other relevant authority is current or, to the knowledge and belief of a senior officer of it, pending or threatened against it which would have a Material Adverse Effect, save for any such legal proceedings commenced by a third party which (i) are frivolous or vexatious, (ii) have no reasonable cause of action or (iii) which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained.

1.6 **No Material Adverse Change** 

Since the date of its most recent financial statements (or audited financial statements in case where the Borrower is a limited company), there has been no material adverse change in the business or financial condition of the Borrower.

1.7 **Validity and Admissibility in Evidence** 

All acts, conditions and things required to be done, fulfilled and performed and all authorizations (governmental or otherwise) required to be obtained in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations in the Facility Letter, (b) to ensure that its obligations in the Facility Letter are legal, valid, binding and enforceable and (c) to make the Facility Letter admissible in evidence in its jurisdiction of incorporation or establishment have been done, fulfilled, performed and obtained and in full force and effect.

1.8 **Claims Pari Passu** 

Under the laws of the jurisdiction of incorporation or establishment in force at the date hereof, the claims of the Bank against it under the Facility Letter will rank at least *pari passu* with claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatory preferred by law applying to companies generally.

1.9 **No Filing or Stamp Taxes** 

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, it is not necessary that the Facility Letter be filed, recorded or enrolled with any court or other authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Facility Letter or the transactions contemplated by the Facility Letter.

1.10 **No Immunity** 

In any proceedings taken in its jurisdiction of incorporation or establishment in relation to the Facility Letter, it will not be entitled to claim for it or any of its assets immunity from suit, execution, attachment or other legal process.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>10</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

1.11 **No Winding-up** 

It has not taken any corporate action nor have any other steps been taken or legal proceedings (save for any such legal proceedings commenced by a third party which are (i) frivolous or vexatious, (ii) which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained and, in each case, are unconditionally discharged or dismissed within one hundred and eighty (180) days) been started or threatened against the Borrower for its winding-up, dissolution, administration or reorganization (whether by voluntary arrangement, scheme of arrangement or otherwise) or for the appointment of a receiver, administrator, administrative receiver, compulsory or interim manager, conservator, custodian, trustee or similar officer of it or of any or all of its assets or revenues.

1.12 **Written Information** 

All material written information supplied by the Borrower is true, complete and accurate in all material respects as at the date it was given and it not misleading in any respect.

1.13 **Solvency** 

The Borrower is able to pay its debts as they fall due and has not commenced negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or made a general assignment for the benefit of or a composition with its creditors.

1.14 **Taxes** 

The Borrower has filed or caused to be filed all tax returns which are required to be filed by it and has paid all taxes shown to be due and payable by it on such returns or any assessment received by it, save for taxes which are being contested in good faith by appropriate proceedings and in respect of which adequate reserves have been set aside by the Borrower.

1.15 **Compliance** 

It is, to the knowledge and belief of a senior officer of the Borrower, in compliance with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities save those which are not material to its business and the effect of such non-compliance is not significantly adverse to the Borrower.

**2.** **Covenants** 

2.1 **Maintenance of Legal Validity** 

The Borrower shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws of its jurisdiction of incorporation or establishment to enable it lawfully to enter into and perform its obligations under the Facility Letter and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of the Facility Letter.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>11</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

2.2 **Notification of Events of Default** 

The Borrower shall promptly inform the Bank after it becomes aware of the occurrence of any default or event of default under the Facility Letter or of any event which might reasonably be expected to have a Material Adverse Effect.

2.3 **Claims Pari Passu** 

Subject to Clause 2.13 below, the Borrower shall ensure that at all times the claims of the Bank against it under the Facility Letter rank at least *pari passu* with the claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatorily preferred by law applying to companies generally.

2.4 **Taxes** 

The Borrower shall duly and punctually file all tax returns when due and pay and discharge all taxes prior to the date on which penalties are attached thereto except for such taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside and payment of which can be lawfully withheld.

2.5 **Information** 

The Borrower shall promptly deliver to the Bank copies of all its audited and unaudited financial statements and such other reports and information relating to the Borrower as the Bank may reasonably request from time to time.

2.6 **Maintenance of Records** 

The Borrower shall maintain all books of records and accounts with respect to itself and its business in good order.

2.7 **Inspection** 

The Borrower shall, upon reasonable prior written notice from the Bank and during normal working hours, permit and arrange for the Bank or its other authorized representatives to inspect all financial records and books of accounts and discuss the Borrower's business affairs with its officers and advisors all as the Bank may reasonably request.

2.8 **Use of Proceeds** 

The Borrower shall apply the Facilities solely for the acquisition of assets (such as industrial or commercial properties, machinery and equipment, but excluding residential properties) to facilitate its business operations or of general working capital for its business operations and/or such other purposes as may be specified in the Operating Procedures and applicable to the relevant Guarantee Product (as defined in the Operating Procedures).

2.9 **Compliance** 

The Borrower shall comply in all respects with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities if failure to comply with such requirements would (either individually or in aggregate) have a Material Adverse Effect.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>12</sub> | ![](ex10-20_004.jpg) |

---

![](ex10-20_002.jpg)

---

| | |
|:---|:---|
| **D & J Industries (Hong Kong) Company Limited** | Our ref: 111528/2551495/DBB C3(SFGS) |

---

2.10 **Insurance** 

The Borrower shall maintain insurances on and in relation to its business and assets, in each case, with reputable underwriters or insurance companies against such risks and to such extent as is usual for companies carrying on a business such as that carried on by the Borrower and is commercially available.

2.11 **Business** 

The Borrower shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.1 it has power to own its assets and carry on business as conducted
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.2 it has good title (free from any restrictions or onerous covenants)
to all of the assets required for carrying on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11.3 it has obtained or effected all authorizations, approvals, consents,
exemptions, filings, licenses, notarizations, permits and registrations which are required in connection with its business; and that
all such authorizations, approvals, consents, exemptions, filings, licenses, notarizations, permits and registrations are in full force
and effect, except where the failure to obtain or effect the same or, as the case may be, the cessation of the force and effect of the
same would not reasonably be expected to, have a Material Adverse Effect.

2.12 **Obligations** 

Without prejudice to the performance of the Borrower's other obligations under the Facility Letter, the Borrower shall perform all its obligations under all of the material agreements or contracts to which it is a party.

2.13 **Security and Further Assurance** 

**3.** **DEFINITIONS** 

In this Schedule, **"Material Adverse Effect"** means (a) a material adverse effect on the business, assets, operations or condition (financial or otherwise) of the Borrower; (b) a material impairment of the ability of the Borrower to perform any of its obligations under the Facility Letter; or (c) a material impairment of the rights of, or benefits available to, the Bank under the Facility Letter.

---

| | |
|:---|:---|
| ![](ex10-20_003.jpg)<sub>13</sub> | ![](ex10-20_004.jpg) |

---

## Exhibit 10.21

**Exhibit 10.21**

**Strategic Cooperation Agreement**

Name of Party A: D & J Industries (Hong Kong) Company Limited

Address of Party A: Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Hong Kong

Contact Information of Party A: (852) 2342 3101 (852) 2342 5122

Name of Party B: Zhuoya Supply Chain (Guangzhou) Co., Ltd.

Address of Party B: Rooms 107, 108, 109, and 110, Block 2, 715 Xingnan Avenue, Nancun Town, Panyu District, Guangzhou

Contact Information of Party B: 13422579344

**1.** **Cooperation Purpose** 

In order to fully utilize the resources of both parties, enhance the efficiency of supply chain management, and ensure the timely fulfillment of customer orders, Parties A and B agree to establish a long-term, stable strategic cooperation relationship based on fairness, impartiality, and mutual benefit, focusing on the resources and advantages of both parties.

**2.** **Cooperation Content** 

Parties A and B agree that during the term of the agreement (Agreement Term: from October 31, 2021, to October 31, 2031), Party A, as the order recipient, shall be responsible for obtaining order requirements from customers and transmitting purchase requests to Party B; Party B, as the supplier, shall be responsible for shipping and customs clearance, ensuring that the goods are delivered to the specified location of Party A on time for shipment to customers.

**3.** **Cooperation Process** 

**3.1** **Order Reception** 

Customers place orders with Party A. Party A shall be responsible for communicating with customers regarding order requirements, confirming product specifications, quantities, and delivery times.

**3.2** **Purchase Request** 

Upon receiving customer orders, Party A shall send purchase requests to Party B, including product details, delivery times, delivery locations, etc.

**3.3** **Shipping and Customs Clearance** 

Party B shall be responsible for preparing the goods, completing export customs clearance within the specified delivery period, and ensuring timely delivery of the goods. Party B must ensure that the product quality meets the contractual requirements and, if necessary, provide relevant certificates of conformity or inspection reports.

**3.4** **Product Delivery** 

After completion of customs clearance, Party B shall deliver the goods to the designated location of Party A. Party A shall inspect the goods upon receipt and notify Party B in writing within 3 working days in case of any quality or quantity issues.

**3.5** **Customer Shipment** 

Upon acceptance and inspection of the goods, Party A shall send the products to customers and be responsible for logistics arrangements, distribution, and after-sales services.

&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Fund Settlement** 

Party A shall make payments for purchases to the designated account of Party B as agreed upon.

**4.** **Rights and Obligations of Both Parties** 

**4.1** **Rights and Obligations of Party A** 

4.1.1 Responsible
 for communicating with customers regarding orders to ensure that customer requirements are
 fully and accurately conveyed to Party B.

4.1.2 Conduct
 inspections after goods are delivered to ensure compliance with agreed quantities and quality.

4.1.3 Provide
 logistics tracking and after-sales support during the order distribution process and be accountable
 for customer satisfaction.

**4.2** **Rights and Obligations of Party B** 

4.2.1 Responsible
 for stocking, export customs clearance, and transportation of products according to Party
 A's purchase requests to ensure product quality and delivery schedules.

4.2.2 Provide
 products that meet requirements to Party A and ensure that the quality of goods complies
 with contractual requirements.

4.2.3 Timely
 feedback to Party A on production and logistics situations to ensure on- time delivery to
 customers.

**5.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Confidentiality Obligation** 

Both parties undertake to keep technical, commercial information, and other proprietary data confidential during the cooperation and shall not disclose it to third parties without written consent, except as required by law or regulatory authorities.

The confidentiality obligations of both parties shall remain effective for a period of 3 years after the termination of this agreement.

**6.** **Breach of Contract Liability** 

If either party violates the terms of this agreement, resulting in the inability to carry out normal cooperation, they shall bear corresponding compensation liability. The compensation amount shall be calculated based on actual losses.

**7.** **Risk Management and Dispute Resolution** 

**7.1** **Risk Management** 

Both parties shall regularly assess and communicate project risks, taking necessary measures to reduce potential risks in the cooperation.

**7.2** **Dispute Resolution** 

Any disputes arising from this agreement shall be resolved amicably through friendly negotiation between the parties. If negotiation fails, the dispute shall be submitted to the judicial authority in the jurisdiction where Party A is located for mediation or litigation.

**8.** **Termination and Amendment of the Agreement** 

**8.1** **Termination of the Agreement** 

This agreement may be renewed or terminated upon expiration or mutual agreement between the two parties. If one party violates the agreement and fails to correct it after being notified, the other party has the right to unilaterally terminate the agreement and pursue breach of contract liability.

**8.2** **Amendment of the Agreement** 

Any modifications to this agreement must be confirmed and signed by both parties in writing through a supplementary agreement. Modifications made without written consent shall be deemed invalid.

**9.** **Other Provisions** 

Any matters not covered herein shall be negotiated by both parties separately and confirmed in writing through an additional agreement.

This agreement is made in duplicate, with each party holding one copy, and holds equal legal validity.

---

| | |
|:---|:---|
| Company Seal of Party A: | Company Seal of Party B: |
| [Seal of D & J Industries (Hong Kong) Company Limited] | [Seal of Zhuoya Supply Chain (Guangzhou) Co., Ltd.] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: October 31, 2021 |

---

---

| | |
|:---|:---|
| Translated by Mergon Creative Limited on 30 May 2025 | ![](ex10-21_001.jpg) |

---

## Exhibit 10.22

**Exhibit 10.22**

**Strategic Cooperation Agreement**

Name of Party A: D & J Industries (Hong Kong) Company Limited

Address of Party A: Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Hong Kong

Contact Information of Party A: (852) 2342 3101 (852) 2342 5122

Name of Party B: Enlighten Garment Co., Ltd.

Address of Party B: Room 506, Block 3, 7 Hecun Industrial Second Road, Dashi Street, Panyu District, Guangzhou City

Contact Information of Party B: 18929011811

**1.** **Cooperation Purpose** 

In order to fully utilize the resources of both parties, enhance the efficiency of supply chain management, and ensure the timely fulfillment of customer orders, Parties A and B agree to establish a long-term, stable strategic cooperation relationship based on fairness, impartiality, and mutual benefit, focusing on the resources and advantages of both parties.

**2.** **Cooperation Content** 

Parties A and B agree that during the term of the agreement (Agreement Term: from November 20, 2020, to November 20, 2030), Party A, as the order recipient, shall be responsible for obtaining order requirements from customers and transmitting purchase requests to Party B; Party B, as the supplier, shall be responsible for shipping and customs clearance, ensuring that the goods are delivered to the specified location of Party A on time for shipment to customers.

**3.** **Cooperation Process** 

**3.1** **Order Reception** 

Customers place orders with Party A. Party A shall be responsible for communicating with customers regarding order requirements, confirming product specifications, quantities, and delivery times.

**3.2** **Purchase Request** 

Upon receiving customer orders, Party A shall send purchase requests to Party B, including product details, delivery times, delivery locations, etc.

**3.3** **Shipping and Customs Clearance** 

Party B shall be responsible for preparing the goods, completing export customs clearance within the specified delivery period, and ensuring timely delivery of the goods. Party B must ensure that the product quality meets the contractual requirements and, if necessary, provide relevant certificates of conformity or inspection reports.

**3.4** **Product Delivery** 

After completion of customs clearance, Party B shall deliver the goods to the designated location of Party A. Party A shall inspect the goods upon receipt and notify Party B in writing within 3 working days in case of any quality or quantity issues.

**3.5** **Customer Shipment** 

Upon acceptance and inspection of the goods, Party A shall send the products to customers and be responsible for logistics arrangements, distribution, and after-sales services.

**3.6** **Fund Settlement** 

Party A shall make payments for purchases to the designated account of Party B as agreed upon.

**4.** **Rights and Obligations of Both Parties** 

**4.1** **Rights and Obligations of Party A** 

4.1.1 Responsible
 for communicating with customers regarding orders to ensure that customer requirements are
 fully and accurately conveyed to Party B.

4.1.2 Conduct
 inspections after goods are delivered to ensure compliance with agreed quantities and quality.

4.1.3 Provide
 logistics tracking and after-sales support during the order distribution process and be accountable
 for customer satisfaction.

**4.2** **Rights and Obligations of Party B** 

4.2.1 Responsible
 for stocking, export customs clearance, and transportation of products according to Party
 A's purchase requests to ensure product quality and delivery schedules.

4.2.2 Provide
 products that meet requirements to Party A and ensure that the quality of goods complies
 with contractual requirements.

4.2.3 Timely
 feedback to Party A on production and logistics situations to ensure on- time delivery to
 customers.

**5.** **Confidentiality** 

**5.1** **Confidentiality Obligation** 

Both parties undertake to keep technical, commercial information, and other proprietary data confidential during the cooperation and shall not disclose it to third parties without written consent, except as required by law or regulatory authorities.

The confidentiality obligations of both parties shall remain effective for a period of 3 years after the termination of this agreement.

**6.** **Breach of Contract Liability** 

If either party violates the terms of this agreement, resulting in the inability to carry out normal cooperation, they shall bear corresponding compensation liability. The compensation amount shall be calculated based on actual losses.

**7.** **Risk Management and Dispute Resolution** 

**7.1** **Risk Management** 

Both parties shall regularly assess and communicate project risks, taking necessary measures to reduce potential risks in the cooperation.

**7.2** **Dispute Resolution** 

Any disputes arising from this agreement shall be resolved amicably through friendly negotiation between the parties. If negotiation fails, the dispute shall be submitted to the judicial authority in the jurisdiction where Party A is located for mediation or litigation.

**8.** **Termination and Amendment of the Agreement** 

**8.1** **Termination of the Agreement** 

This agreement may be renewed or terminated upon expiration or mutual agreement between the two parties. If one party violates the agreement and fails to correct it after being notified, the other party has the right to unilaterally terminate the agreement and pursue breach of contract liability.

**8.2** **Amendment of the Agreement** 

Any modifications to this agreement must be confirmed and signed by both parties in writing through a supplementary agreement. Modifications made without written consent shall be deemed invalid.

**9.** **Other Provisions** 

Any matters not covered herein shall be negotiated by both parties separately and confirmed in writing through an additional agreement.

This agreement is made in duplicate, with each party holding one copy, and holds equal legal validity.

---

| | |
|:---|:---|
| Company Seal of Party A: | Company Seal of Party B: |
| [Seal of D & J Industries (Hong Kong) Company Limited] | [Seal of Enlighten Garment Co., Ltd.] |
|  | Date: November 20, 2020 |

---

---

| | |
|:---|:---|
| Translated by Mergon Creative Limited on 30 May 2025 | ![](ex10-22_001.jpg) |

---

## Exhibit 10.23

**Exhibit 10.23**

**Strategic Cooperation Agreement**

Name of Party A: D & J Industries (Hong Kong) Company Limited

Address of Party A: Room 2304, 23/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Hong Kong

Contact Information of Party A: (852) 2342 3101 (852) 2342 5122

Name of Party B: Guangzhou Weixin Garment Co., Ltd.

Address of Party B: Room 401, Block 1, 91 Nanli Road, Jiangnan Village, Nancun Town, Panyu District, Guangzhou City

Contact Information of Party B: 020-31560125

**1.** **Cooperation Purpose** 

In order to fully utilize the resources of both parties, enhance the efficiency of supply chain management, and ensure the timely fulfillment of customer orders, Parties A and B agree to establish a long-term, stable strategic cooperation relationship based on fairness, impartiality, and mutual benefit, focusing on the resources and advantages of both parties.

**2.** **Cooperation Content** 

Parties A and B agree that during the term of the agreement (Agreement Term: from September 30, 2017, to September 30, 2027), Party A, as the order recipient, shall be responsible for obtaining order requirements from customers and transmitting purchase requests to Party B; Party B, as the supplier, shall be responsible for shipping and customs clearance, ensuring that the goods are delivered to the specified location of Party A on time for shipment to customers.

**3.** **Cooperation Process** 

**3.1** **Order Reception** 

Customers place orders with Party A. Party A shall be responsible for communicating with customers regarding order requirements, confirming product specifications, quantities, and delivery times.

**3.2** **Purchase Request** 

Upon receiving customer orders, Party A shall send purchase requests to Party B, including product details, delivery times, delivery locations, etc.

**3.3** **Shipping and Customs Clearance** 

Party B shall be responsible for preparing the goods, completing export customs clearance within the specified delivery period, and ensuring timely delivery of the goods. Party B must ensure that the product quality meets the contractual requirements and, if necessary, provide relevant certificates of conformity or inspection reports.

**3.4** **Product Delivery** 

After completion of customs clearance, Party B shall deliver the goods to the designated location of Party A. Party A shall inspect the goods upon receipt and notify Party B in writing within 3 working days in case of any quality or quantity issues.

**3.5** **Customer Shipment** 

Upon acceptance and inspection of the goods, Party A shall send the products to customers and be responsible for logistics arrangements, distribution, and after-sales services.

**3.6** **Fund Settlement** 

Party A shall make payments for purchases to the designated account of Party B as agreed upon.

**4.** **Rights and Obligations of Both Parties** 

**4.1** **Rights and Obligations of Party A** 

4.1.1 Responsible
 for communicating with customers regarding orders to ensure that customer requirements are fully and accurately conveyed to Party
 B.

4.1.2 Conduct
 inspections after goods are delivered to ensure compliance with agreed quantities and quality.

4.1.3 Provide
 logistics tracking and after-sales support during the order distribution process and be accountable for customer satisfaction.

**4.2** **Rights and Obligations of Party B** 

4.2.1 Responsible
 for stocking, export customs clearance, and transportation of products according to Party A's purchase requests to ensure product
 quality and delivery schedules.

4.2.2 Provide
 products that meet requirements to Party A and ensure that the quality of goods complies with contractual requirements.

4.2.3 Timely
 feedback to Party A on production and logistics situations to ensure on- time delivery to customers.

**5.** **Confidentiality** 

**5.1** **Confidentiality Obligation** 

Both parties undertake to keep technical, commercial information, and other proprietary data confidential during the cooperation and shall not disclose it to third parties without written consent, except as required by law or regulatory authorities.

The confidentiality obligations of both parties shall remain effective for a period of 3 years after the termination of this agreement.

**6.** **Breach of Contract Liability** 

If either party violates the terms of this agreement, resulting in the inability to carry out normal cooperation, they shall bear corresponding compensation liability. The compensation amount shall be calculated based on actual losses.

**7.** **Risk Management and Dispute Resolution** 

**7.1** **Risk Management** 

Both parties shall regularly assess and communicate project risks, taking necessary measures to reduce potential risks in the cooperation.

**7.2** **Dispute Resolution** 

Any disputes arising from this agreement shall be resolved amicably through friendly negotiation between the parties. If negotiation fails, the dispute shall be submitted to the judicial authority in the jurisdiction where Party A is located for mediation or litigation.

**8.** **Termination and Amendment of the Agreement** 

**8.1** **Termination of the Agreement** 

This agreement may be renewed or terminated upon expiration or mutual agreement between the two parties. If one party violates the agreement and fails to correct it after being notified, the other party has the right to unilaterally terminate the agreement and pursue breach of contract liability.

**8.2** **Amendment of the Agreement** 

Any modifications to this agreement must be confirmed and signed by both parties in writing through a supplementary agreement. Modifications made without written consent shall be deemed invalid.

**9.** **Other Provisions** 

Any matters not covered herein shall be negotiated by both parties separately and confirmed in writing through an additional agreement.

This agreement is made in duplicate, with each party holding one copy, and holds equal legal validity.

---

| | |
|:---|:---|
| Signature on behalf of Party A: | Signature on behalf of Party B: |
| [Signature] | [Signature] |
| Company Seal of Party A: | Company Seal of Party B: |
| [Seal of D & J Industries (Hong Kong) Company Limited]. | [Seal of Guangzhou Weixin Garment Co., Ltd.] |
|  | Date: September 30, 2017 |

---

---

| | |
|:---|:---|
| Translated by Mergon Creative Limited on 30 May 2025 | ![](ex10-23_001.jpg) |

---

## Exhibit 10.24

**Exhibit 10.24**

**Procurement Framework Agreement**

Agreement No.:

This Procurement Framework Agreement (the "Agreement") is entered into by and between the following parties on <u>November 9, 2023</u> and shall remain effective for a term of <u>5</u> years:

**The Buyer:**

**D&J Garment (Ganzhou) Co., Ltd**

**No. 4 Standard Factory Building**

**Tianmeng Industrial Park, Zhishan Road**

**Shangou Industrial Park, Gongjiang Town**

**Yudu County, Ganzhou, Jiangxi Province**

**The Supplier:**

**Suzhou Xinjing Garment Technology Co., Ltd**

**Room 807, Building 1**

**Jinbaisheng Home Textile Plaza**

**Shengze Town, Wujiang District**

**Suzhou, Jiangsu Province**

Under the principle of equality and free will, the buyer and the supplier. through amicable negotiations, hereby reach the following mutually agreed covenants to be duly observed:

**I. Quality Requirements and Technical Standards for Commissioned Production**

&nbsp;&nbsp;&nbsp;&nbsp;1. The buyer shall specify the style, quantity, delivery schedule,
craftsmanship requirements, and quality standards for garments commissioned to the supplier. Any mid-production modifications require
the buyer's written notice.

1 / 4

&nbsp;&nbsp;&nbsp;&nbsp;2. The supplier must inspect and verify all technical documents,
physical samples, and templates provided by the buyer prior to production commencement. Any discrepancies shall be immediately reported
to the buyer. Failure to do so resulting in quality defects, delivery delays. or economic losses shall be borne by the supplier.

**II Confidentiality Clause**

&nbsp;&nbsp;&nbsp;&nbsp;1. The supplier shall maintain strict confidentiality regarding
the buyer's garment designs, logos, patterns, technical documents, and other proprietary information, and shall not disclose such
materials to any third party.

2. The supplier is prohibited from using the buyer's materials
to manufacture or sell products outside the buyer's orders.

3. The supplier shall not retain any samples or technical materials
without the buyer's prior written authorization.

4. The confidentiality obligation shall remain effective from
the date the supplier receives the confidential information until such information becomes publicly accessible.

5. Breach of confidentiality by the supplier shall entitle the
buyer to claim liquidated damages of HK$100,000 each SKU, regardless of actual loss. Should such damages prove insufficient to cover
the buyer's losses (including but not limited to legal fees, litigation costs, preservation expenses and travel costs), the buyer
reserves the right to seek further compensation.

**III. Packaging and Delivery**

&nbsp;&nbsp;&nbsp;&nbsp;1. The supplier shall strictly adhere to the buyer's specifications
for internal and external packaging and shipping.

2. Delivery shall be made at the time and location designated
by the buyer.

**IV. Payment Terms**

&nbsp;&nbsp;&nbsp;&nbsp;1. Payment shall be settled 60 days after delivery of bulk production.

2 / 4

**V. Default and Liability**

&nbsp;&nbsp;&nbsp;&nbsp;1. The supplier shall deliver goods meeting quality/quantity standards
by the agreed deadline. Failure to deliver attributable to the supplier shall result in compensation per the buyer's claim.

2. If The supplier conceals raw material defects or uses non-compliant
materials affecting product quality, the buyer may demand remedies including re-production, price reduction, compensation, or order cancellation.

3. The supplier shall strictly comply with contractual quality
standards. Products rejected due to non-compliance shall incur all losses borne by the supplier.

4. Products failing the buyer's inspection shall be reworked
unconditionally per the buyer's requirements. Irreparable defects caused by the supplier's processing that prevent qualification
as first-grade goods shall entitle the buyer to withhold payment for such goods; losses therefrom shall be borne solely by the supplier.

5. The supplier shall bear all costs arising from delayed shipments.

6. Breach of confidentiality shall entitle the buyer to demand
return of the relevant materials and seek compensation according to the actual situation.

7. The supplier shall not directly contact the buyer's customers
through any means. Violation entitles the buyer to terminate the Agreement and pursue legal liability for losses incurred.

**VI. Dispute Resolution**

In case of any dispute arising during the performance of the Agreement, the parties shall first resolve it through negotiation. If negotiation fails, both parties agree to submit the dispute to the people's court with jurisdiction at the buyer's domicile.

**VII. Miscellaneous**

The Agreement is executed in duplicate, with each party holding one original copy of equal legal effect. The Agreement shall become effective upon signature or seal by both parties. Matters not covered herein shall be resolved through supplementary agreements mutually executed by both parties, which shall constitute an integral part hereof.

3 / 4

---

| | |
|:---|:---|
| **Buyer (Signature/Seal):** | ![](ex10-24_001.jpg) |
| **Supplier (Signature/Seal):** | ![](ex10-24_002.jpg) |

---

4 / 4

## Exhibit 10.25

**Exhibit 10.25**

**CONSULTING AGREEMENT**

THIS CONSULTING AGREEMENT (the "Agreement") is made and entered into this <u>2nd</u> day of <u>May,</u> 2024 (the "Effective Date"), by and between <u>Bright Capital Asia Limited</u> (the "Consultant"), and <u>D & J Industries(Hong Kong) Company Limited</u> (the "Company") and/or its investment/holding vehicle(s) (together the "Client") for the services stipulated hereunder.

**WHEREAS,**

&nbsp;&nbsp;&nbsp;&nbsp;I. The
 Consultant is in the business of providing management consulting and advisory services and has the
 professional business and financial expertise and experience to assist the Company;

IL The Consultant is offering its services as a consultant to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;III. The
 Company desires to retain the Consultant as an independent consultant; and

&nbsp;&nbsp;&nbsp;&nbsp;IV**.** The parties agree that this
 Agreement reflects the entire understanding and agreements between the parties hereto.

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth in this Agreement, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Consulting Services.</u> The
 Client hereby retains the Consultant as to the Client and the Consultant hereby accepts and
 agrees to be appointed. It is understood and agreed, and it is the express intention of the
 parties to this Agreement, that the Consultant is an independent contractor and not an employee
 of the Client for any purpose whatsoever. The Consultant shall have no authority to bind
 the Client or incur other obligations on behalf of the Client. The Consultant shall perform
 all duties and obligations as described and stipulated in Exhibit A hereto and agrees to
 be available at such times as may be scheduled by the Client. It is understood, however,
 that the Consultant will maintain the Consultant's own business in addition to providing
 services to the Client. The Consultant agrees to promptly perform all services required of
 the Consultant hereunder in an efficient, professional, trustworthy and businesslike manner.
 A description of the Consultant's services are attached hereto as Exhibit A and incorporated
 by reference herein. In such capacity, the Consultant will utilize only materials, reports,
 financial information or other documentation that is approved in writing or by verbal consent
 in advance by the Client.

It is acknowledged and agreed by the Client that the Consultant carries no professional licenses, and is not rendering legal advice or performing accounting services, nor acting as an investment advisor or broker-dealer within the meaning of applicable laws and ordinances in Hong Kong and the United States. It is further acknowledged and agreed by the Client that the consulting and advisory services to be provided by the Consultant to the Client hereunder are not being rendered in connection with the offer and sale of investment securities or investment contracts or capital raising activities.

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Strictly Private & Confidential

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation.</u> The Consultant
 will be retained as an independent contracting consultant for the Client. For services rendered
 hereunder, the Consultant shall receive a retainer of HK$940,000 (Hong Kong Dollars Nine Hundred
 and Forty Thousand) and become payable in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial
 fee payment of HK$200,000 (Hong Kong Dollars Two Hundred Thousand) will become due and to
 be paid upon signing this Agreement;

b. Fee
 payment of HK$200,000 (Hong Kong Dollars Two Hundred Thousand) will become due and to be
 paid upon the completion of a prospective business plan prepared by the Consultant;

c. Monthly
 fee payment of HK$35,000 (Hong Kong Dollars Thirty Five Thousand) will become due and to
 be paid on every month ending working day starting from the month following the month in
 which this Agreement is signed until 30 September 2024, during which period biweekly meetings,
 physical or digital, with the Client will be held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Fee
 payment of HK$400,000 (Hong Kong Dollars Four Hundred Thousand) will become due and to be
 paid upon the completion of initial corporate structure review of the Company.

---

| | |
|:---|:---|
| Banking information: |  |
| Bank: | HSBC |
| Bank Address: | l Queen's Road Central, Hong Kong |
| SWIFT Code: | HSBCHKHHHKH |
| Account Name: | Bright Capital Asia Limited |
| Account Number: | 023-813124-838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination.</u> After the first
 sixty (60) days following the Effective Date, either party may terminate this Agreement at
 any time with or without cause with 30 days written notice to the other party. Should the
 Consultant default in the performance of this Agreement or materially breach any of its provisions,
 the Client may, in its sole discretion, terminate this Agreement immediately upon written
 notice to the Consultant.

For the avoidance of doubt, any compensation due and payable to the Consultant by the Client shall not be refundable in case of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidentiality</u> <u>.</u> The Consultant recognizes and acknowledges that it has and will have access to certain confidential
 information of the Client and its affiliates that are valuable, special and unique assets
 and property of the Client and such affiliates. The Consultant will not, during, the term
 of this Agreement or at any time thereafter, disclose, without the prior written consent
 or authorization of the Client, any such information identified by Client in writing as confidential
 information to any person, except to authorized representatives of the Consultant or its
 affiliates, for any reason or purpose whatsoever. The obligations of Consultant hereunder
 shall not apply to any information which (a) was in the public domain at the time it was
 disclosed to Consultant; (b) enters the public domain other than by breach of this Agreement
 by Consultant; (c) is known to Consultant at the time of its disclosure to Consultant by
 Client; (d) is disclosed to Consultant by a third party who has the right to do so; (e) is
 developed by Consultant independently of any disclosure by Client hereunder; (f) is disclosed
 by Client to a third party without the restrictions and obligations imposed upon Consultant
 by this Agreement; or (g) is not identified as material or considered proprietary or confidential
 at the time it is provided.

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Strictly Private & Confidential

The above shall not prohibit disclosures required by law or by the rules of any governmental or regulatory body or disclosures made for the purposes of pursuing any legitimate claims that the Client may have against the Consultant, or (as the case may be) the Consultant may have against the Client or any other persons / parties. The above shall also not prohibit the disclosure of any information that is now within the public domain, or which is obtained from a third party who is entitled to disclose it publicly, and shall cease to apply to any information which subsequently enters the public domain except as a result of a disclosure which is contrary of these provisions.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Absence of Warranties and Representations</u> <u>.</u> Each party hereto acknowledges that they have signed this Agreement without having relied
 upon or being induced by any agreement, warranty or representation of fact or opinion of
 any person not expressly set forth herein. All representations and warranties of either party
 contained herein shall survive its signing and delivery.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Arbitration.</u> Any dispute, controversy,
 difference or claim arising out of or relating to this Agreement, including the existence,
 validity, interpretation, performance, breach or termination thereof or any dispute regarding
 non-contractual obligations arising out of or relating to it shall be referred to and finally
 resolved by arbitration administered by the Hong Kong International Arbitration Centre under
 the Hong Kong Administered Arbitration Rules in force when the Notice of Arbitration is submitted.
 The arbitration hearing shall be held in Hong Kong, at a location to be determined by the
 arbitrator. Judgment may be entered on the arbitrator's award in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Validity.</u> If any paragraph,
 sentence, term or provision hereof shall be held to be invalid or unenforceable for any reason,
 such invalidity or unenforceability shall not affect the validity enforceability of any other
 paragraph, sentence, term and provision hereof. To the extent required, any paragraph, sentence,
 term or provision of this Agreement may be modified by the parties hereto by written amendment
 to preserve its validity.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Non-Disclosure of Terms.</u> The
 terms of this Agreement shall be kept confidential, and no party, representative, attorney
 or family member shall reveal its contents to any third party except as required by law or
 as necessary to comply with law or preexisting contractual commitments.

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Strictly Private & Confidential

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Multiple Copies or Counterparts of Agreement.</u> This
 Agreement may be executed in counterparts, each one of which shall constitute an original
 and all of which taken together shall constitute one document. Further, this Agreement may
 be signed by the parties and copies hereto delivered to each party by way of facsimile transmission
 or email, and such facsimile or electronic copies shall be deemed original copies for all
 purposes if original copies of the parties' signatures are not delivered.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Other Engagements.</u> The
 Client acknowledges that the Consultant is and will be acting as a consultant to other business
 enterprises seeking professional advisory and/or other services normally provided by the
 Consultant and agrees that the Consultant's provision of services to such enterprises
 shall not constitute a breach hereof or of any duty owed to the Client by virtue of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Waiver of Breach.</u> Any
 waiver by either party of a breach of any provision of this Agreement by the other party
 shall not operate or be construed as a waiver of any subsequent breach by any party.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Headings.</u> Headings used throughout
 this Agreement are for reference and convenience and in no way define by presentation, limit
 or describe the scope or intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Laws.</u> This
 Agreement shall be governed by the laws of Hong Kong Special Administrative Region.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Waiver and Modification.</u> Any
 waiver, alteration or modification of any of the provisions of this Agreement shall be valid
 only if made in writing and signed by the parties hereto. Each party hereto, from time-to-time,
 may waive any of its rights hereunder without affecting a waiver with respect to any subsequent
 occurrences or transactions hereof.

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Strictly Private & Confidential

**Exhibit A**

<u>Description of Consulting Services</u>

The Consultant agrees, to the extent reasonably required in the conduct of its business with the Client, to place at the disposal of the Client its judgment and experience and to provide business advisory services to the Client, including but not limited to, as follows:

(i) review
 the Client's business prospects and financial requirements;

(ii) assess
 and advise on the Client's business and corporate strategy;

(iii) prepare
 and compile a prospective business plan which will cover the Client's business description,
 development plan and financial information;

(iv) assess,
 advise and explore the most expeditious route for the Client to become a multi-national company;

(v) hold
 biweekly meeting, physical or digital, with the Client to ensure the group of companies is
 progressing according to plan and schedule;

(vi) analyze
 and assess alternatives for the Client's financial requirements; and

(vii) provide
 general advice.

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Strictly Private & Confidential

IN **WITNESS WHEREOF,** the parties hereto have duly executed and delivered this Agreement as of the day and year first above written.

CONSULTANT: Bright Capital Asia Limited

---

| | |
|:---|:---|
| By: | ![](ex10-25_001.jpg) |
| Name: | WONG Ting Yung |
| Title: | Director |

---

CLIENT: D & J Industries (Hong Kong) Company Limited

By: <br> Name: <br> Title:

6/6

## Exhibit 10.26

**Exhibit 10.26**

Strictly Private & Confidential

**CONSULTING AGREEMENT**

THIS CONSULTING AGREEMENT (the "Agreement") is made and entered into this <u>7th</u> day of <u>October,</u> 2024 (the "Effective Date"), by and between <u>Bright Capital Asia Limited</u> (the "Consultant"), and <u>Ms. Wendy Siu Wan TANG</u> (the "Client") for the services stipulated hereunder.

**WHEREAS,**

&nbsp;&nbsp;&nbsp;&nbsp;I. The
 Consultant is in the business of providing management consulting and advisory services and has the professional business and financial
 expertise and experience to assist the Client;

II. The
 Consultant is offering its services as a consultant to the Client;

III. The
 Client desires to retain the Consultant as an independent consultant; and

IV. The
 parties agree that this Agreement reflects the entire understanding and agreements between the parties hereto and will supersede
 the consulting agreements (the "Former Agreements") dated 1<sup>st</sup> October 2024 entered into between the Consultant
 and the Client.

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth in this Agreement, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:

---

| | |
|:---|:---|
| 1. | <u>Consulting Services.</u> The Client hereby retains the Consultant as to the Client and the Consultant hereby accepts and agrees to be appointed. It is understood and agreed, and it is the express intention of the parties to this Agreement, that the Consultant is an independent contractor and not an employee of the Client for any purpose whatsoever. The Consultant shall have no authority to bind the Client or incur other obligations on behalf of the Client. The Consultant shall perform all duties and obligations as described and stipulated in Exhibit A hereto and agrees to be available at such times as may be scheduled by the Client. It is understood, however, that the Consultant will maintain the Consultant's own business in addition to providing services to the Client. The Consultant agrees to promptly perform at I services required of the Consultant hereunder in an efficient, professional, trustworthy and businesslike manner. A description of the Consultant's services are attached hereto as Exhibit A and incorporated by reference herein. In such capacity, the Consultant will utilize only materials, reports, financial information or other documentation that is approved in writing or by verbal consent in advance by the Client. |
|  | It is acknowledged and agreed by the Client that the Consultant carries no professional licenses. and is not rendering legal advice or performing accounting services, nor acting as an investment advisor or broker-dealer within the meaning of applicable laws and ordinances in Hong Kong and the United States. It is further acknowledged and agreed by the Client that the consulting and advisory services to be provided by the Consultant to the Client hereunder are not being rendered in connection with the offer and sale of investment securities or investment contracts or capital raising activities. |

---

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Strictly Private & Confidential

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation.</u> The Consultant will be retained as an independent contracting consultant for the Client. For services rendered hereunder. the Consultant
 shall receive a retainer of HK$1,560,000 (Hong Kong Dollars One Million Five H kindred and Sixty Thousand) and become payable
 in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monthly
 fee payment of HK$35.000 (Hong Kong Dollars Thirty Five Thousand) will become due and to be paid on ever)' month ending working
 day starting from the month in which this Agreement is signed. capped at HK$210.000 (Hong Kong Dollars Two Hundred and Ten Thousand);

b. Fee
 payment of HKS400,000 (Hong Kong Dollars Four Hundred Thousand) will become due and to be paid upon the completion of legal due
 diligence exercise of the Company;

C. Fee
 payment of HK$650,000 (Hong Kong Dollars Six Hundred and Fifty Thousand) will become due and to be paid upon the completion
 of consultancy and advice on the Company's financial structure and internal control;

d. Fee
 payment of HK$300.000 (Hong Kong Dollars Three Hundred Thousand) will become due and to be paid upon the completion of the financial
 audit of the Company for the financial years 2023/24 and 2024/25; and

e. Ad-hoc
 business consultancy fee, if applicable, will become due and payable from-time-to-time.

---

| | |
|:---|:---|
| Banking information: |  |
| Bank: | HSBC |
| Bank Address: | 1 Queen's Road Central, Hong Kong |
| SWIFT Code: | HSBCHKHHHKH |
| Account Name: | Bright Capital Asia Limited |
| Account Number: | 023-813124-838 |

---

---

| | |
|:---|:---|
| 3. | <u>Termination.</u> After the first sixty (60) days following the Effective Date, either party may terminate this Agreement at any time with or without cause with 30 days written notice to the other party. Should the Consultant default in the performance of this Agreement or rnaterially breach any of its provisions. the Client may, in its sole discretion, terminate this Agreement immediately upon written notice to the Consultant. |
|  | For the avoidance of doubt, any compensation due and payable to the Consultant by the Client shall not be refundable in case of termination of this Agreement. |

---

2/6

Strictly Private & Confidential

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidentiality.</u> The Consultant recognizes and acknowledges that it has and will have access to certain confidential
 information of the Client and its affiliates that are valuable. special and unique assets
 and property of the Client and such affiliates. The Consultant will not, during, the term
 of this Agreement or at any time thereafter, disclose, without the prior written consent
 or authorization of the Client, any such information identified by Client in writing as confidential
 information to any person, except to authorized representatives of the Consultant or its
 affiliates, for any reason or purpose whatsoever. The obligations of Consultant hereunder
 shall not apply to any information which (a) was in the public domain at the time it was
 disclosed to Consultant; (b) enters the public domain other than by breach of this Agreement
 by Consultant; (c) is known to Consultant at the time of its disclosure to Consultant by
 Client; (d) is disclosed to Consultant by a third party who has the right to do so; (e) is
 developed by Consultant independently of any disclosure by Client hereunder; (f) is disclosed
 by Client to a third party without the restrictions and obligations imposed upon Consultant
 by this Agreement; or (g) is not identified as material or considered proprietary or confidential
 at the time it is provided. The
 above shall not prohibit disclosures required by law or by the rules of any governmental or regulatory body or disclosures made for
 the purposes of pursuing any legitimate claims that the Client may have against the Consultant, or (as the case may be) the Consultant
 may have against the Client or any other persons / parties. The above shall also not prohibit the disclosure of any information that
 is now within the public domain, or which is obtained from a third party who is entitled to disclose it publicly, and shall cease
 to apply to any information which subsequently enters the public domain except as a result of a disclosure which is contrary of these
 provisions.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Absence of Warranties and Representations.</u> Each party hereto acknowledges that they have signed this Agreement without having relied
 upon or being induced by any agreement, warranty or representation of fact or opinion of any *person* not expressly set forth
 herein. All representations and warranties of **  either party contained herein shall survive its signing and delivery.

6. <u>Arbitration.</u> Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation,
 performance, breach or termination thereof or any dispute regarding non- contractual obligations arising out of or relating to it
 shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre kinder the
 Hong Kong Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The arbitration hearing shall be held
 in Hong Kong, at a location to be determined by the arbitrator. Judgment may be entered on the arbitrator's award in any
 court having jurisdiction.

7. <u>Validity.</u> If any paragraph, sentence, term or provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity
 or unenforceability shall not affect the validity enforceability of any other paragraph, sentence, term and provision hereof. To
 the extent required, any paragraph, sentence, term or provision of this Agreement may be modified by the parties hereto by written
 amendment to preserve its validity.

8. <u>Non-Disclosure of Terms.</u> The terms of this Agreement shall be kept confidential, and no party, representative, attorney or family member
 shall reveal its contents to any third party except as required by law or as necessary to comply with law or preexisting contractual
 commitments.

3/6

Strictly Private & Confidential

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Multiple Copies or Counterparts of A greeinent.</u> This Agreement may be executed in counterparts, each one of which shall constitute an
 original and all of which taken together shall constitute one document. Further, this Agreement may be signed by the parties and
 copies hereto delivered to each party by way of facsimile transmission or email, and such facsimile or electronic copies shall be
 deemed original copies for all purposes if original copies of the parties' signatures are not delivered.

10. <u>Other Engagements.</u> The Client acknowledges that the Consultant is and will be acting as a consultant to other business enterprises
 seeking professional advisory and/or other services normally provided by the Consultant and agrees that the Consultant's provision
 of services to such enterprises shall not constitute a breach hereof or of any duty owed to the Client by virtue of this Agreement.

11. <u>Waiver of Breach.</u> Any waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or
 be construed as a waiver of any subsequent breach by any party.

12. <u>Headings.</u> Headings used throughout this Agreement are for reference and convenience and in no way define by presentation, limit or describe
 the scope or intent of this Agreement.

13. <u>Governing Laws.</u> This Agreement shall be governed by the laws of Hong Kong Special Administrative Region.

14. <u>Waiver and Modification.</u> Any waiver, alteration or modification of any of the provisions of this Agreement shall be valid only if made
 in writing and signed by the parties hereto. Each party hereto, from time-to-time, may waive any of its rights hereunder without
 affecting a waiver with respect to any subsequent occurrences or transactions hereof.

4/6

Strictly Private & Confidential

**Exhibit A**

<u>Description of Consulting Services</u>

The Consultant agrees, to the extent reasonably required in the conduct of its business with the Client, to place at the disposal of the Client its judgment and experience and to provide business advisory services to the Client, including but not limited to, as follows:

(i) review
 the Client's business prospects and financial requirements ;

(ii) assess,
 advise and explore the most expeditious route for the Client's business to become a multi-national group;

(iii) analyze
 and assess alternatives for the financial requirements of the Client's business:

(iv) assist
 the Client in developing corporate partnering relationships;

(v) provide
 assistance in obtaining independent research coverage;

(vi) provide
 assistance in recruiting of high-level management, independent directors as well as other professionals;

(vii) provide
 assistance in liaising and collaborating with other professional parties; and

(viii) provide
 general advice.

5/6

Strictly Private & Confidential

**IN WITNESS WHEREOF,** the parties hereto have duly executed and delivered this Agreement as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| CONSULTANT: | Bright Capital Asia Limited | Bright Capital Asia Limited |
|  | By: | ![](ex10-26_001.jpg) |
|  | Name: | WONG Ting Yung |
|  | Title: | Director |
| CLIENT: | Ms. Wendy Siu Wan TANG | Ms. Wendy Siu Wan TANG |
|  | By: | ![](ex10-26_002.jpg) |

---

6/6

## Ex-14

**Exhibit 14**

**RIVERSTONE LTD**

**CODE OF BUSINESS CONDUCT AND ETHICS** 

**I. PURPOSES** 

The Board of Directors (the "Board") of Riverstone Ltd (the "Company") has adopted this Code of Business Conduct and Ethics (this "Code"), which is applicable to all directors, officers, and employees (from time to time) of the Company (each a "person", as used herein), with the intent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promote the 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"), as well as in other public communications made by or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● promote compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "Company" mean Riverstone Ltd, and include, in the appropriate context, the Company's subsidiaries.

**II. HONEST, ETHICAL, AND FAIR CONDUCT** 

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Observe all applicable governmental laws, 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;● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Deal fairly with the Company's customers, suppliers, competitors, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Protect the assets of the Company and ensure their proper use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any significant ownership interest in any supplier or customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any consulting or employment relationship with any customer, supplier, or competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any outside business activity that detracts from a person's ability to devote appropriate time and attention to his or her responsibilities with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other financial transaction, arrangement, or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole.

**III. DISCLOSURE** 

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; 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;● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairperson of the Audit Committee of the Board (the "Audit Committee") (or the Chairperson of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**IV. COMPLIANCE** 

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**V. REPORTING AND ACCOUNTABILITY** 

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairperson of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Notify the Chairperson promptly of any existing or potential violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Not retaliate against any other person for reports of potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the 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;● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**VI. WAIVERS AND AMENDMENTS** 

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 20-F or in a Current Report on Form 6-K filed with the SEC.

A "waiver" means the approval by the Board of a material departure from a provision of this Code. An "implicit waiver" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "amendment" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**VII. INSIDER TRADING AND DISSEMINATION OF INSIDE INFORMATION** 

Each person shall comply with the Company's Insider Trading Policy.

**VIII. FINANCIAL STATEMENTS AND OTHER RECORDS** 

All of the Company's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**IX. IMPROPER INFLUENCE ON CONDUCT OF AUDITS** 

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead, or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

**X. ANTI-CORRUPTION LAWS** 

The Company complies with the applicable anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers, and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third-party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**XI. VIOLATIONS** 

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**XII. OTHER POLICIES AND PROCEDURES** 

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**XIII. INQUIRIES** 

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary, the Chair of the Audit Committee, or the Company's United States securities lawyer.

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF**

**SUBSIDIARIES OF**

**RIVERSTONE LTD**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| D&J Industries (Hong Kong) Company Limited | Hong Kong |
| &nbsp;&nbsp;&nbsp;Ka Yee Development Limited | Hong Kong |
| &nbsp;&nbsp;&nbsp;D&J Garment (Ganzhou) Co., Ltd. | People's Republic of China |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D&J Garment (Garment (Ganzhou) Co., Ltd. | People's Republic of China |
| Marvel G.F.S.C. Limited | Hong Kong |
| Rocksolid Holdings Limited | British Virgin Islands |
| WeDress Inc | United States |
| WeDress Pty Ltd | Australia |
| WeDress Pty UK Ltd | United Kingdom |
| WeDress Mexico S. de R.L. de C.V. | Mexico |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the use in this Registration Statement of Riverstone Ltd on Form F-1 of our report dated September 15, 2025, except for the change in the manner in Notes 9 and 16 to the consolidated financial statements, as to which the date is December 29, 2025, with respect to our audits of the consolidated financial statements of Riverstone Ltd and Subsidiaries as of March 31, 2025 and 2024 and for each of the years in the two-year period ended March 31, 2025, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

![](ex23-1_002.jpg)

ARK Pro CPA & Co <br> PCAOB ID: 3299

Hong Kong, China <br> December 29, 2025

![](ex23-1_003.jpg)

## Exhibit 23.5

**Exhibit 23.5**

**Consent to Being Named as an Independent Director Nominee**

In connection with the filing by Riverstone Ltd (the "Company") 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 the Company 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.

---

| | |
|:---|:---|
|  | ![](ex23-5_001.jpg) |
| Dated: February 11, 2025 | Chun Pong LAU |

---

## Exhibit 23.6

**Exhibit 23.6**

**Consent to Being Named as an Independent Director Nominee**

In connection with the filing by Riverstone Ltd (the "Company") 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 the Company 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.

---

| | |
|:---|:---|
|  | ![](ex23-6_001.jpg) |
| Dated: February 10, 2025 | Man Hung Patrick WONG |

---

## Exhibit 23.7

**Exhibit 23.7**

 **Consent to Being Named as an Independent Director Nominee**

In connection with the filing by Riverstone Ltd (the "Company") 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 the Company 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.

---

| | |
|:---|:---|
|  | ![](ex23-7_001.jpg) |
| Dated: March 7, 2025 | On Shing Jeffrey CHU |

---

## Exhibit 23.8

**Exhibit 23.8**

22 December 2025

Riverstone Ltd.

Room 2304

23/F, Saxon Tower

7 Cheung Shun Street

Lai Chi Kok

Kowloon, Hong Kong

Re: Consent of Frost & Sullivan

Ladies and Gentlemen,

Reference is made to the registration statement on Form F-1 (the "Registration Statement") filed by Riverstone Ltd (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of and references to our name and the inclusion of information, data and statements from our research reports and amendments thereto, including, without limitation, the industry report titled "Market Study of Fast Fashion Supply Chain Management Services" (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the "Prospectus Summary", "Industry" and "Business" sections; (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K and other SEC filings (collectively, the "SEC Filings"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO, and (vi) in other publicity and marketing materials in connection with the Proposed IPO.

We further hereby content to the filing as an exhibit to this registration statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company or for use of our data and information cited for the above-mentioned purposes.

---

| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| For and on behalf of | For and on behalf of |
| Frost & Sullivan Limited | Frost & Sullivan Limited |
| ![](ex23-8_001.jpg) | ![](ex23-8_001.jpg) |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**Supplier Code of Conduct Commitment Letter**

**Effective date**:

**To: . (with its related party, i.e., the "Customer")**

We **("**the **Supplier")**, as a direct or indirect manufacturer or supplier of certain products, raw materials or services, hereby irrevocably agree and undertake to our customers that we shall comply with the minimum standards set out in the following Code of Conduct during the period in which we procure, manufacture promote, sell and dispose of such products or services.

1. **Compliance with legal requirements.** As the Supplier, we shall fully comply with local laws, rules, governmental orders, and regulatory requirements of the countries or regions in which we conduct business.

2. **Employment must be voluntary.** The Supplier shall not directly or indirectly use forced labour, including prison labour, bonded labour or other forms of forced labour, in its procurement processes and shall comply with the International Labour Organization Conventions on forced labour (including as amended, supplemented or restated from time to time). The Supplier hereby acknowledges that the Customer will not tolerate Supplier's trafficking of labour by threat, force, coercion, kidnapping, fraud or exploitation of its employees by any other means. In accordance with relevant applicable laws, all work by employees must be voluntary and employees have the right to leave their jobs and terminate their employment or other work status upon reasonable notice to the employing entity or related personnel. Also, Supplier's employees are not required to pay any recruitment, hiring, agency or brokerage fees or any other related expenses for their employment in their home country or in the country in which they work. The Supplier must bear or reimburse its employees for the cost of any such expenses incurred at any time during the recruitment process, even if such recruitment process is outside Supplier's direct control. Upon request by the Customer, all fees and expenses charged to an employee must be disclosed to the Customer and/or communicated to the employee in his/her own language prior to commencing employment, and the Supplier cannot require an employee to hand in a government issued identification, passport, or work permit as a condition of employment. The Supplier may only temporarily hold such documents to the extent reasonably necessary to complete legally valid administrative and immigration formalities for the employee. The Supplier must provide employees with a clear, comprehensible agreement outlining the terms and conditions of their employment in a language and manner that they can understand, and further undertakes to impose obligations on third party labour agencies or intermediaries to comply with the standards and conduct as set out in this Code of Conduct. The Supplier shall monitor recruitment agencies and labour intermediaries and only engage those that comply with moral duties, laws and act in the best interests of employees. The Supplier shall use their best efforts to ensure that recruitment agencies and labour intermediaries comply with this Code of Conduct, as well as with all applicable laws within the country that the employee is from and the country in which they are employed.

3. **Employees must be at least 16 years of age.** The Supplier cannot employ minors under the age of 16. If a Supplier has employees who are over the age of 16 but under the age of 18, they cannot be required to perform any form of work involving a risk of physical injury and must be provided with the necessary protections at work.

4. **Non-discrimination.** In accordance with the International Labour Organization Declaration on Fundamental Principles and Rights at Work adopted in 1998, the Supplier shall not discriminate against their employees on the basis of gender, race, religion, age, disability, sexual orientation, pregnancy status, marital status, nationality, political opinion, trade union affiliation, social or ethnic background, or any other aspect of their workforce in which such discrimination is prohibited by the applicable law of the country concerned. Discrimination includes, but is not limited to, the imposition of any unreasonable barriers or restrictions on hiring, compensation, promotion or discipline.

5. **Respect right to trade union membership and collective bargaining between labour and management**. The Supplier shall respect their employees' right to become a member of a trade union and engage in collective bargaining between labour and management. Employees shall have the right to form and join trade unions and other labour organisations of their own choosing and shall not be subject to any harassment, interference or reprisal as a result of the foregoing.

6. **Pay on time.** The Supplier shall pay their employees on time and in an amount that is not below the minimum wage established by law in the country/region where the Supplier is located, and comply with laws and regulations on overtime. The Supplier shall not make punitive deductions from their employees' salary.

7. **No harassment or abuse of employees.** The Supplier shall treat their employees with respect and dignity and shall not harass or abuse their employees physically, mentally or verbally.

8. **Working hours.** The Supplier shall arrange reasonable working hours for employees and comply with local laws and regulations. Prior to commencing employment, agreements on working hours should be reached transparently between employees and the Supplier.

9. **Workplace health and safety.** The Supplier shall provide a safe, hygienic and healthy workplace and environment, and take necessary precautions to prevent employees from suffering accidents and injuries arising out of or in connection with their work in the course of their services.

10. **Minimising environmental impact.** The Supplier shall strictly comply with applicable laws and regulations relating to environmental protection (including but not limited to exhaust emissions, solid/hazardous waste and wastewater discharge). The Supplier shall have reasonable measures in place to reduce or mitigate the negative impact of their business activities on the environment, and commit to continuously improve, protect, and maintain the ecological balance.

11. **Audit and Supervision.** The Supplier acknowledges and agrees that Customer and its designated agents have the right to take all reasonable and necessary steps, with or without prior notice, to inspect and monitor the Supplier's implementation and compliance with this Code of Conduct. Such measures include, but are not limited to, interviewing its employees/labourers, entering and visiting all of its workplaces, including production facilities or office premises, and reviewing relevant documents and files with or without notice to the Supplier. Upon request by the Customer, the Supplier shall immediately provide supporting documents that prove its compliance with the requirements of this Code of Conduct. The Supplier represents and warrants that the supporting materials it provides are true, accurate, complete and not misleading in demonstrating that it meets the requirements of this Code of Conduct..

12. **Remedial Actions.** If a Supplier is found to be in breach of this Code of Conduct, the Customer shall have the right, but not the obligation, to negotiate a remediation plan with the Supplier with a view to rectify the breach in a reasonable time period. If the Supplier fails to remedy the breach within a reasonable time period or refuses to do so despite notice from the Customer, the Customer shall have the right to unilaterally cancel the order and/or terminate all business cooperation with such Supplier with immediate effect, and the Customer shall not be liable for any form of breach of contract, tort, or damages as a result of the said cancellation or termination. If the Customer suffers any loss as a result of the Supplier's breach of this Code of Conduct, the Supplier shall immediately indemnify and hold the Customer harmless from and against all damages (including any sums incurred to recover such damages) upon notice by the Customer. Specifically, the Supplier shall be liable for damages in an amount equal to three (3) times the purchase price paid by the Customer for each and every product produced in violation of this Code of Conduct. Additionally, in the event that the Supplier fails to remedy the breach, the Customer reserves the right to report the outcome of the remediation plan negotiated with the Supplier to regulatory agencies, industry associations and third party auditors.

13. **No subcontracting or sub-subcontracting.** The Supplier hereby further upholds the previous agreement on subcontracting, sub-subcontracting and commissioning and agrees to the following undertakings: The Supplier guarantees that it shall be responsible for the supply of all raw materials and products bearing the Customer's trademarks or logos, to the Customer. The Supplier provides raw materials, products bearing the Customer's trademarks or logos to the Customer shall not, without the Customer's prior written consent, subcontract to a third party ("Subcontractor"), in whole or in part, all or part of its rights or obligations relating to the production and provision of any products or services under the contract (if any) with the Customer or the documents (if any) promised to the Customer. ")Any such raw materials and products bearing the Customer's trademarks or logos provided to a Subcontractor for subcontracting, sub-subcontracting or commissioning or otherwise assigning, and any purported such assignment shall be declared null and void. If the Customer consents to the assignment, the Supplier shall notify the Customer in a timely manner (and at the latest within 5 working days after obtaining the Customer's consent) with the name, address, and postcode of the legal representative or person in charge of the Subcontractor, as well as any other information required by the Customer, and the assignment by the Supplier to the Subcontractor shall be subject to the following prerequisites:

(a) The Supplier shall ensure that the Subcontractor is not authorised to subcontract, sub-subcontract or delegate or otherwise assign the relevant rights and obligations, except with the prior written consent of the Customer;

(b) The Supplier shall make clear to the Subcontractor, and the Subcontractor shall accept, that its supply of the relevant raw materials or products will ultimately be supplied to, and relied upon and used by, the Customer, and that the Customer has the right to hold it directly liable for its behaviour;

(c) The Supplier shall be unlimitedly, jointly and severally liable to the Customer for all acts of the Subcontractor and for all damages and losses caused by the Subcontractor, and shall be further liable to the Customer in accordance with the contract (if any) it has signed with the Customer or the documents (if any) it has promised the Customer;

(d) The Supplier shall at all times ensure that the Subcontractor complies with all provisions of this Code of Conduct, shall audit and monitor the Subcontractor's implementation and compliance with this Code of Conduct, and provide the Customer with the results of such audits upon request by the Customer.

(e) The Supplier shall make it clear to the Subcontractor, and the Subcontractor shall accept, that the Customer is entitled to carry out the aforementioned audits and supervision of the Subcontractor. The Subcontractor shall cooperate in providing all assistance as the Customer deems necessary to carry out a full audit and supervision of the Subcontractor.

14. **Implementation time.** This Code of Conduct summarises and highlights the Customer's requirements for cooperation and compliance for the Supplier, and the above was implemented and enforced prior to the date of execution.

The Supplier hereby expressly acknowledges that it has reviewed and understands the foregoing undertakings in this Code of Conduct and agrees that Customer has the right to disclose this Code of Conduct as required by law, regulation, or regulatory agency, or at the Customer's sole discretion. The Supplier further agrees that, in order to satisfy the requirements of regulatory bodies, the Supplier may implement other translations of this Code of Conduct as requested by the Customer. In the event of any inconsistency between this Code of Conduct and such translated version, the version accepted by the regulatory agency shall prevail. This Code of Conduct is effective as of the date of this agreement and represents the complete undertakings, representations and warranties of the undersigned with respect to all matters under this Code of Conduct and supersedes, as of its effective date, all prior discussions, descriptions, indications of intent, understandings, or related undertakings, representations and warranties of the undersigned with respect to such matters, whether made orally, in writing or otherwise.

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**F-1**

*(Form Type)*

**Riverstone Ltd**

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

…………………………………………………

*(Translation of Registrant's Name into English)*

Newly Registered and Carry Forward Securities

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** |  | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price<sup>(3)</sup>** | **Fee Rate** | **Amount of Registration Fee** |
| Fees to be Paid | Equity | Ordinary Shares, par value $0.0001 per share to be sold by the registrant | 457(o) | 2875000 | (1)(2) | $7.00 | $20125000.00 | $138.10 per<br> $1,000,000 | $2779.26 |
|  | Equity | Ordinary Shares, par Value $0.0001 per share to be sold by the Selling Shareholders | 457(o) | 308333 | (4) | $7.00 | $2158331.00 | $138.10 Per $1,000,000 | $298.07 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $22283331.00 |  | $3077.33 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  | $0 |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  | $0 |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  |  | $3077.33 |

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| | |
|:---|:---|
| (1) | Pursuant to Rule 416 under the Securities Act, there are also being registered such indeterminate number of additional Ordinary Shares as may be issued to prevent dilution resulting from share splits, share dividends or similar transactions. |
| (2)<br> (3) | Includes 375,000 Ordinary Shares which the underwriters have the option to purchase to cover over-allotments.<br> The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the maximum number of shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. |
| (4) | Reflects the resale by the selling shareholders set forth herein of up to 308,333 Ordinary Shares. |

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